Servotech Renewable Power System has announced its audited financial results for Q4 FY26, demonstrating exceptional growth across key performance metrics. The company's board of directors approved the results at their meeting held on April 30, 2026, which commenced at 3:00 PM IST and concluded at 9:25 PM IST, marking what the company describes as its strongest-ever quarter as a listed entity. In compliance with SEBI Regulations 30 and 47, the company subsequently filed newspaper clippings of the extracts of its audited standalone and consolidated financial results, published in Financial Express and Jansatta on May 2, 2026, with the National Stock Exchange of India Limited. The filing was submitted by Company Secretary and Compliance Officer Rupinder Kaur on May 3, 2026. Following the results, the company hosted a Q4 FY26 earnings conference call on May 1, 2026, attended by Managing Director Raman Bhatia and Chief Financial Officer Vipin Kaushik.

Board Meeting Outcomes and Key Decisions

The board meeting resulted in several significant decisions, including a final dividend recommendation and reconstitution of the Risk Management Committee:

Q4 FY26 Standalone Financial Performance

The company delivered exceptional standalone financial results for Q4 FY26. During the earnings call, MD Raman Bhatia confirmed standalone revenue of ₹212.2 crore, growing 76% year-on-year, with standalone EBITDA of ₹23.2 crore also growing 76% year-on-year. The following table presents the detailed standalone metrics:

Consolidated Results Show Strong Performance

On a consolidated basis, Servotech maintained strong growth momentum. During the earnings call, management noted that the broadly flat consolidated revenue compared to standalone growth of 8.5% reflects a deliberate scale-down of low-margin trading activities in its medical equipment subsidiary, Rebreathe Medical Device, whose revenue moved from ₹98 crore in FY25 to ₹32 crore in FY26. Excluding this single subsidiary effect, consolidated revenue grew approximately 12% year-on-year.

Full Year FY26 Performance Highlights

For the complete FY26, Servotech reported standalone revenue of ₹637 crore, growing 8.4% year-on-year on a higher base of ₹587 crore in FY25. The company achieved significant margin expansion with EBITDA growing 26.5% to Rs. 7,419.00 lakh, while EBITDA margin expanded to 11.6% from 9.7% in FY25 — the highest in the company's listed history — representing an improvement of 161 basis points. Management noted that PAT growth lagged EBITDA growth because ₹64 crore of new manufacturing capacity was commissioned during the year, with the full-year impact of higher depreciation and finance costs reflected in the profit and loss. On a consolidated basis, FY26 revenue was ₹674 crore compared to ₹676 crore in FY25, broadly flat, while consolidated EBITDA grew 22% to ₹71 crore and profit after tax attributable to shareholders was ₹33.5 crore, broadly in line with FY25's ₹32.7 crore.

Key Financial Ratios — FY26 Standalone

CFO Vipin Kaushik summarised the key financial ratios for FY26 on a standalone basis during the earnings call. The company's credit rating from Informerics remains at BBB+ with a stable outlook on the long term and A2-1 on the short term, with an upgrade received in September 2025.

Operational Highlights and Product Mix

FY26 was described by management as a year of significant capability building. The company commissioned new manufacturing lines for solar hybrid inverters and grid-tied models, now its flagship growth product for battery energy storage systems (BESS) and lithium-ion battery packs, with total CapEx for the year at ₹64 crore. This CapEx programme is now substantially complete. The retail channel, which was running at approximately ₹2 crore per month in FY22, has grown to approximately ₹25 crore per month. In terms of revenue mix, solar products account for approximately 51% of total revenue, AC and small chargers approximately 27%, DC chargers approximately 15%, installation and AMC approximately 4%, and energy storage and power at approximately 1% each. Management indicated the ratio of solar to EV will remain approximately 60% solar and 40% EV going forward.

Balance Sheet and Working Capital

Management directly addressed balance sheet movements during the earnings call, noting that standalone borrowings increased from ₹75 crore to ₹196 crore during the year, while trade receivables increased from ₹155 crore to ₹243 crore, resulting in negative operating cash flow for the year. Three specific factors were cited:

• CapEx and asset purchases: Approximately ₹79 crore was deployed into capital expenditure, asset purchases, and investment in a solar PV manufacturing company. The asset base grew from ₹64 crore to ₹117 crore.
• Receivables from oil marketing companies: Approximately ₹40 crore is pending with IOCL, BPCL, and HPCL due to infrastructure-related payment delays, with commercial mechanisms being pursued for resolution.
• Railway project receivables: Approximately ₹60 crore relates to railway projects that were work-in-progress as of March 31, with payment terms of 60% against delivery and 40% against commissioning. These two situations account for approximately ₹100 crore of the receivable increase.

Management's target is to bring working capital days down to 60–70 days, with FY27 focused on restoring positive operating cash flow, reducing gearing back below half a turn, and bringing receivable collection back to industry-typical levels. No fresh long-term debt is planned for FY27, and CapEx is expected to moderate significantly, funded entirely from internal accruals. Management also noted that a QIP is being explored, subject to market conditions.

Corporate Governance and Regulatory Compliance

Servotech Renewable Power System has fulfilled its regulatory obligations under SEBI Regulations 30, 33, and 47 by announcing the Q4 FY26 audited financial results and publishing the required extracts in leading newspapers. The statutory auditors M/s. Rohit KC Jain & Co., Chartered Accountants, have issued an unmodified opinion on both standalone and consolidated financial results. The full financial results are also available on the company's website at www.servotech.in .

Servotech Renewable Power System Ltd. has secured a 1,415 KW solar rooftop project order from the Vijayawada Division of the South Central Railway, strengthening its growing engagement with Indian Railways and public infrastructure renewable energy projects. The order was disclosed pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was secured through a competitive bidding process, reflecting the company's capabilities in executing institutional and government-led renewable energy projects.

Contract Details

The following table summarizes the key parameters of the awarded contract:

Project Scope and Strategic Context

Under the scope of the project, Servotech Renewable will be responsible for the design, engineering, supply, installation, testing, and commissioning of grid-connected rooftop solar systems across multiple railway sites under the Vijayawada Division. The project aligns with Indian Railways' ongoing focus on accelerating renewable energy adoption and reducing carbon emissions through sustainable infrastructure development. Solar rooftop installations on railway premises are part of broader efforts by Indian Railways to transition toward cleaner energy sources, and this order adds to Servotech Renewable's execution pipeline in the solar power domain.

Management Commentary

Commenting on the order, Sarika Bhatia, Director, Servotech Renewable Power System Ltd., said, "We are pleased to strengthen our association with Indian Railways through this project with the Vijayawada Division. Such projects reflect the growing momentum towards clean energy integration across critical public infrastructure in India. We remain committed to delivering efficient, reliable, and high-performance solar solutions that support institutions in achieving their sustainability objectives while contributing to broader renewable energy adoption goals."

About Servotech Renewable Power System Limited

Servotech Renewable Power System Limited (formerly known as Servotech Power Systems Ltd.) is an NSE-listed organization that develops tech-enabled EV charging and renewable energy solutions, leveraging over two decades of experience in the electronics space. The company offers an integrated portfolio across DC chargers, solar inverters (Hybrid and GTI models), Battery Energy Storage Systems (BESS), and lithium-ion battery packs, serving multiple applications across commercial and domestic segments. With its comprehensive engineering capabilities, Servotech plays a pivotal role in developing India's renewable energy and EV technology infrastructure.