1. At a Glance – The Solar Kid With 309 Debtor Days
Market Cap: ₹131 Cr
Current Price: ₹106
Stock P/E: 28.5
Book Value: ₹72.1
ROCE: 21.8%
ROE: 15.6%
Debt: ₹11.9 Cr
Debt to Equity: 0.13
Return (1 year): -57.2%
Return (3 months): -9.16%
Taylormade Renewables just dropped a Q3 FY26 number that makes you sit up straight. Revenue at ₹15.06 Cr. PAT at ₹3.70 Cr. OPM at a chunky 29.22%. After the Q2 drama where sales reversal caused chaos, Q3 looks like the company finally found its calculator.
But wait.
Debtor days? 309.
Credit rating? Downgraded to ACUITE C on long-term facilities.
Promoter holding? Slowly sliding to 57.84%.
This is not a boring utility company. This is a renewable energy SME that builds solar thermal systems, wastewater treatment plants, and patented TRL-RAIN tech… while juggling working capital like a street magician in Manek Chowk.
Is this a turnaround story?
Is this a working capital trap?
Or is this a net-zero theme play stuck in receivables limbo?
Let’s open the books.
2. Introduction – Renewable Energy, But Make It SME
Taylormade Renewables isn’t building solar panels on rooftops like your neighborhood installer.
No.
They build parabolic concentrators. Solar steam systems. Wastewater evaporators. Distillation units. Zeo membrane treatment tech. Basically, they take sunlight and industrial wastewater and say, “Challenge accepted.”
They serve ISRO, Jindal Power, Asian Paints, Torrent Pharma, BHEL, Toyota Industries — which means they are not exactly selling to your local kirana store.
Yet the market has punished the stock brutally — down 57% in one year.
Why?
Because SME stocks don’t get second chances easily. Especially when:
- Receivables balloon
- Ratings get downgraded
- Warrants are proposed
- Promoter holding declines
But here’s the twist.
FY24 was a blockbuster year:
Revenue: ₹46.90 Cr
PAT: ₹10.61 Cr
PAT Margin: 22.62%
And then TTM numbers collapsed:
Sales down 42%
Profit down 71%
So what is Taylormade really? A structural growth story or a lumpy EPC roller coaster?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine if:
- Solar energy had a thermal MBA
- Wastewater had a spiritual awakening
- And EPC contracts married patents
That’s Taylormade.
They manufacture:
- Solar parabolic concentrators for steam generation
- Solar thermal applications
- TRL-RAIN water crisis tech
- Wastewater evaporator systems
- Zeo membrane treatment solutions
- Distilled water plants
They don’t just sell products. They design, supply, erect, commission, trial run, train staff, and hand over projects.
In short: EPC model.
Revenue Model:
Mostly supply of goods (FY22 almost entire revenue from supply of goods).
They also secure project-based orders:
Examples:
- ₹23.89 Cr hazardous wastewater order from SGL Resources
- ₹2.20 Cr export plant order
- ₹1.78 Cr Shree Chemo Pharma order
- ₹1.18 Cr AMI Organics order
Now ask yourself:
EPC businesses
