Solarworld Energy Solutions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Solarworld Energy Solutions Ltd filed with BSE on 02 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
Solarworld Energy Solutions reported Q4 FY26 revenue of Rs 591 crore, up 235% year-on-year, with EBITDA margin of 12.1% and net margin of 8.1%. For FY26, total income was Rs 1,416 crore with EBITDA margin of 13.3% and PAT margin of 8.5%. Management discussed the ramp-up of its module and BESS manufacturing facilities, an order book of about Rs 2,800 crore, and headwinds from rising raw material prices during the quarter.
Numbers mentioned
Revenue from operations: INR591 crores (Q4 FY26)
p. 6
“For the quarter ended Q4 FY26, our revenue from operations stood at INR591 crores, representing year-on-year growth of 235%.”
Mukut Goyal, page 6 of the filed PDF · View the filing
EBITDA margin: 12.1% (Q4 FY26)
p. 6
“Our EBITDA stood at INR73 crores and margin stood at 12.1%, supported by better supply chain optimization, favorable input cost management.”
Mukut Goyal, page 6 of the filed PDF · View the filing
Profit after tax: INR49 crores (Q4 FY26)
p. 6
“Our profit after tax for the period was INR49 crores, translating into a net margin of 8.1%.”
Mukut Goyal, page 6 of the filed PDF · View the filing
Total income: INR1416 crores (FY26)
p. 6
“For the financial year '26, total income stood at INR1416 crores, representing year-on-year growth of 1.57%.”
Mukut Goyal, page 6 of the filed PDF · View the filing
EBITDA margin: 13.3% (FY26)
p. 6
“Our EBITDA stood at INR187.9 crores and margin stood at 13.3%.”
Mukut Goyal, page 6 of the filed PDF · View the filing
PAT margin: 8.5% (FY26)
p. 6
“Our PAT for the period was INR120.4 crores, translating into a net margin of 8.5%.”
Mukut Goyal, page 6 of the filed PDF · View the filing
Net worth: INR844.8 crores (FY26 (as of March 31, 2026))
p. 6
“On the balance sheet side, for the year ended March 31, '26, our net worth stands at INR844.8 crores, while total debt-to-equity ratio stands at 0.3x.”
Mukut Goyal, page 6 of the filed PDF · View the filing
Order book: approximately 28 billion
p. 4
“The ongoing order book stands at approximately 28 billion, comprising 16 billion from solar EPC and O&M projects, and about 11 billion from”
Kartik Teltia, page 4 of the filed PDF · View the filing
BESS projects aggregate capacity: 582 megawatt AC, 1.2 gigawatt hour DC
p. 4
“On the BESS side, our ongoing projects now aggregate to about 582 megawatt AC, 1.2 gigawatt hour DC, reflecting meaningful progress in one of the fastest growing segments of the renewable energy value chain.”
Kartik Teltia, page 4 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.
Revenue from order book execution — about 70%-75% of INR2800 crores order book, roughly INR1900-2000 crores · FY27
stated conditionally by Kartik Teltia
p. 7
“So in terms of guidance, my order book currently stands at about INR2800 crores. We hope to continue and achieve maybe 70%, 70%, 75% of this order book in the current year.”
Kartik Teltia, page 7 of the filed PDF · View the filing
EPC margins — 8% to 11% · FY27
stated conditionally by Kartik Teltia
p. 7
“So we would say somewhere between 8% to 11% is where we should lie in terms of overall margins.”
Kartik Teltia, page 7 of the filed PDF · View the filing
Solar cell manufacturing facility commercial operation — 1.2 gigawatt line · June 2027
stated firmly by Kartik Teltia
p. 7
“So firstly, we have decided that this line will start by June 2027 commercially. We are still on target to achieve that timeline.”
Kartik Teltia, page 7 of the filed PDF · View the filing
BESS to solar EPC revenue mix — 60-40
stated as an aspiration by Kartik Teltia
p. 4
“We are targeting a 60-40 BESS to solar EPC revenue mix, which will allow us to participate meaningfully in the country's rapidly expanding storage ecosystem, while building a more diversified and resilient revenue base.”
Kartik Teltia, page 4 of the filed PDF · View the filing
Module line utilization — 60%, 65%
stated conditionally by Kartik Teltia
p. 11
“As we add more orders, I think we should expect a 60%, 65% utilization for that line.”
Kartik Teltia, page 11 of the filed PDF · View the filing
Revenue growth — 40%-45% · FY27
stated as an aspiration by Kartik Teltia
p. 16
“We expect to grow by around 40%-45% this year as well.”
Kartik Teltia, page 16 of the filed PDF · View the filing
BESS revenue — close to about INR800 crores to INR1,000 crores · FY27
stated conditionally by Kartik Teltia
p. 18
“It should go to about, maybe close to about INR800 crores to INR1,000 crores this year.”
Kartik Teltia, page 18 of the filed PDF · View the filing
BESS margin — 14% to 15% PBT margin
stated conditionally by Kartik Teltia
p. 9
“So BESS typically has better margin profile compared to solar. So I would say somewhere between 14% to 15% is what we should expect.”
Kartik Teltia, page 9 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 attributed the shortfall to module business losses before ALMM approval and to raw material price increases from the war, and guided margins of 8-11% depending on the raw material cycle.
Answered by Kartik Teltia
Asked by Keshav: Why is PAT margin at 8-8.5% versus the earlier 11% guidance, and what is guidance going forward?
p. 7
“In EPC, I always say that margins are somewhere between, 9% to 11% depending on where you are in terms of raw material price cycle and this is an abnormal year currently going on because of the war.”
Kartik Teltia, page 7 of the filed PDF · View the filing
Capacity is only added once a project is fully commissioned and handed over, with upcoming project completions expected to add significant megawatts in coming months.
Answered by Kartik Teltia
Asked by Dhruvin Shah: Why has completed project capacity not changed despite recorded revenue?
p. 8
“So actually see, we can add the capacity only after it is fully commissioned. So if you go through our presentation, you will see that we are about to finish a 272 megawatt project in the month of June itself.”
Kartik Teltia, page 8 of the filed PDF · View the filing
Management said only invoiced amounts are booked under Ind AS, and the actual recoverable amount including idling and interest charges should be higher, pending dispute resolution board award.
Answered by Kartik Teltia
Asked by Dhruvin Shah: Regarding SJVN claims, is Rs 52 crore the total expected recovery?
p. 8
“So while we have only recorded our invoices the amount that are recoverable should be much higher.”
Kartik Teltia, page 8 of the filed PDF · View the filing
Capex is about Rs 55-60 crore, with revenue potential of about Rs 3000 crore per year at full capacity and PBT margins of 14-15%.
Answered by Kartik Teltia
Asked by Deepak Poddar: What is the capex and revenue potential of the 3.4 GW BESS facility?
p. 9
“So one container, we can make about 740 containers in a year full capacity. 740 containers at maybe INR4.5 crores each.”
Kartik Teltia, page 9 of the filed PDF · View the filing
Management said breakeven is around 30-35% utilization, with a guaranteed 600 MW NTPC order already giving 40-45% utilization this year.
Answered by Kartik Teltia
Asked by Pahal Sharma: What utilization is needed for the module facility to break even and what is the utilization target?
p. 11
“I would say that we achieve a break-even maybe at about a 30%, 35% utilization on that line.”
Kartik Teltia, page 11 of the filed PDF · View the filing
Management said there could be a short-term shortage of 6-12 months before capacity eases, but Solarworld's own order book does not yet require ALMM 2 cells.
Answered by Kartik Teltia
Asked by Karan Sanwal: Is there adequate domestic cell capacity to meet ALMM 2 demand?
p. 12
“In the short run I think maybe 6 to 12 months, we could face a shortage of solar cells.”
Kartik Teltia, page 12 of the filed PDF · View the filing
Management said EPC margins are far better than O&M margins and the company does not actively pursue long-term O&M contracts.
Answered by Kartik Teltia
Asked by Darshan Shah: Does management plan to grow O&M as a long-term revenue vertical?
p. 14
“So you will see that as a strategy, Solarworld does not actively bid for O&M contracts.”
Kartik Teltia, page 14 of the filed PDF · View the filing
Management confirmed PPAs are sometimes not signed after bidders become L1, citing BESS capacity and grid connectivity issues as contributing factors.
Answered by Kartik Teltia
Asked by Harshit Sachdeva: Are there PPA cancellations or rescinded tenders in the industry?
p. 16
“Secondly, on the PPAs getting rescinded by PSUs and DISCOMs, yes, that is a very, that is correct.”
Kartik Teltia, page 16 of the filed PDF · View the filing
Management said the overall tendering market may be slower due to connectivity lags, but Solarworld's own order book remains full and its share of the PSU tendering market is small.
Answered by Kartik Teltia
Asked by Anuj Upadhyay: How is the EPC tendering market shaping up this year given volatility?
p. 19
“So to be honest, compared to last year, it is going to be slower because I think because of the lag and connectivity, there has been a certain slowdown in the tendering process for PPAs itself.”
Kartik Teltia, page 19 of the filed PDF · View the filing
Management said BESS margins would improve but EPC margins face headwinds from rising copper, aluminum and steel prices and currency depreciation on imported BESS raw materials.
Answered by Kartik Teltia
Asked by Dhruvin Shah: Will margins improve given BESS margins and lower costs from in-house cell/module production?
p. 19
“On the EPCside, we are facing a lot of headwinds. To give you an example, copper compared to October 2025, copper is maybe up by about 40%.”
Kartik Teltia, page 19 of the filed PDF · View the filing
Risks flagged
Raw material price increases due to the ongoing war affecting margins
p. 7
“All the raw material prices have significantly increased in the last quarter either owing to the war that is currently going on which has created a lot of headwinds.”
Kartik Teltia, page 7 of the filed PDF · View the filing
Short-term shortage of DCR-compliant solar cells due to ALMM 2 requirements
p. 12
“In the short run I think maybe 6 to 12 months, we could face a shortage of solar cells.”
Kartik Teltia, page 12 of the filed PDF · View the filing
PPAs not getting signed after bidders are declared L1 due to grid connectivity issues
p. 17
“There are a lot of factors that are at play. Firstly, I think a lot of the BESS capacity that has been bid out, once that comes in, then DISCOMs will be in a better position to consume that power.”
Kartik Teltia, page 17 of the filed PDF · View the filing
Rising metal prices affecting EPC margins
p. 19
“Aluminum is up by about 50%. There's been an increase in the steel prices. So there are definitely headwinds in most of the metals.”
Kartik Teltia, page 19 of the filed PDF · View the filing
Currency depreciation increasing cost of imported BESS raw materials
p. 20
“And the exchange rate has gone from maybe 85-86 to about 96 now. So that also has an impact on the margins.”
Kartik Teltia, page 20 of the filed PDF · View the filing
Lack of grid connectivity delaying evacuation of power capacity
p. 19
“Second, I think the bigger concern is the connectivity that I think will take another 10 to 12 months to get resolved.”
Kartik Teltia, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.