Taylormade Renewables Ltd (541228)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Taylormade Renewables' revenue was ₹1.9 Cr (-88.8% year on year, -91.2% on the previous quarter), and net profit ₹-1.6 Cr (a bigger loss than a year earlier); the operating margin was -28.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1.9 | -88.8% | -91.2% |
| Operating profit | ₹-0.5 | to loss | to loss |
| Net profit | ₹-1.6 | loss widened | to loss |
| EPS (₹) | -1.30 | loss widened | to loss |
| Operating margin | -28.7% | — | — |
📢 Recent Corporate Announcements
Taylormade Renewables has scheduled a Board of Directors meeting on October 19, 2026, to evaluate and approve fundraising options. The proposed modes include equity shares, convertible/non-convertible securities, warrants, or debt instruments via preferential issue, rights issue, or private placement. Trading window for insiders will remain closed through October 22, 2026. The quantum and dilution specifics remain undisclosed pending the board meeting.
- Board meeting scheduled for Monday, October 19, 2026
- Instruments to be considered include equity, warrants, convertible securities, or debt
- Potential issuance routes include preferential issue, private placement, or rights issue
- Trading window closed from October 15, 2026, till October 22, 2026
- Fundraise quantum and pricing not disclosed in the filing
Taylormade Renewables Ltd has issued its FY25-26 Annual Report and notice for its 16th AGM on September 30, 2026. The agenda includes the re-appointment of CMD Dharmendra Sharad Gor for a 5-year term starting September 8, 2026, and the re-appointment of Secretarial Auditors through March 2031. Balance sheet notes reveal inventory rose to Rs 6,130.07 lacs from Rs 2,256.67 lacs, while net current trade receivables stood at Rs 2,103.38 lacs after inter-company deductions. This follows FY26 revenue of Rs 54.85 Cr and net profit of Rs 1.48 Cr.
- 16th AGM scheduled for September 30, 2026, via Video Conferencing
- Re-appointment of Dharmendra Sharad Gor as Chairman & Managing Director for 5 years from September 08, 2026
- Inventories increased to Rs 6,130.07 lacs as of March 31, 2026, compared to Rs 2,256.67 lacs in the previous year
- Net trade receivables reported at Rs 2,103.38 lacs after Rs 95.60 lacs provision and Rs 1,534.50 lacs subsidiary transaction adjustments
Taylormade Renewables Limited released a qualitative business update alongside its Q1 FY27 results, highlighting a strategic shift toward Build-Own-Operate (BOO) assets. The company noted lower revenue recognition during the quarter due to an emphasis on project preparation, upfront procurement, and asset construction. Crucially, management disclosed operational issues and identified 'irregularities' at its 51%-owned subsidiary, Taylormade Enviro Private Limited (TEPL), which are currently being examined through internal and legal processes. Inventory levels increased as materials and components were pre-procured for ongoing plant installations.
- Q1 FY27 results ended June 30, 2026 reflected lower project revenue recognition due to early-stage BOO asset development.
- Internal and legal examination initiated regarding identified irregularities and management issues at subsidiary TEPL.
- Higher closing inventory reported to support ongoing plant construction and long-term operating contracts.
- Parent company acquired a 51% stake in TEPL (which generated Rs 3.99 Cr turnover in FY25) now facing operational restructuring.
Taylormade Renewables reported a sharp deterioration in Q1 FY27 financial performance, with consolidated revenue from operations plunging 88.8% YoY to Rs 1.88 Cr (Rs 187.97 Lacs) compared to Rs 16.75 Cr in Q1 FY26. Consolidated net loss expanded to Rs 1.61 Cr against a loss of Rs 0.71 Cr in the corresponding prior-year quarter and a profit of Rs 3.38 Cr in Q4 FY26. Standalone revenue was particularly weak at just Rs 0.85 Cr. Additionally, the company reported receiving Rs 3.08 Cr (25% upfront application money) from the preferential allotment of 10,00,000 convertible warrants aimed at commercializing its patented sugar technology.
- Consolidated revenue from operations fell 88.8% YoY to Rs 1.88 Cr (Rs 187.97 Lacs) from Rs 16.75 Cr in Q1 FY26
- Consolidated net loss stood at Rs 1.61 Cr (Rs 161.32 Lacs), down from a net profit of Rs 3.38 Cr in Q4 FY26
- Standalone quarterly revenue fell to Rs 0.85 Cr (Rs 85.24 Lacs) vs Rs 16.38 Cr in Q1 FY26
- Raised Rs 3.08 Cr upfront (25% of Rs 123.51 per warrant) on 10,00,000 warrants for commercializing patented sugar manufacturing technology
Taylormade Renewables has scheduled a board meeting for August 14, 2026, to approve un-audited financial results for the quarter ended June 30, 2026. The company is seeking stability after a volatile FY26, where annual revenue fell 53% to Rs 33.44 Cr from Rs 71.07 Cr in FY25. Investors will be looking for a continuation of the recovery seen in the March 2026 quarter, which reported a PAT of Rs 3.37 Cr. The trading window for designated persons has been closed since June 29, 2026.
- Board meeting scheduled for August 14, 2026, to review Q1 FY27 performance.
- Trading window closure initiated on June 29, 2026, per SEBI regulations.
- Company reported a significant revenue decline of 52.9% in FY26 compared to FY25.
- Recent March 2026 quarter showed recovery with revenue of Rs 11.45 Cr and EPS of Rs 2.72.
- Current market capitalization stands at Rs 96 Cr with a P/E ratio of 57.0.
Taylormade Renewables Ltd has issued a clarification to the BSE regarding recent significant movements in its share price. The management stated that there is no undisclosed price-sensitive information or impending corporate developments that could influence the stock's volume or price. The company attributes the fluctuations to external market conditions and remains compliant with SEBI disclosure regulations. This comes against a backdrop of a 65.3% price decline over the past 12 months and a sharp drop in annual revenue from ₹71.07 Cr in FY25 to ₹33.44 Cr in FY26.
- Management confirmed 0 undisclosed price-sensitive information or impending announcements as of August 11, 2026.
- The stock has witnessed a -65.3% price return over the last 12 months, significantly underperforming.
- Annual revenue for FY26 stood at ₹33.44 Cr, a 52.9% decrease from ₹71.07 Cr in FY25.
- The company's current market capitalization is approximately ₹96 Cr with a high P/E ratio of 57.0.
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 51.51% YoY from INR 46.94 Cr in FY24 to INR 71.12 Cr in FY25. Consolidated revenue reached INR 71.19 Cr, a 51.66% increase YoY, driven by scaling in solar thermal energy and wastewater treatment verticals.
Geographic Revenue Split
Not disclosed in available documents, though the company operates primarily from Gujarat and has projects in Andhra Pradesh and Uttarakhand (IIT Roorkee).
Profitability Margins
Net Profit Ratio declined from 23% in FY24 to 17% in FY25. Standalone PAT grew 11.33% to INR 12.23 Cr, while Consolidated PAT grew 12.03% to INR 12.31 Cr. Margins were pressured by a 75% increase in total expenses during 9MFY25.
EBITDA Margin
EBITDA margin was 34.33% in FY24 but faced a significant decline in 9MFY25 due to a sharp rise in raw material costs and higher operating expenses.
Capital Expenditure
The company invested in the acquisition of a 51% stake in Taylormade Enviro Private Limited (TEPL) and is funding the expansion of its Build-Own-Operate (BOO) model, though specific total CAPEX in INR Cr for FY25 is not explicitly aggregated.
Credit Rating & Borrowing
The credit rating is flagged as 'Issuer Not-Cooperating' and was recently downgraded by Acuité due to EBITDA decline and liquidity concerns. Total debt stood at INR 7.05 Cr in FY24 with a modest gearing of 0.11 times.
Operational Drivers
Raw Materials
Steel, copper, solar glass, specialized membranes, and instrumentation components. Raw material costs saw a sharp rise in 9MFY25, contributing to margin contraction.
Import Sources
International markets for specialized membranes and instrumentation; domestic sourcing for steel and copper.
Capacity Expansion
Capacity has been increasing since FY22 to meet demand for Net Zero emission solutions. Planned expansion includes establishing multiple water treatment plants under the BOO model over the next five years.
Raw Material Costs
Raw material costs increased significantly in 9MFY25. The company manages these costs through strategic vendor tie-ups and localized backward integration to mitigate the impact of commodity price volatility.
Manufacturing Efficiency
Inventory turnover ratio improved significantly to 9.81 in FY25 from -37.61 in FY24, indicating better movement of stock despite the technical nature of the inventory.
Strategic Growth
Expected Growth Rate
51.66%
Growth Strategy
Growth is targeted through the Build-Own-Operate (BOO) model to generate recurring annuity-based revenue, expansion into diverse water industry verticals (distilleries, chemicals, food processing), and the acquisition of Taylormade Enviro Private Limited to bolster wastewater treatment capabilities.
Products & Services
Solar thermal parabolic concentrators, Zero Liquid Discharge (ZLD) systems, wastewater treatment plants, bio-mass cook stoves, and comprehensive operational and maintenance contracts (COMC).
Brand Portfolio
TRL RAIN™, TRL Zeo-Membrane™, and TRL RAIN ULTRA™.
New Products/Services
Advanced wastewater treatment and integrated infrastructure solutions under the BOO model are expected to be primary revenue drivers.
Market Expansion
Expansion into the Common Effluent Treatment Plant (CETP) sector in Gujarat and international export markets through pilot programs.
Strategic Alliances
Collaboration with national research institutions like Bhabha Atomic Research Centre (BARC) for technology co-development.
External Factors
Industry Trends
The industry is shifting toward mandatory Net Zero emissions and Zero Liquid Discharge (ZLD). TRL is positioning itself as a leader in circular economy technologies to capitalize on this regulatory momentum.
Competitive Landscape
Faces intense competition from multinational clean-tech players and unorganized local players in the fragmented water treatment sector.
Competitive Moat
Durable moat through patented technologies (TRL RAIN™) and long-term (20-year) service contracts which create high switching costs and recurring revenue.
Macro Economic Sensitivity
Highly sensitive to government policies on renewable energy and environmental clearance (CPCB/MNRE norms).
Consumer Behavior
Industrial shift toward sustainable water reuse and energy efficiency driven by constitutional water rights and environmental duties.
Geopolitical Risks
Trade barriers or supply chain disruptions for specialized solar and water treatment components sourced internationally.
Regulatory & Governance
Industry Regulations
Operations are governed by MNRE solar technology compliance and water discharge norms. Changes in these regulations can mandate costly redesigns of solution architectures.
Environmental Compliance
TRL aligns with CPCB and GPCB norms; its core business is providing environmental compliance solutions (ZLD) to other industries.
Taxation Policy Impact
Standalone tax liability was INR 4.61 Cr in FY24. The company recently adopted Indian Accounting Standards (Ind AS).
Legal Contingencies
The company has significant outstanding payables to MSME creditors, some of which are disputed; however, formal disclosures on the case values in INR were not provided to auditors.
Risk Analysis
Key Uncertainties
Audit qualifications regarding technical inventory valuation and lack of debtor confirmations (Note 4) pose risks to financial reliability. Potential impact of unconfirmed debtors could be significant given receivables exceed revenue.
Geographic Concentration Risk
Heavy concentration in India, specifically Gujarat and Andhra Pradesh.
Third Party Dependencies
Dependency on technical certification by management for inventory valuation due to the highly specialized nature of components.
Technology Obsolescence Risk
High risk in the membrane and solar concentrator space; mitigated by continuous innovation and modular design for easy upgrades.
Credit & Counterparty Risk
High credit risk with debtor days at 232 (FY24). Liquidity is strained as trade receivables exceed annual revenue, primarily due to delays in a major state-level water project.
