FY26 Revenue: ₹1,700-1,800 crore
Full-year revenue guidance maintained despite Q3 margin compression, driven by strong order book execution in Q4 with dispatch and inspections underway.
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revenue
Q4 Revenue: ₹70-1,800 crore in next 45 days
Management expects significant revenue recognition as dispatch approvals complete, targeting order book crossing ₹1,000 crore imminently.
PAT Margin: 6-8% for FY26
Net profit margin guidance of 6-8% for full year, implying margin recovery as incremental revenue from fixed cost base flows through in Q4.
2.2 GW Cell Line: Commercial production by FY27
TOPCon cell manufacturing line on track with land finalization and technology/vendor discussions complete; announcement upon finalization.
BESS Manufacturing: Entry in late FY27
Battery energy storage system manufacturing planned for late FY27 (December 2026/January 2027) with peak demand expected around October 2028.
FY27 Revenue Target: INR 26,000 Million
Management guided topline of INR 26,000 million for FY27, based on conservative 55% capacity utilization assumption. Order book of INR 3,400 crore provides strong base visibility.
FY27 EBITDA Margin Guidance: 6-8%
Company targets EBITDA margin in range of 6-8% for FY27, reflecting expected operating leverage as capacity utilization improves.
Cell Manufacturing First Phase by Q4 FY27
First phase of 2.3 GW TOPCon cell line expected to be operational by December 2027. Company has partnered with experienced cell manufacturer for technology transfer and process optimization.
Cell Manufacturing EBITDA Margin: 15%+
Once fully stabilized (FY29), cell manufacturing targeted to deliver EBITDA margin of 15%+, improving overall portfolio profitability.