Aug 18, 2026 earnings call — Take-private deal and Q1 results
Company agreed proposed take-private offering cash of $7.02 per share to non-consortium shareholders.
Revenue $0.5B (est $0.5B) · EPS $0.17 (est $0.12)
Key quotes
"Non-consortium shareholders may either receive cash of $7.02 per share by transferring their shares to CPPIB Investments or its designated affiliates or subject to certain conditions, elect to roll over and remain shareholders."
"We have commissioned over 1 gigawatt to date in the current fiscal, which includes over 600 megawatts in Q1 itself."
"In Q1 FY '27, revenue from external sales of modules and cells was INR 16.4 billion and the adjusted EBITDA from external sales was INR 5.7 billion, with the adjusted EBITDA margin standing at almost 34%."
Analyst Q&A 2
take-private timing and approvals
Q (Justin Clare · ROTH Capital Partners): Analyst asked the expected timeline to complete the take-private, the key remaining milestones, and which approvals could delay timing. He also asked how much of the solar PLF decline was from curtailment versus weather and whether manufacturing profitability will step down after a strong Q1.
A: They expect the scheme to become effective in Q1 2027 and said scheme documents will be published after SEC review and within 10 business days of the court granting the order; scheme documents are typically published 4 weeks ahead of the court meeting and some regulatory approvals, sought in parallel, will take around 3 to 4 months, with a long stop of completion which is 95 days of the publication of the scheme circular or 31st March 2027. On solar PLF, curtailment has definitely contributed and weather also contributed, with management saying the split was about half and half between curtailment and weather. On manufacturing, they said they are not expecting a meaningful step down but margins have come down (Q1 last year 40% versus this year 34%), so they kept guidance cautious given margin pressure and ALMM for sales extension till 31st December.
"As per the transaction agreement, we would anticipate the scheme becoming effective in Q1 2027." — Kailash Vaswani (CFO)
curtailment compensation and battery storage
Q (Puneet Gulati · HSBC): Analyst asked if there is confusion about whether the company should get compensated for curtailment and whether that compensation is straightforward. He also asked current installed battery capacity, plans for merchant BESS, commissioning targets for fiscal '27 or '28, the EBITDA multiple on the 1,000 megawatt sale, and whether a hydro plant is being shopped for sale.
A: They said for Transdown curtailment they get compensated but for other TG&A curtailment there is no specific compensation mechanism; discussions with MoP are ongoing and have not reached a conclusion. They have "maybe a couple of hundred megawatt hours" commissioned now, think long-term merchant BESS is difficult, and plan to run some BESS as merchant for a shorter 1 to 2 year period to capture arbitrage and then fold them into existing PPAs; they have not specified a target for this year and think commissioning this year is unlikely but hope to commission some amount by next year. On asset sales, the 1,000 megawatt sale multiple will be disclosed only after closing and mutual agreement with the buyer because they are under NDA, and hydro could be considered as part of asset recycling discussions.
"We have maybe a couple of hundred megawatt hours right now that are commissioned." — Sumant Sinha (CEO·CHAIR)