Results · Climate, Energy & Sustainability

SolarSquare reports Rs 69 crore loss in FY24

By Startup Enthusiast · 21 February 2025

What they do

SolarSquare designs, installs, and finances rooftop solar systems for homes and businesses

In FY24, revenue rose 63.5% to Rs 175 crore but losses surged 2.3 times to Rs 69 crore

The company spent Rs 1.31 to earn every Re 1, with negative EBITDA margin of 35.96%

SolarSquare reported its financial results for the fiscal year ending March 2024 (FY24).
Revenue from operations grew 63.5% to Rs 175 crore from Rs 107 crore in FY23.
Total income, including interest and gains, was Rs 178 crore in FY24.
Product sales revenue was Rs 173 crore, up 66.35% year-on-year.
Services revenue fell 33.33% to just Rs 2 crore.
Total expenses rose 65.94% to Rs 229 crore, outpacing revenue growth.
The company posted a net loss of Rs 69 crore, 2.3 times the loss in FY23.
Its EBITDA margin was -35.96% and return on capital employed (ROCE) was -112.85%.

The government's PM Suryaghar scheme offers up to 40% subsidies on rooftop solar, creating a large market opportunity.
SolarSquare's high cost structure makes it the priciest installer in a value-conscious market, leading to higher losses than peers.
The company expects improved performance in FY25 given its leading position in PM Suryaghar installations.

SolarSquare designs, installs, and finances rooftop solar systems for homes, housing societies, and commercial establishments.
It is the largest firm focused on the home segment by installations.
Material costs were Rs 134 crore in FY24, employee expenses Rs 37 crore, and other operational overheads Rs 50 crore.
The company spent Rs 1.31 to earn every Re 1 of revenue in FY24.

The company expects improved performance in FY25 given its leading position in PM Suryaghar installations.

Product: End-to-end rooftop solar solutions including consultation, installation, financing, monitoring and after-sales support
Customers: Residential homeowners seeking to install rooftop solar systems
How it makes money: B2C solar solutions provider with financing options and recurring monitoring revenue
What sets it apart: Installed systems in 50,000+ homes across 29 cities with technology platform and financing partnerships

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