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Chamarti Sreekar

Stealth • 1d

SolarSquare’s Losses Surge Despite Revenue Growth in FY24 Rooftop solar provider SolarSquare saw a 63.5% YoY revenue growth in FY24, reaching ₹175 crore. However, its losses jumped 2.3X to ₹69 crore due to rising costs. Revenue from operations grew to ₹175 crore from ₹107 crore in FY23, while total expenses surged 65.94% to ₹229 crore. The company's EBITDA margin stood at -35.96%, and its ROCE was -112.85%. It held ₹60 crore in cash and bank balance. Material costs increased 52.27% to ₹134 crore, employee expenses more than doubled to ₹37 crore, and service revenue declined 33.33% to ₹2 crore. Backed by Elevation Capital, Lowercarbon Capital, and Good Capital, SolarSquare has raised $56 million to date. The PM Suryaghar scheme presents a major growth opportunity, but its high-cost structure remains a challenge against cost-conscious competitors like Tata Power. With strong market potential and industry-leading quality, SolarSquare is well-positioned but must optimize costs to scale effectively in FY25.

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