• Revenue growth outlook: Revenue grew by approximately 35%, a rate management expects to sustain due to structural demand for decentralized solar ecosystems and government backing.
• Solar scheme expansion: State participation is increasing for solar pumps under PM KUSUM 2.0 discussions across regions including MP, UP, and Maharashtra, alongside order momentum from the PM Surya Ghar and Maharashtra smart rooftop schemes.
• Profit and margins: Operating margins saw a temporary dip from 18.8% to 17.6% amid international market conditions, but PAT rose from ₹133 crore to ₹201 crore aided by an asset-light, OEM/ODM decentralized model.
• Supply chain resilience: Raw material inflation has not materially impacted costs because long-term vendor tie-ups account for 50% to 70% of supplier capacities, securing preferential pricing.