FY28 Revenue Target: ₹4,000 crore
At full 2.2 GW cell capacity, management estimates 1 GW generates ₹2,000-2,200 crore, enabling ₹4,000 crore full-year revenue.
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Cell Business EBITDA Margin: 35-40%
TOPCon cell manufacturing commands 35-40% EBITDA margins, substantially above current 16% blended margins, with PAT margins of 20-25% expected.
Cell Line Commercial Production: September 15-20, 2026
Commissioning around September 10-11 with inauguration by a high-profile politician, first invoice expected September 19-20, ramping within 30 days.
Main Board Migration: Q4 FY27
Will qualify to file after February 15, then file documents immediately; exchange approval typically takes 2-3 months thereafter.
FY27 revenue guidance of ~2x growth to ₹3,000 crore+
Management expects revenue to double from FY26 annualized run-rate, supported by strong order book and new capacities.
Solar cell production to start by Q1 FY27
2.22 GW TOPCon G12R cell line commissioning expected soon; production to begin in Q1 FY27 with 90-95% utilization within 45 days.
PAT margin target of 25%+ from cell manufacturing
Management expects PAT margins of 25-26% from cell business, with potential for better margins due to efficient G12R technology.
Aluminium frame business to add ₹60 crore additional profit next year
Expanded aluminium frame capacity expected to contribute incremental profit of ~₹60 crore in FY27.