Revenue
Margin
Demand
Guidance
Tone
Event Participants
Executives
2 Ajay Kapur (Group CEO), Rahul Jain (Group CFO) (plus senior members of finance team, unnamed)
Analysts
14 Abhishek (Motilal Oswal), Amit Bhinde (Axis Capital), Balasubramanian (Arihant Capital), Mohit Kumar (ICICI Securities), Neil Oswal (PGIM India Asset Management), Nikhil Abhyankar (UTI Mutual Fund), Nikhil Poptani (Kizuna), Nitin Kaushik (Afin Capital Private Limited), Prakhar Porwal (Ambit Capital), Priyesh Babariya (Mahindra Manulife Mutual Fund), Raj Shah (Enam AMC), Satpal Singh Khanuja (Ishaan Ventures), Sumit Kishore (Axis Capital), Sweta Jain (Anand Rathi Share and Stock Brokers Limited)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Deliveries (India) | 506 MW | Highest-ever Q1 delivery; 10%-20% of planned deliveries deferred due to Middle East supply chain disruptions, expected to recover in coming quarters |
| Commissioning (COD) | 269 MW | Up 2.3x YoY from 117 MW in Q1 FY26; 1,257+ MW erected but awaiting commissioning underpins future COD uptick |
| Order Book | 6.1 GW | Reaffirms market leadership; 1 GW of new orders secured in first 4 months of FY27 |
| New Orders (DevCo share) | 600+ MW (60% of intake) | Strong market acceptance of DevCo-led engine; supports order book momentum |
| Blended ASP | INR 6.3 crore/MW | Up from INR 5.6 crore/MW in Q1 FY26; aided by EPC/project mix (EPC share rose from 22% to 32% YoY) |
| Revenue (Consolidated) | INR 3,819 crore | +23% YoY; driven by record Q1 deliveries and higher EPC contribution |
| EBITDA | INR 595 crore | Flattish YoY vs INR 599 crore in Q1 FY26; impacted by INR 40-50 crore upfront Suzlon 2.0 investments and supply chain disruptions |
| EBITDA Margin | ~15.6% | Within management's 17-18% guidance band ±1-2%; H2 operating leverage expected to improve |
| PBT | INR 390 crore | Reported for Q1 FY27 |
| PAT | INR 305 crore | Reported for Q1 FY27 |
| Interest Cost | +30% YoY | Higher working capital utilization tracking revenue growth; offset by lower borrowing rates |