Sourav Paul

TANFAC Industries has completed the first tranche of its Rs 500 crore enabling fund-raise, allotting 12,58,918 equity shares through a QIP on 25 June to raise approximately Rs 250 crore. The board has now approved a follow-on preferential issue of 7,41,082 shares at Rs 2,341 per share, aggregating approximately Rs 173.5 crore, taking the combined raise to about Rs 423.5 crore.

Why it matters

The composition of the preferential round is the detail worth holding on to: Promoter Anupam Rasayan India takes Rs 135 crore of it, with the balance subscribed by Alrox Enterprises, Vivek Jain of Action Tesa, and Tatvam Trade.

The details

A promoter writing the largest cheque at a fixed price immediately after a QIP is a direct statement of where Anupam Rasayan sees the joint-sector company, which it co-promotes with TIDCO.

Who is affected

Proceeds are earmarked for TANFAC's entry into the R-32 refrigerant gas segment and a wider push into value-added fluorochemicals beyond its anhydrous hydrofluoric acid base at Cuddalore.

What's next

Managing Director Afzal Malkani called the two raises a milestone that strengthens the balance sheet while keeping the capital structure prudent.

The Economic Advisory Council to the Prime Minister released Working Paper 53, "The Duck and The Camel", on 7 July. Authors Sanjeev Sanyal and Satvik Dev argue that solar has pinned midday prices to the floor and pushed the stress into the evening: on an average May day, the exchange's lowest price fell from Rs 2.81 a unit in 2023 to Rs 1.11 in 2026, while the evening peak rose from Rs 8.08 to Rs 9.71 — a spread of Rs 8.60, held down only by the Rs 10 ceiling.

The folder's own market files show the pattern surviving into the monsoon, when clouds are supposed to soften it. For power delivered on 7 July, the day-ahead market cleared at Rs 400.11 per MWh — 40 paise a unit — in the 1 pm hour, and at Rs 7,374.81 in the 10 pm hour.

Why it matters

The real-time market touched the Rs 10,000 per MWh ceiling in the midnight hour, and intraday contracts for the 10 pm and 11 pm hours traded at the full cap.

The camel is the paper's winter warning: in January the midday trough has now sunk below the night-time floor — about 143 GW against 151 GW this year — so the grid's quietest hour is no longer 3 am but 1 pm.

The details

Meanwhile the May evening ramp has doubled from 36 GW in 2023 to 74 GW, and the morning ramp-down has nearly tripled to 53 GW.

The paper says flattening half of one summer evening's climb needs about 130 GWh of discharge, against a battery-plus-pumped-hydro fleet that discharged 23.8 GWh a day in May. The market data in this folder suggests the arbitrage paying for that storage is now available even in July.

Who is affected

Storage developers and flexible generators stand to benefit from an arbitrage spread that persists even during the monsoon, when the price gap was expected to narrow.

Grid planners and policymakers face a structural challenge that the working paper frames clearly: the system's stress point has shifted from generation capacity to timing.

What's next

Watch whether battery-plus-pumped-hydro discharge capacity scales toward the roughly 130 GWh needed to flatten even half of a summer evening's demand climb.

The paper's winter warning about the midday trough sinking below the night-time floor is a signal to track as the seasons turn.

BPCL's planned Andhra Pradesh refinery-cum-petrochemical complex has thrown up an early signal from the technology market.

Selecting a licensor for the Styrene Butadiene Rubber unit may not be a routine procurement exercise.

The bid due date for the package has been extended from 02 July 2026 to 16 July 2026.

That marks a 14-day shift.

The extension notice is brief, but the underlying tender is anything but ordinary.

It is a licensor-selection package for a 190 KTPA SBR unit inside BPCL's proposed 9 MMTPA refinery and 1.5 MMTPA ethylene complex at Ramayapatnam, Andhra Pradesh.

Technology gate

The package asks for supply of know-how/license, Basic Engineering Design Package, proprietary catalyst, proprietary items and related services.

In practical terms, this is the technology gate through which the entire elastomer unit must pass before detailed engineering and execution can move with confidence.

The sharper point is qualification.

The bidder must be a licensor of both emulsion-based Styrene Butadiene Rubber and solution-based Styrene Butadiene Rubber units.

It must also show reference units with minimum train capacities, commercial operation, non-captive ownership, recent licensing and grass-root credentials.

Pilot plants, laboratory-scale plants and demonstration units are not enough.

Why the extension matters

This is where the extension becomes more interesting.

A 14-day shift may look routine on paper.

For this package, it can indicate the burden of proof faced by global licensors.

They must not only price the license and BEDP.

They must also assemble reference-unit documents, catalyst evidence, operating proof and proprietary supply assumptions.

SBR unit profile

The SBR unit itself is significant.

BPCL is planning two 75 KTPA e-SBR trains and one 40 KTPA s-SBR train.

That gives total SBR capacity of 190 KTPA.

The product slate includes dry and oil-extended grades.

Butadiene will come from the upstream ethylene cracker.

Styrene will be sourced from the open market.

Licensor role in execution

The licensor's role also extends deep into execution.

The BEDP must contain enough information for residual basic engineering, detailed engineering, procurement and construction.

The bidder must support P&ID review, HAZOP and SIL studies, 3D model review and FAT participation.

Meeting-related expenses will be borne by the bidder.

Strategic read-through

For BPCL, the procurement design is protective.

It keeps the vendor pool narrow, forces technology maturity upfront and puts single-point responsibility on the licensor for know-how, BEDP, proprietary catalysts and related services.

For bidders, the opportunity is large but the risk is not small.

The selected licensor could become central to BPCL's elastomer economics, catalyst dependence, performance guarantees and long-term operating flexibility.

That is why this extension should not be read merely as extra time.

It is a sign that the real contest is around technology credibility, not just commercial price.

The broader message is that BPCL's Andhra Pradesh complex is being shaped early by licensor choices.

Before EPC contractors get the spotlight, technology owners are being asked to lock in the process route, product capability, long-lead item basis and operating guarantees.

That makes this SBR extension a small tender movement with larger strategic meaning.

BPCL is not just buying a technology package.

It is deciding who gets to define the operating DNA of a major elastomer unit.

IEX purchase bids collapsed from 643,104 MWh to 230,017 MWh in a week; sell bids jumped 58% to 620,199 MWh.

Clearing price fell from Rs 4,375/MWh to Rs 2,485/MWh — Monday's 6 July delivery bounced to Rs 3,368/MWh, the first up-day of the run.

But IMD says June 2026 was the fifth-driest since 1901, and July's outlook is below 94% of normal — this looks like a wet week, not a cheap summer.

Sellers betting this is the seasonal turn are wagering against the driest June on record.

AI-driven deep-tech startup Novyte Materials has signed a manufacturing-and-royalty agreement with Chemvera Specialty Chemicals.

The partnership will develop, manufacture and commercialise a high-value specialty chemical for the polymer industry.

The deal creates an India-based, end-to-end pathway for chemistries that have traditionally been sourced from a handful of global suppliers.

Novyte's proprietary AI engine has already identified promising material candidates from a search space of trillions of combinations.

The company will synthesise and validate these candidates.

Chemvera will handle large-scale manufacturing and distribution.

This compresses a concept-to-commercialisation cycle that normally takes years.

Deal structure

Under the long-term agreement, Novyte leads materials design.

It retains the intellectual property and platform technology.

Novyte will earn royalties on volumes sold.

Chemvera holds exclusive commercialisation rights.

Polymer-additives opportunity

The partnership targets the global polymer-additives market.

That market is valued above $50 billion and is projected to exceed $75 billion by the early 2030s.

Chemvera has recently acquired Michigan Additives in the US, extending its North American footprint.

The collaboration illustrates how India's emerging deep-tech ecosystem is embedding AI-led discovery within established industrial supply chains.

Novyte also works with Manipal Specialty Chemicals and Primacy Industries.

India relevance

For India's specialty-chemicals ambitions, this is a notable homegrown-route story.

It builds domestic capability in high-value chemistries rather than only defending against imports or relying on global majors.

The monitorables are the first product's path to commercial scale, whether the AI-led model delivers its promised time-to-market advantage, and the breadth of Novyte's expanding partnership roster.

The deal is a forward-looking marker of how AI and domestic manufacturing could reshape India's position in the specialty-chemicals value chain.

CARE Ratings has reaffirmed its CARE AA+; Stable rating on The Tata Power Company Limited's Rs. 35 crore long-term bank facilities and Rs. 1,000 crore non-convertible debentures, citing the company's integrated 16.7 GW operational portfolio as on 31 March 2026. The agency identified power purchase agreements covering more than 98% of operating capacity as the principal source of revenue visibility.

Rating context

The reaffirmation is significant because Tata Power operates across generation, transmission and distribution, providing earnings stability through a diversified business structure. According to CARE, the 16.7 GW portfolio comprises 8.8 GW thermal, 6.4 GW renewables, 0.9 GW hydro and 0.4 GW waste-heat capacity, reducing dependence on any single business segment.

The rating also reflects a consolidated debt-to-EBITDA ratio of 3.8x in FY26 despite continuing capital expenditure and refinancing requirements.

Operational performance and expansion plans

During FY26, Tata Power commissioned approximately 968 MW of renewable-energy capacity and maintained a 5.1 GW under-construction renewable pipeline as of 31 March 2026.

A supplementary power purchase agreement with Gujarat Urja Vikas Nigam Limited now covers about 48% of the 4,150 MW Mundra thermal plant, improving fuel-cost recovery visibility.

TP Solar Limited produced 3.8 GW of solar cells and modules during the year, with operating margins improving to 25% from 16% a year earlier.

Management has guided annual capital expenditure of roughly Rs. 20,000 crore over the next three years across renewables, pumped storage, transmission, distribution and manufacturing businesses.

Implications and outlook

For bondholders and lenders, the AA+ reaffirmation supports continued access to low-cost capital as Tata Power undertakes one of the sector's largest capital-investment programmes.

The key issue for analysts remains execution, with plans for renewable additions of 2–2.5 GW annually over the next three years.

CARE highlighted refinancing risk, interest-rate exposure and weather variability across renewable assets as key monitorables.

Wider significance

CARE stated that the rating continues to benefit from Tata Power's diversified business profile and strategic importance within the Tata Group.

With a 16.7 GW operational base, Tata Power remains among India's largest integrated power utilities.

The global chemicals industry is showing signs of stabilisation after a prolonged downturn, according to 360 ONE Capital.

A sharp rebound remains unlikely in the near term.

The framework is directly applicable to Indian chemical producers.

Sentiment has improved from cautious stabilisation to measured optimism heading into 2HCY26 and 2027.

However, broad-based restocking is still absent.

Customer inventory correction is largely complete.

That means future volume growth is likely to be consumption-driven rather than inventory-led.

Agrochemicals outlook

The segment outlook maps closely onto India.

Agrochemicals appear to be emerging from a prolonged downturn.

The improvement is supported by better volumes, healthy acreage and grain demand.

However, Chinese oversupply and generic competition continue to pressure pricing.

That makes CY26 a transition year.

A more meaningful upturn is expected in 2HCY26 and CY27.

Commodity and specialty chemicals

Commodity chemicals should benefit from tightening supply caused by Middle East disruption.

Slow normalisation could support sustained price improvement.

Specialty demand linked to semiconductor materials, AI infrastructure, healthcare, water technologies and energy storage is expected to drive growth.

Iran-US deal as catalyst

The report flags the Iran-US peace deal, expected June 19, as a major near-term event for crude and the chemical value chain.

For Indian producers, the framework validates a cautious-but-improving outlook.

The key monitorables are crude direction after the deal, the pace of agrochemical and commodity recovery, and whether structural feedstock inflation delays the upturn.

Oriana Power Limited told investors that its FY26 consolidated revenue grew by nearly 84% to over Rs. 1,814 crore, according to the analyst and investor meet transcript submitted to the NSE on 17 June 2026.

EBITDA rose by over 73% to about Rs. 425 crore and profit after tax increased by roughly 59% to about Rs. 250 crore, even as the Noida-headquartered solar engineering and storage firm flagged a slight shortfall against its own profitability expectations for the year.

Sector context

The results land as India accelerates utility-scale solar and battery storage deployment, and they underline how mid-cap EPC players are scaling fast on the back of a deep project pipeline.

Managing Director Rupal Gupta told participants the company carries an order book of almost Rs. 7,000 crore, equivalent to revenue visibility for nearly two years.

That backlog matters in a sector where execution capacity and financing discipline increasingly separate durable players from those chasing short-term volume in a crowded renewable market.

Pipeline and execution

Beyond the headline numbers, Oriana detailed an execution pipeline of over 2.5 GWp of solar power projects and more than 1,500 MWp of battery energy storage systems under execution, alongside a growing storage portfolio.

Management said the double-digit profitability was maintained through the year despite the lean quarter referenced during the meeting.

The company framed the year as one of building revenue visibility rather than optimising short-term outcomes, positioning its capital and human resources for a multi-year ramp across solar EPC, independent power production and storage.

Implications

For shareholders, the combination of high growth and a large backlog supports the equity story, though the acknowledged profitability gap is a watch item for analysts modelling margins.

For the wider Indian power sector, Oriana's scale-up adds EPC and storage capacity at a time when DISCOMs and commercial-and-industrial buyers are racing to procure round-the-clock and firm renewable supply.

Suppliers, lenders and offtakers tracking the storage build-out gain another data point on how quickly BESS execution is moving from announcement to delivery on the ground.

Outlook

Looking ahead, Oriana reaffirmed its 2030 targets of about 6 GWp of solar EPC, roughly 2.4 GWp of solar independent power capacity and about 20 GWh of BESS, an ambitious roadmap that will test financing and supply-chain depth.

The order book gives near-term cover, but conversion into commissioned capacity and sustained margins will drive the premium investors are willing to pay.

Delivery against the BESS pipeline, in particular, is likely to be the strategic differentiator as storage economics improve through the decade.

Lenders financing the expansion will look for steady cash conversion as the order book unwinds into commissioned assets.

Wider significance

In its presentation, the company positioned the year as proof of disciplined, profitable growth backed by visible revenue, signalling intent to convert its pipeline into commissioned assets while protecting double-digit returns as India's clean-energy build-out gathers pace.

Conversion of that multi-year backlog into commissioned assets now stands as the central test for the equity story.

JSW Energy Limited has reported record results for the financial year ended 31 March 2026, posting total revenue of Rs. 19,878 crore and its highest-ever EBITDA of Rs. 11,041 crore.

The power producer lifted installed generation capacity to 13.45 GW during the year and reaffirmed its ambition to reach 30 GW of generation capacity by 2030 under its Strategy 3.0 roadmap.

Capacity expansion

Installed capacity has expanded from 4.6 GW in FY2021 to 13.45 GW in FY2026, representing a compound annual growth rate of 29% over five years.

The company's growth reflects the broader transition underway in India's power sector toward renewables, storage and firm dispatchable generation.

Financial performance

Revenue increased from Rs. 12,639 crore in FY2025 to Rs. 19,878 crore in FY2026, while EBITDA rose from Rs. 6,115 crore to Rs. 11,041 crore.

Cash profit after tax reached Rs. 4,359 crore and adjusted net worth stood at Rs. 23,781 crore.

Strategy 3.0

The company has committed to 30 GW of generation capacity and 40 GWh of energy storage by 2030, alongside carbon neutrality by 2050.

The annual report positions renewables and storage at the centre of JSW Energy's future growth strategy.

Two glycol-ether solvents have delivered sharp three-month gains.

Butyl Carbitol fell Rs 20/kg this week to Rs 230/kg.

It is down Rs 20/kg on the month from Rs 250/kg.

However, it has surged Rs 127/kg over three months from Rs 103/kg.

It remains far above the Rs 104.50/kg recorded six months ago.

Butyl Cellosolve slipped Rs 1/kg this week to Rs 189/kg.

It is up Rs 2/kg on the month and has risen Rs 96/kg over three months from Rs 93/kg.

Both solvents are derived from ethylene oxide and glycol chemistry.

Both are used in paints and coatings, printing inks, cleaning formulations and industrial applications.

The West Bengal Electricity Regulatory Commission approved a 25-year power purchase agreement between Purvah Green Power Private Limited and CESC Limited for 300 MW of wind-solar hybrid power at a fixed tariff of Rs. 3.75 per kWh.

The approval represents the largest contract awarded under CESC's competitive 600 MW hybrid tender.

West Bengal's DISCOMs continue to face rising power purchase costs, increasing the importance of competitive renewable procurement.

The project includes a 2:1 wind-to-solar ratio, a 50% annual Capacity Utilisation Factor and a fixed tariff structure with no escalation over the contract period.

Commercial supply is scheduled to begin on 16 December 2027.

WBERC determined that the tariff discovered through competitive bidding remains consistent with consumer interest and compares favourably with prevailing average power purchase costs.

ICRA's reaffirmation reflects a marked improvement in profitability for the Kerala state PSU.

While revenues stayed broadly stable at around Rs 306 crore in FY2026 (provisional), up a modest 1.5% year-on-year, the operating profit margin expanded sharply to 6.6% from 2.1% the previous year.

The improvement was driven by firmer caustic soda realisations amid geopolitical disruptions and a multi-year rationalisation of employee expenses.

The rated amount was enhanced to Rs 83 crore from Rs 75 crore, including a newly assigned Rs 8-crore term loan.

The long-term rating remains at [ICRA]BB+ (Stable), while the short-term rating is [ICRA]A4+.

ICRA cautions that margins are likely to moderate from FY2026 levels as price realisations soften from May 2026.

Supporting the ratings are TCCL's established track record in the chloro-alkali industry, its standing as one of the largest caustic soda manufacturers in Kerala, a reputed clientele and its status as a state-level public sector undertaking.

India’s tyre exports reached a record Rs 27,312 crore in FY26.

That is 9% higher than Rs 25,057 crore in the previous fiscal.

The United States remained the largest market.

It accounted for Rs 4,082 crore, or 15% of export value.

However, its share declined from 17% after tariff changes affected Indian tyre imports.

The US raised tariffs from 25% to 50% in August 2025.

A later reduction to 18% in February 2026 provided some relief.

Germany, Italy, Brazil and France were among the other major destinations.

ATMA linked the export performance to diversification and cost optimisation.

The tyre industry has invested around Rs 30,000 crore in capacity expansion over four to five years.

The industry’s estimated annual turnover is around Rs 1 lakh crore.

But the margin picture is becoming more difficult.

JK Tyre has flagged an expected 18–20% rise in its raw-material basket in Q1FY27 versus Q4FY26.

The basket includes natural rubber, carbon black, synthetic rubber, polyester cord, nylon cord and process oils.

Natural rubber prices have also reached a nine-year high on global exchanges.

The key point is that India’s tyre export story is strong, but raw-material inflation could pressure margins in the June quarter.

The Ministry of Power has notified stock exchanges about an Offer for Sale of equity shares in NHPC Limited.

The Government of India is the promoter seller.

The offer covers up to 60,27,02,088 equity shares.

This represents 6.00% of NHPC’s paid-up equity capital.

The retail investor window opened on June 3, 2026.

Offer structure

The OFS has a base offer and a greenshoe option.

The base offer is 3.00% of paid-up equity capital.

This equals approximately 30,13,51,044 shares.

The greenshoe option is another 3.00%.

If fully exercised, the total sale can reach 60,27,02,088 shares.

Disinvestment move

The OFS is part of the Government’s disinvestment programme.

It allows the Centre to monetise part of its holding.

At the same time, the Government will retain strategic control.

NHPC remains a major hydropower public-sector enterprise.

The transaction improves market float and liquidity in the stock.

Retail window

The retail investor window was scheduled for June 3, 2026.

Retail investors participating in an OFS may receive a discount.

This depends on the offer terms and SEBI guidelines.

The retail window gives individual investors access to a PSU infrastructure stock.

It also broadens participation beyond institutional investors.

NHPC profile

NHPC is one of India’s largest hydropower producers.

Its project fleet is spread across Himalayan and north-eastern river systems.

The company has Navratna PSU status.

It has also been a consistent dividend-paying public-sector company.

This makes it relevant for investors seeking cash-generative infrastructure exposure.

Why this matters

The OFS is one of the larger PSU disinvestment actions in the Indian power sector in FY27.

A 6.00% stake sale is a meaningful liquidity event.

It can improve free float.

It can also improve trading depth in the counter.

Higher free float may support institutional participation over time.

Institutional relevance

Institutional investors will watch subscription levels closely.

A strong response can signal confidence in regulated and cash-generative power-sector PSUs.

Mutual funds and foreign portfolio investors may also assess NHPC’s valuation against dividend yield and growth prospects.

The greenshoe option allows the Government to increase the sale if demand is strong.

Hydro growth pipeline

NHPC’s strategic direction involves adding new hydropower capacity.

North-eastern India remains an important growth area.

Hydropower also supports grid balancing as renewable energy expands.

This gives NHPC strategic relevance beyond conventional generation.

It can support India’s long-term clean and flexible power needs.

Investor considerations

Investors will assess NHPC’s project execution record.

They will also watch capex, commissioning timelines and regulatory returns.

Hydropower projects can have long gestation periods.

Land, environment, geology and resettlement issues can create delays.

Dividend continuity will also remain an important factor.

Strategic message

The NHPC OFS gives investors an opportunity to participate in a large hydropower PSU.

The Government is offering up to 6.00% of paid-up equity capital.

The offer includes a 3.00% base sale and a 3.00% greenshoe option.

The key watchpoints are final subscription, OFS pricing, retail participation, government residual stake, free-float improvement, NHPC’s hydropower pipeline and future dividend payouts.

CEAT’s filing contains two separate capacity-expansion proposals with a combined investment envelope of up to Rs 220 crore.

The first project requires up to Rs 110 crore and is intended to meet growing demand for 2/3-wheeler tyres.

The second project also requires up to Rs 110 crore and is intended to meet growing demand for off-highway tyres.

Both projects are proposed to be financed through a combination of internal accruals and debt. This means CEAT is not presenting these as purely internal-cash-funded expansions; the proposed funding structure includes a debt component.

The disclosure is product-category specific but not location specific in the visible extract. It does not provide plant location, capacity addition in number of tyres or tonnage, commissioning timeline, project phasing, expected revenue, customer linkage, margin impact or payback period.

The key point is the product split. CEAT is not announcing a generic tyre-capacity addition. It is separately allocating capital to mobility and off-highway segments.

The company is preparing capacity in two identified tyre categories where it sees demand requirement: 2/3-wheeler tyres and off-highway tyres.

The two projects have equal disclosed investment ceilings of up to Rs 110 crore each.

The filing does not disclose enough to estimate future volumes, revenue contribution or balance-sheet impact beyond the proposed funding mix.

Solarworld Energy Solutions Limited has reported strong FY26 financial performance.

The company’s total income rose to Rs. 14,160.66 million.

This was up 157% from Rs. 5,510.85 million in FY25.

EBITDA stood at Rs. 1,879.27 million.

Profit after tax stood at Rs. 1,204.74 million.

Profit growth

PAT increased 56% year-on-year.

Earnings per share rose to Rs. 14.95.

This compares with Rs. 10.68 in FY25.

The improvement shows that the company scaled revenue while still expanding earnings.

This is important in a competitive solar EPC market.

Q4 performance

Q4 FY26 income alone reached Rs. 6,069.53 million.

This means the March quarter contributed about 43% of full-year income.

The pattern shows heavy execution in the second half of the year.

It also reflects the project-based nature of the solar EPC business.

Order book

Solarworld’s order book stood at Rs. 28,130.42 million as of March 31, 2026.

This is approximately twice the company’s FY26 annual income.

The order book provides strong multi-quarter revenue visibility.

It also gives the company a base for continued growth in FY27.

Why this matters

India’s solar EPC market is expanding rapidly.

Large renewable projects are being awarded by SECI, state agencies and private developers.

Companies with execution capability are benefiting from this growth.

Solarworld’s 157% income growth shows that it is capturing this market opportunity.

Execution profile

The high Q4 revenue contribution suggests major project execution during the March quarter.

This is common in India’s solar sector.

Developers and EPC contractors often push commissioning before financial year-end.

The key issue is whether this execution pace can be sustained without working capital pressure.

Margin and profitability

EBITDA of Rs. 1,879.27 million shows meaningful operating profitability.

PAT of Rs. 1,204.74 million gives the company a stronger earnings base.

The EPS increase also supports shareholder value.

However, solar EPC margins can remain under pressure because of competitive bidding and cost volatility.

Governance update

The Board also noted the resignation of Rini Chordia.

She resigned as Chairperson and Independent Director with effect from close of business on May 26, 2026.

The Board also approved reconstitution of board committees from May 27, 2026.

These governance changes are material for investors.

Audit opinion

The company received an unmodified audit opinion.

This is a positive signal for financial credibility.

It gives stakeholders comfort on the audited FY26 numbers.

It also supports confidence as the company scales project execution.

Strategic message

Solarworld Energy Solutions’ FY26 result shows a rapid scale-up in India’s solar EPC market.

Total income rose 157% to Rs. 14,160.66 million.

PAT increased 56% to Rs. 1,204.74 million.

The order book stood at Rs. 28,130.42 million as of March 31, 2026.

The key watchpoints are order execution, working capital, margin protection, board committee reconstitution, project commissioning pace and FY27 order inflows.

Ganesha Ecosphere reported a strong Q4 FY26 improvement.

Revenue rose to Rs 423.9 crore from Rs 357.2 crore sequentially.

Ganesha Ecopet approved an additional 22,500 TPA rPET granules capacity at Warangal.

This will take total installed rPET granules capacity to 87,000 TPA.