Record volume, margin cliff—recovery timing murky

Delivered ₹858.7 Cr (37.9% YoY), precise match

OPM 9.7% delivered; claim of sequential stability holds

Delivered ₹51.6 Cr (34.6% QoQ); inline

YoY PAT down 46.7% vs revenue +37.9%; margin erosion severe, claim understates NPM collapse (~950 bps)

Order book reset from ₹1,500 Cr (prior guidance) to ₹1,000 Cr; KUSUM 2.0 not yet launched, timing opaque

No recovery timeline quantified; NPM fell 950 bps YoY, OPM hit structural floor ~9–10%; roadmap to prior 15%+ unclear

₹1,500 Cr (prior) → ₹1,000 Cr (July 22). Still executable in 2 quarters but ₹500 Cr gap vs. prior assumption; execution depends on KUSUM 2.0 launch.

Called 'ready for launch,' but still with PMO awaiting clearance as of July 27; no orders visible in Q1 despite positioning as FY27 growth engine.

INR1,500–1,700 Cr over 15 months (0.5 GW Sep26, 2.2 GW Sep27, pump Nov26); internally funded via QIP + bank facility (₹800 Cr term loan for 2.2 GW).

No 3-year EBITDA target given; recovery expected 'gradually' but timeline undefined. Geopolitical dependency explicit; hedging not employed despite acknowledged volatility.

₹8 Cr (Q1) vs. ₹2 Cr (Q1 FY26), 4x growth; 0.5 GW plant to make Shakti only 'fully integrated rooftop provider' but still B2B business with compressed margins (~15% target post-panel integration).

In validation/testing phase (8–9 months remaining); revenue ramp expected FY28 onwards. No material contribution expected until next year.

KUSUM 2.0 ready, awaiting PMO clearance next week/month. Payments progressing; Maharashtra flowing; ₹760 Cr not yet due, ₹560 Cr >180 days, ₹477 Cr retention. No El Niño uptick.

Targeting ₹5,000 Cr company in next 3 years via VFD, solar module, capacity expansion across structures, pumps, motors. No segment breakdown.

Uganda project completed; in negotiations with other countries. 40 HP Saudi Arabia demo and 100 HP Africa demo to create market awareness.

Rooftop negligible; ₹1,000 Cr is B2G (government), mostly solar pump KUSUM.

Easily executable in next 2 quarters. KUSUM 2.0 orders expected by end of Q2 once scheme launches; timeline TBD based on specs.

Realization flat (₹248,153 vs. ₹248,374 prior quarter). Minor sales mix impact from KUSUM vs. Magel Tyala scheme orders.

0.5 GW Sep 26, 2.2 GW Sep 27. Expected 3% EBITDA margin expansion at full capacity. Full integration for rooftop and pump businesses.

Difficult to say at what level right now; will update quarterly.

No margin hit; B2B business has lower margins inherently. Strong inverter demand positions us well; integrated manufacturing strengthens competitive edge.

Cannot give EBITDA target for 3 years right now; depends on raw material prices and geopolitical volatility.

10% YoY impact from raw materials (6%) + realization (4%), totaling ₹61 Cr EBITDA hit. Expect gradual improvement as geopolitical stabilizes and KUSUM 2.0 launches.

Panel demand from customers over 3–4 years. Whole package preference (Shakti pump, inverter, panel, controller). Dependent on vendor pricing; now integrating to reduce dependency.

Total ₹1,000 Cr executable in 2 quarters; run rate similar last 2 quarters, depends on rain/floods. Will not split by quarter.

All segments expected to contribute; will update quarterly. Not disclosing individual segment targets; aggregate portfolio approach.

Rooftop mostly B2C; targeting ~15% EBITDA margin post-panel integration, combining industry benchmark with modules.

4% realization impact (₹25 Cr) + 6% raw material impact (₹36 Cr). Do not analyze or comment on peer performance.

Quality, digitalization, end-to-end warranty. 0.5 GW plant makes us only fully integrated provider. Market heading toward quality/digitalization focus.

Working capital: ₹1,800 Cr limits with 10 Indian banks + Qatar bank. Term loan ₹800 Cr for 2.2 GW. Vendor: 2–3 vendors per product. Follow-up on realizations with nodal agency.

No material impact; maintained growth in exports. Diversified order book helped sustain performance despite supply chain volatility.

~₹100 Cr orders per quarter for export.

Other states awaiting KUSUM 2.0 launch. Recent ₹350 Cr Maharashtra order helps maintain ₹1,000 Cr book. Another Maharashtra tender in process; expect orders post-KUSUM 2.0.

Validation/testing phase (8–9 months remaining). Revenue ramp gradual post-phase, meaningful contribution from FY28 onwards.

Rooftop: want to become leader; no guidance given until numbers materialize. EV: validation phase ongoing, 6 months more work; good numbers from next year.

Promoter never decreased; mostly post-2 QIPs dilution. Whenever promoters have funds, they increase holding; will continue.

Two QIPs: ₹200 Cr (no debt taken, sufficient funds); second QIP for solar with bank arrangements; internal equity through QIP maintained.

10% YoY impact: 6% raw material (₹36 Cr) + 4% realization (₹25 Cr) = ₹61 Cr EBITDA decline. Temporary, geopolitical-driven; margins will improve gradually as situation stabilizes.

No hedging; viewing as temporary situation.

0.5 GW Sep 26, 2.2 GW Sep 27, pump plant Nov 26. 1 crore is scheme-wide target, not company-specific; once panel capacity online, well-positioned for leadership.

63%.

27,678 pumps installed.

Feeder-level drives additional pump demand, larger opportunity. In feeder solar, only pump replacement, not panel installation.

Rate contract model; farmer is key decision-maker. Not conventional tender. Lowering rates doesn't auto-win orders; quality, brand, pricing are qualifiers. Expect rational pricing from peers as raw materials impact industry-wide.

INR1,500–1,700 Cr by Sep 2027. ~50% each year: INR800 Cr FY27, balance FY28.

Delivered 37.9% in Q1; expect sustainment from KUSUM 2.0 launch and state schemes, though dependent on scheme rollout timing

3-year vision via solar panel integration (0.5+2.2 GW), rooftop scaling, EV FY28 ramp, exports. No segment split disclosed; mechanisms early-stage (rooftop ₹8 Cr, EV trial, KUSUM pending)

No quantified target; vague timeline. Raw material (6%) + realization (4%) impact flagged but recovery roadmap undefined. Hedging not employed despite acknowledged volatility.

Post-2.2 GW operational benefit, rooftop business margin uplift via integrated panel offering targeting 15% EBITDA in B2C segment

0.5 GW (Sep 26), 2.2 GW (Sep 27), pump plant (Nov 26). Split ~50% FY27 (INR800 Cr), ~50% FY28. Funded via QIP + bank term loan (INR800 Cr for solar).

KUSUM 2.0 pending PMO clearance; Q1 revenue ₹859 Cr with minimal new KUSUM orders signals scheme not yet active. If launch slips to H2, ₹1,000 Cr order book execution pushed, FY27 growth target at risk.

PAT down 46.7% YoY despite revenue +37.9%. NPM fell 950 bps to 5.9% from ~15.5%. Raw material (₹36 Cr) + realization loss (₹25 Cr) = ₹61 Cr EBITDA impact. Management claims temporary but no hedging in place and recovery timeline vague ('gradually improve').

Rooftop ₹8 Cr base depends on 0.5 GW plant (Sep 26); EV in 8–9-month validation phase; exports ~₹100 Cr/Q but subject to Middle East geopolitical headwinds. INR5K Cr FY29 target requires all three to scale but no segment split disclosed.

Outstanding receivables ₹1,797 Cr: ₹760 Cr not yet due, ₹560 Cr >180 days overdue, ₹477 Cr retention. While management says collections progressing (Maharashtra flowing), >180-day overdue is structurally long and strains working capital.

Capacity utilization at 63% despite 37.9% YoY revenue growth. Expansion capex (₹1,500–1,700 Cr through Sep 27) may further dilute utilization near-term before new capacity comes online; efficiency drag if order flow doesn't match new capacity timing.