Capacity doubled yet revenue slid; wind wager dominates FY27

9.9 MW wind (3.3 Q1 + 6.6 Q4) + 7 MW solar (Dec 2025) all operational

Revenue down 6.8% YoY (81.4 vs prior 87.2 Cr implied)

PAT down 16.4% YoY (23.9 vs implied 28.6 Cr)

OPM 68%, EBITDA margin 73.7%, NPM 27.8%—held despite wind headwind

Call made July 27; Q2 in-progress. Management cautious on remainder.

Original 2028 target now indefinite. PE, M&A, merger options under discussion but none closed. Capital bottleneck explicit.

Now 28 MW Phase 1 planned (7.8 MW FY27 + 17.5+ MW next). Prior call lacked explicit multi-year repowering target.

100+ MW hybrid potential on existing wind sites. Awaiting TN policy. Not mentioned prior.

25 MW solar retrofit with BESS planned FY28; future solar to include battery. C&I supplier strategy shift.

Still working on it. Exploring brownfield, acquisitions, PE (prefer unlisted to avoid mark-to-market). Had serious conversations but not progressed. Slower than anticipated.

Not as good; probably similar to year-before-last. Q1 significantly worse, Q2 matching pace with last year. Will know in couple of months.

7.8 MW now. Older turbines still returning 15-17% PLF, so knocking them for new (35-37% PLF) uneconomic if can greenfield elsewhere. Some sites urbanized; land more valuable than wind asset.

Interest ~₹13 Cr/qtr at 9.1% blended. Debt ₹535 Cr year-end (repay ₹90 Cr, add ₹70 Cr new).

₹20 Cr disputed (principal won in court). Interest stalled; APERC non-functional. Provided ₹6.5 Cr (30%). Expect push once APERC functional.

28 MW Phase 1: 7.8 MW Clarion this year, 17.5 MW Gamma next. Phase 2: 2.8 MW Clarion. Based on feasibility (lowest-wind machines only).

Both. Also planning battery storage for solar projects. C&I supplier; solar without battery no longer viable. Awaiting TN regulatory clarity.

Margins sustainable (O&M, interest, depreciation fixed/predictable). Revenue depends on wind; can't predict precisely. Will match or exceed last year, depends on monsoon.

Currently 9.1%. Best was 8.2% (HDFC old assets). Forward target 8.75-9.0%. IREDA reduced from 9.75% to 9.15% in 3 years.

Net rate ~₹4.75 Cr/MW same for both (corporates and govt). No material >90 days receivables except AP dispute.

FY27: 11 MW wind + 15 MW solar (~26 MW total). FY28: 15-20 MW repowering. Beyond that too many variables; clarity by mid-Q3.

FY27 revenue/EBITDA better than last year (wind-dependent). Long-term: expand wind/solar via strategic triggers (capital, acquisitions). Will update when concrete.

Yes, conservative; can't predict wind. If wind good as last year, would be significantly better. This monsoon patchy; Q1 lost revenue. Q2 OK but not last year level. Will exceed last year but by how much unclear.

Never promised immediate release. Phased, tied to promoter loan repayment (₹400 Cr total, ₹150 Cr paid, rest by year-end). Final loan due Sep 2027. Released after repayment.

Monsoon delayed Q1; Q2 'reasonably good' till now. Will exceed if wind average or better; equal if weak.

O&M, interest, depreciation mostly fixed/predictable. Demonstrated 73.7% EBITDA margin Q1 under stress.

Both progressing per plan. TN govt approval delays (new govt) now behind. Funded via ₹70 Cr new debt.

Feasibility studies done. Dependent on capital availability and policy finalization.

Q1 delayed monsoon cut revenue 6.8% YoY despite 17 MW capacity adds. Remaining FY27 wind expected weak vs last year. Customer demand robust; supply side unhedged.

1 GW expansion stalled. Stock ₹10 makes preferential/rights issue unfeasible. Only 20-25 MW organic growth via existing asset leverage. M&A/PE talks multiple but unconfirmed.

₹20 Cr interest pending post court-won principal case. APERC non-functional (lacks members). Payment stalled indefinitely. ₹6.5 Cr provision covers only 30%.

Promoters' 100% shares pledged against ₹400 Cr loan. Repayment on track (40% done ahead of schedule). Full release Sept 2027 when loan due. Analyst pressure evident.

TN battery/hybrid C&I policies pending finalization (new govt post-elections). Delays block solar+battery and hybrid projects. Management expects clarity in 2-3 months (target Q3).