• Q4 margin contraction: Despite full-year revenue growth of 111%, EBITDA rising 62%, and PAT climbing 64%, Q4 margins contracted due to sharp commodity cost surges—especially silver, copper, and aluminum—and adverse currency fluctuations that could not be passed on under fixed quarterly pricing.
• Order book status: The company holds an order book of approximately ₹8,000 crore, representing 5.89 gigawatts, with execution timelines extending up to 18 months.
• Cost pass-through: Because customers operate under fixed power purchase agreements, only about 50% to 60% of commodity price increases can be passed through, requiring the company to absorb the remaining 40% to 50%.
• Capacity expansion roadmap: Total cell capacity has been upgraded to 6 gigawatts, with Phase 1 commissioning of 2.4 gigawatt cells and 4 gigawatt modules starting tool move-ins in mid-2024 to generate revenue in the second half, alongside a planned 6 gigawatt ingot-and-wafer facility scheduled for FY28.