• Revenue and margin guidance: The company expects FY27 revenue to reach between ₹2,200 crore and ₹2,500 crore with EBITDA margins above 15%, supported by an unexecuted order book exceeding ₹5,700 crore.
• NOPL Solar contribution: The acquired 969 MW project will contribute ₹1,500 crore to ₹1,800 crore to FY27 revenue, transitioning the company into a developer model backed by a 25-year PPA generating ~₹525 crore in annual revenue and ₹450+ crore EBITDA.
• Debt and Capex: Vikran has secured ₹2,800 crore in sanctioned debt at roughly 9% interest to execute the solar project over the next 15 months, which will be serviced progressively as commissioned capacity comes online.
• Cash flow turnaround: Management anticipates an 80% probability of turning operating cash flow positive by the end of FY27, while expecting to recover the ₹20 crore conservative provision previously made for Jal Jeevan Mission receivables.