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Company insights, generated from the most recent coverage.
Q1 capex was ~₹1,500 Cr with the 10 GW ingot-wafer plant still to fund — cash generation and leverage, not demand, are the binding constraint on the next leg of expansion.
Management flagged a slower ramp than the sell-side's ₹600-700 Cr this year and ₹1,300-1,400 Cr next year from new capacity, citing certification and type-testing timelines. Utilisation targets: 50-60% by November, 70%+ by the March quarter.
Cells are 58% of the order book but only ~24% of Q1 revenue — as the Naidupeta line ramps, mix shifts to cells, which also feed internal modules and cut external cell purchases.