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Company insights, generated from the most recent coverage.
TopCon cells deliver 24-25% efficiency vs PERC's 22-23%, plus better temperature coefficient and bifaciality — the efficiency gap is what sells rooftop systems to space-constrained residential customers.
₹350 crore for 1.2 GW of TopCon cells works out to ~₹292/watt — funded by debt plus accruals, so no dilution risk on top of Q4 FY26 net profit of ₹106.3 crore (+107% YoY).
Q4 FY26 revenue of ₹900.8 crore (+87% YoY) means the ₹350 crore cell capex is comfortably covered by cash flow — the balance sheet is not the constraint, execution on a new technology line is.
