Engineering, Procurement and Construction (EPC) work for solar and battery energy storage system (BESS) projects makes up 87.2% of segment revenue at ₹1,202.005 crore in FY26, earning a 14.8% segment EBIT margin. The project portfolio spans 60+ ongoing sites across Rajasthan, Gujarat, Maharashtra, Uttar Pradesh, Assam and Madhya Pradesh. NTPC is a major client, with ₹6,094 million of BESS EPC wins at Solapur and Unchahar and a ₹2,347.17 million balance-of-system package from NTPC REL. The order book reached ₹28,130.42 million as of March 2026, up from ₹17,005.51 million in FY25. The manufacturing segment accounts for the remaining 12.8% of segment revenue (₹175.975 crore) but posted a -8.6% segment EBIT margin. A 1.552 GW solar module facility began operations in July 2025, a 3.4 GW BESS facility is under trial, and a 1.2 GW solar cell line is targeting commercial operations in June 2027. Total revenue reached ₹1,376.156 crore in FY26. Materials — solar modules, cells and balance-of-system components — are the biggest cost at 81.2% of revenue, while employee costs are 1.7%. An ongoing dispute with SJVN Green Energy concerns suspended EPC contracts worth ₹4,592 million, with claims of ₹2,193 million filed before a Dispute Adjudication Board. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Engineering, procurement and construction (EPC) contracts (87%), Manufacturing (13%). Project-driven solar EPC contractor with newly commissioned in-house solar and BESS manufacturing.
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,376 |
| EBITDA (ex other income) | 148 |
| margin % | 10.8 |
| Owners' profit | 120 |
| EPS, as reported (₹) | 14.95 |
| ROE % · ROCE % | 14.2 · 20.0 |
| Debt / equity (x) | 0.30 |
| Cash from operations | (48) |
| Capex | (60) |
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 68 | 138 | 578 | 592 | 168 |
| Profit before tax | 18 | 13 | 67 | 64 | 13 |
| Net profit | 13 | 9 | 49 | 49 | 9 |
| EPS (₹) | 1.74 | 1.24 | 5.68 | 5.66 | 1.10 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Engineering, procurement and construction (EPC) contracts | 1,007 | 76.9 |
| (b) Manufacturing | 164 | 12.5 |
| Engineering, procurement and construction (EPC) contracts | 127 | 9.7 |
| Manufacturing | 12 | 0.9 |
| Total, before eliminations | 1,310 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 42,722 | 47.5 | 4.35 | 30.4 | 8.9 | 7.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Newspaper publication of Form PAS-1 for proposed variation in IPO objects | compliance | minimal | — | — |
| 9 Sept 2026 · AGM Notice and Annual Report dispatched for FY26, 13th AGM on Sep 30 | compliance | minimal | — | — |
| 8 Sept 2026 · Dispatch of letter for 13th AGM and Annual Report FY26 | compliance | minimal | — | — |
| 8 Sept 2026 · 13th AGM notice on Sep 30, 2026; key items include borrowing limit hike to Rs 5,000 cr | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Newspaper ad published for 13th AGM notice | compliance | minimal | — | — |
| 7 Sept 2026 · Solarworld forms 50:50 JV for 2.4 GW solar cell plant in MP | strategic transactions | medium | — | — |
| 7 Sept 2026 · Solarworld forms 50:50 JV with Rays Power for 2.4 GW solar cell plant | strategic transactions | high | — | — |
| 7 Sept 2026 · Solarworld forms 50:50 JV for 2.4 GW solar cell plant, redirects IPO funds | strategic transactions | high | — | — |
| 7 Sept 2026 · Board approves 2.4 GW solar cell JV with Rays Power, varies IPO proceeds use | compliance | minimal | — | — |
| 7 Sept 2026 · Solarworld forms 50:50 JV with Rays Power for 2.4 GW solar cell plant | strategic transactions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 5.8 |
| 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.4 | 14.9 | 35 of 107 | 68% |
| P/B | 1.4 | 1.4 | 44 of 86 | 49% |
| ROCE | 17.7 | 10.0 | 27 of 109 | 76% |
| ROE | 14.2 | 9.2 | 25 of 91 | 73% |
| Debt / Equity | 0.3 | 0.3 | 43 of 91 | 53% |
| EBITDA margin | 12.3 | 12.4 | 46 of 88 | 48% |
| Revenue growth | 146.8 | 6.2 | 3 of 86 | 98% |
| Profit growth | (26.5) | 2.7 | 54 of 84 | 36% |
| Market cap | 1230 | 485 | 42 of 108 | 62% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
