Ajit Fernandes

Telecom professional and a staunch sports person

[Amrendra Bahubali 🇮🇳 @TheBahubali_IND]

दुनिया के इतिहास में पहली बा���...
विदेशी धरती पर उतरे भारतीय हथियार

आर्मेनिया ने मिलिट्री परेड में भारतीय अस्त्र शस्त्र उतरे

भारत माता की जय 🇮🇳

[Ajit Fernandes @ajitf]

#oriana

[RajStockWatch @RajStockWatch]

ASKED AI to analyze ☀️ORIANA RESULTS and find out whether there is unbilled work with money locked in. "Management had guided for Rs.2000 to 2200Cr revenue. But ended up with Rs.1841 for the year. Could there be unbilled work in progress? Is there money locked in the balance sheet which will get billed potentially in next Results? How much? Do a thorough analyses. Also do note there is large positive operating cashflow. What does that indicate, even when topline is growing fast?"

AI ANALYSIS: Hope this helps

Here is a thorough analysis of Oriana Power Limited's audited FY26 financial results based on the attached report to address your questions about unbilled work in progress, balance sheet asset lockups, potential future H2 billing, and the nature of the company’s operating cash flow.

1. Could there be unbilled work in progress? Is the money locked in the balance sheet?

Yes, absolutely. In Engineering, Procurement, and Construction (EPC) and large-scale renewable energy infrastructure contracts, revenue is recognized over time based on milestones or percentage of completion. If significant work is performed but the contractual billing milestone has not been formally reached, it cannot be billed or recorded as regular "Trade Receivables". Instead, it sits on the Balance Sheet as "Other Current Assets" (which contains Unbilled Revenue/Unbilled WIP) or "Inventories" (Work-in-Progress).

Looking closely at Oriana's Consolidated Balance Sheet as of March 31, 2026, we see massive spikes in these specific line items:

Other Current Assets: Exploded from ₹29,186.57 Lakhs (₹291.86 Cr) in FY25 to ₹67,272.06 Lakhs (₹672.72 Cr) in FY26. This is an absolute increase of ₹38,085.49 Lakhs (~₹380.85 Cr) locked up over the fiscal year. This is the primary bucket where unbilled revenue/WIP typically resides for EPC contractors under standard accounting principles.

Inventories: Increased from ₹2,245.45 Lakhs (₹22.45 Cr) to ₹4,117.48 Lakhs (₹41.17 Cr), representing another ₹18.72 Cr increase.

Short-Term Loans & Advances: Jumped heavily from ₹9,220.83 Lakhs (₹92.20 Cr) to ₹36,218.86 Lakhs (₹362.19 Cr), representing an increase of ₹269.98 Cr.

This usually signifies mobilization advances paid to vendors or suppliers for equipment sourcing (solar modules, inverters, structures) for ongoing projects that haven't hit final commissioning/billing stages yet.

Conclusion: The shortfall between the management's guidance (₹2,000–2,200 Cr) and the actual reported performance (₹1,841.01 Cr total income / ₹1,813.67 Cr revenue from operations) is exactly ~₹160 to ₹360 Cr.

The ₹380.85 Cr absolute increase in Other Current Assets combined with the heavy vendor advances is clear accounting proof that substantial execution has happened on the ground, but the money is temporarily locked in the balance sheet because it hasn't translated into formal billings yet.

2. Will this get billed potentially in the next results? How much?

Because this is an infrastructure-heavy business, execution cycle billing usually trails execution.
What will unlock? The bulk of the ₹672.72 Cr sitting in Other Current Assets represents work already executed but unbilled. As contractual milestones are passed, this entire amount will be progressively converted into formal trade invoices.

When will it be billed? While you asked about next results, in reality, a significant portion of this unbilled asset typically converts much faster—throughout H1 of FY27. Because solar EPC projects generally have gestation periods of 6 to 12 months, work pending milestones at the end of March (Q4 FY26) is highly likely to cross those milestone thresholds and be billed in Q1 or Q2 of FY27 (H1).

How much? Conservatively, assuming a standard trailing cycle, roughly ₹300 Cr to ₹400 Cr of the currently locked-up assets in the balance sheet represents the direct "revenue rollover gap" from FY26 that should directly boost the early FY27 billing numbers.

3. Analysis of the Large Positive Operating Cash Flow

You rightly pointed out that there is a large positive operating cash flow. Let's review the precise numbers from the statement:

Net Cash From Operating Activities: ₹33,703.54 Lakhs (~₹337.04 Cr) for the year ended March 31, 2026 (up from ₹250.89 Cr in FY25).

For a high-growth EPC player, finding an operating cash flow statement that is strongly positive while the top-line is doubling is highly unusual and structurally impressive. Normally, fast growth sucks out all operational liquidity into receivables and working capital gaps.

What does this indicate? Analyzing the mechanics: Looking at the Cash Flow Statement movements, this positive generation is driven by a massive strategic liability lever:

High Operating Profitability: The company brought in a robust Profit Before Tax (PBT) of ₹34,665.92 Lakhs (~₹346.66 Cr), up from ₹212.37 Cr. This provided a strong initial baseline cash generation before working capital adjustments.

The Secret Sauce - "Other Current Liabilities": In the working capital movements, there is an immense positive inflow of ₹69,058.73 Lakhs (~₹690.59 Cr) from the line item "Increase/(Decrease) in Other Current Liabilities". On the liability balance sheet, Other Current Liabilities surged from ₹32,896.35 Lakhs to ₹1,01,955.08 Lakhs.

What does this signify?

In EPC accounting, a giant spike in Other Current Liabilities usually implies "Advances from Customers" or "Billing in excess of contract costs" (deferred revenue). This means Oriana has successfully structured its client contracts to collect massive upfront mobilization advances or milestone payments before they completely recognized the revenue for it.

The Balancing Act: This massive cash inflow from customer advances (~₹690 Cr) completely funded the working capital outflows of increasing Trade Receivables (-₹276.99 Cr), Short-Term Advances (-₹269.98 Cr), and Other Current Assets (-₹122.00 Cr inside the cash flow movement layout).
Final Summary Takeaway

The Revenue Miss: The target gap was not an execution failure or loss of business; it is a structural reporting delay. The work is physically done or ongoing, validated by the massive pileup of unbilled work in Other Current Assets (₹672.72 Cr).

Financial Health: The ₹337 Cr positive operating cash flow indicates that Oriana possesses high negative working capital advantages or possesses massive negotiating leverage with its customers. They are utilizing customer milestones and advance cash to self-fund their breakout growth instead of straining their operational liquidity or diluting equity heavily to keep up with the execution pace. Structurally, the financial architecture looks exceptionally resilient for a scaling utility player.

[Santhi Swaroop Godavari @TheeHungryNomad]

Oriana Power

Let's move on from the results. They are great and not-so-great at the same time. Let's address the elephant in the room- The Actis deal.

(The 2 images attached are from the investor ppt and the Actis deal disclosure, both released after the H2 earnings release.)

The deal got delayed due to regulatory delays caused by "external circumstances beyond the company's control". They also said the transaction will mostly happen in Q1 fy27. Another disclosure released a few hours ago complements this claim. (Read the next image). The solar assets having an enterprise value of 954cr will be sold to Actis LLP. Due to this, We might see ~250cr INR go into Oriana's PBT and cashflows. This will destress the balance sheet significantly. This will also unlock significant topline increase as Oriana will be the EPS partner for Actis' in its goal to produce 1GW of solar energy, potentially creating ~4000cr revenue in the next 2 years.

One more thing that impressed me is the fact that the management accepted that there was a deviation between the guidance and the reported numbers and addressed it. They could've not talked about it like many companies do, but they accepted it. 👍

[Ajit Fernandes @ajitf]

Looks irresistible at current valuations
#anondita . Great story building

[STR @sachprat07]

#ANONDITA #SME #AnonditaMedicare

Anondita Medicare Limited H2 FY26 Concall Highlights

👉 FY27 & Future Outlook:

▫️Aggressive scaling in female condoms (latex & non-latex) is the primary growth driver.
💠Trial production on patented in-house fabricated machines is complete; capacity to ramp from current 5 million pieces to 120 million latex + 120 million non-latex in FY27.
💠Priority being ~60–70% revenue growth by FY27

💠Even at 25% order capture (limited global competition — mainly FC2 and Cupid), this segment alone is projected to deliver ~₹330 Cr revenue and ~₹150 Cr profit in FY27
💠Backed by high in-house margins from backward-integrated packaging, foil lamination, and raw material processing.

▫️Male condom capacity expanded to 806 million pieces annually (from 562 million).
💠Initial utilisation of new capacity expected at ~75%, driving overall revenue to ₹250–500 Cr range in FY27.

💠Longer-term target: ₹1,000 Cr within 2–3 years, supported by international certifications and own-brand expansion.

▫️Domestic business (GoI Nirodh single-rate contract + Cobra brand) expected to grow 5–10%.
💠Major incremental revenue from exports, especially South Africa (target 250 million pieces in FY27 under 5-year, 1 billion pieces/annum tender).

💠Margins expected to expand further due to in-house machine fabrication, eco-friendly non-electric heating, raw material optimisation, and higher own-brand/export mix; targeting ~30% EBITDA.

👉 Current Order Book / Projects and Future Pipeline:

▫️GoI/Nirodh business: Single-rate contract secured; company remains sole/L1 supplier.
💠Previous year’s order book base (~₹137 Cr) intact with 5–10% uplift expected.

▫️Cobra brand: Launched in 8+ states (Rajasthan, Maharashtra, Karnataka, UP, Assam, Bihar, Jharkhand, West Bengal, Odisha etc.) with 4,569+ retailers, 195 distributors, and field force.
💠Further state-wise penetration underway.

▫️South Africa: Certification achieved; 5-year government approval secured.
💠Purchase orders expected shortly for meaningful FY27 volumes.

▫️ Registrations secured in 15 countries. Initial orders received from Kenya, Uzbekistan, Africa, and Brazil on Cobra brand. MDSAP certification opens Brazil, South Africa, Canada, US, and Australia.

▫️Female condom breakthrough: Claims to be World’s first company to register both latex and non-latex female condoms in Brazil (uploaded on government portal).
💠Clinical trials successful; product registered in India.

▫️UN/WHO certification: Application advanced; early hearing secured in Geneva (16–17 June 2026).
💠UN inspection anticipated by July 2026, expected to unlock large global tenders.

▫️Capex & capacity projects: D2/D3 expansion completed in FY26; additional machines under WIP will add male + female capacity during FY27.
💠All machines fabricated in-house for faster, lower-cost rollout.

👉 Other Notable Points:

▫️FY26 performance (Consolidated): H2 FY26 PAT margin expanded to 25.54% (+256 bps YoY).
💠Condoms contributed ~₹118 Cr; balance from gloves and other sexual wellness products.

▫️Working capital & cash flow:
💠Q4 seasonality and government receivables (120+ days) impacted operating cash flow.
💠Management expects significant improvement via higher exports (advances/LCs), better margins, and government incentives.

💠Focus on shifting incremental capacity to exports for faster realisation and higher margins.

▫️Capex & expenses:
💠Significant capacity addition in FY26 (PPE + CWIP).
💠Depreciation impact limited as major additions came towards year-end.
💠Other expenses rose due to new facilities (rent), certifications, IPO costs, advertising, and travel — largely strategic/one-time in nature.

▫️Product & brand strategy:
💠Own-brand (Cobra) mix ~58% in FY26 with superior margins vs. government business (~42%).
💠New variants (spiral, non-latex male, flavoured/textured) and improved packaging planned to strengthen market position.
💠All products ISO 4074/WHO compliant.

[Ajit Fernandes @ajitf]

@TelanganaMaata @grok is it true?

[STR @sachprat07]

#SME #AlpexSolar #Alpex

Alpex Solar Q4 & FY26 Earnings Call Highlights

👉 FY27 & Future Outlook
▫️ FY27 revenue expected to exceed ₹3,000 Cr, with upside from the 2.2 GW G12R TOPCon cell line commencing commercial production within the next 90 days (by ~August 2026).
💠Management is confident on surpassing guidance meaningfully due to strong execution and cell integration.
💠 Module capacity ramping to 3.6 GW by FY27 (from current 2.4 GW); further expansion to 5–5.5 GW possible with latest technology post-FY28 as utilization tightens by H2 FY28

▫️Cell line (2.2 GW): 80–85% captive use for modules, 15–20% sold/bartered for size compatibility (G12R focus)
💠Peers achieve 35–36% EBITDA on cells — company expects similar, targeting conservative company-wide EBITDA of ~25%+ (PAT >16% on cells) post-integration.

▫️Long-term vision: ₹10,000 Cr revenue by FY2030 through full backward integration.
💠 5 GW solar glass + 5 GW ingot/wafer by FY2030 (phased); pilot 200 MW ingot/wafer by April 2027, scaling to 2.5 GW by June 2028 (timed with ALMM List 3).
💠Aluminum frames expanding 2–3x via internal accruals

▫️ Policy-driven decoupling: ALMM List 2 (cells) from June 2026 and List 3 (wafers/ingots) from 2028 provide tailwinds; full vertical integration (modules + cells + frames + glass + wafers/ingots) positions Alpex as a resilient, high-margin player insulated from Chinese imports and price volatility.

👉 Current Order Book / Projects and Future Pipeline
▫️ Order book of ~₹1,900 Cr; management selectively not booking more orders to prioritize cell line ramp and higher-margin opportunities.
💠 Recent wins: ₹215 Cr high-efficiency module order (Jan 2026, 6-month execution) + ₹41 Cr solar water pumps order from MSEDCL (April 2026).
💠 DCR vs non-DCR mix: Operating in both markets; Q4 saw higher DCR execution (reflected in portal data), with prices expected to strengthen further post-ALMM List 2 implementation in June 2026

▫️ Pipeline remains strong due to domestic demand, government thrust on Aatmanirbhar solar manufacturing, and captive/utility-scale projects.
▫️Cell line will significantly boost order book and execution in FY27.
💠 Kosi integrated campus (9 lakh sq ft) on track — houses cell + module lines + aluminum frames; additional land parcels (incl. 21 acres in Madhya Pradesh) earmarked for future growth.
💠SAP rollout enhances real-time visibility across procurement, inventory, and distribution.

👉 Other Notable Points
▫️FY26 performance:
💠Margins expanded significantly over 4 years despite temporary Q3–Q4 pressures (glass/raw material shortages due to geopolitics + freight spikes).
💠Large inventory (₹316 Cr) provided buffer.

▫️Backward integration momentum:
💠Aluminum frames already in-house; cell plant combines two phases into one for faster commercialization.
💠Future glass/wafer/ingot plants will drive further margin uplift and supply chain security

▫️ Operational strengths: 20+ years experience, 7 manufacturing units (mostly Uttar Pradesh-focused for cluster advantages), 26K+ solar pumps installed, marquee clientele (PSUs + corporates like Tata, NTPC, Luminous, etc.), and global ranking (26 worldwide PV manufacturer, 8 in India).

▫️Exports:
💠Minimal focus currently (domestic demand more rewarding); US/EU experimental only due to duties — future wafer/ingot capacity may open export doors.
💠Shipping freight volatility noted but manageable

▫️Other:
💠Mainboard migration targeted post-Feb 2027 eligibility
💠BESS under evaluation (contingent on domestic cell policy)
💠Perovskite remains experimental/R&D — not near-term focus (TOPCon + future tandem roadmap preferred).
💠Management emphasizes under-promise/over-deliver culture, technology evolution, and that only serious integrated players will thrive amid industry consolidation.

▫️ Balance sheet and execution:
💠Prudent capex funding (internal accruals for initial phases), and emphasis on quality, automation, and training for stable high-efficiency output (up to 25.5%+ cells).

[Ajit Fernandes @ajitf]

@GuruShareMarket @grok Can u verify Trump😄😄🍌🍌

[Ajit Fernandes @ajitf]

True that

[Pavan Polineni @polinenipavan]

@ValueWithPrem 30s married guy tracking spending: noticed ₹8K/mo on 'maintaining relationships' (lunches, gifts, calls) dropped to ₹800 post-marriage. Not intentional — just math of time allocation shifting to mortgage, kid prep, career push.

[Ajit Fernandes @ajitf]

@IS_Netwrk29 he may join other IPL team provided anyone wants him

[Ajit Fernandes @ajitf]

Proud of 🇮🇳 #drdo #barc #indigenous

[Malay Krishna @Malay4Product]

This is one of the biggest engineering wins India has had in years, and it deserves so much appreciation!

What got tested today isn't just any missile. It's a missile that can carry many nuclear warheads at once, with each warhead going to a different target hundreds of kilometres apart. On top of that, the warhead doesn't fall in a normal arc that enemy defence systems can predict.

It glides at over five times the speed of sound and changes direction mid-flight, which makes it almost impossible to shoot down with anything any country has today.

Putting all three things into one missile, MIRV, hypersonic glide, and 5,000 plus km range, is incredibly hard. The only countries in the world that have done this are the US, Russia, China, and now India. That's it.

The story behind it is the part that should make every Indian proud.

This whole journey started in 1983 under Dr APJ Abdul Kalam at DRDO. Five missiles to be built, all indigenous, with names you'll recognise. Prithvi, Agni, Trishul, Nag, Akash.

The West had blocked us from buying any of this technology. We had to figure out everything ourselves. The materials. The on-board computers. The fuel. The guidance. The warhead miniaturisation. Every part of this is a separate hard problem, and DRDO labs along with ISRO, BARC and dozens of partners cracked them one by one over four decades.

Forty-three years from a small missile programme to a missile that puts India in the same club as the US, Russia and China. Done under sanctions, on a fraction of their budgets, with no foreign help. There aren't many engineering stories in the world that look like this. :)

The bigger point is what this means for India's safety.

With this missile, no enemy can wipe out India's nuclear weapons in a surprise attack, because the launchers can move anywhere, each missile carries many warheads, and the warheads can't be shot down.

Hats off to DRDO, the Strategic Forces Command, and every engineer who has spent decades quietly building this capability for India.

And a quiet thank you to Dr Kalam, whose dream in 1983 has finally taken this shape. 🇮🇳

[TrueRE - Oriana Power Limited @TrueRE_Oriana]

Our Founder, MD & CEO, Mr. Rupal Gupta will be speaking on ‘New Energy Partnerships in a Volatile World’ at CII’s Annual Business Summit 2026, discussing resilient and future-ready energy ecosystems for India’s growth and #sustainability ambitions. #NewEnergy #EnergyTransition

[Ajit Fernandes @ajitf]

@Megatron_ron @grok pl verify

[Ajit Fernandes @ajitf]

@Singh_S_01 @ARanganathan72 https://t.co/mtLLudU4hA

Another shocker by the Government and I am surprised @ARanganathan72 is supporting rather than questioning . No doubt there may be certain advantages but at what cost. Found this video useful, hence sharing 🇮🇳 🫡

[Ajit Fernandes @ajitf]

@ManishPaswan91 @NewsAlgebraIND @BJP4India @BJP4Bengal @myogiadityanath @himantabiswa @AmitShah Just like they chose Samrat चौधरी 😎in #bihar?
Benagalis are an educated lot, hope wisdom prevails here at least. Yes , all here subject to they winning

[Ajit Fernandes @ajitf]

#Solex

[NDTV Profit @NDTVProfitIndia]

Solex Energy's Chetan Shah discusses the company's performance and outlook in conversation with @soumeet_sarkar and Varsha Chandnani.

[Ajit Fernandes @ajitf]

@dilip2904 @Upadhya23 Actually.. Great show @Upadhya23 🫡

[Ajit Fernandes @ajitf]

#rrpelectronics #bel #mou

[Bharat Electronics Limited (BEL) @BEL_CorpCom]

BEL has signed an MoU with RRP Electronics Limited and RRP Defense Limited, part of the RRP Group, to jointly pursue business opportunities in the domains of Semiconductors, Electro-Optics, Unmanned Systems and other advanced Defence technologies.
@DefProdnIndia @SpokespersonMoD

[Ajit Fernandes @ajitf]

#rrpelectronics #bel #mou

[Bharat Electronics Limited (BEL) @BEL_CorpCom]

The MoU was exchanged between Ms Niti Pandit, GM (SP), BEL, and Mr Rajendra Chodankar (Founder & Chairman - RRP group of Companies), in the presence of Mr Manoj Jain, CMD, BEL, Mr Nandha Kumar TD, GM (PDIC), Mrs Rekha Shastry, GM (Unmanned Sys) and Mr Dhirendra N Pandey, GM (MC).

[Dr G Satheesh Reddy @g_satheeshreddy]

My visit today to RRP Electronics Ltd gave an insight into the excellent work being done. From state-of-the-art OSAT/ATMP semiconductor packaging to high-speed platforms like VINASHAK and ADVAITD, it is encouraging to see the innovation being driven by industry.

The progress in electro-optical systems and the initiatives for the semiconductor sector in Andhra Pradesh are significant steps toward strengthening our national security and technological sovereignty. By focusing on first-of-kind technologies and global standards, our young engineers and MSMEs are transforming India into a global defence export hub. Best wishes to the entire team for their contribution to a self-reliant and #ViksitBharat. 🇮🇳

#SemiconIndia #AtmanirbharBharat #DefenceInnovation #MakeInIndia #RRP #Semiconductors

[Ajit Fernandes @ajitf]

#sunitatools has signed a strategic MoU with a US-based company to facilitate bidding on defense contracts, particularly for 155mm M107 artillery shells in the North American market.

#155mm #makeinindia #Defence

https://t.co/sOVDiPRxf2