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Solarworld Energy Solutions Limited held an investor/analyst earnings call to discuss Q4 and FY26 results. Management discussed the renewable energy sector's growth, the company's strategic focus on solar EPC and energy storage (BESS), and its expanding manufacturing capabilities. Key updates included the operationalization of a 1.5 GW solar module manufacturing facility and progress on a 3.4 GW BESS facility. The company aims for a 60-40 BESS to solar EPC revenue mix. Order book stands at approximately Rs 2800 Cr.
**Financial Performance:** For Q4 FY26, revenue was Rs 591 Cr (up 235% YoY), EBITDA Rs 73 Cr (12.1% margin), and PAT Rs 49 Cr (8.1% net margin). For FY26, revenue was Rs 1416 Cr (up 1.57% YoY), EBITDA Rs 187.9 Cr (13.3% margin), and PAT Rs 120.4 Cr (8.5% net margin).
**Management Commentary & Outlook:** Management highlighted strong execution and momentum. They are targeting a 60-40 BESS to solar EPC revenue mix to build a diversified business. The company is well-positioned due to backward integration into manufacturing. Guidance for FY27 suggests around Rs 1900-2000 Cr revenue, with margins expected between 8-11%, subject to raw material price fluctuations.
**Order Book & Operational Updates:** The total order book stands at approximately Rs 2800 Cr, comprising Rs 1600 Cr from solar EPC/O&M and Rs 1100 Cr from BESS EPC/IPP. A significant BOS package from NTPC REL for a 260 MW solar PV project was secured. The 1.5 GW solar module manufacturing facility is operational, and a 3.4 GW BESS manufacturing facility is in trials. A 1.2 GW solar cell manufacturing facility is under development, targeted for commercial operation by June 2027.
**Analyst Q&A Highlights:** Discussions covered margin performance, with explanations for Q4's dip due to raw material price increases and initial losses in the module business, expected to be recovered. Guidance for FY27 and margin expectations were detailed. The solar cell line timeline and contribution to margins were addressed. Capacity utilization of the module manufacturing facility and the impact of ALMM/DCR policies were key discussion points. Management clarified their strategy regarding O&M contracts, focusing more on EPC execution. The competitive landscape and input cost dynamics related to DCR were also discussed.
**Investor Angle:** The company presented a confident outlook, emphasizing its strong order book, expanding manufacturing capabilities, and strategic focus on the growing energy storage segment. Management highlighted their backward integration as a key competitive advantage.