Financial Performance Highlights

Q2 FY2027 Results:

  • Revenue from operations: ₹1,057.84 crores (36.53% YoY growth)
  • EBITDA: ₹159.98 crores
  • EBITDA margin: 15.12%
  • Profit after tax: ₹81.48 crores

H1 FY2027 Results:

  • Revenue from operations: ₹1,982.09 crores (43.84% YoY growth)
  • EBITDA: ₹333.46 crores
  • EBITDA margin: 16.82%
  • Profit after tax: ₹200.44 crores

Operational Highlights

Solar EPC Execution:

  • Q2 FY2027: 456 megawatt peak
  • H1 FY2027: 1,345 megawatt peak total execution

Order Book Position (as of September 30, 2026):

  • Consolidated unexecuted order book: >₹5,500 crores
  • Solar and BESS EPC: >₹3,300 crores
  • T&D vertical: >₹2,200 crores
  • New orders added in Q2: 1.7 gigawatt peak

Other Business Segments:

  • Operational IPP portfolio: 82.82 megawatt peak
  • O&M portfolio: 1.5 gigawatt peak

Capacity Expansion

  • Expanding T&D manufacturing capabilities through additional facility at Azamnagar
  • New capacity: 1 lakh metric tons

Industry Context and Outlook

India Renewable Energy Capacity (as of September 30, 2026):

  • Total renewable energy: ~299 GW
  • Solar capacity: ~171 GW
  • Ground-mounted: >125 GW
  • Grid-connected rooftops: ~33 GW
  • Hybrid and off-grid: ~12 GW

Government Initiatives:

  • PM Surya Sarovar Yojana: Targets 5 GW floating solar with co-located energy storage (minimum 2 hours)
  • Green Energy Corridor Phase 3 scheme: Total outlay ~₹1.86 lakh crores
  • Evacuation of up to 135 GW renewable energy
  • Deployment of 50 GWh battery energy storage by FY2032-33

Battery Storage Market:

  • CEA estimates India's battery storage requirement: ~208 GWh by 2030
  • Current BESS projects (>1 MWh): ~144 GWh
  • Commissioned: 7.5 GWh
  • Under construction: 42 GWh
  • Awarded: 39 GWh
  • Tender stage: 55 GWh

Management Commentary

The company is evolving from a pure solar EPC player into a broader energy transition EPC platform with capabilities across solar EPC, BESS, T&D, IPP, and O&M. Management remains positive about opportunities across renewable energy, BESS, and T&D sectors, citing favorable policy support, rising clean energy demand, and growing storage requirements.

Q&A Session Key Points

Execution Slowdown in Q2:

Management attributed reduced solar EPC execution (456 MWp vs previous quarters of 922 MWp and 889 MWp) to customer-side delays in land handover and connectivity readiness. This was described as a quarter-specific issue rather than a systemic problem.

Margin Profile:

  • T&D business margins are lower than solar EPC (~9-10% currently)
  • Management expects margin improvement through operational synergies with Waaree Renewables
  • Target to maintain consolidated EBITDA margin above 15%

APSPL Acquisition Impact:

  • Approximately 75% of the ₹1,225 crores APSPL acquisition funded through debt
  • Finance costs increased sharply from ₹9.59 crores in Q1 to ₹36.83 crores in Q2
  • Depreciation and amortization increased from ₹5.78 crores in Q1 to ₹26.97 crores in Q2
  • These increases are directly attributable to the acquisition

Growth Outlook:

  • Solar EPC remains the core earnings driver
  • Company following domestic pipeline of ~25 GW and international pipeline of ~9 GW
  • T&D business has pipeline of ~₹20,000 crores
  • Execution expected to progress in coming quarters with existing order book providing visibility

Integrated Solutions:

Company seeing increased opportunities for solar + BESS combined projects, with many inquiries for adding BESS to existing plants

Working Capital and Financing:

  • No current constraints on bank guarantees or performance securities
  • Acquisition debt primarily for APSPL purchase, not operational requirements
  • Plans to reduce debt in coming quarters