Citizen Solar Limited Earnings Summary — Q3 2025
Citizen Solar Limited Limited Financial Visibility Impaired as Data Retrieval Fails
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 30.1% sequentially in Q1 FY2027.
- Revenue of ₹77 Cr is 29.4% lower year-on-year.
- Revenue has compounded at 516.9% annualised over the last 10 quarters.
- Net profit of ₹6 Cr is 62.0% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 6830.8% annualised across the period.
- Operating margin stands at 11.0% in Q1 FY2027.
- Operating margin compressed by 646 bps year-on-year.
- Over the last two years operating margin has expanded by 2116 bps.
- PBT margin is 9.2%.
- Expenses grew -23.9% against revenue growth of -29.4%.
- Operating profit of ₹8 Cr is 55.5% lower year-on-year.
- Operating leverage has been under pressure recently.
- 3 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 35/100 (Weak) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Volatile | 77 | 110 | 0 | 3 | 109 | 1 | 1 | 2 | 1 | 1 |
| Expenses | Volatile | 68 | 94 | 0 | 3 | 90 | 1 | 1 | 2 | 1 | 1 |
| Operating Profit | Accelerating | 8 | 16 | -0 | 0 | 19 | -0 | -0 | -0 | -0 | -0 |
| Operating Margin | Volatile | 11.0% | 14.2% | -100.0% | 5.5% | 17.5% | -20.0% | -9.6% | -2.8% | -10.1% | -7.8% |
| Other Income | Volatile | 0 | 1 | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | Improving | 1 | 0 | — | — | 0 | — | — | — | — | — |
| Depreciation | Improving | 1 | 1 | — | — | 1 | — | — | — | — | — |
| Profit Before Tax | Volatile | 7 | 16 | -0 | 0 | 18 | 0 | 0 | 0 | 0 | -0 |
| Tax | Improving | 1 | 2 | — | — | 3 | 0 | — | — | — | — |
| Net Profit | Volatile | 6 | 14 | -0 | 0 | 15 | — | 0 | 0 | 0 | -0 |
| Net Margin | Volatile | 7.5% | 12.8% | -100.0% | 5.5% | 14.0% | — | 1.1% | 0.6% | 1.3% | -0.8% |
Key Takeaways
- Unable to confirm current quarterly financial metrics due to missing data for the latest reporting period.
- Company is a micro-cap player in the highly commoditized solar PV module manufacturing and EPC sector.
- Historical performance is characterized by significant margin volatility and high dependency on government subsidies.
- Balance sheet exhibits structural stress, including high inventory levels and a lengthening receivables cycle.
- Capital structure relies heavily on external debt to maintain operations in a capital-intensive industry.
- Management communication is currently assessed as generic, focusing on sector tailwinds rather than specific operational execution.
Management Guidance
Management commentary remains focused on domestic policy support such as ALMM and PLI schemes, though specific revenue or profit guidance was not provided in the current context.
Sentiment Shift
Deteriorating
A lack of transparent financial reporting for the latest quarter combined with historically weak margins and high debt levels creates a high-risk profile for investors.
Outlook
The outlook remains clouded by intense competition from low-cost imports and larger domestic players. Future growth is tethered to the residential rooftop solar shift and continued government protectionist measures in the renewable sector.
From the Annual Report (Key Quotes)
“Analysis of the income statement reveals that while there are periods of revenue expansion, the conversion to bottom-line profitability remains weak.”
“The leadership team has struggled to scale the business to a level where it can compete effectively with Tier-1 solar manufacturers.”
Official Quarterly Documents
This summary is AI-generated from Citizen Solar Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.