Solarworld Energy Solutions Ltd

Financial highlights

• FY26 revenue from operations ₹13,762 Mn; total income ₹14,161 Mn; PAT ₹1,205 Mn; EPS ₹14.95.
• FY26 EBITDA ₹1,879 Mn; EBITDA margin 13.3%.
• Q1 FY27: revenue ₹1,684 Mn; PAT ₹95 Mn; margins pressured by input costs and rupee depreciation.
• Balance sheet: net worth ₹8,478 Mn; debt-to-equity 0.30x; net cash ₹3,165 Mn.

Order book & bids

• Order book ₹31,548 Mn; L1 ₹4,097.62 Mn awaiting LOA; EPC 64%, BESS 36%.
• Bids submitted ₹200,180 Mn.

Manufacturing capacity

• Manufacturing: Roorkee 1.55 GW TOPCon; 3.4 GW BESS; Narmadapuram 2.4 GW cells; COD June 2027.
• Roorkee line ALMM-listed; 1.552 GW/year capacity; tech partner ZNSHINE.

JV with Rays Power Infra

• Proposed 50:50 Rays Green Energy JV for 2.4 GW cells; Solarworld up to ₹4,200 Mn.
• Subject to shareholders' approval; target production June 2027; potential annual revenue ₹54,000 Mn.

Key Update

• Show Cause Notice dated 29-09-2026 issued under CGST Act for FY 2022-23.
• Reply due by 29-10-2026; personal hearing on 30-10-2026.
• Estimated liability up to Rs 5,39,39,622; not yet confirmed.
• Preliminary assessment suggests a good case on merits; no material impact expected.

Order details

• Awarding entity: Leading renewable energy player.
• Nature and scope: Purchase order for 96,000 G12R 625 Wp solar panels.
• Total value: Rs 78.75 crore inclusive of 5% IGST.
• Geography: Domestic entity.
• Execution timeline: As per terms in the Purchase Order.
• Promoter/related party: No promoter group interest; arm's length not applicable.
• Material impact: No explicit material impact disclosed.

Solarworld Energy Solutions Limited: Trading Window closed from October 1, 2026 till 48 hours after the declaration of Unaudited Financial Results (Standalone and Consolidated) for the quarter ended September 30, 2026.

ESOP grant details

• NRC approved grant of 2,86,325 ESOPs to eligible employees under ESOP 2024.
• Total options available for grant under ESOP 2024 stood at 10,07,058.
• Each option has fixed exercise price of Rs 5 per share.
• Options vest on March 31, 2028.
• Exercisable for five years from the vesting date.
• In-principle approvals from BSE and NSE received May 26, 2026.
• Earlier ESOP 2024 grants: 77,256 granted in Dec 2024; 19,314 lapsed.

Litigation Update

• The appellate order dated Sept 23, 2026 allowed the Subsidiary's appeal.
• Appellate order set aside the Sept 20, 2026 order and annulled the ₹1,22,12,498 penalty.
• Goods held to be genuine imported goods with documents; no tax evasion.
• Deposited amount ₹12,21,250 on Sept 21, 2026 to be refunded/adjusted.
• Vehicle and goods, if detained, to be released forthwith.
• Appellate order subject to any further appeal.
• No adverse impact on the company's financials; matter decided on merits.

Regulatory Update

• Order-in-Original issued; penalty ₹1,22,12,498 under CGST/UKGST Section 129 confirmed.
• Appeal filed Sep 21, 2026; no liability admitted; pre-deposit ₹12,21,250; hearing Sep 22, 2026.

Key Update

• DAB final awards issued for 100 MW Phase XIII and 260 MW Phase XIV projects.
• Total admitted value: ₹13.77 crore for 100 MW; ₹26.50 crore for 260 MW.
• Liquid cash outlay: ₹5.78 crore (100 MW); ₹2.09 crore (260 MW).
• Retention release: ₹7.98 crore (100 MW); ₹24.41 crore (260 MW).
• Disputes relate to retention, invoices, delay financing, site costs, and loss of profit.
• Partnership: with SJVN Green Energy Limited; Sole Adjudicator Harish Kumar Sharma.
• Date of communication receipt: Sept 18, 2026.

Show Cause Notice Update

• Znshine Solarworld Private Limited received a CGST Show Cause Notice dated 17.09.2026.
• Proposed penalty ₹1,22,12,498 (200% of tax) is not yet confirmed.
• Subsidiary filed written reply on 18.09.2026 with supporting records.
• Personal hearing before Proper Officer scheduled for 24.09.2026.
• Company expects no material impact on finances or operations.