Record order book masks Q1 revenue miss; execution on 6 delayed projects key

Q1 revenue declined 9.7% YoY; project NTP/LOA delays cited as primary driver

Gross margin compressed to 9.9% Q1; revised guidance 8-10%, citing turnkey project mix

Q1 at ₹1,590 Cr; Q2 also expected 'slight slow' due to monsoon and order delays

₹9,000 Cr of 6 major turnkey projects yet to commence; revenue tied to NTP/LOA timing risk

O&M revenue grew ~40% YoY; FY27 guidance ₹400-450 Cr (vs ₹268 Cr FY26) — corroborated

FY27 growth guidance reduced from ~15% (prior calls) to 10-15%; Q1 delivered -9.7% YoY, blaming project NTP delays

Guidance remains 8-10% EPC but Q1 came in at 9.9% and turnkey mix expected to compress further; no improvement signaled

FY27 O&M revenue guidance ₹400-450 Cr (vs ₹268 Cr FY26); represents ~50% growth and new margin stability at 20%

1,000 MW AC + 600 MWh BESS, USD 560 million; third gigawatt-scale order in 9 months; marks international expansion acceleration

Management stated terms still 'speculative'; no quantified contribution to FY27; execution model (supply/scope) unconfirmed

NTP/LOA delays on new orders (won in Q3/Q4) delayed revenue recognition. Projects in advanced execution consumed supplies last quarter. New orders will contribute H2 onwards.

13-15 month execution post-NTP, 2-month LNTP. NTP expected September 2026. Revenue contribution expected Q4 FY27.

Price already locked at bid submission despite market volatility. DCR module price increases won't impact Coal India order. Overall 8-10% margin maintained for project mix.

Currently executing 1 BESS project where supply is client-provided (no scope). Future turnkey orders will price current market scenario. No current exposure to duty risk.

Executing India's largest floating plant with NTPC/DVC at Tilaiya Dam. Lost one SECI tender to KPI. Expect some new floating tenders from NTPC/state govts.

Team was geared for ₹2,000+ Cr Q1 (market failed to deliver). Augmenting team for Reliance. Demonstrated ₹2,500+ Cr in Q4 FY25. No bottleneck.

Contract terms still being finalized. Mix of supply in scope (likely Reliance supply majority). Execution will be intensive with shorter timeline than market projects. Arm's length pricing basis.

BoS margin ~10% same as PV; battery market turbulent, may compress further. Indian market immature (mostly assembly). Evaluating partners carefully. International projects source proven batteries.

5.8 GW DC commissioned last year, all shifted to O&M (2-3 year contracts). Third-party orders accelerating (1.2 GW single order in Q1). Market additions 17→25→30-35 GW annually. CAGR growth justified.

U.S. claims in court 2-3 years to resolve. LD side indemnified. Other claims under arbitration. Strong legal opinion on all cases. No anticipated impact.

Down from 15% prior guidance. Assumes Q2 'slight slow' due to monsoon and order delays; H2 sharp ramp from order commencements.

18.3 GW portfolio; full contribution Q3 onwards. vs ₹268 Cr FY26. Represents ~50% growth; margin stable ~20%.

Down from 10.5% FY26. Mix-driven (more turnkey vs. BoS). Turnkey lower %, but higher absolute. BoS ~10%.

Low overhead model. Stable at 20% expected as full portfolio contribution begins.

₹9,000 Cr of 6 major turnkey projects yet to commence. NTP/LOA delays on new orders drove Q1 revenue miss. H2 execution dependent on these starts.

Q1 gross margin fell to 9.9% from 10.5% FY26. Guidance widened to 8-10% citing turnkey mix (lower % margin). Module price volatility and BESS battery cost uncertainty add pressure.

Domestic EPC awards slow for 2 consecutive quarters; only ₹6,400 Cr in Q1 vs ₹20,000+ Cr expected. Competition from new entrants forcing discipline. Domestic market deferred new project awards.

Total claims ~₹1,800 Cr; U.S. 2 projects in court (2-3 years expected). ₹508 Cr wrongfully invoked BG claims. ₹3,800 Cr frivolous claims from customers (unquantified downside).

Reliance order terms unfinalized ('speculative' per mgmt). Supply scope unconfirmed (likely Reliance majority supply, but details withheld). Execution timeline intensive; potential integration challenges with new customer.