FY26 Revenue: Target Rs 1,500 crore
Management expressed confidence in exceeding the previously stated Rs 1,500 crore revenue guidance for FY26, with Q4 expected to carry forward Q3's strong momentum.
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BESS Project Operationalization: 12-13 Months
Both the RUVNL (200 MW/400 MWh) and GUVNL projects will become operational within 12-13 months, generating annuity revenue over 12 years.
Cell Line Commercialization: Dec 2026 - Jan 2027
1.2 GW solar cell manufacturing facility targeted for commercial operations between December 2026 and January 2027, enabling DCR-compliant panel manufacturing from June 2026 mandate.
FY27: 25-30% EPC Growth Expected
Management anticipates 25-30% growth in EPC segment for FY27 if market conditions sustain, driven by BESS-integrated and RTC projects replacing pure solar tenders.
FY27 Revenue Target: ₹2,000 Crore
Management targets ~₹2,000 crore revenue in FY27, representing ~40–45% growth over FY26's ₹1,416 crore, driven by BESS revenue ramp-up (expected ₹800–1,000 crore from BESS) and sustained solar EPC execution.
FY27 PAT Margin Guidance: 8–11%
EPC margins guided in 8–11% range for FY27 depending on raw material price trajectory. Management noted Q1 FY27 is challenging due to elevated commodity prices (copper +40%, aluminum +50% vs. Oct 2025) and rupee depreciation (₹96/USD). Margins would improve if West Asia situation normalizes.
BESS PAT Margin Target: 14–15%
Battery energy storage EPC business expected to deliver 14–15% PAT margins at full utilization. 3.4 GWh fully automated BESS manufacturing facility (with CUCAR robotics) is ready with trials underway; projected revenue potential ~₹3,300 crore at full capacity (740 containers/year at ₹4.5 crore each).
Solar Cell Manufacturing: June 2027 Commercial Operation
1.2 GW solar cell manufacturing facility in Nagpur is under construction with approvals received; commercial operation targeted by June 2027, providing backward integration to meet ALMM2 requirements and reduce supply chain dependency.