Infratx’s top 10 customers generated 47% of FY26 revenue

Infratx’s top 10 customers generated Rs 43.827 crore, or 47.02%, of revenue from operations in FY2025-26, compared with Rs 76.45 lakh, or 7.92%, in FY2023-24. The increase in customer concentration accompanied revenue growth to Rs 93.2149 crore and a shift towards business-to-business solar-product sales.

What does Infratx’s 47% customer concentration show?

Infratx derived nearly half of FY2025-26 revenue from 10 buyers, with its top five customers accounting for Rs 36.553 crore, or 39.21%, and its largest customer accounting for Rs 12.6849 crore, or 13.61%. Customer concentration measures the proportion of revenue generated by a defined group of the company’s largest customers.

The top 10 customers left Rs 49.3879 crore, or 52.98%, of FY2025-26 revenue attributable to all other customers. The second-largest customer contributed Rs 9.8403 crore, or 10.56%, while the third-largest contributed Rs 6.0536 crore, or 6.49%; the two largest customers together represented 24.17% of revenue.

The disclosed top-five share rose in each of the three fiscal years, indicating that the change was not limited to the largest account. Infratx’s detailed FY2024-25 customer list totals Rs 6.3558 crore for the top five, while another summary table reports Rs 6.5358 crore; both disclosures show a 20.86% share of FY2024-25 revenue.

How quickly did Infratx’s customer concentration increase?

Infratx’s top-10 customer share increased by 39.10 percentage points between FY2023-24 and FY2025-26, rising from 7.92% to 47.02%. Revenue from the top 10 rose from Rs 76.45 lakh in FY2023-24 to Rs 6.9372 crore in FY2024-25 and Rs 43.827 crore in FY2025-26.

Total revenue from operations increased from Rs 9.6524 crore in FY2023-24 to Rs 30.4686 crore in FY2024-25 and Rs 93.2149 crore in FY2025-26. Because revenue from the top 10 increased faster than total revenue over those periods, their share of revenue also increased.

The concentration extended beyond the leading customer. The top customer’s share rose from 1.29% in FY2023-24 to 11.95% in FY2024-25 and 13.61% in FY2025-26, while the top-five group’s share increased from 4.96% to 39.21% across the same three fiscal years.

Which revenue changes coincided with the higher concentration?

Infratx’s move towards business-to-business, or B2B, sales coincided with the increase in revenue from large customers. B2B sales rose from Rs 37.13 lakh, or 3.85% of revenue, in FY2023-24 to Rs 38.7003 crore, or 41.52%, in FY2025-26.

Business-to-consumer, or B2C, sales remained the larger channel in FY2025-26 at Rs 54.5145 crore, or 58.48% of revenue, but their share declined from 96.15% in FY2023-24. The reported sales mix therefore changed as B2B revenue increased by a greater amount than B2C revenue.

Solar-product sales generated Rs 38.7003 crore, or 41.52%, of FY2025-26 revenue, compared with Rs 37.13 lakh, or 3.85%, in FY2023-24. The products include solar photovoltaic modules, inverters and balance-of-system materials, a term covering components such as cables, distribution boxes, earthing equipment and mounting-related materials.

The customer-industry disclosure shows renewable-energy customers contributed Rs 42.6602 crore, or 45.77%, of FY2025-26 revenue, while residential customers contributed Rs 46.6485 crore, or 50.04%. In FY2023-24, residential customers represented 96.16% of revenue and renewable-energy customers represented 3.84%, showing the same change in the reported revenue mix.

Does Infratx’s dealer network limit customer dependency?

Infratx had 2,830 dealers and served more than 3,134 customers in FY2025-26, compared with 720 dealers and more than 670 customers in FY2023-24. The larger dealer and customer counts show wider market coverage, but the disclosed revenue data does not establish that revenue was evenly distributed across those customers.

Dealers identify prospective customers, coordinate project requirements and support execution of solar engineering, procurement and construction, or EPC, projects. EPC is a turnkey model covering design, procurement, installation, testing and commissioning; Infratx states that installations are undertaken mainly by dealers or third parties hired on a contractual basis.

Infratx had 52 permanent employees as of March 31, 2026, including 33 employees in sales and marketing and 11 engineers. The company also states that it has no long-term supply agreements with customers, making repeat orders and new customer additions relevant to the continuation of the FY2025-26 revenue pattern.

What could determine whether the concentration continues?

Infratx had an order book of 1,756 projects worth Rs 35.8272 crore as of May 31, 2026, of which Rs 2.9744 crore had been recognised as revenue by June 18, 2026. The disclosure does not identify the customer concentration within that order book, so it does not show whether future conversion will be spread across a wider buyer base.

The company’s stated growth plan includes expanding into new geographies and investing in manufacturing capabilities. Infratx proposes to use Rs 12.2933 crore of initial public offering proceeds for machinery and equipment for a proposed manufacturing facility for solar-panel recycling and silver extraction, solar roofing and mounting structures, and solar frames.

Supplier concentration moved in the opposite direction over the same period. Infratx’s top 10 suppliers accounted for Rs 49.097 crore, or 65.86%, of FY2025-26 purchases, compared with Rs 7.9898 crore, or 83.65%, in FY2023-24; the top supplier represented 21.09% of FY2025-26 purchases.

Infratx procures photovoltaic modules, inverters, mounting structures, cables, transformers and switchgear from domestic suppliers. The company identifies global supply-chain conditions, commodity prices for steel, aluminium and copper, and regulatory policies as factors that can affect material availability and pricing for its solar EPC and product-sales activities.

Conclusion

Infratx’s FY2025-26 growth was accompanied by a marked rise in customer concentration: the top 10 customers generated 47.02% of revenue, versus 7.92% in FY2023-24, and the top five generated 39.21%. The movement coincided with B2B sales reaching 41.52% of revenue and solar-product sales reaching Rs 38.7003 crore.

The next disclosed measure to watch is conversion of the Rs 35.8272 crore order book reported as of May 31, 2026, because its customer composition has not been provided. Infratx’s planned manufacturing investment may reduce reliance on third-party vendors, but the stated plan does not specify a customer-concentration target.