Retail channel monthly run-rate
₹25 crore
+1150% vs FY22
Retail channel scaled from ₹2 crore/month in FY22 to ₹25 crore/month currently.
SERVOTECHRENEWABLEPOWERS
Information Technology
15 May 2026
Servotech Renewable Power System Ltd — Q4 FY26
Servotech reported a transformative FY26 with Q4 standalone revenue of ₹212 crore (+67% YoY) and EBITDA of ₹23.2 crore (+70% YoY), driving full-year EBITDA margin expansion to 11.6% (up 190 bps YoY).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Servotech reported a transformative FY26 with Q4 standalone revenue of ₹212 crore (+67% YoY) and EBITDA of ₹23.2 crore (+70% YoY), driving full-year EBITDA margin expansion to 11.6% (up 190 bps YoY). The strong H2 run-rate (₹410 crore standalone revenue) reflects capacity commissioning of ₹64 crore in solar inverters, DC chargers, and battery storage. Management guided for FY27 as a year of operational consolidation, targeting positive operating cash flow, reduced leverage, and working capital normalization (receivables at 138 days). Key growth drivers include retail channel scaling (from ₹2 crore/month in FY22 to ₹25 crore/month), higher-margin DC charger mix (120-360 kW), and a healthy order pipeline from government EPC projects. Risk: Working capital strain may persist if OMC and railway receivables (₹100 crore) take longer to release than anticipated.
Key Numbers
DC charger revenue share
15%
N/A
DC chargers contributed 15% of total revenue; AC/small chargers 27%.
Solar inverter revenue share
51%
N/A
Solar products (inverters) accounted for 51% of total revenue.
Capacity utilization
~50%
N/A
Current capacity utilization is above 50%; target 100% by Q2 FY27.
Management Guidance
Capacity utilization target 100% by Q2 FY27
Management aims to fully utilize the newly commissioned manufacturing capacity by Q2 FY27.
Management guidance growthWorking capital days target 60-70 days
Target to reduce working capital cycle to 60-70 days through retail channel growth and receivable normalization.
Management guidance otherRetail channel to exceed 50% of total revenue
Retail and channel sales are expected to contribute more than 50% of total revenue in FY27.
Management guidance revenueNo fresh long-term debt capex in FY27
Management plans no new long-term debt-funded capex; capex will moderate and be funded from internal accruals.
Management guidance capexKey Risks
Working capital strain from government receivables
Receivables increased to ₹243 crore, with ~₹100 crore stuck in OMC and railway projects, pressuring cash flow.
high · management_commentaryPotential equity dilution via QIP
Management indicated a QIP is under consideration, which could dilute existing shareholders.
medium · analyst_questionSlow ramp-up of lithium battery segment
Battery energy storage revenue is only 1% of total; OEM approvals for e-rickshaw batteries are taking time.
medium · analyst_questionLack of specific revenue guidance
Management declined to provide any numerical revenue or profit guidance for FY27, citing SEBI guidelines.
low · data_observationNotable Quotes
FY26 was a transformative year for Servotech. We have ended the year with our strongest quarter ever recorded as a listed company.
Our focus is on three measurable outcomes: restoring positive operating cash flow, reducing over-gearing back below half a turn over the year, and bringing receivable collection back to industry typical levels.
We are working on 1 megawatt chargers. That means 20-50 buses can charge simultaneously.
Frequently Asked Questions
What was Servotech Renewable Power's revenue in Q4 FY26?
Servotech Renewable Power reported revenue of ₹217 Cr in Q4 FY26, representing a +8.4% change compared to the same quarter last year.
What guidance did Servotech Renewable Power management give for FY27?
Capacity utilization target 100% by Q2 FY27: Management aims to fully utilize the newly commissioned manufacturing capacity by Q2 FY27. Working capital days target 60-70 days: Target to reduce working capital cycle to 60-70 days through retail channel growth and receivable normalization. Retail channel to exceed 50% of total revenue: Retail and channel sales are expected to contribute more than 50% of total revenue in FY27. No fresh long-term debt capex in FY27: Management plans no new long-term debt-funded capex; capex will moderate and be funded from internal accruals.
What are the key risks for Servotech Renewable Power in FY27?
Key risks include Working capital strain from government receivables — Receivables increased to ₹243 crore, with ~₹100 crore stuck in OMC and railway projects, pressuring cash flow.; Potential equity dilution via QIP — Management indicated a QIP is under consideration, which could dilute existing shareholders.; Slow ramp-up of lithium battery segment — Battery energy storage revenue is only 1% of total; OEM approvals for e-rickshaw batteries are taking time.; Lack of specific revenue guidance — Management declined to provide any numerical revenue or profit guidance for FY27, citing SEBI guidelines..
Did Servotech Renewable Power meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Servotech Renewable Power Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.