Revenue Momentum Accelerates
Revenue from operations rose 45% year-on-year to ₹663 crore in Q3 FY26, compared with ₹458 crore in the same quarter last year. For the nine-month period, revenue surged 63% to ₹1,900 crore, highlighting strong execution and demand traction across the company’s projects.
Total income followed a similar trend, increasing 45% YoY to ₹676 crore in Q3 FY26 and 64% to ₹1,931 crore in 9M FY26.
Operating Leverage Boosts EBITDA
Operating performance showed significant improvement. EBITDA jumped 73% YoY to ₹251 crore in Q3 FY26, while 9M FY26 EBITDA rose 71% to ₹701 crore.
This indicates strong operating leverage, even as total operating expenses increased 36% YoY in Q3 and 64% over nine months, largely in line with revenue growth. EBITDA margins expanded, reflecting better cost control and scale benefits.
Rising Finance and Depreciation Costs
However, the income statement also highlights increasing capital intensity:
Interest cost surged 227% YoY in Q3 FY26 to ₹49 crore, and doubled to ₹130 crore in 9M FY26.
Depreciation and amortization increased 120% YoY in Q3 and 114% in 9M FY26.
These increases suggest higher debt levels and expanded asset deployment, typical of growth-phase infrastructure and renewable energy companies.
Profitability Remains Strong
Despite higher non-operating costs:
Profit Before Tax (PBT) rose 48% YoY in Q3 FY26 and 58% in 9M FY26.
Profit After Tax (PAT) increased 48% YoY to ₹126 crore in Q3 FY26.
9M FY26 PAT stood at ₹354 crore, marking a 60% YoY growth.
Tax expenses also rose proportionately, indicating no aggressive tax adjustments and stable compliance.
Earnings Per Share Improves
Basic EPS grew 39% YoY to ₹5.97 in Q3 FY26 and 46% to ₹16.77 for the nine-month period, reinforcing value creation for shareholders
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