SOLARWORLD Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹578.23 Cr
verified against source
Revenue YoY
184%
reported change
EBITDA
₹75.42 Cr
latest reported figure
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Where this quarter sits.
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What the record says.
Solarworld Energy Solutions delivered a strong Q3 FY26 with 184% YoY revenue growth to Rs 578.23 crore, driven by robust EPC execution and new BESS order inflows. PAT grew 15% YoY to Rs 49.22 crore, though EBITDA margins compressed ~800bps to 12.8% due to module line depreciation and elevated silver costs impacting panel manufacturing. The unexecuted order book stands at ~2,600 MW (7 EPC + 2 BESS projects), with management targeting execution of ~20% in Q4 and the balance flowing into FY27. BESS manufacturing capacity of 3.44 GWh is operational and has secured its first major BESPA order worth Rs 800+ crore from RUVNL. Solar cell line (1.2 GW) remains on track for June 2027. Management flagged near-term headwinds from grid curtailment, BESS pricing volatility (30% decline in recent tenders vs 20-25% cost increase for batteries), and silver price pressures but remains confident of exceeding Rs 1,500 crore revenue guidance for FY26. Key risks include execution delays on SJVN projects (land not received for 24 months), raw material cost volatility, and potential slowdown in pure solar tenders as discoms increasingly mandate BESS/storage pairing.
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Guidance to track
- 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.
- Both the RUVNL (200 MW/400 MWh) and GUVNL projects will become operational within 12-13 months, generating annuity revenue over 12 years.
- 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.
- 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.
Risks flagged
- Two SJVN orders (received in 2023) remain stalled for 24 months due to land not provided by the client. Management has initiated arbitration proceedings. Financial impact expected to be neutral (retention release and expense recovery).
- BESS bid prices declined ~30% in 2-3 months (Rs 2.21 lakh/MW/month to Rs 1.77 lakh/MW/month) while battery costs increased 20-25%. Management noted ~60% of recently bid BESS projects may not be executable at current prices below $60-65/kWh.
- Silver prices (now 25% of panel cost, up from ~5%) have quadrupled, increasing per-panel silver cost from Rs 500 to Rs 2,000. Management flagged this as a short-term challenge but expects stabilization as industrial demand normalizes.
- Analyst raised concerns about transmission infrastructure gaps causing grid curtailment. Management acknowledged structural issues with substations/transmission lines not being completed on time, but expects resolution in 12 months. This may slow pure solar project executions.
Key quotes
- BESS will play a big part in all future orders that come to us. We believe that solar market might be a little slow in the coming year because of the grid-related issues that the government has been highlighting but overall the Indian solar story is still strong and very promising.
- About 60% of the projects that were bid out in the last six months will not be executable until the price comes down to about $40. So that price adjustment has happened in the market already and at those very low pricing people will be able to execute unless prices in China fall significantly. At current prices, they are not possible.
- The module line was showing a loss of about 11 crores that was purely on depreciation and interest cost on that line because the line was not fully functional. Over the next 12 months you will see a lot of improvement on that line. A typical line on a gigawatt scale should give you a profit of somewhere about 70 to 80 crore.
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