The racking, fixed-tilt structures and trackers that hold modules at the right angle to the sun, and the balance-of-system (BOS) cabling that links them - mostly fragmented, local supply, not ALMM-covered.
Asset-light contract manufacturer whose energy-products arm makes solar mounting structures, transformers and power equipment through its own and partner plants (listed Oct 2026)
Price
₹165.00
snapshot 6 Nov 2026
Strengths
Energy products grew 87% to ₹6,508 Cr in FY26 and are about 69% of manufacturing revenue (RHP, Oct 2026)
Manufacturing order book doubled to ₹13,062 Cr by Jun 2026, led by solar structures and power equipment
Risks
Adjusted EBITDA margin under 3%, negative operating cash flow and still loss-making at group level
About 41% of revenue is low-margin commodity trading (Terra91), not manufacturing
US tariffs on Indian solar piles cut US orders; listed Oct 2026, so a very short public track record
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹27,891 Cr
Stock P/E
—
Div Yield
—
ROCE
4.0%
ROE
−38.5%
P/B
—
Revenue growth
+40.4%FY26
Profit growth
Loss widenedFY26
Net margin
−10.1%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
4,964FY22
11,449FY23
14,444FY24
11,332FY25
15,913FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 4.6% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
The steel racking, fixed-tilt structures and (on larger utility sites) single-axis trackers that physically hold modules at the correct angle and, for trackers, follow the sun through the day.
Why it matters
Mounting design affects both installation cost and long-run energy yield (trackers can lift output 10-20% over fixed-tilt) - it's a smaller-ticket layer than modules but still a real EPC cost line.
Where the value pool sits
Fixed-tilt structural steel is a largely commoditised, regionally fragmented fabrication business; trackers are a higher-value, more specialised sub-segment where fewer domestic players compete.
Key drivers
Utility-scale solar capacity additions overall
Shift toward trackers on larger sites for yield improvement
Domestic steel availability and pricing
Potential bottlenecks
Highly fragmented - most fixed-tilt structure fabrication is local/unlisted, not a few scaled national players
Steel input-cost volatility feeding directly into structure costs
Tracker technology and controls are still often imported or licensed