Solarworld Energy Solutions reported consolidated total income of ₹14,160.66 million for FY26, a 157% year-on-year jump, with profit after tax rising 56.36% to ₹1,204.74 million.

Financial Performance Overview

The company's consolidated revenue from operations reached ₹13,761.56 million in FY26, compared to ₹5,447.65 million in FY25, representing growth of 152.61%. EBITDA stood at ₹1,879.26 million against ₹1,155.67 million in the prior year, while the EBITDA margin moderated to 13.66% from 21.21%. The debt-to-equity ratio improved to 0.30x from 0.37x, and net worth stood at ₹8,477.97 million as of March 31, 2026.

Key Financial Metrics

Revenue Breakdown

EPC revenue grew 143.45% to ₹11,635.12 million from ₹4,779.33 million in FY25, driven by execution of projects aggregating 742 MW DC. Product sales rose 216.73% to ₹1,933.64 million, primarily from the commencement of solar panel sales at the newly commissioned module manufacturing facility operated by wholly owned subsidiary ZNSHINE Solarworld Private Limited. Services and O&M revenue increased 228.66% to ₹187.24 million, with O&M coverage expanding to six projects aggregating 321 MW DC.

Order Book and Operational Metrics

The consolidated order book expanded to ₹28,130.42 million as of March 31, 2026, from ₹17,005.51 million at the end of FY25. The order book comprises ₹16,740 million from solar EPC and O&M projects and ₹11,390 million from EPC and BESS IPP-related projects. Notable order wins during the year included BESS EPC orders worth ₹5,990 million for NTPC's Solapur and Unchahar thermal power station projects, and a ₹2,350 million Balance of System order from NTPC Renewable Energy for a 260 MW solar project in Bikaner.

Manufacturing and Expansion Highlights

During FY26, the company commissioned a 1.552 GW ALMM-approved TOPCon solar module manufacturing facility in Roorkee, Uttarakhand, producing high-efficiency modules of 600W–750W across M10R, G12R and G12 formats. A 3.4 GW automated BESS manufacturing facility, built with KUKA robotics, and a 5 GW junction box manufacturing line further deepened backward integration. A 2.4 GW solar cell manufacturing facility is under development through a proposed joint venture with Rays Power Infra Limited, targeted for commissioning by June 2027.

Capital Structure and Credit Profile

Total equity stood at ₹8,477.97 million as of March 31, 2026, up from ₹3,090.66 million in FY25, reflecting capital infusion from the IPO completed on September 30, 2025. Total borrowings increased to ₹2,554.59 million from ₹1,145.54 million. During FY26, CRISIL Ratings revised the company's long-term credit rating to CRISIL A-/Stable and non-fund based facilities to CRISIL A2+. The company's 13th Annual General Meeting is scheduled for September 30, 2026, through video conferencing.

IPO Proceeds Utilisation

The company raised total proceeds of ₹5,500 million through its IPO and pre-IPO placement. As of March 31, 2026, ₹1,016.58 million was utilised towards general corporate purposes, while ₹4,200.00 million earmarked for investment in subsidiary Kartik Solarworld Private Limited for the Pandhurana Project remained unutilised and temporarily invested in fixed deposits. The company is seeking shareholder approval to redirect these proceeds to a 2.4 GW solar cell manufacturing plant through the joint venture with Rays Power Infra Limited, at an estimated project cost of ₹10,000 million.

Solarworld Energy Solutions reported a mixed set of Q1 consolidated financial results, with revenue expanding significantly on a year-on-year basis while net profit declined over the same period. The results highlight a notable divergence between topline growth and bottom-line performance during the quarter.

Q1 financial performance

The company's consolidated net profit for Q1 stood at 95m rupees, compared to 129m rupees in Q1 of the previous year, marking a decline YoY. Revenue, however, rose sharply to 1.7b rupees from 682m rupees in the year-ago period, reflecting substantial topline expansion.

The following table summarises the key financial metrics for the quarter:

What the numbers show

While EBITDA grew in absolute terms to 110m rupees from 89m rupees YoY, the EBITDA margin contracted significantly to 6.55% from 13.05% in the year-ago quarter. This contraction indicates that costs scaled at a faster pace than revenue during the period, compressing profitability ratios even as the absolute operating surplus improved. The decline in net profit alongside strong revenue growth further underscores the margin pressure experienced during Q1.