Infratx Solar-Product Trading Reaches 42% of FY26 Revenue

Infratx Renewable Limited materially reshaped its revenue mix in FY 2025-26, with solar-product trading contributing 41.52% of Rs 93.21 crore in revenue from operations, up from 3.85% of Rs 9.65 crore in FY 2023-24. Residential rooftop projects remained the largest stream, but their share fell to 50.04% from 96.15%.

How did Infratx's revenue mix change in two years?

Infratx shifted from an almost entirely residential rooftop engineering, procurement and construction, or EPC, business in FY 2023-24 to three reported revenue streams in FY 2025-26. Residential solar projects generated Rs 46.65 crore, or 50.04% of FY 2025-26 revenue, while sale of solar products generated Rs 38.70 crore, or 41.52%, and ground-mounted solar projects generated Rs 7.87 crore, or 8.44%.

The change reflects faster growth in product sales and the addition of ground-mounted EPC work, rather than a decline in residential activity. Residential-project revenue increased from Rs 9.28 crore in FY 2023-24 to Rs 23.64 crore in FY 2024-25 and Rs 46.65 crore in FY 2025-26, but its share fell by 46.11 percentage points over the two-year period. Solar-product sales rose from Rs 37.13 lakh in FY 2023-24 to Rs 6.82 crore in FY 2024-25 before reaching Rs 38.70 crore in FY 2025-26.

Ground-mounted projects had no reported revenue in FY 2023-24 or FY 2024-25, but accounted for Rs 7.87 crore in FY 2025-26. Together, product sales and ground-mounted projects represented 49.96% of FY 2025-26 revenue, compared with 3.85% in FY 2023-24, when residential rooftop work supplied the remaining 96.15%.

What drove Infratx solar-product trading to 42% of revenue?

Infratx solar-product trading reached 41.52% of FY 2025-26 revenue because the company supplies solar photovoltaic, or PV, modules, PV inverters and related materials alongside EPC services. Solar panels generated Rs 30.03 crore, or 32.21% of revenue from operations in FY 2025-26, compared with Rs 28.18 lakh, or 2.92%, in FY 2023-24.

Other product categories also contributed to FY 2025-26 sales. Balance-of-system, or BOS, materials generated Rs 7.11 crore, solar kits generated Rs 2.43 crore and solar inverters generated Rs 1.54 crore. BOS materials include hot-dip pipes, alternating-current and direct-current cables, distribution boxes, earthing cables, lightning-arrester cables, polyvinyl chloride pipes and earthing kits.

The broader product offering allows Infratx to supply a full EPC package or individual products, depending on customer requirements. Total revenue from operations rose from Rs 30.47 crore in FY 2024-25 to Rs 93.21 crore in FY 2025-26, while earnings before interest, tax, depreciation and amortisation, or EBITDA, increased from Rs 4.50 crore to Rs 14.56 crore. EBITDA margin was 15.62% in FY 2025-26, compared with 14.78% in FY 2024-25 and 18.22% in FY 2023-24.

Is rooftop EPC still the core of Infratx's business?

Residential rooftop EPC remained Infratx's largest individual revenue stream in FY 2025-26, generating Rs 46.65 crore from 3,078 completed residential rooftop projects. This compared with Rs 23.64 crore from 1,964 projects in FY 2024-25 and Rs 9.28 crore from 664 projects in FY 2023-24. The residential business therefore grew in both project count and revenue even as other activities reduced its revenue share.

EPC is an end-to-end delivery model under which the customer owns the solar system and Infratx provides design, engineering, procurement, installation, testing and commissioning. Infratx also provides operations and maintenance, or O&M, services when required, including panel testing, system inspection and repair or replacement of damaged components. The company states that it provides O&M services free for five years from installation and resolves customer complaints through site visits within 24 to 48 hours.

Infratx relies substantially on dealers and third parties for installation. Its dealer network increased to 2,830 in FY 2025-26 from 2,022 in FY 2024-25 and 720 in FY 2023-24. As of March 31, 2026, Infratx had 52 full-time employees, including 33 sales and marketing personnel, five liaison personnel and four technical personnel.

What do ground-mounted projects and IPP add to Infratx?

Ground-mounted solar projects added Rs 7.87 crore of commercial EPC revenue in FY 2025-26, representing 8.44% of revenue from operations. Infratx describes these projects as installations on open land for commercial use that typically require site assessment, land acquisition and grid-interconnection approvals. The company undertakes turnkey execution for private clients, including projects under Component C of the REEPNY Program, which focuses on feeder solarisation.

Infratx also commenced independent power producer, or IPP, activities during 2026, but reported no IPP revenue through March 31, 2026. The company developed a 1.2-megawatt solar plant on 3.30 acres at Bhadla, Jasdan, Rajkot, Gujarat, to sell electricity to Paschim Gujarat Vij Company Limited under a power purchase agreement, or PPA. The disclosed PPA remains in force for 25 years from the commercial operation date, so IPP revenue depends on commercial operation and electricity sales under that agreement.

Ground-mounted EPC and IPP activity have different revenue mechanisms. Ground-mounted projects generate revenue from turnkey work for commercial clients, while the IPP model involves Infratx owning a generating asset and selling electricity under its PPA. The FY 2025-26 segment reporting includes ground-mounted EPC revenue but excludes IPP revenue.

How concentrated are Infratx's customers, suppliers and footprint?

Infratx's FY 2025-26 revenue was concentrated among customers and in Gujarat. Its top 10 customers accounted for Rs 43.83 crore, or 47.02%, of FY 2025-26 revenue from operations, compared with 22.77% in FY 2024-25 and 7.92% in FY 2023-24. The top five customers accounted for 39.21% in FY 2025-26, while the largest customer accounted for 13.61%.

Gujarat accounted for Rs 90.80 crore, or 97.41%, of FY 2025-26 revenue from operations, compared with 100% in each of FY 2024-25 and FY 2023-24. Infratx reported sales activity across Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Telangana in FY 2025-26, and operated three warehouses at Rajkot, Ahmedabad and Kanpur as of March 31, 2026.

Supplier concentration fell across the three reported years but remained material. The top 10 suppliers represented 65.86% of purchases in FY 2025-26, down from 82.77% in FY 2024-25 and 83.65% in FY 2023-24; the largest supplier represented 21.09% in FY 2025-26. Infratx currently procures project components and products from third-party vendors, making supplier availability relevant to both EPC execution and product distribution.

Conclusion

Infratx's FY 2025-26 revenue shows a business that remains led by residential rooftop EPC but is no longer dependent on it for nearly all operating revenue. Solar-product trading generated Rs 38.70 crore and ground-mounted EPC added Rs 7.87 crore, while residential rooftop projects generated Rs 46.65 crore. Revenue from operations increased from Rs 9.65 crore in FY 2023-24 to Rs 93.21 crore in FY 2025-26 as the business mix broadened.

The next developments to watch are execution of the IPP plant and the proposed manufacturing plan. As of August 20, 2026, Infratx reported an ongoing order book of 3,100 projects worth Rs 62.44 crore. The company also proposes to use Rs 12.29 crore of initial public offering proceeds for machinery and equipment for solar-panel recycling and silver extraction, solar-roofing and mounting structures, and solar-frame production, with the stated objective of reducing reliance on third-party vendors.