Earnings call: 23,865 solar pumps installed in Q2, PM-KUSUM 2.0 approval expected this quarter
Transcript of the Q2 and H1 FY27 earnings call held on October 26, 2026, now on record.
By ScoutQuest · · 2 min read
- Solar pumps installed
- 23,865 solar pumps installed in the quarter, approximately 7% growth over the same quarter last year
- Rooftop revenue growth
- Rooftop revenue up 58% year on year
- Capacity utilisation
- Around 68% of pumps and motors capacity utilised
What the call covered
This is the transcript of the earnings conference call held on October 26, 2026, discussing the unaudited financial results for the quarter and half year ended September 30, 2026. Chairman Dinesh Patidar opened the call, describing a strong performance in solar pump installation, exports, and the rooftop, solar domestic and industrial businesses.
Installation and capacity
- 23,865 solar pumps were installed during the quarter, which management described as a major feat for the company.
- That is approximately 7% growth in the number of installations over the same quarter of the previous year.
- Approximately 68% of capacity was being utilised for pumps and motors in the first half.
- The stated focus going forward is on further expanding pump installation capacity, to speed up execution of new orders and capture opportunities under government schemes.
Rooftop and diversification
- Rooftop, solar domestic and industrial business recorded approximately 70% growth.
- Within rooftop, revenue grew 58% in the quarter compared with the same quarter last year.
- Management said inverters have received a good response, large distributors are being onboarded, and a complete solution is expected once modules start rolling out.
- Exports were serviced using air freight where necessary, despite challenging international conditions and logistics constraints in certain markets, to keep commitments to dealers and customers.
Costs and margins
- Raw material costs rose by approximately 3% quarter on quarter.
- Advertising expense optimisation, Kaizen initiatives and tighter cost management reduced costs by 2%.
- The net impact on EBITDA was therefore limited to only 1%.
- Management noted that pricing flexibility in the solar business, which accounts for the majority of sales, remains limited, with only one active tender and execution concentrated in a single state under Magel Tyala.
PM-KUSUM 2.0 guidance
- The scheme is awaiting clearance from the Central Government.
- Management expects it to be released in the ongoing quarter.
- Some results from it are expected in the following quarter.
- On the draft pump controller guidelines for the new PM-KUSUM, management said the company is fully ready, with in-house power electronics capabilities backed by several patents, and manufactures both controllers and VFDs internally.
What a retail investor can track
- The pace of solar pump installations and progress on expanding installation capacity.
- The actual release of PM-KUSUM 2.0 and the order flow that follows.
- Rooftop revenue growth as module rollout completes the solution offering.
- The raw material cost trend against the roughly 1% net EBITDA impact seen this quarter.
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More numbers
- Solar pumps installed in the quarter23,865
- Growth in solar pump installations year on yearapproximately 7%
- Growth across rooftop, solar domestic and industrial businessapproximately 70%
- Capacity utilisation for pumps and motors in H1approximately 68%
- Rooftop revenue growth year on year58%
- Increase in raw material costs quarter on quarterapproximately 3%
- Cost reduction from expense optimisation initiatives2%
- Net impact on EBITDA1%
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