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Listen to this article in summarized format Business Incorporated in 1996, the company manufactures solar mounting structures, solar tracker components, transmission line towers, wind energy structures and other steel products used in renewable energy and power transmission projects. Solar products remain the core business, accounting for 79% of revenue in FY26, although the company has been diversifying into transmission and wind products. It is the largest integrated manufacturer in terms of installed capacity for solar mounting structures and tracker components. It operates 13 manufacturing facilities, including 12 in India and one in Italy, with an aggregate installed capacity of 889,200 million tonnes per annum. The company also plans to enter battery energy storage systems and prefabricated engineered building structures. With exports contributing nearly 41% to FY26 revenue, the company is exposed to currency fluctuations, trade barriers and tariffs and geopolitical tensions. Read more: NSE slashes IPO size to Rs 23,500 crore in revised Sebi filing Financials Revenue from operations increased 33.3% annually to ₹4,312 crore in FY26 from ₹2,425 crore in FY24. Operating margin before depreciation and amortisation (EBITDA margin) improved to 11.6% from 10.8% over the same period but remains below the range of 18%-26% for some of the renewable energy companies. Net profit rose to ₹228.7 crore in FY26 from ₹102.6 crore in FY24. Return on equity improved marginally to 20.8% in FY26 versus 20.5% in FY24 although it remains at the lower end of range of 21% to 42% for other companies. The debt increased to ₹881.3 crore in FY26 from ₹463.1 crore in FY24, primarily due to capacity expansion. However, the debt-equity ratio improved to 0.8 from 0.9 during the period. Valuation The company seeks a price-earnings (P/E) multiple of 35.7 on post-IPO basis. While it does not have an exact peer group given its varied product portfolio, some of the listed companies in the renewable energy segment such as Premier Energies, Waaree Energies and Inox Wind trade at P/Es of 11, 19 and 30 respectively. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
document fetched 2026-09-10 02:57