• Capex and expansion: The company is executing a ₹1,750 crore Phase 1 expansion for 4.4 GW of module and 2.4 GW of cell capacity, followed by a ₹1,700 crore Phase 2 for 3.6 GW of cell capacity and a Phase 3 ingot and wafer facility.
• Revenue outlook: Management expects FY27 revenue to align around Motilal Oswal's projection of ₹6,000 crore, noting growth will moderate from over 100% due to commodity volatility and ALMM transitions.
• Debt trajectory: Long-term debt will rise from ₹200 crore currently to approximately ₹1,200 crore post-Phase 1, followed by an additional ₹1,200 crore for Phase 2 and about ₹3,000 crore for Phase 3.
• EBITDA margin outlook: FY27 blended EBITDA margins are projected to hold near FY26 levels of 12–13%, with an anticipated dip in Q1 offset as new cell capacity comes online in the second half.