Order book strong, Q1 solid, but Patna delays and new verticals unproven

₹78.4 Cr revenue, 32% YoY vs ₹59.41 Cr Q1 FY26 confirmed

15.3% vs 14.98% = +32 bps; revenue +32% YoY verified

FY26 revenue ₹300 Cr; ₹807/₹300 = 2.69x confirmed

Q1 ₹78.4 Cr = only 13% of ₹600 Cr, but Q1 is lightest quarter; slippage explained by Patna teething issues

50% share stated; growth rate unquantified; Q1 new FPI orders support traction but not yet proven at scale

Prior call guidance 100% YoY growth (₹600 Cr FY27) reaffirmed; no numbers lowered. Q1 Q1 at ₹78.4 Cr is on track for ₹600 Cr annualized given seasonality.

Prior guidance from FY26 calls unchanged. Management confident given order book ₹807 Cr, FPI ramp, and new segments opening up.

Stepped back 1 year ago due to price volatility; now re-entering with identified Rajasthan/Bihar tenders. Described as 'over and above' FY27/FY28 guidance.

3 new states in Q1 (Bihar, Odisha, MP) vs prior years. Compact FPI, VCBs, RMUs in pipeline. Market share 50%, traction visible.

Couple of tenders now 'in final stage of finalization'; management expects 'first breakthrough coming through' imminently (prior calls were vaguer).

Margins are sustainable given business efficiency and processes; will improve further as FPI product business (higher margin) grows. FY27 end order book difficult to quantify but pipeline INR1,350 Cr with 15–20% strike rate suggests INR200–250 Cr additional awards.

Fully confident; Q1 is lightest quarter due to seasonality. Slippage from Patna teething issues (pushed June revenue into Q2) and raw material supplier delays are temporary, not structural. H2 ramp and order flow will deliver the target.

Power transmission 40–45%, Solar 40–45%, Products 10–15%. Product target is 10% by FY28; currently lower but growing fast (received in Q1 what was achieved in all of FY26).

INR807 Cr is net, without GST.

Technical and financial eligibility criteria assessed. Use JVs or PSU partnerships when not meeting criteria directly. Strike rate is 10–15% in new states initially (low penetration) but increases to 30–40% once established with good execution track record.

Not a problem; 180-day DSO is industry standard for government distribution customers. Gradual improvement expected through TReDS, invoice discounting, and process discipline. Company has experience and strong customer lineage to manage.

Targeting smaller scattered BESS projects (not large 100 MWh systems) where we have execution advantage. Not included in FY27/FY28 guidance; 'over and above.' Exploring tenders in Rajasthan and Bihar. Prices now stabilizing after volatility 1 year ago.

Peak debt INR130 Cr in FY27; cost ~9%. For INR1,000 Cr revenue, need INR2,000–2,500 Cr unexecuted order book by end FY27. Tenders are ongoing; confident target will be met by year-end.

Reaffirmed this call. Q1 delivered ₹78.4 Cr; path requires H2 acceleration but order book ₹807 Cr provides visibility

Requires ₹2,000–2,500 Cr order book by end FY27. Management confident but tenders for transmission/BESS not yet awarded

Driven by product mix (FPI) shift to higher-margin business, partly offsetting EPC margin compression as scale increases

Finance cost normalization as Patna project moves to bulk billing; no equity raise planned

Funding via internal accruals or debt; amount/timeline not yet formalized; to be clarified in coming quarters

Management disclosed teething issues in Q1 caused revenue slippage from June into Q2. Patna is bulk of order book. Further delays could threaten full-year ₹600 Cr target.

Trade receivables ₹149 Cr = 190-day DSO. Management says this is industry-normal for government distribution, but high cash conversion cycle is a financing burden.

Transmission tenders 'in final stage' but not awarded yet. BESS re-entry at 'very initial stage'; pricing volatility concern cited 1 year ago still relevant. Both are new, unfamiliar segments with execution risk.

Borrowings rose from ₹68 Cr to ₹91 Cr in Q1 (for Patna WC). Peak debt expected ₹130 Cr in FY27. If order book doesn't convert or receivables worsen, leverage could tighten.

Compact FPI target: 2–3 months via tech partnership (Europe/Asia). VCBs: ~1 year for type-test and rollout. RMUs at initial stage. Any delays could slow product revenue ramp.