Pursuant to Schedule V to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following Management Discussion and Analysis provides an overview of the Companys business performance during the financial year under review and its business outlook for the future, within the limits set by the Companys competitive position.
The analysis has been prepared with due consideration to the prevailing economic and business environment, industry trends, Government policies, regulatory developments, technological advancements and other relevant factors. The Companys future performance and business prospects may be influenced by changes in economic conditions, market dynamics, Government policies, the regulatory framework, technological developments and other external and internal factors. Accordingly, actual results and developments may differ materially from those anticipated or expressed herein.
The global economy proved resilient in a year marked by heightened geopolitical tension and continued adjustment in trade. The International Monetary Fund estimates that world output expanded at close to 3.4% over 2024 and 2025 and projects growth of about 3.1% in 2026, easing slightly before firming to 3.2% in 2027. Growth has been uneven across regions. Advanced economies expanded modestly as monetary policy stayed restrictive for much of the period, while emerging markets and developing economies continued to account for the larger share of global expansion despite a small downward revision to their prospects. Inflation has receded from the peaks of recent years, which has allowed several central banks to begin lowering interest rates, although the pace of easing has been cautious.
The wider environment remained unsettled. A renewed use of tariffs and other trade measures added to the fragmentation of supply chains, and the course of ongoing conflicts kept a premium on energy security in the minds of policymakers. Commodity and energy prices were volatile through the year, and financial conditions, while easing, stayed tighter than in the previous decade. For the renewable energy sector these same forces cut both ways. Uncertainty and higher real interest rates raise the cost of capital for projects that are capital intensive by nature, yet the drive for energy security and lower carbon emissions continues to direct investment towards clean power at a scale not seen before. Global investment in clean energy has now moved decisively ahead of investment in fossil fuels, and that structural shift underpins the demand environment in which the Company operates.
Source: International Monetary Fund, World Economic Outlook, April 2026.
India remained the fastest growing large economy in the world and one of the brighter spots in an uncertain global landscape. According to the provisional estimates of the National Statistics Office, the Indian economy grew by 7.4% in real terms in the financial year 2025-26, higher than the 6.5% recorded in the previous year. Growth was supported by resilient domestic consumption, sustained government spending on infrastructure, a recovery in private investment and the steady formalisation of economic activity. Headline inflation moderated through the year and stayed within the tolerance band of the Reserve Bank of India for most of the period, which created room for a more supportive monetary stance and, later in the year, for a measured reduction in policy rates.
The composition of growth was encouraging. Public capital expenditure on roads, railways, power and urban infrastructure continued to draw in private activity, the services sector remained buoyant, and rural demand improved on the back of a favourable monsoon. The manufacturing sector benefited from measures aimed at building domestic capability, including production linked incentives across several industries, of which solar manufacturing is one. A reform of the goods and services tax during the year, which simplified rates and lowered the burden on a range of goods including solar modules and inverters, is expected to support consumption and investment further. Looking forward, the Reserve Bank of India and multilateral agencies expect the economy to keep growing at a pace close to 6.5 to 7%, underpinned by favourable demographics, rising urbanisation and a policy agenda that places clean energy and self-reliance at its centre. For a company such as ours, this combination of macroeconomic stability and a determined push towards renewable energy is a powerful tailwind.
Source: Ministry of Statistics and Programme Implementation, Provisional Estimates of National Income 2025-26. Reserve Bank of India, Monetary Policy Statements, 2026.
India has embarked on one of the most ambitious energy transitions anywhere in the world. The country has committed to installing 500 gigawatt of capacity from renewable and other cleaner sources by 2030 and to meeting half of its electricity requirement from these sources by the same year. Progress has been rapid. Installed capacity from non-fossil sources reached 283.46 gigawatt as of 31 March 2026, of which renewable energy sources alone accounted for more than 220 gigawatt, and the figure rose further to 288.58 gigawatt by June 2026. India now ranks third in the world for installed renewable energy capacity. The transition is being driven by a combination of falling technology costs, strong policy support and a growing recognition that clean power is now the cheapest source of new electricity across most of the country.
Policy has been the great accelerant. Flagship programmes such as the National Green Hydrogen Mission, the production linked incentive scheme for solar manufacturing, PM KUSUM for agricultural solar pumps and PM Surya Ghar Muft Bijli Yojana for household rooftops together create demand across the entire value chain, from cells and modules through to installation and long-term maintenance. The country added a record volume of solar and wind capacity during the year, and the share of non-fossil sources in total installed generation capacity moved close to half, a milestone reached ahead of the timeline the country had originally set for itself.
The transition is broadening beyond generation. As the share of variable renewable power rises, energy storage, round the clock clean power, transmission and the modernisation of the grid are becoming central to the next phase, each of which opens fresh avenues for companies that hold the right capabilities. The Company has already executed energy storage projects in demanding locations and continues to bid for such work. The global direction of travel is the same. The International Energy Agency expects global renewable capacity to roughly double between now and 2030, an increase of about 4,600 gigawatt, with solar photovoltaic technology accounting for close to four fifths of that rise, and it identifies India as the second largest growth market for renewables in the world. For India, and for a company positioned as Solarium is, the opportunity created by this transition is both large and durable.
Source: Ministry of New and Renewable Energy, 2026. International Energy Agency, Renewables 2025 and Global Energy Review 2026.
Solar power sits at the heart of Indias energy transition and has become the single largest source of new generation capacity. Installed solar capacity reached about 150 gigawatt as of 31 March 2026, having grown from a little under 3 gigawatt a decade earlier, and it now represents the largest share of the countrys renewable fleet. The year under review was a record one for solar additions, aided in particular by a surge in rooftop and distributed installations. The rooftop segment has been transformed by PM Surya Ghar Muft Bijli Yojana, launched in February 2024, which offers households a subsidy of up to 40% on installation, access to financing at concessional rates from around 7%, and simplified approvals through a national portal with direct transfer of subsidies. The scheme aims to solarise 10 million homes, creating significant growth potential for the residential rooftop solar segment. An opportunity valued at more than ?1.5 lakh crore, of which a substantial number have already been completed.
The residential rooftop market alone is estimated at more than ?1 lakh crore a year and remains close to 98% unorganised, which leaves ample room for organised and service-oriented players to gain share. Rooftop and distributed solar were the standout of the year, growing far faster than the utility scale segment as households responded to the new subsidy and financing framework. The commercial and industrial segment also grew as businesses turned to solar to lower their power costs and to meet their own sustainability commitments, while the utility scale segment continued to be driven by a strong pipeline of central and state tenders.
The supply side has responded with equal vigour. Domestic module manufacturing capacity has expanded rapidly under the production linked incentive scheme and the Approved List of Models and Manufacturers framework, with cumulative module capacity of around 210 gigawatt and cell capacity of around 27 gigawatt reached by the end of 2025. The gradual tightening of domestic content requirements, including the phased application of the Approved List of Models and Manufacturers to cells, is reshaping procurement and rewarding companies that invest in local manufacturing. Projects bid before the relevant cut off dates continue to permit the use of non-domestic cells, which provides a transition window for the industry as domestic cell capacity is built out. At the same time module prices have softened as raw material costs have fallen, which improves the economics of downstream projects even as it compresses trading margins. Demand growth continued to outpace effective supply through the year, and the industry expects installations to grow faster in the year ahead than in the year just ended.
Source: Ministry of New and Renewable Energy, 2026. Mercom India Research, India Rooftop Solar Market Report, 2026.
Solarium Green Energy Limited is a provider of turnkey solar solutions, founded in 2018 and headquartered in Ahmedabad. The Company offers a complete range of services that spans design, engineering, procurement, testing, installation, commissioning and long-term operation and maintenance, and it also distributes solar products such as modules, inverters and availability based tariff meters. The Company has also commenced manufacturing of solar panels, further strengthening its capabilities in the solar energy sector. It provides solutions across rooftop and ground mounted solar as well as adjacent applications such as solar trees, carports, solar pumps and energy storage. Solarium serves residential, commercial, industrial and government customers, and it has built a particular strength in distributed and rooftop solar, where it is among the leading organised players participating in PM Surya Ghar Muft Bijli Yojana. The Company holds certifications for quality, environment and occupational health and safety management.
The Company was established by first generation entrepreneurs and is led by a management team that combines technical depth with operating experience. As of the end of FY26 it had a presence across around 15 states and union territories, a team of more than 400 people and a growing installed base across its verticals. Its strategy rests on three pillars, a fast-growing residential rooftop business, a scaling engineering, procurement and construction business for larger commercial, industrial and government projects, and a new manufacturing platform that is making the Company vertically integrated. Together these give Solarium a presence across much of the solar value chain, from manufacturing through to installation and long-term service.
The manufacturing facility was initially established with a planned manufacturing capacity of 1GW per annum. Subsequently, pursuant to its inclusion in the Approved List of Models and Manufacturers (ALMM) published by the Ministry of New and Renewable Energy (MNRE) on 6 July 2026, the facility has been enlisted with an approved manufacturing capacity of 1.23GW per annum.
Solarium operates across three key business areas, namely residential rooftop solar, engineering, procurement and construction (EPC), and solar manufacturing.
I. Residential rooftop solar: The residential rooftop business serves homeowners with end-to-end installation and financing support and is being scaled through the Solarium Saarthi channel partner network, which added around 450 partners during the year and now reaches more than 25 cities. The Company also began supplying complete solar kits to
I. Engineering, Procurement and Construction (EPC): The engineering, procurement and construction business undertakes larger commercial, industrial, ground mounted and government projects, and it was the principal engine of growth in FY26 as the Company deliberately pursued larger contracts that offer scale and more efficient execution. The Company has a proven record of delivering in difficult and remote conditions, including projects for defence and government customers across the country.
II. Solar manufacturing: The third area is manufacturing, where the Company is pursuing a clear strategy of backward integration. In July 2025 it commissioned a structure manufacturing facility with a capacity of 1,200 metric tonnes per annum, expected to deliver a cost advantage of about 5% on the mounting structures that form part of every project. It then began establishing a fully automated module manufacturing line of 1,000 megawatt in Ahmedabad, initially planned with a manufacturing capacity of 1 GW per annum, which was subsequently enlisted with an approved manufacturing capacity of 1.23 GW per annum pursuant to its inclusion in the Approved List of Models and Manufacturers (ALMM) published by the Ministry of New and Renewable Energy (MNRE) on 6 July 2026, with a capital outlay of over £90 crore, using advanced technology capable of producing high wattage panels. At full utilisation the line has the potential to generate substantial additional revenue on a standalone basis, while its captive output is expected to lift project margins as in-house modules are consumed within the Companys own work.
Order visibility remained a source of strength through the year. The Company carried an unexecuted order book of more than £300 crore, supported by a large tender bidding pipeline that ran into several hundred crores, and it received orders for the supply of around 80 megawatts of modules ahead of the commissioning of its new line. The captive consumption of modules within its own projects, together with external sales, is expected to support the utilisation of the new capacity over time and to improve the cost and reliability of supply across the value chain. During the year the Company also strengthened its foundations for the future, adding channel partners through the Solarium Saarthi network, entering a regional partnership that broadened its inverter portfolio, securing a transfer of solar thermal technology from the Defence Research and Development Organisation and its establishments, signing a memorandum of understanding with the National Institute of Solar Energy, and developing a customer facing application for the residential segment that offers real time tracking of orders and payments.
The table below sets out the Companys revenue by vertical over the past Three years, and shows the growing weight of larger projects within the mix.
Revenue by vertical (€ crore)
| Revenue by vertical (\u20ac crore) | FY23 | FY24 | FY25 |
| Residential rooftop projects | 31 | 40 | 85 |
| Commercial, industrial, ground mounted and government projects | 116 | 61 | 114 |
| Distribution sales | 56 | 7 | 13 |
In FY26 residential rooftop projects contributed about £80 crore of revenue, the combined commercial, industrial, ground mounted and government segment about £227 crore, and distribution sales about £61 crore, reflecting the Companys deliberate shift towards larger projects and the reclassification of certain residential kit sales within the distribution vertical.
The Company delivered strong growth in FY26. Revenue from operations rose to ?368.15 crore, an increase of about 60% over ?230.08 crore in FY25. Total income, including other income, was ?373.01 crore. EBITDA increased to ?35.28 crore from ?26.92 crore, and profit after tax rose to ?20.46 crore from ?18.60 crore. Basic earnings per share stood at ?9.81. The gross margin moderated over the year as the business mix shifted towards large scale engineering, procurement and construction projects, which operate at lower unit margins than certain other segments. The EBITDA margin was 9.6% and the profit after tax margin was 5.6%, both lower than in the prior year for the same reasons of mix, alongside higher finance and employee costs incurred ahead of the Companys expansion.
The pattern of the year is instructive. The first half saw strong revenue growth that was nonetheless tempered by an unusually long monsoon and by a short pause in demand around the introduction of the reformed goods and services tax in September 2025. The second half was materially stronger, with revenue rising by about 70% over the corresponding period of the previous year as execution accelerated. The commencement of operations at the module manufacturing facility, which came on stream around the turn of the year, added incremental finance and other costs that weighed on reported profitability in the near term while laying the ground for future benefit.
Finance costs rose to ?10.47 crore from ?3.45 crore, driven by higher working capital requirements. A significant part of this increase reflected a temporary delay in the receipt of dues from certain defence linked government projects during the first half of the year, a situation the management has described as a one off, and those receivables have since been largely recovered. Trade receivables stood at ?152.61 crore and inventories at ?99.68 crore at the year end, reflecting both the growth in the scale of operations and the build up ahead of manufacturing. The residential business, by contrast, operates on a short collection cycle, and the Company continued to manage its distribution activity on a lean working capital basis.
The Company ended the year with a net worth of ?162.64 crore and cash and bank balances of ?90.40 crore, which give it a sound base from which to fund its expansion. Long term borrowings stood at ?39.39 crore, and the Company has retained a conservative capital structure while it builds a credit record with its lenders and preserves the flexibility to fund the working capital that its growing manufacturing operations will require. This combination of a healthy net worth, available liquidity and measured borrowing leaves the balance sheet well placed to support the next phase of growth.
The Company is required to disclose the key financial ratios set out below, together with an explanation of any significant movement. The figures for FY26 have been derived from the consolidated financial figures published in the Companys results and remain to be reconciled to the audited financial statements for the year.
| Ratio | FY26 | FY25 | Variance | Explanation for Change in Ratio (for more than 25% in comparison with last year) |
| Operating Profit Margin (EBITDA on total income) | 9.6% | 11.7% | (18.0)% | N.A. |
| Net Profit Margin (PAT on total income) | 5.6% | 8.1% | (31.2)% | Due to Increase in Revenue from Operations but less growth in Profit |
| Debtors Turnover (times, on average receivables) | 3.0 | 4.7 | (35.5)% | Due to Increase in Revenue from Operation and increase in Trade Receivables |
| Inventory Turnover (times, on average inventory) | 3.5 | 5.0 | (29.0)% | Due to Increase in Cost of Goods Sold and increase in Inventory |
| Ratio | FY26 | FY25 | Variance | Explanation |
| Interest Coverage Ratio (times) | 3.3 | 7.8 | (56.74)% | Due to Increase in the Finance Cost during the year |
| Current Ratio (times) | 1.4 | 2.4 | (41.3)% | Due to Increase in the Current Liabilities |
| Debt Equity Ratio (times) | 0.96 | 0.48 | 100.63% | Due to Increase in the Debt during the year |
The movement in the ratios during the year reflects the Companys rapid growth and its investment in manufacturing. The moderation in operating and net profit margins is explained by the shift in business mix towards larger and lower margin projects and by higher finance and employee costs. The reduction in the current ratio and in the turnover ratios reflects the temporary build up in receivables and inventory that accompanied the years growth, and the fall in the interest coverage ratio reflects the higher finance costs described above.
Details of any Change in Return on Net Worth as Compared to the immediately previous financial year along with a detailed explanation thereof:
The return on net worth eased marginally from 13.1% to 12.6% during the year. This reflects the enlargement of the Companys equity base following its public issue, together with the moderation in profit margins described above, the combined effect of which slightly outpaced the growth in absolute profit after tax.
The Company enters FY27 with a healthy order book, a large tender pipeline that offers clear visibility, and a new manufacturing platform that is expected to reach a healthy level of utilisation as the year progresses. The commissioning of the module manufacturing line is expected to secure the Companys supply, reduce its dependence on external procurement and strengthen its ability to bid for and to win projects across both the business to government and business to business markets. As the share of in-house modules consumed within the Companys own projects rises, the benefit to project margins is expected to build, while the standalone sale of the balance capacity provides an additional stream of revenue.
The residential business is expected to keep growing as the Saarthi network deepens and as the reduction in the goods and services tax rate on modules and inverters improves affordability for households. The engineering, procurement and construction business is well supported by the order book and by a strong pipeline of central and state tenders. Across the enterprise the Company will continue to focus on execution discipline, cost efficiency and prudent management of working capital, and it will keep its receivables under close watch after the experience of the past year. While the management prefers not to issue formal guidance given the Companys early stage, it is confident of sustaining the growth trajectory of recent years, supported by favourable industry tailwinds and a clear strategic roadmap.
The Company operates in one of the fastest growing segments of the Indian economy, and the scale of the opportunity before it is considerable. Indias commitment to install 500 gigawatt of capacity from cleaner sources by 2030, the transformation of the residential rooftop market under PM Surya Ghar Muft Bijli Yojana, and the reduction in the goods and services tax rate on modules and inverters together point to sustained growth in demand across the segments in which the Company operates. The residential rooftop market remains large and overwhelmingly unorganised, which favours organised and service led players such as Solarium that can offer end to end delivery. The Companys move into module manufacturing opens a further opportunity, allowing it to capture value across the chain, to secure its own supply and to serve external customers as domestic content requirements tighten. Its expanding channel network, its growing order book and its entry into adjacent areas such as energy storage give it several avenues for profitable growth.
The Company is equally mindful of the threats that accompany a fast-growing industry. The prices of cells and modules are subject to global cycles and can be volatile, and a large part of the supply chain remains dependent on imports. Any adverse change in government policy, in subsidy schemes or in domestic content rules could affect demand and the economics of projects. The payment cycles of government and defence customers can lengthen without warning, as the year demonstrated, placing a strain on working capital. Delays in the ramp up of new manufacturing capacity, shortages of skilled manpower and the pace of technological change are further risks that the Company must manage. It seeks to meet these threats through backward integration, a diversified order book and customer base, prudent management of working capital and a continued investment in technology and people.
The Company operates in a fast growing but evolving industry and is exposed to a range of risks. Policy and regulatory risk are inherent in a sector shaped by government schemes, subsidies and domestic content rules, and any change in incentives or in the framework governing approved models and manufacturers could affect demand and procurement. The Company mitigates this risk by maintaining a diversified order book and by investing in domestic manufacturing that positions it well for tighter content requirements.
Working capital and receivables risk arises from the payment cycles of government and defence customers, as the year demonstrated, and the Company manages this through careful selection of projects, close monitoring of collections and a prudent capital structure. Module price and supply chain risk arises from the Companys reliance on cells and modules whose prices can be volatile and whose availability can be affected by supply-chain disruptions. The Companys backward integration strategy is intended to reduce its exposure to such risks.
Competition risk remains significant, particularly from a large base of unorganised local installers, and the Company competes on the quality and speed of its execution, its end-to-end service and its growing scale. Execution risk attaches to the timely delivery of projects and to the ramp up of the new manufacturing line, and technology and financing risks are managed through the adoption of current generation equipment and a balanced mix of debt and equity.
The Company maintains an adequate system of internal controls that is commensurate with the size, scale and nature of its operations. These controls are designed to provide reasonable assurance that assets are safeguarded, that transactions are authorised, recorded and reported correctly, and that the Company complies with applicable laws and regulations. The systems are reviewed periodically and are supported by defined policies, delegation of authority and regular management review, and the observations of the auditors are considered and acted upon by the management and the Audit Committee.
(in ? lakhs except earnings per share)
| Particulars | Standalone 2025-26 | Standalone 2024-25 | Consolidated 2025-26 | Consolidated 2024-25 |
| Revenue from Operations | 36,815.10 | 23,007.64 | 36,815.10 | 23,007.64 |
| Other Income | 485.97 | 101.30 | 485.97 | 101.30 |
| Total Revenue | 37,301.07 | 23,108.94 | 37,301.07 | 23,108.94 |
| EBITDA | 3528.58 | 2,691.73 | 3527.96 | 2,691.49 |
| Less: Finance Cost | 1,046.73 | 345.44 | 1046.76 | 345.44 |
| Less: Depreciation and amortization | 110.21 | 91.34 | 110.21 | 91.34 |
| Particulars | Standalone 2025-26 | Standalone 2024-25 | Consolidated 2025-26 | Consolidated 2024-25 |
| Add: Exceptional Item | 283.06 | - | 283.06 | - |
| Profit Before Taxation | 2,654.70 | 2,254.95 | 2,654.05 | 2,254.71 |
| Tax expenses | ||||
| Current Tax | 183.27 | 378.78 | 183.27 | 378.78 |
| Deferred tax | 430.59 | (10.33) | 430.59 | (10.33) |
| Tax for earlier years | (6.13) | 27.64 | (6.14) | 27.64 |
| Profit for the period | 2,046.97 | 1,858.86 | 2,046.33 | 1,858.62 |
| EPS Basic | 9.81 | 11.65 | 9.81 | 11.65 |
| EPS Diluted | 9.76 | 11.65 | 9.76 | 11.65 |
During the financial year 2025-26, the Company recorded a strong improvement in its financial performance, supported by growth across its business operations. Revenue from Operations increased to 36,815.10 lakhs from 23,007.64 lakhs in the previous financial year, registering a growth of approximately 60.01%.
The Companys EBITDA increased to 3528.58 lakhs from 2,691.73 lakhs, reflecting an improvement of approximately 31.09%. Finance costs increased to 1,046.73 lakhs from 345.44 lakhs, while depreciation and amortisation increased to 110.21 lakhs from 91.34 lakhs.
Profit Before Taxation increased to 2,654.70 lakhs in FY 2025-26 from 2,254.95 lakhs in FY 2024-25, representing a growth of approximately 17.73%. Profit for the period stood at 2,046.97 lakhs, compared with 1,858.86 lakhs in the previous year, registering a growth of approximately 10.12%.
Basic Earnings Per Share stood at 9.81 for FY 2025-26 as against 11.65 in FY 2024-25, while Diluted Earnings Per Share stood at 9.76 compared with 11.65 in the previous year.
Overall, the Companys financial performance during FY 2025-26 reflects strong growth in revenue and operating earnings, supported by the expansion of its business activities across its residential rooftop, EPC, distribution and manufacturing verticals.
The Company regards its people as central to its success. During the year the team grew past 400 members as the Company invested ahead of its expansion in sales, execution and manufacturing, and it continued to strengthen its leadership with experienced professionals across finance, operations, sales and research. The Company brings together a young and energetic workforce with a seasoned leadership group, a combination it believes is well suited to a fast-growing business in a fast-growing industry. It places emphasis on training, on a culture of ownership and on the wellbeing of its employees, and it strengthened its research capability during the year through senior appointments and institutional partnerships. Industrial relations remained cordial throughout the year, and there was no material loss of working time on account of any dispute.
The financial statements of the Company have been prepared in accordance with Accounting Standard (AS) notified under the Companies (Accounting Standards) Rules, 2021 read with section 133 of the Companies Act, 2013.
Statements in this Management Discussion and Analysis that describe the Companys objectives, projections, estimates and expectations may be forward looking statements within the meaning of applicable securities laws and regulations. These statements are based on certain assumptions and expectations of future events, and actual results could differ materially from those expressed or implied. Important factors that could make a difference include economic conditions in the markets in which the Company operates, changes in government regulations and policies, tax laws, prices of raw materials and other incidental factors. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statement on the basis of any subsequent development, information or event.
Registered office: B-1207 World Trade Tower, Behind Skoda Showroom, Makarba, Jivraj Park, Ahmedabad, Gujarat, India - 380051
Place: Ahmedabad Date: 05.09.2026
For and on behalf of Board of Directors Solarium Green Energy Limited CIN: L31909GJ2022PLC129634
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