Financial Performance Highlights

Q2 FY27 Performance (Year-on-Year Growth):

  • Revenue: ₹361 crores, up 114.6%
  • EBITDA: ₹128 crores, up 77.3%
  • Net Profit: ₹80 crores, up 73.2%

H1 FY27 Performance (Highest Ever Half-Yearly):

  • Revenue: ₹734 crores, up 89.6%
  • EBITDA: ₹254 crores, up 44.4%
  • Net Profit: Growth of 39.2%
  • Cash from Operations: ₹244 crores (vs. ₹137 crores in H1 FY26)
  • Net Operating Cash Flow: ₹212 crores (vs. ₹132 crores in H1 FY26)

Operational Metrics

  • Solar cell line utilization: 91% in Q2 FY27
  • Cell production: 255+ megawatts in Q2
  • Module capacity utilization: 68% in Q2
  • Outstanding order book: ₹1,280 crores as of end Q2 FY27

Capital Structure and Balance Sheet

  • Company became debt-free in August 2026 after repaying IREDA debt
  • Strong cash generation supporting expansion plans
  • Net worth: ₹780 crores as of September 2026

Expansion and Capacity Enhancement

TOPCon Technology Conversion:

  • Converting existing MonoPERC line to TOPCon technology
  • Capacity increasing from 600 MW to 750 MW
  • Equipment already ordered and shipped
  • Commercialization targeted by March 2027 (Q4 FY27)
  • Project cost: ₹270 crores

4 GW Integrated Facility Expansion:

  • Land allotment: 54.20 acres at Falta Industrial Park, West Bengal
  • Planned in 2 phases of 2 GW each
  • Phase 1 (2 GW) project cost: ₹1,350 crores
  • Funding plan: 30% equity, 70% debt (₹400-500 crores from internal accruals)
  • Land development underway, completion expected early 2027
  • Construction to commence January 2027
  • Trial runs targeted for Q3 FY28 (December 2027)

Technology and Manufacturing

  • Current capacity: 1.2 GW cells (Mono PERC), 550 MW modules
  • Post-upgrade capacity (FY27-end): 1.35 GW cells (600 MW Mono-PERC + 750 MW TOPCon), 550 MW modules
  • TOPCon equipment sourced from German company (Centrotherm)
  • No impact from Chinese technology transfer restrictions

New Business Initiatives

  • Board approved entry into EPC, solar IPP, solar parks, and energy trading
  • Proposed subscription to 40% of Bright Earth Cell Private Limited for energy trading
  • New businesses to be undertaken through separate subsidiaries
  • Approach: Captive and capital-light for EPC
  • Manufacturing remains core business
  • Vinay appointed CEO of Websol Renewables

Backward Integration Plans

  • Evaluating ingot-wafer manufacturing project
  • Dependent on ALMM List-III mandate timeline (currently June 2028)
  • Capex details and timelines to be confirmed next quarter
  • Will be located at different facility from the 4 GW expansion

Margin Outlook

  • H1 FY27 EBITDA margin: 35%
  • Expected stabilization around 30% for FY27
  • Moderating silver prices supporting cost management
  • Long-term margin outlook depends on capacity utilization and demand

Industry Context

  • India added 30.8 GW solar capacity in first 6 months of FY27 (highest ever)
  • ALMM List 2 framework encouraging domestic cell manufacturing
  • Cell-to-module capacity gap creating opportunities for cell manufacturers
  • Government focus on domestic value addition

Management Participants

  • Mr. Sohan Lal Agarwal – Chairman & Managing Director
  • Ms. Sanjana Khaitan – Executive Director
  • Mr. Amrit Daga – Chief Financial Officer
  • Ms. Vasanthi Sreeram – Chief Technology Officer