1. BESS manufacturing at Roorkee - A 3.4 GW BESS assembly line at Roorkee is in trials with equipment fully procured and installed, targeting commissioning by March 2026. At full capacity it can produce \~740 containers a year at \~₹4.5 cr each, implying \~₹3,000 cr annual revenue at 14-15% PBT margin, while importing cells and assembling in India carries a \~5-6% duty versus \~22% on finished containers.
2. Solar cell backward integration - A 1.2 GW TopCon solar cell plant at Pandhurna, Madhya Pradesh, begins construction in June 2026 with commercial operations targeted between December and March 2027, funded by ₹420 cr of IPO equity and \~₹155 cr of debt. Management expects in-house cell cost of ₹7-8 per watt versus market procurement at ₹14-15 per watt, with 70-80% of output feeding the EPC business.
3. FY27 revenue from the ₹2,800 cr order book - Management expects to book \~70% of the current ₹2,800 cr order book in FY27, implying \~₹1,950-2,000 cr of revenue and \~40-45% growth, with BESS contributing ₹800-1,000 cr for the first time. The order book is already in hand, so execution risk is the main variable, not order flow.
4. ALMM-listed module line ramping up - The 1.552 GW TopCon module facility at Roorkee, commissioned July 2025, received ALMM approval in December 2025 valid for four years, allowing 100% of the current EPC order book requiring modules (\~600 MW) to be serviced in-house. Output was scaling to 80-90 MW/month from March 2026, and a full year of capacity sales would add \~₹1,000-1,100 cr to the top line.
5. NTPC BESS EPC orders aggregating \~₹600 cr - Three NTPC BESS EPC orders at Solapur and Unchahar totalling \~514 MWh and \~₹5 billion including O&M were received in late March 2026, with 15-month completion timelines. These projects convert the BESS pipeline into firm backlog and carry margins described as better than the 9-11% guided for solar EPC.
6. GUVNL and RRVUNL BESS IPP projects - Two build-own-operate BESS projects in Gujarat and Rajasthan (325 MW/650 MWh combined) were signed in late 2025, with operations expected in 12-13 months and 12-year revenue streams thereafter. These add a recurring IPP income layer on top of the EPC business, with the GUVNL project alone valued at \~₹806 cr over its life.
7. Solar EPC order book of \~₹1,600 cr - The solar EPC and O&M order book stands at \~₹1,600 cr, with 1,405 MW AC under execution including a \~₹725 cr NTPC REL Rajasthan order and an \~₹803 cr Gujarat order, both scheduled for FY27 completion. Nearly 95% of these projects carry 3-5 year O&M contracts, providing visibility beyond the construction phase.
8. Completed capacity doubling to \~1.5 GW by FY27 - Completed EPC capacity is expected to jump from \~700 MW in June 2026 to \~1.5 GW by end of FY27 as current projects finish. A larger completed portfolio strengthens the track record for bidding on bigger tenders and grows the O&M base that generates recurring revenue.