• Financial performance: Revenue grew 80% to ₹7,900 crore and operating profit rose 44% to ₹1,440 crore, though margins compressed from 22.5% to 18% due to temporary capacity underutilization and spot sales. Full-year EBITDA guidance of ₹7,000 to ₹7,700 crore remains intact, with management expecting margin recovery over the next two quarters.
• Robust order book: Total order book across India and the US reached ₹61,500 crore with ₹16,000 crore added in the latest quarter, while the standalone retail business is projected to cross ₹10,000 crore ($1 billion) this year.
• ALMM policy impact: The extension of the ALMM-2 compliance deadline to December 31 has positively allowed previously delayed orders to enter production while the domestic manufacturing capacity scales up.
• Capex and expansion: Around 90% of capex is completed for the 10 GW domestic solar cell plant and 80–90% for the battery pack facility, while ingot and wafer manufacturing lines are scheduled to operationalize next year.