Solarworld Energy FY26 Results: Total Income Surges 157% to ₹14,160.66 Million with ₹28,130.42 Million Order Book

Solarworld Energy Solutions Limited has released its audited financial results for the fiscal year ended March 31, 2026 (FY26). The company recorded a total income of ₹14,160.66 million, a Profit After Tax (PAT) of ₹1,204.74 million, and an ending order book value of ₹28,130.42 million. These results reflect a significant scaling of the company’s operational capacity within the renewable energy infrastructure and storage sectors.

Full-Year and Q4 Financial Breakdown

The following table compares the full-year performance of FY26 against the previous fiscal year (FY25).

Performance for the fourth quarter (Q4) of FY26 indicates accelerated growth trajectories:

• Total Income: ₹6,069.53 Mn (239% YoY growth).
• Profit After Tax (PAT): ₹490.55 Mn (420% YoY growth).
• EBITDA Margin: Improved to 12.1% from 9.2% in Q4 FY25.

Core Operational Drivers: BESS and Solar EPC

The fiscal year’s growth was primarily driven by the expansion of Solar Engineering, Procurement, and Construction (EPC) services and a strategic pivot toward Battery Energy Storage Systems (BESS).

Manufacturing Milestones

The company has reached several technical and operational milestones across its manufacturing verticals:

• Roorkee TOPCon Facility: This 1.552 GW facility, operational since July 2025, utilizes fully automated ATW and Horad lines. It produces high-efficiency panels (610 W to 750 W) in M10R, G12R, and G12 configurations.
• BESS Manufacturing: A 3.4 GW fully automated facility equipped with KUKA robotics is prepared for operations, with trial runs currently underway.
• Junction Box Line: A 5 GW junction box line, established via a joint venture, is currently undergoing trials.
• Solar Cell Facility: Development is in progress for a 1.2 GW solar cell manufacturing line, with commercial operations targeted for June 2027.

Major Project Wins

Growth in the EPC segment was supported by significant utility-scale contracts, including three distinct BESS implementations for NTPC totaling 257 MW / 514 MWh:

• NTPC Solapur (Lot-1): 132 MW / 264 MWh project valued at ₹3,142.69 million (including O&M).
• NTPC Solapur: 75 MW / 150 MWh project valued at ₹1,769.17 million (including O&M).
• NTPC Unchahar: 50 MW / 100 MWh project valued at ₹1,082.27 million (including O&M).
• NTPC Renewable Energy BOS Package: A 200 MW AC / 260 MW DC grid-connected solar PV project valued at ₹2,347.17 million (including O&M).

Order Book Composition and Strategic Outlook

As of March 31, 2026, the company’s order book reached ₹28,130.42 million. Management has established a strategic revenue mix target of a 60:40 ratio between BESS and solar projects, a pivot expected to enhance overall profitability.

Operational focus remains on backward integration into cell and module production to improve margins and resilience. Major contracts are governed by specific execution windows, such as the 15-month schedule for the NTPC Solapur 132 MW/264 MWh project. However, the company’s business risk profile is influenced by working capital intensity; Gross Current Assets (GCAs) are expected to remain high at 320–330 days, primarily due to retention money and receivables from public sector undertakings.

Governance and Regulatory Updates

The following leadership changes were effective at the conclusion of the fiscal year:

• Resignation: Ms. Rini Chordia resigned as Chairperson and Independent Director effective May 26, 2026, citing personal commitments.
• Redesignation: Mr. Kartik Teltia was redesignated as Chairman & Managing Director effective May 27, 2026.

In regulatory matters, the SJVN Green Energy project in Gujarat remains in arbitration. While management has determined that no financial provision is necessary at this stage based on legal advice, the matter could potentially affect revenue recognition for that specific project.

CRISIL Ratings has upgraded the company’s credit rating for long-term facilities to ‘CRISIL A-/Stable’ and short-term facilities to ‘CRISIL A2+’. In conjunction with these upgrades, the total rated limit for bank loan facilities was enhanced to ₹420 crore.