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Citizen Solar Q2 FY27 results: net profit ₹9.78 crore vs ₹0.17 crore, revenue ₹99.36 crore vs ₹3.10 crore
Citizen Solar Limited reported standalone revenue of ₹99.36 crore for Q2 FY27, up 29.4% from ₹76.77 crore in the previous quarter. Net profit rose 69.5% sequentially to ₹9.78 crore, while EBITDA margin widened to 13.9% from 11.0%.
Key points
- Q2 FY27 standalone revenue was ₹99.36 crore, up ₹22.59 crore or 29.4% from Q1 FY27.
- EBITDA was ₹13.80 crore at a 13.9% margin, against ₹8.47 crore and 11.0% in the previous quarter.
- Net profit was ₹9.78 crore, up ₹4.01 crore or 69.5% from Q1 FY27; basic EPS was ₹6.97.
- Against Q2 FY26, revenue rose 3105.2% to ₹99.36 crore and net profit rose 5652.9% to ₹9.78 crore.
- H1 FY27 revenue was ₹176.13 crore and net profit was ₹15.55 crore, with basic EPS of ₹11.08.
How did Citizen Solar perform in Q2 FY27?
Citizen Solar reported standalone revenue of ₹99.36 crore for Q2 FY27, the July–September 2026 quarter, against ₹76.77 crore in Q1 FY27, a rise of ₹22.59 crore or 29.4%. Total income was ₹99.14 crore, up ₹22.23 crore or 28.9% from the previous quarter. Against Q2 FY26, revenue was higher by ₹96.26 crore, or 3105.2%.
EBITDA was ₹13.80 crore at a margin of 13.9% in Q2 FY27, against ₹8.47 crore and 11.0% in Q1 FY27, a margin gain of 2.9 percentage points. Year on year, EBITDA was higher by ₹13.63 crore, or 8017.6%, while the margin rose 8.6 percentage points from 5.3%.
Profit before tax was ₹12.08 crore, up ₹5.01 crore or 70.9% from the previous quarter, and net profit was ₹9.78 crore, up ₹4.01 crore or 69.5%. Basic EPS was ₹6.97, against ₹4.11 in Q1 FY27 and ₹0.62 in Q2 FY26. The reported figures are standalone.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 99.36 | 76.77 | 3.10 | +3105.2% | +29.4% |
| Other income | −0.22 | 0.14 | 0 | ||
| Total expenses | 87.06 | 69.84 | 2.93 | +2871.3% | +24.7% |
| EBITDA | 13.80 | 8.47 | 0.17 | +8017.6% | +62.9% |
| EBITDA margin | 13.9% | 11.0% | 5.3% | +8.6 pp | +2.9 pp |
| Profit before tax | 12.08 | 7.07 | 0.17 | +7005.9% | +70.9% |
| Tax | 2.30 | 1.30 | 0 | +76.9% | |
| Net profit | 9.78 | 5.77 | 0.17 | +5652.9% | +69.5% |
| EPS (₹) | 6.97 | 4.11 | 0.62 | +1024.2% | +69.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Citizen Solar's costs and profit?
Total expenses were ₹87.06 crore in Q2 FY27, up ₹84.13 crore or 2871.3% from ₹2.93 crore in Q2 FY26, and ₹17.22 crore or 24.7% above Q1 FY27. Cost of materials was ₹53.78 crore, compared with ₹74.48 crore in the previous quarter, a decline of ₹20.70 crore or 27.8%.
Employee cost rose to ₹2.10 crore from ₹1.64 crore in Q1 FY27, a rise of ₹0.46 crore or 28.0%, and other expenses rose to ₹6.67 crore from ₹1.90 crore, a rise of ₹4.77 crore or 251.1%. Finance costs were ₹0.90 crore, down ₹0.04 crore or 4.3% from the previous quarter, while depreciation was unchanged at ₹0.60 crore.
Other income was negative ₹0.22 crore in Q2 FY27, against ₹0.14 crore in Q1 FY27 and ₹0 crore in Q2 FY26. Tax expense was ₹2.30 crore, up from ₹1.30 crore in the previous quarter and ₹0 crore a year ago. There was no exceptional item in the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 53.78 | 0 | +53.78 | |
| Employee cost | 2.10 | 0.07 | +2.03 | +2900.0% |
| Finance costs | 0.90 | 0 | +0.90 | |
| Depreciation | 0.60 | 0 | +0.60 | |
| Other expenses | 6.67 | 0.06 | +6.61 | +11016.7% |
| Total expenses | 87.06 | 2.93 | +84.13 | +2871.3% |
| Other income | −0.22 | 0 | −0.22 | |
| Tax | 2.30 | 0 | +2.30 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹176.13 crore, against ₹4.45 crore in H1 FY26, a rise of ₹171.68 crore or 3858.0%. Total income was ₹176.05 crore, up ₹171.6 crore or 3856.2% from ₹4.45 crore.
Profit before tax was ₹19.15 crore in H1 FY27, against ₹0.19 crore in H1 FY26. Net profit was ₹15.55 crore, higher by ₹15.36 crore or 8084.2%, and basic EPS was ₹11.08, against ₹0.7.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 176.13 | 4.45 | +3858.0% |
| Profit before tax | 19.15 | 0.19 | +9978.9% |
| Net profit | 15.55 | 0.19 | +8084.2% |
| EPS (₹) | 11.08 | 0.70 | +1482.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹219.92 crore on 30 September 2026, against ₹177.45 crore at 31 March 2026, while total equity was ₹57.43 crore compared with ₹41.88 crore. Borrowings rose to ₹128.28 crore from ₹105.89 crore, and cash was ₹0.06 crore compared with ₹0.08 crore.
Inventories were ₹32.89 crore against ₹9.79 crore at the previous balance sheet date. Trade receivables were ₹6.91 crore, down from ₹10.63 crore, and trade payables were ₹10.52 crore compared with ₹0.01 crore.
For H1 FY27, operating cash flow was ₹13.32 crore, against ₹2.49 crore in H1 FY26. Investing cash flow was negative ₹33.9 crore compared with ₹0 crore, financing cash flow was ₹20.56 crore against negative ₹0.74 crore, and capital expenditure was ₹33.93 crore against ₹0 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 219.92 | 177.45 |
| Total equity | 57.43 | 41.88 |
| Borrowings | 128.28 | 105.89 |
| Cash and equivalents | 0.06 | 0.08 |
| Inventories | 32.89 | 9.79 |
| Trade receivables | 6.91 | 10.63 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 13.32 | 2.49 |
| Cash from investing | −33.90 | 0 |
| Cash from financing | 20.56 | −0.74 |
| Capital expenditure | 33.93 | 0 |
Source: Company's results filing (XBRL).
How has Citizen Solar done over the last 8 quarters?
Revenue rose in each of the last three quarters, from ₹109.77 crore in Q4 FY26 to ₹76.77 crore in Q1 FY27 and ₹99.36 crore in Q2 FY27. Profit rose year on year in each of the last two quarters. The earlier peak was Q4 FY26 revenue of ₹109.77 crore with net profit of ₹13.62 crore and an EBITDA margin of 14.2%.
The low point in the series was Q3 FY26, when revenue was ₹0.09 crore, net profit was a loss of ₹0.09 crore and the EBITDA margin was negative 101.9%. The direction since then has been upward: Q2 FY27 revenue of ₹99.36 crore was higher than Q1 FY27, and the EBITDA margin recovered to 13.9% from 11.0%.
What did the auditors point out?
The statutory auditors, Krutesh Patel & Associates, reviewed the unaudited standalone results for the quarter and half year ended 30 September 2026 under the Standard on Review Engagements (SRE) 2410, providing moderate assurance on whether the statement is free from material misstatement. The auditors stated that the review is substantially less in scope than an audit and that they do not express an audit opinion.
The report includes an emphasis of matter drawing attention to Note No. 4, which describes the Scheme of Amalgamation of Citizen Solar Private Limited with Citizen Solar Limited (formerly known as Citizen Infoline Limited) under an NCLT order dated 19 March 2026, effective from 1 April 2023. The comparative financial results for the quarter and half year ended 30 September 2025 were restated to give effect to the Scheme, and the auditors stated that their conclusion on the Statement is not modified in respect of this matter.
How did Citizen Solar shares react?
The results were announced after market hours on 2 November 2026. From the previous close of ₹165.0, the stock rose 0.1% within the first 5, 15 and 30 minutes of trading, and by the close of the first session that could trade on the news it was up 5.0%. By the next day's close, the stock was up 6.5% from its pre-results close.
No industry median or benchmark move was available for comparison, so no excess performance figure can be stated. On earlier results days, the reaction-day move was negative 5.7% on 13 August 2026, 0.0% on 14 August 2024, and negative 5.0% on 16 May 2024.
| After the filing | Stock |
|---|---|
| 5 minutes | +0.1% |
| 15 minutes | +0.1% |
| 30 minutes | +0.1% |
| Reaction day | +5.0% |
| Next day | +6.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | −5.7% |
| 14 August 2024 | +0.0% |
| 16 May 2024 | −5.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Citizen Solar's revenue in Q2 FY27?
Revenue from operations was ₹99.36 crore, up 3105.2% from ₹3.10 crore in Q2 FY26 (standalone).
Did Citizen Solar make a profit in Q2 FY27?
Yes. Net profit was ₹9.78 crore, against a net profit of ₹0.17 crore in Q2 FY26.
What was Citizen Solar's EPS in Q2 FY27?
Basic earnings per share were ₹6.97, against ₹0.62 in Q2 FY26.
How did Citizen Solar shares react to the Q2 FY27 results?
On the reaction day the stock moved +5.0% from the previous close.
When did Citizen Solar announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Financial Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Un-Audited Standalone Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 2 November 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 2 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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