Taylormade Renewables Expands with BOO Vertical, Reports Strategic Adjustments in Q2 FY2026

Taylormade Renewables Limited (TRL) has reported significant developments in its Q2 FY2026 results, marking a strategic shift in its business model and financial reporting. The company has introduced a Build-Own-Operate (BOO) Project vertical to complement its existing Product business, while also making important revenue adjustments.

Key Highlights

Addition of BOO Project vertical to the existing business model
Strategic revenue adjustment of INR 1,377.20 lakh from Andhra Pradesh
Subsidiary TEPL achieved a turnover of INR 771.90 lakhs in Q2 FY2026
Secured a INR 23.90 crore order from SGL Resources
Proforma EBITDA margin of 29.10% and profit before tax margin of 23.30%

Financial Performance

The company's Q2 FY2026 financial results reflect both the new business addition and strategic adjustments. Here's a breakdown of the key financial metrics:

Metric	Value (INR Lakh)
Proforma Revenue	1,190.00
Proforma EBITDA	345.70
Proforma EBITDA Margin	29.10%
Proforma Profit Before Tax	277.80
Proforma Profit Before Tax Margin	23.30%

BOO Vertical Performance

Taylormade Enviro Pvt. Ltd. (TEPL), the company's subsidiary, has shown promising results in the newly established BOO vertical:

Achieved a turnover of INR 771.90 lakhs in Q2 FY2026
Capacity utilization at TEPL plant is ramping up as per the business plan
Profitability is expected to improve as operations stabilize

The company has initiated an upgrade of part capacity to TRL – RAIN technology, which is expected to enable scaling up of new technological offerings in both BOO and Project verticals.

Product Vertical and Future Outlook

TRL has secured a significant order in its Product vertical:

INR 23.90 crore order from SGL Resources for hazardous wastewater treatment systems
The order is to be completed within two months from the LOI date

The company expects to achieve its lifetime high revenue in H2 FY2026, driven by growth in both verticals:

Product Vertical: Execution of the INR 23.90 crore order from SGL Resources
BOO Vertical:
- Ramp-up of capacity utilization at TEPL
- Capacity expansion at TEPL from 3 lakh KLPD to 6 lakh KLPD

Management Commentary

The management has expressed appreciation for stakeholder confidence over the past 24 months as TRL pivoted its strategy from EPC-driven expansion to BOO-led growth. They view TEPL's performance as a strong proof of concept for the BOO Vertical, demonstrating its ability to deliver steady growth and cash flows.

Conclusion

Taylormade Renewables' Q2 FY2026 results showcase a company in transition, with strategic adjustments and new business verticals positioning it for potential growth. The addition of the BOO vertical and the strong order book in the Product vertical indicate a diversified approach to revenue generation. However, investors should note that the company's performance in upcoming quarters will be crucial in validating the success of these strategic shifts.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.11%	-2.60%	-8.67%	-42.47%	-55.52%	+2,882.01%

Taylormade Renewables Limited (TRL) has confirmed that there has been no deviation in the utilization of funds raised through the preferential issue of convertible warrants for the quarter ended September 30, 2025. The company raised Rs 2.08 crore by allocating 2,50,000 warrants at Rs 332.86 per warrant.

Fund Allocation

The funds raised through the convertible warrants are designated for the following purposes:

Working capital requirements for Tarapur BOO plant operations
Project planning for new BOO plants at Dahej Sayakha

Detailed Fund Utilization

According to the Statement of Deviation or Variation provided by the company, the funds have been utilized as follows:

Purpose	Original Allocation (Rs in Crore)	Funds Utilized (Rs in Crore)
Commencement of Operations – Tarapur BOO Plant	4.50	0.28
Working Capital Requirement	1.02	1.02
Project Planning – New BOO Plants (Dahej & Sayakha)	2.00	-
Expansion of Existing Business Activities	0.86	0.78
Total	8.38	2.08

Compliance and Transparency

The company's Audit Committee has reviewed the Statement of Deviation or Variation, and no comments were made by either the Audit Committee or the auditors. This level of transparency aligns with the regulations set by the Securities and Exchange Board of India (SEBI) under the Listing Obligations and Disclosure Requirements (LODR).

Financial Performance Context

While the fund utilization report shows adherence to the stated objectives, it's worth noting that TRL's recent financial results for Q2 FY 2025-26 reflect some challenges:

The company reported a negative Revenue from Operations of Rs (944.38) lakhs for the quarter ended September 30, 2025, primarily due to a sales reversal of Rs 1,377.20 lakhs related to the Andhra Pradesh (Proddatur) project.
Despite this, the company maintains that its underlying business activity remained strong, with healthy execution progress across active projects and steady operational performance.

Management's Perspective

Dharmendra Sharad Gor, Chairman & Managing Director of Taylormade Renewables Limited, stated, "Our underlying business delivered a strong quarter, supported by healthy project execution, firm customer demand and a steadily expanding order pipeline. With the legacy matter now fully resolved, our financials present a clearer picture of TRL's true operational progress."

Looking Ahead

The company expresses confidence in its positioning for the second half of the fiscal year, citing:

Advanced execution stages of newly awarded projects, including a major order from SGL Resources Limited
Expanding adoption of TRL's patented technologies across domestic and international markets
Enhanced visibility and improved alignment of reported results to operational activity

As Taylormade Renewables Limited navigates through these financial adjustments and project developments, stakeholders will likely be watching closely to see how the company leverages its raised funds and executes its growth strategy in the coming quarters.