• Q2 performance: Revenue and operating profit each grew 39%, margins remained stable around 35%, and profit rose 60%, according to the results summary. Management cited increased cell-production utilization, optimized operating and finance costs, strong demand, and material dynamics supporting consistent delivery.
• Capacity expansion: The ₹5,500 crore capex includes 6 GW each of additional cell and module capacity. Modules are due to be commissioned before December 2026 and cells before March 2027, taking total capacity to 16.3 GW of modules and 8.9 GW of cells.
• Debt reduction: Management attributed finance costs falling from ₹55 crore to ₹9 crore mainly to lower debt, and said net debt is negligible.
• Order visibility: The order book is 10.4 GW, including 1.5 GW of inflows in Q2. Management said visibility is typically 12 to 18 months, with approximately 6 to 8 GW expected to be delivered within that period.