FY26 revenue up 152.6% to ₹13,762 Mn; Q1 FY27 PAT down 26.4% as margins compress; order book ₹31,548 Mn

FY26: Revenue ₹13,762 Mn (+152.6%), PAT ₹1,205 Mn (+56.4%), EPS ₹14.95.

Wed 30 Sep 2026

FY26 Revenue

₹13,762 Mn (+152.6%)

FY26 PAT

₹1,205 Mn (+56.4%)

Q1 FY27 Revenue

₹1,684 Mn (+146.8%)

Q1 FY27 PAT

₹95 Mn (−26.4%)

Order book

₹31,548 Mn (Solar EPC 64%, BESS 36%)

The company shared a combined business and financial update covering FY26, the balance sheet as at 31 March 2026, Q1 FY27, orders, capacity and a proposed joint venture.

FY26 performance

• Revenue from operations ₹13,762 Mn versus 5,448, up 152.6%
• Total income ₹14,161 Mn, up 157.0%
• EBITDA ₹1,879 Mn, up 62.6%; EBITDA margin 13.3% against 21.0%
• Profit before tax ₹1,611 Mn, up 51.1%
• Profit after tax ₹1,205 Mn, up 56.4%; PAT margin 8.5% against 14.0%
• Basic EPS ₹14.95 against ₹10.68

Revenue scaled about 2.5 times, while profitability grew slower, so margins narrowed.

Balance sheet at 31 March 2026

• Net worth ₹8,478 Mn against 3,091
• Total borrowings ₹2,555 Mn; cash and bank ₹5,720 Mn
• Net cash ₹3,165 Mn; debt-to-equity 0.30×
• Trade receivables (excl. retention) ₹3,477 Mn; inventories ₹1,061 Mn; trade payables ₹4,452 Mn; total assets ₹16,880 Mn

Q1 FY27 (unaudited)

• Revenue from operations ₹1,684 Mn, up 146.8%
• Total income ₹1,780 Mn, up 121.0%
• EBITDA ₹207 Mn, down 1.9%; EBITDA margin 11.6% against 26.2%
• Profit after tax ₹95 Mn, down 26.4%; EPS ₹1.10 against ₹1.74

The company attributes the margin compression to higher copper, aluminium, steel and imported-cell costs plus rupee depreciation. It also notes that Q1 and Q2 are typically the weaker quarters, with Q3 and Q4 carrying most of the year's execution.

Orders and bids

• Order book ₹31,548 Mn as of 30 September 2026, split Solar EPC 64% and BESS 36%
• This includes an order of ₹4,097.62 Mn where the company is L1 and is awaiting the formal Letter of Award
• Bids submitted ₹200,180 Mn

Manufacturing

• 1.55 GW TOPCon module line and 5 GW junction box line operating at Roorkee
• 3.4 GW BESS assembly line ready for product launch
• 2.4 GW solar cell line at Narmadapuram, Madhya Pradesh under execution, targeted commercial operation June 2027

Proposed joint venture

A 50:50 JV with Rays Power Infra Limited through Rays Green Energy Manufacturing Private Limited (proposed) for 2.4 GW solar cell manufacturing, with a commitment of up to ₹4,200 Mn from the company, subject to shareholders' approval.

How it may be read: strong top-line scale-up and a net-cash balance sheet alongside sharply lower margins in the latest quarter, with growth ahead tied to order execution, the new cell line and the proposed JV.

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