• Financial performance: Full-year EBITDA nearly doubled compared to FY25 and profit grew 22% year-on-year, with margins expected to improve in FY27 driven by DCR market expansion and long-term supply tie-ups.
• Segment strategy: While the IPP segment accounts for 69% of the order book, the company plans to increase its focus on the higher-margin C&I and domestic distribution businesses.
• Client concentration: Top five clients represent 80% of share and will continue to account for a major portion of the order book to ensure steady volume offtake.
• Backward integration capex: The company is on track to achieve 100% backward integration by FY30 across cells, wafers, ingots, and BESS, funding the expansion via a mix of debt, equity, and planned internal accruals.