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The Quarter story
The two most recent quarterly results, compared side-by-side.
Steady order book growth contrasts with sharp revenue contraction and collapsing margins in Q1 FY27.
Order book grew from 4.68 GW in Q2 FY26 to 6.35 GW in Q1 FY27 — securing future production visibility
EBITDA margin contracted from 19.77% in Q1 FY26 to 8.33% in Q1 FY27 — reflecting persistent pricing pressure
Other operating expenses fell from ₹1,129 Cr in Q4 FY26 to ₹512 Cr in Q1 FY27 — showing tighter cost control
Net profit margin fell from 12.98% in Q1 FY26 to 1.05% in Q1 FY27 — squeezing bottom-line returns
Payroll costs dropped from ₹295 Cr in Q4 FY26 to ₹259 Cr in Q1 FY27 — reflecting stable headcount management
Revenue dropped from ₹16,077 Cr in Q4 FY26 to ₹5,110 Cr in Q1 FY27 — highlighting sharp seasonal demand swings
Debt-to-equity ratio rose from 0.44x in Q2 FY26 to 0.99x in Q1 FY27 — indicating increased reliance on borrowings