• Quarterly results: Revenue and operating profit grew 39%, margins stayed around 35%, and profit increased 60%. Finance costs fell sharply.
• Cost reduction: Management attributed finance costs falling from ₹55 crore to ₹9 crore mainly to debt reduction; net debt is now described as negligible.
• Capacity expansion: A ₹5,500 crore capex program is adding 6 GW of cell and 6 GW of module capacity. Module commissioning is expected before December 2026 and cells are expected to be fully functional before March 2027, taking capacity to 16.3 GW of modules and 8.9 GW of cells.
• Order visibility: The order book stands at 10.4 GW, including 1.5 GW of inflows in Q2. Visibility is 12 to 18 months, with approximately 6 to 8 GW expected to be delivered within that period.
• Growth drivers: Management cited higher cell-production utilization, operational and finance-cost optimization, and strong demand and market dynamics as drivers of consistent delivery and future growth.