Financial Performance Highlights

Q1 FY27 Standalone Performance:

  • Revenue from Operations: ₹373 crore, representing +70.3% Year-over-Year (YoY) growth from Q1 FY26 (₹219 crore)
  • EBITDA: ₹126 crore (+21.4% YoY from ₹103 crore in Q1 FY26), excluding other income
  • Profit After Tax (PAT): ₹78 crore (+15.8% YoY from ₹67 crore in Q1 FY26)
  • Other Income: ₹4 crore (+100.9% YoY from ₹2 crore)
  • Total Income: ₹377 crore (+70.6% YoY from ₹221 crore)

Margins:

  • Gross Margin: 51.2%
  • EBITDA Margin: 33.7% (down 1,360 basis points from 47.3% in Q1 FY26)
  • PAT Margin: 20.6% (down 977 basis points from 30.4% in Q1 FY26)

Quarterly Comparison (QoQ):

  • Revenue declined 7.2% from Q4 FY26 (₹401 crore)
  • EBITDA declined 14.2% from Q4 FY26 (₹146 crore)
  • PAT declined 37.5% from Q4 FY26 (₹125 crore)

Annual Performance (FY26 vs FY25):

  • FY26 Revenue: ₹1,049 crore (+82.4% from ₹575 crore in FY25)
  • FY26 EBITDA: ₹429 crore (+69.6% from ₹253 crore)
  • FY26 PAT: ₹303 crore (+95.8% from ₹155 crore)

Cost Breakdown Q1 FY27:

  • Cost of Material Consumed: ₹196 crore (+214.1% YoY)
  • Employee Benefits Expense: ₹11 crore (+88.4% YoY)
  • Other Expenses: ₹54 crore (+14.7% YoY)
  • Finance Cost: ₹4 crore (+20% YoY)
  • Depreciation and Amortization: ₹22 crore (+105.7% YoY)

Capital Structure and Efficiency Metrics

  • Return on Equity: 66.7%
  • Return on Capital Employed: 65.7%
  • Debt/Equity: 0.19x
  • Net Debt Position: ₹(34) crore (net cash position)
  • Long-term Debt/Fixed Assets: Not quantified
  • Net Worth: Not quantified for current period
  • Cash Flow from Operations: Not quantified for current period

Business Updates and Operational Highlights

Capacity and Technology:

  • Current Cell Capacity: 1.2 GW with incremental 150 MW post-upgradation
  • Module Capacity: 550 MW
  • Average Cell Efficiency: 23%+ in Mono PERC technology
  • Capacity Utilization: Sustained at 90%+ for cell operations
  • ALMM Approval: One of 14 ALMM-approved solar cell manufacturers in India

TOPCon Technology Upgrade:

  • Upgrading one 600 MW Mono PERC cell line to TOPCon architecture
  • Project Cost: ₹270 crore
  • Expected Completion: March 2027 (COD)
  • Incremental Capacity: 150 MW (total 750 MW for the upgraded line)
  • Expected Efficiency: ~25% (from current 23.3%)
  • Implementation Schedule:
  • Civil work: March 2026 - September 2026
  • Equipment ordering/installation: June 2026 - February 2027
  • Trial runs/validations: February 2027 - March 2027

Expansion Plans:

  • 4 GW integrated greenfield cell and module facility in West Bengal (phased approach)
  • Partnership with Linton Crystal for ingot and wafer facility development
  • Focus on backward integration to reduce import dependence

Recent Achievements:

  • Early repayment of IREDA loan reducing pledged shares and interest outgo
  • Launch of solar kits for diverse applications
  • Development of flexible modules

Management Commentary and Outlook

Mr. Sohan Lal Agarwal, Managing Director:

  • Described Q1 FY27 as a "transformational milestone" demonstrating accelerated momentum from FY26
  • Stated the company has evolved from "a legacy entity into a high-growth, technology-driven manufacturer"
  • Emphasized focus on "aggressive integration of high-efficiency TOPCon technology to lead the market"
  • Noted "robust order book and firm alignment with flagship government schemes"
  • Declared "FY27 will be the year – our year of acceleration"
  • Characterized "FY27 is our year of technology-led scaling" with strategic positioning "to capture the next wave of industry growth"