Solarium Green Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Solarium Green Energy Ltd filed with BSE on 06 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Solarium Green Energy reported FY26 total income of ₹368 crores, up 60% year-on-year, driven by growth in large ground-mounted EPC project execution, while EBITDA grew 31% to ₹35.3 crores and PAT grew marginally to ₹20.5 crores. Management attributed the gap between revenue growth and PAT growth to higher finance costs tied to the new 1.2 gigawatt module manufacturing facility and increased working capital from the EPC business shift. The company commissioned its Ahmedabad manufacturing facility during the year, exited FY26 with an executed order book of over ₹300 crores, and discussed a forward EPC pipeline of over 300 MW under active discussion.
Numbers mentioned
Total income: ₹368 crores (FY26)
p. 5
“Total income for FY26 came in at ₹368 crores, reflecting growth of 60% over the ₹230 crores we reported in FY25.”
Rohit Jindal, page 5 of the filed PDF · View the filing
EBITDA: ₹35.3 crores (FY26)
p. 6
“EBITDA for the year was ₹35.3 crores compared to ₹26.9 crores in FY25, representing growth of approximately 31%.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Gross profit: ₹111 crores (FY26)
p. 6
“Gross profit for the year was ₹111 crores at a gross margin of approximately 30% compared to Rs.79 crores 34.5% in FY25.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Profit after tax: ₹20.5 crores (FY26)
p. 6
“Profit after tax for FY26 was ₹20.5 crores, marginal above the ₹18.6 crores which we reported in FY25.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Finance cost: ₹10.5 crores (FY26)
p. 6
“finance cost increased to ₹10.5 crores in FY26 compared to ₹3.5 crores in FY25.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Trade receivables: ₹152.6 crores (FY26 year-end)
p. 6
“Trade disable on the balance sheet stood at ₹152.6 crores at the year-end up from ₹90.9 crores regarding the prior year considering with the growth of EPC revenue and associated billing cycles.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Total assets: ₹459 crores (FY26)
p. 6
“Total assets on a consolidated basis expanded to ₹459 crores, from ₹234 crores in FY25.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Cash and bank balances: ₹90.4 crores (FY26 year-end)
p. 6
“Cash and bank balances at year-end were ₹90.4 crores which provided us with healthy liquidity position to support ongoing operations and the forward pipeline.”
Rohit Jindal, page 6 of the filed PDF · View the filing
H2 FY26 revenue: ₹251 crores (H2 FY26)
p. 6
“H2 FY26 revenue was ₹251 crores up 70% from ₹188 crores in H2 FY25.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Manufacturing facility capacity: 1.2 gigawatt
p. 4
“Our most significant development was the commissioning of our 1.2 gigawatt fully automated module manufacturing facility in Ahmedabad.”
Ankit Garg, page 4 of the filed PDF · View the filing
Executed order book: over ₹300 crores (FY26 year-end)
p. 5
“We exit the year with an executed order book of over ₹300 crores, a manufacturing facility now active, ramp up and a residential distribution network that is starting to show meaningful traction.”
Ankit Garg, page 5 of the filed PDF · View the filing
Manufacturing facility utilization: around 45% (current)
p. 7
“Currently, the factory is running at around 45% utilization.”
Ankit Garg, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 10% to 12% · FY27
stated firmly by Himanshu Garg
p. 9
“So, this should be in the range of say 10% to 12% to be transferred.”
Himanshu Garg, page 9 of the filed PDF · View the filing
Revenue growth — FY27
stated as an aspiration by Himanshu Garg
p. 8
“With the manufacturing facility going live with the current order book in hand, we expect the growth rate to further accelerate in terms of top line.”
Himanshu Garg, page 8 of the filed PDF · View the filing
Captive module consumption — 50% to 60%
stated as an aspiration by Ankit Garg
p. 7
“So, effectively, we are targeting 50% to 60% in-house consumption of production at least.”
Ankit Garg, page 7 of the filed PDF · View the filing
EPC pipeline conversion — 60% of conversion · next 2-3 months
stated conditionally by Ankit Garg
p. 8
“But these all pipelines are in advanced stage of discussion and we are hopeful that within next 2-3 months, at least we will have 60% of conversion through this pipeline.”
Ankit Garg, page 8 of the filed PDF · View the filing
Capex — no major capex · FY27
stated firmly by Himanshu Garg
p. 11
“We are not foreseeing any major CAPEX during this year. FY27 majority will be anchored around the execution and the ramp-up in quantum modeling.”
Himanshu Garg, page 11 of the filed PDF · View the filing
Finance cost as proportion of revenue
stated as an aspiration by Rohit Jindal
p. 7
“We expect finance costs as a proportion to revenue to reduce progressively as the manufacturing assets generate returns.”
Rohit Jindal, page 7 of the filed PDF · View the filing
Manufacturing gross margin — above 15%
stated as an aspiration by Himanshu Garg
p. 10
“But given we generally operate at a cost-plus model, so we target at gross margins or rather the overall margins to be above 15%.”
Himanshu Garg, page 10 of the filed PDF · View the filing
Residential monthly run rate — ₹16 crores – ₹18 crores · end of calendar year
stated conditionally by Himanshu Garg
p. 10
“So, I think by the end of the year, we expect including solar kit, we should be anywhere about ₹16 crores – ₹18 crores kind of number.”
Himanshu Garg, page 10 of the filed PDF · View the filing
Current order book execution — almost 100% · this year
stated firmly by Himanshu Garg
p. 10
“Almost 100% of this will be executed within this year.”
Himanshu Garg, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said utilization is around 45%, reduced recently due to ALMM-2 uncertainty, with 40-50% expected to be captively consumed and total in-house consumption targeted at 50-60%.
Answered by Ankit Garg
Asked by Rishabh: What is the current utilization of the manufacturing facility and the expected split between captive consumption and external sales?
p. 7
“Currently, the factory is running at around 45% utilization. We have reduced the utilization for last 10 days because of this ALMM2 applicability.”
Ankit Garg, page 7 of the filed PDF · View the filing
Management said concentrated projects are actually easier to manage than many small government sites because decision-making is centralized.
Answered by Ankit Garg
Asked by Rishabh: How is management addressing project concentration risk from the large Maharashtra EPC project?
p. 7
“At least if the site is concentrated, we will be very sure that these are the six people or seven people team which we have to convince and get the project through.”
Ankit Garg, page 7 of the filed PDF · View the filing
Management indicated margins are expected to be minimally protected at current levels with revenue growth continuing or accelerating.
Answered by Himanshu Garg
Asked by Rishabh: What guidance can be given for FY27 revenue and margins?
p. 8
“In terms of guidance, we expect margins to be minimally protected at this level. We don't foresee any sort of further fall as we are moving towards lower fixed cost model.”
Himanshu Garg, page 8 of the filed PDF · View the filing
Management indicated margins should settle in the 10-12% range.
Answered by Himanshu Garg
Asked by Yashvi Gandhi: Is the current margin profile the new normal given the EPC mix?
p. 9
“So, this should be in the range of say 10% to 12% to be transferred.”
Himanshu Garg, page 9 of the filed PDF · View the filing
Management said the working capital loan of over ₹100 crores is repayable on demand while a ₹50 crore term loan is repayable over six years.
Answered by Himanshu Garg
Asked by Yashvi Gandhi: What is the current debt level and repayment schedule?
p. 9
“So, the majority of this interest cost is pertaining to the working capital which is for the manufacturing. So, manufacturing itself has kind of taken about ₹100 crores plus of working capital investment which is repayable on demand.”
Himanshu Garg, page 9 of the filed PDF · View the filing
Management said no major capex is foreseen, with focus shifting to execution and ramp-up.
Answered by Himanshu Garg
Asked by Nishita Saklecha: Is major capex expected in FY27?
p. 11
“We are not foreseeing any major CAPEX during this year. FY27 majority will be anchored around the execution and the ramp-up in quantum modeling.”
Himanshu Garg, page 11 of the filed PDF · View the filing
Management explained payment cycles are much shorter for ground-mounted EPC than government residential programs, reducing working capital needs significantly.
Answered by Himanshu Garg
Asked by Nishita Saklecha: How does the working capital cycle change with the shift to ground-mounted EPC?
p. 12
“Like for a project of ₹150 odd crores, the overall working capital will be less than ₹30 crores to ₹35 crores requirement.”
Himanshu Garg, page 12 of the filed PDF · View the filing
Management attributed the increase primarily to unpaid creditors for fixed assets related to the manufacturing plant capex, plus employee payables and customer advances.
Answered by Rohit Jindal
Asked by Shruti Malpani: What caused the increase in other current liabilities from ₹4 crore to ₹36 crores?
p. 14
“₹19 crores of payable was there as on 31st of March against the CAPEX what we have done.”
Rohit Jindal, page 14 of the filed PDF · View the filing
Risks flagged
ALMM-2 regulatory requirement creating near-term uncertainty and reduced utilization
p. 7
“We have reduced the utilization for last 10 days because of this ALMM2 applicability. We were just trying to figure out on how the market is responding to that circular.”
Ankit Garg, page 7 of the filed PDF · View the filing
Project and client concentration risk from large ground-mounted EPC projects
p. 7
“So, yes. Surely, that risk is always there about the project concentration.”
Ankit Garg, page 7 of the filed PDF · View the filing
Gross margin compression from shift toward lower-margin ground-mounted EPC business
p. 6
“As Ankit explained, the shift in business makes towards ground mounted EPC projects, which typically carry lower margins than other segments.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Elevated finance costs from capex and working capital borrowing for the manufacturing facility
p. 6
“This increase reflects the borrowing taken on fund to commissioning of our module manufacturing facility, a CAPEX of approximately Rs.90 crores and Rs.100 crores in working capital for our 1.2 gigawatt manufacturing plant.”
Rohit Jindal, page 6 of the filed PDF · View the filing
Working capital build-up from growth of EPC revenue and billing cycles
p. 6
“Trade disable on the balance sheet stood at ₹152.6 crores at the year-end up from ₹90.9 crores regarding the prior year considering with the growth of EPC revenue and associated billing cycles.”
Rohit Jindal, page 6 of the filed PDF · View the filing
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