Solarworld Energy Solutions Ltd

Business overview

• Core business: solar EPC, O&M, and energy storage; CAPEX and RESCO models.
• Integrated module and storage manufacturing footprint across Roorkee facility and future lines.
• TOPCon modules (610–750 W) produced; 1.2 GW solar cell and 3.4 GW BESS facilities planned.
• JV junction-box line with 5 GW capacity; module, cell, and BESS vertical integration.

Key operational highlights

• Q1 FY27 total income ₹1,780.3 Mn; YoY growth 121%.
• Q1 FY27 EBITDA ₹206.6 Mn; margin 11.6%; YoY -2%.
• Q1 FY27 PAT ₹95.0 Mn; margin 5.3%; YoY -26%.
• Module facility: 1.552 GW Roorkee line commissioned July 2025.
• 4 GW automated BESS facility ready; product launch forthcoming.
• 5 GW junction-box line developed; production commenced.
• 2 GW solar cell facility under development; commercial ops targeted by June 2027.

Capital structure & liquidity

• IPO completed Sep 2025; net proceeds ₹5,216.78 Mn; used for KSPL investment and general purposes.
• CRISIL long-term rating: A.
• Post-IPO subscription strong: 68.49x overall; key subseries include QIB 74.24x, NII 68.21x, RII 51.69x.

Strategic priorities & outlook

• Aim for a 60:40 BESS-to-Solar EPC revenue mix.
• Backward integration to secure captive module/cell supply.
• Strategic partnerships for technology, reach, and cost efficiency.
• R&D acceleration for higher efficiency solar/storage.
• Expand PSU and private-sector client base; diversify revenue across solar and storage.
• Growth outlook supported by India’s rising energy demand and storage deployment.

Governance & leadership

• IPO-driven governance with independent directors and experienced industry leadership.
• Key executives: MD Kartik Teltia; CFO Mukut Goyal; Company Secretary Varsha Bharti.

Key Financial & Operational Highlights

• Total income in Q1 FY27 was ₹1,780.3 million, up 121% YoY.
• EBITDA was ₹206.6 million, with an 11.6% margin.
• PAT was ₹95.0 million; PAT margin 5.3%; Basic EPS ₹1.10.
• Total order book stood at ₹27,275 million as of 30 June 2026.
• 552 GW Roorkee module facility commissioned July 2025.
• 4 GW automated BESS facility ready; market launch soon.
• 5 GW junction box line JV; production commenced.
• 2 GW solar cell facility under development; operations targeted by June 2027.
• EPC capacity installed: 348 MW DC; over 60 projects completed; strong pipeline.

Financial results approved

• Un-audited standalone and consolidated results for quarter ended June 30, 2026 approved.
• Limited Review Report from statutory auditors approved with the results.
• Period covered: quarter ended June 30, 2026.

Cost auditor re-appointment

• Re-appointment of M/s MM & Associates as Cost Auditor for FY 2026-27.

Auditor emphasis and dispute

• Emphasis of matter on uncertainties in the SJVN EPC dispute; no provision required.

IPO proceeds utilization

• IPO of ₹4,900 million completed; net proceeds allocated to KSPL and general corporate purposes.
• Unutilised IPO proceeds at 30 June 2026: ₹4,200 million for KSPL; ₹1,016.78 million for general corporate.

Segment information and CODM restatement

• CODM revised basis for segment performance; comparative data restated per Ind AS 108.

Meeting Details

• Date and time: Aug 14, 2026 at 3:00 PM IST; Location not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026 until 48 hours after results declaration.

Issue Overview

• IPO: equity shares; Pre-IPO: preferential equity shares.
• Total issue size and net proceeds: no revision or undersubscription noted.
• Main objectives: investment in KSPL for Pandhurana project; general corporate purposes.

Utilisation of Proceeds

• IPO proceeds utilized for issue-related expenses; Pre-IPO proceeds for general corporate purposes.
• Deviations: not applicable; no material deviations observed.
• IPO: no utilization in quarter; KSPL funds remain unutilised.
• Pre-IPO: 83.22 million invested in KSPL; balance for GCP.
• Unutilised funds held in fixed deposits and a monitoring account.
• Total unutilised amount: 4,223.62 million.

Governance and Compliance

• Approvals: status not specified; no material deviations reported.
• No material events affecting viability reported in MA.
• MA notes no independent verification; fiduciary relationship not implied.

GCP

• GCP usage: total 1,016.78; 0.20 used in quarter for statutory dues.
• Board approval for allocation: not explicitly stated.
• Other GCP allocations include maintenance, business development, contingencies as allowed.

Physical shareholding status

• There is no holding of shares in physical form.

Solarworld Energy Solutions Ltd: Trading window closed from July 01, 2026 till 48 hours after the declaration of the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2026.

Resignation

• Ms. Rini Chordia resigned as Chairperson and Independent Director of Solarworld Energy Solutions Limited.
• Resignation is effective from close of business hours on May 26, 2026.
• Reason stated: pre-occupation and other personal commitments.
• She confirmed no material reasons beyond those disclosed in her resignation letter.

Other roles

• No other listed entity directorships or board committee memberships were disclosed.