Q2 FY27 press release: revenue up 67.5%, PAT up 133.5%, CRISIL AA-/Positive
Q2 FY27 results (consolidated): Total Revenue Rs. 1,007 crore, up 67.5% YoY.
By ScoutQuest · · 2 min read
- Total Revenue
- Rs. 1,007 crore, up 67.5% YoY
- EBITDA
- Rs. 874 crore, up 63.6%
- PAT
- Rs. 269 crore, up 133.5%
Results at a glance
- Total Revenue for Q2 FY27 was Rs. 1,007 crore, against Rs. 601 crore in Q2 FY26, a rise of 67.5%.
- EBITDA was Rs. 874 crore, up 63.6%, and PAT was Rs. 269 crore, up 133.5%, for the quarter on a consolidated basis.
- EBITDA margin was 86.7% in Q2 FY27 versus 88.8% a year earlier. PAT margin was 26.7% versus 19.1%.
- Cash PAT was Rs. 441 crore against Rs. 228 crore, up 93.2%.
- For the half year H1 FY27: revenue Rs. 1,961 crore (up 65.4%), EBITDA Rs. 1,704 crore (up 60.1%), PAT Rs. 504 crore (up 105.0%).
Contracts and capacity
- 430 MW of FDRE PPAs signed, taking total UC contracted PPA signed capacity to 4,310 MW, entailing ~17 GWh of BESS installations.
- PPAs signed for 7.3 GW, representing 87% of total portfolio capacity.
- ~2.1 GWh of BESS commissioned during the quarter, taking total commissioned BESS capacity to ~5.2 GWh, described as the 2nd largest installed BESS capacity in India.
- ~19 GWh of BESS contracted with suppliers including CATL, Hithium, Ganfeng Li Energy, Trina and CLOU.
Money and ratings
- Debt tied up of ~Rs. 9,100 crore from JPMorgan Chase Bank, IIFCL, REC, PFC and IREDA.
- Weighted average cost of debt for fully operational projects is 8.4%.
- The rating was upgraded to CRISIL AA-/Positive from CRISIL AA-/Stable.
- Short-term BESS contracts: Rs. 1,600+ crore revenue lock-in for partial sale of FY27 BESS capacity, and Rs. 1,500+ crore for FY28 capacity till date, with the balance to be tied up through future bids.
Operations
- 1,840 million units generated in Q2 FY27, up 19.6% from Q2 FY26, driven by capacity addition and higher irradiation.
- A further 324 million units sold in Q2 FY27 through short-term peak power BESS operations.
- Capacity utilisation factor rose to 27.8% from 24.1% in Q2 FY26. Plant availability was 99.3% and grid availability 99.2% for the quarter.
Revised targets
- FY27 cumulative BESS commissioning target raised from 10 GWh to 12+ GWh.
- 2030 RE target raised from 10 GW generation capacity to 15 GW, to be met using FDRE/assured peak power, CfD, RE power for green hydrogen and molecules, and data centres among others.
What a reader can take away
This is a results press release covering the quarter and half year, and it also bundles in operating and balance-sheet updates — signed PPAs, BESS capacity added, lender tie-ups, cost of debt and a rating action. The quarter shows higher revenue, EBITDA and PAT than a year earlier, with the EBITDA margin at 86.7% against 88.8%. The revised FY27 and 2030 targets and the forward-looking statements in the release describe plans and expectations, not outcomes already delivered.
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More numbers
- Total Revenue, Q2 FY271,007 (INR Cr)
- EBITDA, Q2 FY27874 (INR Cr)
- PAT, Q2 FY27269 (INR Cr)
- Revenue growth, Q2 FY27 YoY67.5%
- PAT growth, Q2 FY27 YoY133.5%
- Debt tied up~INR 9,100 Cr
- Weighted average cost of debt, operational projects8.4%
- Total contracted PPA signed capacity4,310 MW
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