Net profit for the September quarter of FY27 fell 30% YoY to ₹82 crore, a sharp slide from ₹116 crore in the same period last year, even as revenue from operations surged 36.53% to ₹1,057.84 crore.
EBITDA held steady, rising only 1.3% to ₹160 crore from ₹158 crore, and the EBITDA margin contracted from 20% to 15% year‑on‑year, underscoring pressure from integration costs.
In the first half of FY27, revenue grew 43.84% YoY to ₹1,982.09 crore, and EBITDA rose 21.04% to ₹333.46 crore, yet net profit barely moved, settling at ₹200.44 crore versus ₹202.75 crore a year earlier. The company’s unexecuted order book tops ₹5,500 crore, with a pipeline of 34.6 GWp of solar projects, 12.5 GWh of battery storage, and ₹21,900 crore of transmission and distribution opportunities.
Chief financial officer Manmohan Sharma said that acquisition‑related financing and the addition of lower‑margin businesses are weighing on profitability, but the firm is tightening operational efficiency and integrating its expanded portfolio. He highlighted the upcoming 35‑MW solar plant in Wardha, Maharashtra, as a key revenue engine.
The share price closed 0.44% lower at ₹833.40 on the NSE, reflecting market concern over short‑term margin compression. Investors will be watching the company’s next earnings call for guidance on how the pipeline and cost‑control measures will translate into profitability in FY28.