The call ran from 2:29 PM to 3:25 PM IST (55 min).

Key takeaways

Q2 revenue ₹361 Cr (+114.6%), PAT ₹80 Cr (+73.2%), EBITDA ₹128 Cr; debt-free after IREDA repayment. Growth is strong, but margin moderation is guided as new capex comes on stream, and module utilisation is just 68%.

Highlights
Revenue growth	Q2 revenue +114.6% YoY; H1 +89.6%; no one-offs disclosed.
Margins	H1 EBITDA margin ~35%; guided to moderate with new capex.
Order book	₹1,280 Cr at Q2 end; near-term execution visibility; no peer comparison.
Demand visibility	Cell shortage persists; ALMM-II supports domestic demand; India added 20.8 GW H1.
Management confidence	Balanced-optimistic; evasive on FY28-29 margins and EPC revenue.

Growth

Q2 revenue +114.6%, EBITDA +77.3%, PAT +73.2%: EBITDA lagging revenue signals margin compression. H1 revenue +89.6%, EBITDA +44.4%.

Outlook

2 GW TOPCon phase 1 by Q3 FY28; ₹1,350 Cr capex; 600 MW to 750 MW TOPCon conversion by March 2027.

Risks

Margin moderation guided as capex lands; module utilisation only 68%; 70:30 debt-led funding for expansion.

Last quarter's promises, checked

Delivered

Guided ~34% EBITDA margin held for 1-2 yrs → H1 ~35% (= BEAT)

Partly delivered

Guided ~92% cell utilisation held → 91% (= PARTIAL)
Guided ₹1,278 Cr order book with 'healthy visibility' → ₹1,280 Cr, flat (= PARTIAL)

Missed

Guided ~81% module utilisation (near full run-rate) → 68% (= MISS)
Guided Phase-1 trial ~Jun-Jul 2027 (equipment Apr-May + 2-mo trial, no timeline change) → trial run by Q3 FY28 (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 5:41 PM IST. Open it on ALFA Filings ›