Global Solar Sector Analysis

SUMMER INTERNSHIP PROJECT REPORT ON
Global Solar Sector Analysis
Anmol Garg
09-Jun-16
10
PGDM Finance
Under the guidance of
Prof Harnesh Makhija
K. J. Somaiya Institute of Management Studies and Research
Global Solar Sector Analysis
By
Anmol Garg
10
Under Guidance of
Mr Jaisukh Chhajer
Prof Harnesh Makhija

Asst.Professor
Team Manager
Credit Risk
L&T Infra Finance
K. J. Somaiya Institute of Management Studies and Research
DECLARATION
I hereby declare, to the best of my knowledge and ability that my work on the Summer Internship
Project title Global Solar Sector Analysis is a genuine research work undertaken by me. It has not been
published anywhere earlier and is prepared after completion of the Summer Internship Program with
L&T Infrastructure Finance Company Limited.
Anmol Garg
10
Acknowledgement
I am very much thankful to my mentor Mr Jaisukh Chhajer, Team Manager, L&T Infra
Finance for his valuable guidance and encouragement at various stages of the project in spite of
his busy schedule.
I would like to thank Mr Sanjeev Mishra, for the help and support that he offered me to
understand the sector.
Last but not the least, my sincere thanks to my faculty guide Mr Harnesh Makhija,SIMSR
Mumbai for his continuous guidance and support in the execution of the project.
Date: June 09, 2016
Sub: Internship Completion Certificate
We are pleased to announce that Anmol Garg, student of K. J. Somaiya Institute of Management Studies and
Research, Mumbai has successfully completed internship with L&T Infrastructure Fin Co Ltd in Wholesale
Business at Mumbai. His internship with us started on 11th April 16 and was completed on 10th June 16.
We confirm that he has submitted a detailed project report on the same and has presented his thoughts and
recommendations to the team. During the period of his internship program with us he was found punctual and
hardworking.
We hope that he had an enriching experience with us.
For L&T Infrastructure Fin Co Ltd
Shirley Gonsalves
Sr. Manager - Human Resources
Contents
Executive Summary....................................................................................................................................... 6
Introduction .................................................................................................................................................. 8
Global Market ............................................................................................................................................... 9
Market Overview ........................................................................................................................................ 11
Global Solar PV Market Segmentation by Technology ........................................................................... 12
Market Segmentation by End-user ......................................................................................................... 13
Company Analysis ....................................................................................................................................... 16
Trina Solar ................................................................................................................................................... 16
Key Financial Parameters .................................................................................................................... 19
Canadian Solar ............................................................................................................................................ 20
Jinko Solar ................................................................................................................................................... 24
JA Solar ........................................................................................................................................................ 29
First Solar .................................................................................................................................................... 33
Combined Analysis ...................................................................................................................................... 37
Conclusion ................................................................................................................................................... 42
State Discoms .............................................................................................................................................. 44
Maharashtra............................................................................................................................................ 44
Tamil Nadu .............................................................................................................................................. 46
Andhra Pradesh....................................................................................................................................... 47
Rajasthan................................................................................................................................................. 48
Madhya Pradesh ..................................................................................................................................... 49
Gujarat .................................................................................................................................................... 50
Punjab ..................................................................................................................................................... 51
Odisha ..................................................................................................................................................... 52
References .................................................................................................................................................. 53
Executive Summary
Internship duration was divided into two projects, for the first 20 days I had been assigned to
create a database for 10 states listing various parameters that are required to judge power
projects in those states for FY 13 to FY 16, also I had listed financial parameters of major power
distribution companies in those states.
Second half of my internship required me to do a detailed analysis of global solar PV sector.
Global solar PV market is expected to witness a raid growth, market is expected to grow at a
CAGR of 20.3%. PV market can be classified based on technology geography and end user, There
are only two commercially used technologies in manufacturing of solar panel; Crystallized silicon
and thin film technology, market today is mainly dominated by crystallized silicon panels
accounting around 93% market share of all solar panel produced with thin film only capturing a
small share of 7%. China dominates in the PV market followed by Germany and Japan, major
growth can be observed in Asia pacific region. In terms of end user usage utility segment
dominates the market conquering 49% of the total market followed by commercial and
residential segments.
Detail financial analysis of top 5 companies has been carried out. Comparing the revenues of top
5 solar module producers, it can be clearly observed that First Solar has the highest revenue in
FY 15 accounting to USD 3579 million followed by Canadian solar with revenue of 3467.6 followed
by other module producers although, with respect to total module shipments Trina solar top the
list followed by Canadian solar. Main reason behind the mismatch in trends is due to different
amount of shipments in different geographical locations by different companies. Companies
which are found to be increasing their operations in US and Europe, with volume productions
(utility projects) and supply increase in China and India will have more potential to grow. EBITDA
is found to be highest for first solar, it also has least amount of debt which means project cost
are funded by equity and retained earnings, almost all companies achieved more than what they
targeted there shipments to be due to initiatives taken by governments in moving towards

renewable energy growth, first Solar has highest revenues, gross margin, gross income and net
income with lowest debt and debt ratios among all other solar module suppliers making it most
financially stable. Jinko solar and JA Solar has major operations in China giving them high
potential to grow but they may incur lower margins as compared to its competitors. Trina Solar
has projected highest capacity module shipments with its major market as United States giving it
leverage over margins as well as volume, companies are trying to diversify their markets globally
as changes in government policies can affect the companys revenues both in positive as well as
negative way, while China will see highest volume addition in coming years, companies will have
lower margins operating in China, whereas US who now stand at 2nd position in yearly capacity
additions will give higher margins to companies. Growth rate of European and Japanese market
is projected to be relatively lower than China, US and India.
Risk involved in solar industry is mainly due to two factors a) Industry is highly dependent on
government initiatives and solar policies, and changes in polices may affect the industry
severely. B) There is a great scope of improving efficiency of solar modules in this industry, if
there is significant improvement in efficiencies of solar modules by one company, fixed assets
(equipments) of other companies may get impaired.
Introduction
In the PV method of electricity generation, electricity is generated by conversion of solar
radiation (photons) using semiconductors that can exhibit the photo voltaic effect. PV
technologies can be grouped into three categories also referred as 1 st, 2nd and 3rd generation;
first is wafer based crystallized silicon (C-Si), second is thin-films (TF) and the third is emerging
and novel PV technologies which include concentrating PV, Organic PV, advanced thin films etc.
Current commercial technologies include the first two generations i.e. crystallized silicon (C-Si)
and thin-films (TF). Materials presently used for photo voltaic system includes mono-c-Si, poly-cSi, a-Si, CdTe, and copper indium gallium selenide/sulfide. PV power generated by the mono-c-Si
method currently dominates majority of solar power generated in the world with thin film
technology having market share of less than 10%.
With depleting fossil energy (conventional way) and awareness towards cleaner energy
government of most of the countries have taken initiative towards putting obligations on power
distribution companies to buy some percentage of solar power and with technology
advancement, per unit cost of solar energy is decreasing year on year. Solar power has a great
market potential, with decrease in coal and petroleum reserves coupled with increasing market
share of commercially viable electric cars, power companies has to eventually shift towards other
sources of power this will eventually increase solar PV market to a large extent.
Other than private investments government play a vital role that affects solar PV market, one of
the major driving factor is government support through feed in tariff and power purchase
agreements, in addition there are several other factors influencing the PV market like growth in
demand for residential solar PV which can be achieved by increasing awareness towards clean
and cost affective energy.
Although there are some challenges associated with the solar pv market like seasonal
fluctuations in solar power availability which leads to an increase in demand during summers and
8
bringing the demand down in other seasons also low conversion efficiency of solar PV is another
challenge to this market but all these challenges can be overcome by government initiatives like
net metering and banking which allows people with access generated power during summers to
transfer the access power to centrally connected grid through which access power can be used
in other seasons when there is shortage of power.
Global Market
Global solar PV market is expected to witness a raid growth, market is expected to grow at a
CAGR of 20.3%. In 2013 market was dominated by EMEA region followed by Americas and the
APAC region with total installed solar capacity of 138.85 GW, since then Asia pacific region has
rapidly grown its solar capacity with China coming on top with total installed capacity of 43GW
in 2016 (March 2016), China is expected to install a total of 19.6 GW of solar power by end of
2016, a rise of 14.7% over 2015 [2]. In 2016 United States is set to overtake Japan as globally
second largest solar market with expected solar installed capacity reaching 10 GW mark also with
launch of new solar projects India will move to 4th position pushing down former European
leaders like UK and Germany.
90
Global Annual PV Installation
80
T
O
T
A
L
71.0
20.4
23.8
67
70
58.8
60
18.4
45.1
50
37.8
31
C G 40
A W
30
P
A
20
C
I
10
T
Y
0
78.3
73.3
11.7
1.2
3.8
5.2
6.3
12.5
0.8
7.6
3.6
2.3
4.2
2012
16.3
5.5
1.2
6.5
1.5
13
26.1
8.1
1.8
9.4
2
14.5
11.3
12.4
15.4
2.7
1.3
9.4
1.1
2
7
10.5
9.4
8.7
7.8
7.2
18.9
19.6
19.9
20.5
21.2
2015
2016
2017
2018
2019
9.4
10.1
10.2
2013
2014
Year
China
Japan
US
Germany
India
Rest of the world
Source-Canadian Solar
Indian will install 4.8 GW to 5.5 GW by the end of 2016 as predicted by Bridge to India research
and Bloomberg new energy finance, up by approximately 100% to the capacity installed in 2015;
India has set a robust target of 100 GW by 2022. Unlike India leading a major PV consultancy has
predicted downfall in year on year on stalled capacity of Japan. The FIT program of japan resulted
in more than 22 GW of capacity installation in 3 years but since the program failed to diversify
into other renewable energy sources, it was criticized of being heavily focused on Solar PV
changes in the program policies may result in downfall of yearly installed capacity for Japan. PV
market of United States in trending to accelerate for few years due to increase of government
focus for the clean energy sector.
The global PV market as a whole is expected to have a rapid growth in coming years, with market
players realizing the importance of PV, competition is growing among vendors, and growing
completion is resulting in better innovation in PV technology which in turn is resulting in decrease
10
in module cost as well as increase in module efficiency. Total solar capacity addition is forecasted
as 87 GW for 2020 and reaching up to 102.6 GW by 2022.
Market Overview
Global Solar
PV Market
Technology
Bulk Types (c-Si,

poly-c-Si, and
mono-c-Si)
Geography
Thin Film Types

(a-Si, CdTe,
and CIGS)
End-User
Americas
Residential
APAC
Commercial
EMEA
Utility
Most of the solar cells that are produced now are made of c-Si. This is a light-absorbing semiconductor that has a conversion efficiency of 10-15 percent. There are two kinds of c-Si: poly-cSi and mono-c-Si. In poly-c-Si, silicon crystals are put in a block and then sliced into wafers. In
mono-c-Si, thin wafers are sliced from a crystal silicon ingot. Thin-film solar cells are available in
three types: a-Si, CdTe, and CIGS.
11
Global Solar PV Market Segmentation by Technology

There are only two commercially used technologies in manufacturing of solar panel; Crystallized
silicon and thin film technology, market today is mainly dominated by crystallized silicon panels
accounting around 93% market share of all solar panel produced with thin film only capturing a
small share of 7%, thin film has rapidly lost the market share, thin film accounted to 18% in 2009
which came down to 10% in 2013 and is predicted to further decline to 7% by the end of 2018.
Crystalline wafers are around 200 microns thick in contrast thin film panel are made by vacuum
deposition of semiconductor material making it only a few microns thick. Silicon (semiconductor
used in Solar PV) is the main cost for the crystalline panel accounting to 20-25% of the total cost
whereas in thin film panel it accounts to only 2% of the total cost however thin film panels are
not as efficient as crystalline panel therefor more thin film panels are required to generate same
amount of electricity taking approximately 30% more space than crystalline panel.
120
Market Segmentation by Technology
100
80
Crystalline
60
Thin Film
40
20
0
2013
2014
2015
2016
2017
2018
Source: Technavio Analysis
Growth of the solar crystalline segment is mostly driven by Asia pacific and Americas region,
majority of this demand comes from key leading companies like China, US, India etc.
12
Market Segmentation by End-user

In 2015 utility Scale segment dominated the Global Solar PV market with a 49 percent share of
the overall cumulative installed capacity which was around 242 GW, in which utility segment
accounted for 119 GW. The dominance of this segment is due to the increase in installations of
solar PV across the globe. In addition, government grants and the laws of various states across
the globe mandating the use of renewable energy for power generation are some of the major
reasons for the Utility Scale segment to increase its consumption and demand for solar PV.
Commercial segment followed utility scale segment with a share of 28% accounting to a total of
66.8 GW, residential segment accounted for 23% of the overall installed capacity [].
Global Solar PV Market Segmentation by Enduser
23%
Cumulative Global
Residential PV
49%
Cumulative Global
Commercial PV
Cumulative Global Utility PV
28%
13
Market Segmentation by End-user

120.00
Market Share (%)
100.00
80.00
60.00
40.00
20.00
0.00
2008
2009
2010
2011
2012
2013
2014
2015
Global Utility PV
27.15
25.41
27.05
30.59
33.36
41.30
45.40
49.38
Global Commercial PV
24.74
30.52
37.79
38.64
36.39
32.33
30.02
27.61
Global Residential PV
48.12
44.07
35.16
30.78
30.25
26.36
24.58
23.02
From the past trends it can be observed that share of utility PV is continuously increasing with
27.15% in 2008 to 49.38% by 2015, it is expected to increase further with more and more
initiatives by governments of the world, although the residential PV market as a percentage of
overall PV market is decreasing continuously in the past, trends may change considering the
feed in tariff policies revision by many countries.
14
Global PV
300000
Axis Title
250000
200000
Cumulative Global
Utility PV
150000
Cumulative Global
Commercial PV
100000
Cumulative Global
Residential PV
50000
0
1
The Global Solar PV Residential segment was valued at 55.7 GW in 2015 and is expected to
reach 114.1 GW by 2018, growing at a CAGR of 27.7 percent.
Earlier most of the solar PV residential installations were taking place in European countries such
as Belgium, Germany, Italy, Poland, Spain, Austria, and Greece but in recent past years solar
residential market has grown rapidly in Asia Pacific region and is expected to grow rapidly in
China, India and Japan. Belgium, 1 in 13 houses is equipped with solar PV installations. In addition,
the US Solar PV Residential market is growing very rapidly in some states such as California,
Hawaii, and Arizona. The expected increase in the Global Solar PV Residential segment is because
of the decrease in solar PV prices and growing environmental concerns.
The Global Solar PV Commercial segment was valued at 66.8 GW in 2015 and is expected to reach
187.25 GW by 2018, growing at a CAGR of 41.9 percent.
The Global Solar PV Commercial segment witnessed significant growth in the Global Solar PV
market. The overall market of Global Solar PV Commercial segment is expected to decrease
because of instability of markets in Europe - mainly in Germany and Italy. The majority of the
solar PV commercial installations are taking place in APAC countries such as China, Japan, and
15
India. In addition, the rapid industrialization of China and India's PV system market and decrease
in solar PV prices have had a significant impact on the Global Solar PV Commercial segment.
The Global Solar PV Utility Scale segment was estimated at 119.55 GW in 2015 and is expected
to reach 410.8 GW by 2018, growing at a CAGR of 50.9 percent.
The Utility segment is one of the major markets for the solar PV plants with most of the solar PV
installations taking place in countries such as the US, China, Japan, and India. The expected
increase in the Utility segment is because of government support in the form of FIT and
manufacturing subsides.
Company Analysis
Trina Solar
Founded in 1997, and listed on the New York Stock Exchange since 2006, Trina Solar specializes
in the manufacture of crystalline silicon photovoltaic modules and system integration. Today
Trina Solar is the worlds number 1 solar PV module brand* with a total shipment volume in
2014 of 3.66 GW. Trina Solar is not only a pioneer of China's PV industry, but has become an
influential shaper of the global solar industry and a leader in solar modules, solutions and
services.[Trinasolar.com]
Cumulative solar module sold till date amounts to 15 GW, which is highest among all the solar
module suppliers of the world, total capacity addition in FY 15 was 5.7 GW and expected
capacity shipment at the end of FY 16 is forecasted to be around 6.1 GW as per companies
investor presentation.
16
Revenues
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0.0
Revenues
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

301.8
831.9
845.1
1,857.7 2,047.9 1,296.7 1,775.0 2,286.1 3,035.5
Source: Bloomberg
Trina solar revenue grew at 29.23% in last 9 years with total revenue amounting to USD 3035.5
million in FY 15 up from USD 301.8 million in FY 07
700.0
Gross Profit and Gross Margin
35.00
600.0
31.46
28.06
30.00
500.0
400.0
300.0
26.24
25.00
22.41
19.77
16.24
200.0
100.0
4.41
0.0
20.00
18.67
16.87
15.00
12.29
10.00
Gross Profit
Gross Margin
5.00
0.00
Source: Bloomberg
17
Companies gross profit in FY 15 was USD 566.6 million which grew at a CAGR of 35.15% from
2006, companies profits are expected to grow in coming years accounting to solar utility
initiatives taken my countries in Asia Pacific region and USA. Companys gross margin is 18.67
percent in FY 15 which is lower than industry average of 26.97%. The increase in gross margin
from 2014 to 2015 was primarily due to a greater reduction in manufacturing costs compared
with the general decline in module average selling price, as well as an increase in downstream
revenue, which yielded higher gross margins than module sales. Company will continue to face
margin compression in the sales of PV modules if the average selling price of PV modules
continues to decline, which is expected and company is unable to lower cost of sales.
Company is focusing towards asset light model by leveraging global resources and including
disciplined execution of overseas manufacturing capacity. Total assets of company in FY 15 was
USD 4696 million which grew by 46.7% from last year, as per companies investor presentation it
will focus on increasing assets at a slower pace and adopting an asset light model to increase its
return on assets which is 1.94 for FY 15 close to the industry average of 1.92.
400.0
Net Income and Net Profit
300.0
200.0
100.0
Net Income
Net Income Margin
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
-100.0
-200.0
-300.0
Source: Bloomberg
18
Net income of the company was 76.5 million in FY 15 with a net margin of 2.52% which is much
higher than industry average of 0.4; net income grew at a CAGR of 19.93% from FY 06 to FY 15,
losses is net income in 2012 and 2013 was due to decrease in market price of solar modules and
impairment of companies build-to-sell projects. EBITDA of the company for FY 2015 was 312
million which grew at a CAGR of 32.74 percent from FY 06.
Companies inventory turnover ratio for FY 15 was 6.31 which is greater than industry average
of 1.79 which means that company is effective than industry in selling its inventory and
company does not overspend by buying too much inventory and wastes resources by storing
non-salable inventory.
Key Financial Parameters
Table 1 Financial Parameters
Revenues
Cost of Goods Sold
Operating Income
Gross Profit
Gross Margin
Operating Margin
R & D Expenditures
Net Income
Total Assets
Short-Term Debt
Long Term Debt
Total Debt
Total Liabilities
Total Shareholders Equity
Return on Common Equity
Return on Assets
EBITDA
EBIT
Total Debt/Equity
Total Debt/Total Assets
Debt/EBITDA
FY 12
1,296.7
1,239.4
-264.9
57.2
4.41
-20.43
26.5
-266.6
2,864.9
959.4
415.2
1,374.6
1,983.1
881.8
-26.30
-9.28
-153.8
-264.9
1.5588
47.98
-8.94
FY 13
1,775.0
1,556.8
-38.1
218.2
12.29
-2.15
19.9
-72.0
2,567.2
935.6
100.5
1,036.1
1,744.8
822.5
-8.45
-2.65
78.7
-38.1
1.2597
40.36
13.16
19
FY 14
2,286.1
1,900.5
120.1
385.6
16.87
5.25
22.3
59.3
3,199.6
820.3
309.9
1,130.2
2,198.5
1,001.1
6.61
2.06
228.4
120.1
1.1290
35.32
4.95
FY 15
3,035.5
2,468.9
177.0
566.6
18.67
5.83
34.1
76.5
4,694.0
927.9
831.2
1,759.0
3,603.4
1,090.6
7.56
1.94
312.0
177.0
1.6130
37.47
5.64
Trina solar is ranked number first in FY 15 as top solar module supplier with total
cumulative capacity crossing 15 GW
It has increased its presence in US, with US being its largest market in first quarter of
2016 amounting a total of 38.6% of companies market, since margins are higher in US
company gross margins can increase in future.
The company remained as one of the top suppliers in India, and has made good inroads
into emerging markets, such as Thailand, the Philippines and other Southeast Asia
countries.
Company is vertically integrated, therefore has more control over its cost.
Company is losing its share in China which is the highest potential market of solar
industry.
Canadian Solar
Founded in 2001 in Canada, Canadian Solar operates as a global energy provider with successful
business subsidiaries in 20 countries on 6 continents. Besides serving as a leading manufacturer
of solar PV modules and provider of solar energy solutions, Canadian Solar has a geographically
diversified pipeline of utility-scale power projects. With the companys recent acquisition of
Recurrent Energy, Canadian Solars total project pipeline is now 10.3 GW, including an increase
of the late-stage project pipeline to over 2 GW. With state-of-the-art manufacturing facilities in
Canada, China and Vietnam, Canadian Solar employs over 8,600 workers worldwide. This
translates into more than 14 GW of panel shipments, or over 50 million PV modules, in the past
15 years. Together with Recurrent Energy, Canadian Solar is ushering the way into a new era of
clean, competitive, mainstream power.
Cumulative solar module sold till date amounts to 14 GW, which is 2nd highest among all the solar
module suppliers of the world, total capacity addition in FY 15 was 4.7 GW and expected capacity
20
shipment at the end of FY 16 is forecasted to be around 5.5 GW as per companies investor

presentation.
Revenue
4,000.0
3,500.0
Axis Title
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0.0
Revenue
2006
2007
2008
2009
2010
68.1
302.8
705.0
631.0
1,495. 1,898. 1,294. 1,654. 2,960. 3,467.
2011
2012
2013
2014
2015
Canadian solar revenue grew at 48.13% in last 10 years with total revenue amounting to USD
3467.6 million in FY 15 up from USD 68.1 million in FY 06.
Source: Bloomberg
700.0
600.0
19.62 20.00
18.09
500.0
16.66
15.30
400.0
12.38
10.07
7.85
300.0
200.0
25.00
16.63
15.00
Gross Profit
10.00
9.60
Gross Margin
6.98
5.00
100.0
2015
2014
2013
2012
2011
2010
2009
2008
2007
0.00
2006
0.0
Source: Bloomberg
21
Gross profit of the company for FY 15 stood at USD 576.8 million which grew at a CAGR of
46.8% from FY 06 to FY 15, gross profit decreased by $4.2 million, or 0.7%, from $581.0 million
for the year ended December 31, 2014 to $576.8 million for the year ended December 31,
2015. Companies gross margin stood at 16.63% for FY 5 which much less than industrial
average of 26.97% this was mainly due to decrease of market price of solar modules and
companies inability to reduce cost of manufacturing to a similar level. Companies revenues are
generated mainly from 3 operations;
1) Sale of solar modules Gross profit in solar modules increased from 26.1% from last
year mainly due to increased solar module shipment and continued decrease in solar
module manufacturing cost which was partially offset by decrease in average selling
price as well as charges relating to the countervailing and anti-dumping rulings.
2) Energy development projects Gross profit in energy development projects decreased
by 33.33% from last year primarily due to the decrease in sales of solar power projects.
3) Electricity Generation- Gross profit of energy generation segment increased by 1488.5%
as compared to last year primarily due to increase in number of solar power plants
which company own and operate.
Companys debt to asset ratio is 0.54 for FY 15, it indicates the company should be able to
withstand losses without harming creditor interests or could obtain additional financing if
desired. Generally there is a low debt ratio seen in solar industry which is a good sign for the
industry as it leverage the companies abilities to take additional financing also companies
have to pay less financial cost, which in turn increases there net income.
22
300.0
Net Income and Net Margin
250.0
200.0
150.0
100.0
50.0
Net Income
Net Income Margin
0.0
-50.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
-100.0
-150.0
-200.0
-250.0
Source: Bloomberg
Net income of the company was 171.9 million in FY 15 with a net margin of 4.96% which is
much higher than industry average of 0.4.
Companies inventory turnover ratio is 7.53 in FY 15 which is higher than the industry
average of 1.79 and is the highest among top 10 solar module manufacturers of the world
which means company is very effective than industry in selling its inventory and company
does not overspend by buying too much inventory and wastes resources by storing nonsalable inventory, company gets adequate projects and is able to turnaround its inventory
almost 7 times a year.
Revenues
Cost of Goods Sold
Operating Income
Gross Profit
Gross Margin
FY 12
1,294.8
1,193.5
-142.5
90.4
6.98
FY 13
1,654.4
1,378.7
130.8
275.7
16.66
23
FY 14
2,960.6
2,379.6
366.3
581.0
19.62
FY 15
3,467.6
2,890.9
247.4
576.8
16.63
Operating Margin
R & D Expenditures
Net Income
Total Assets
Short-Term Debt
Long Term Debt
Total Debt
Total Liabilities
Return on Assets
EBITDA
EBIT
Total Debt/Equity
Debt/EBITDA
-4.72
13.0
-195.5
2,259.3
1,090.1
214.6
1,304.6
1,912.6
301.6
-48.75
-9.44
-61.1
-142.5
376.24
57.74
-21.3462608
12.79
11.7
31.7
2,453.7
1,137.1
151.4
1,288.5
2,041.3
401.5
8.71
1.34
211.6
130.8
312.40
52.51
6.088119342
15.16
12.1
239.5
3,072.4
1,113.6
284.3
1,397.9
2,340.3
729.6
43.26
8.67
448.9
366.3
190.94
45.50
3.113692071
9.85
17.1
171.9
4,417.3
1,629.8
756.6
2,386.4
3,584.7
832.5
22.38
4.59
341.6
247.4
286.65
54.02
6.986193894
Canadian solar is global leader in solar project development business
Company is vertically integrated therefore having more control over manufacturing

cost.
Company has highest debt among all other module producers, thus increasing its
financial cost and decreasing gross margins
Canadian solar is going towards asset light model, to decrease its financial cost.
Its major operations are in US and Europe giving it higher profit margins
It spends relatively less in R&D making it prone for less innovation, its competitors might
introduce higher cell efficiency modules and there by taking its market share.
Jinko Solar
JinkoSolar is a global leader in the solar industry. JinkoSolar distributes its solar products
and sells its solutions and services to a diversified international utility, commercial and
residential customer base in China, the United States, Japan, Germany, the United Kingdom,
24
Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France,
Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar
product value chain, with an integrated annual capacity of 3 GW for silicon ingots and
wafers, 2.5 GW for solar cells, and 4.3 GW for solar modules, as of December 31, 2015.
JinkoSolar also sells electricity in China, and had connected approximately 1,006.6 MW of
solar power projects to the grid, as of December 31, 2015
Jinko Solar expected module shipment for FY 16 is 6.5 GW; its revenue is fourth highest
among all the global module suppliers.
Total Revenue
3000
2500
2000
1500
1000
500
0
2007
2008
2009
2010
2011
2012
Total Revenue 106.3729 327.5
235.2
698.2
1,107.7
719.2
2013
2014
2015
1,061.8 1,496.8 2,411.5
Source: Bloomberg
Jinko solar revenue grew at a CAGR of 41.4% in last 10 years with total revenue amounting
to USD 2411.5 million in FY 15 up from USD 106.37 million in FY 07.
25
600
500
30.00
29.16
25.00
22.45
20.34
20.30
20.00
400
300
200
100
35.00
14.2714.68
12.43
15.57
15.00
Gross Profit
Gross Margin
10.00
4.84
5.00
0.00
Source: Bloomberg
Gross profit of the company for FY 15 stood at USD 490.47 million which grew at a CAGR of
49.4% from FY 07 to FY 15, gross margin in 2015 was 20.34 in FY 15 which was less than
industry average of 26.97% but is the 2nd highest among top 10 module suppliers.
Companies debt to asset ratio was 0.47 in 2015 which is more than industry average of 0.41
but there is a low debt ratio seen in solar industry which is a good sign for the industry as it
leverage the companies abilities to take additional financing also companies have to pay less
financial cost, which in turn increases there net income. Its debt to equity ratio was 2.14
which is less than the industry average of 2.38, it means creditors are funding projects twice
as much as investors are but generally power projects are maintained at a debt equity ratio
of 70:30 and according to this Jinko solar has a healthy debt equity ratio.
26
200.0
150.0
100.0
50.0
0.0
Net Income
2007 2008 2009 2010 2011 2012 2013 2014 2015
-50.0
Net Income Margin
-100.0
-150.0
-200.0
-250.0
Source: Bloomberg
Net income of the company was 102.6 million in FY 15 which increased with a CAGR of
26.7% from 2007 with a net margin of 4.25% which is much higher than industry average of
0.4.
Jinko solar has a higher margin than Trina solar and Canadian Solar but a lower turnover ratio
than these companies, here we will always look at higher margin as we can always increase
turnover but it is very difficult to increase margin specially when it is difficult to decrease
manufacturing cost and selling prices are decreasing continuously in the industry.
Companies inventory turnover ratio is 5.027 for FY 15 which is higher than the industry
average of 1.79 which means company is very effective than industry in selling its inventory
and company does not overspend by buying too much inventory and wastes resources by
storing non-salable inventory, company gets adequate projects and is able to turnaround its
inventory almost 5 times a year.
27
Revenues
Cost of Goods Sold
Operating Income
Gross Profit
Gross Margin
Operating Margin
R & D Expenditures
Net Income
Total Assets
Short-Term Debt
Long Term Debt
Total Debt
Total Liabilities
Return on Assets
EBITDA
EBIT
Total Debt/Equity
Debt/EBITDA
FY 2012
719.2
684.4
-185.0
34.8
4.84
-24.36
10.3
-231.4
1,255.8
556.3
97.6
653.9
1,049.8
204.8
-72.41
-17.58
-124.9
-175.2
317.30
52.06
-5.2366717
FY 2013
1,061.8
846.2
96.8
215.6
20.30
9.17
9.8
28.2
1,591.7
633.6
54.3
687.9
1,288.6
301.5
11.14
1.98
151.9
97.4
226.95
43.22
4.529827203
FY 2014
1,496.8
1,160.8
139.7
336.0
22.45
9.40
16.0
101.0
2,862.6
768.9
374.5
1,143.4
2,117.3
526.1
24.40
4.53
206.9
140.7
153.43
39.94
5.525606335
FY 2015
2,411.5
1,921.0
197.8
490.5
20.34
8.20
21.6
102.6
4,071.7
1,098.2
822.6
1,920.8
3,177.7
648.3
17.47
2.96
292.4
197.8
214.87
47.18
6.570286753
Companys biggest market is China but company is constantly trying to increase its market share
in US accounting to higher margins in US, company has increased percentage of total shipments
from 17% in 2014 to 23% in 2015 of its total capacity
With growing Chinese market in first quarter of 2016 company has become the leading solar
module producer in the world.
Company is still heavily dependent on china, with any policy change in china, companies
revenue can be adversely affected.
28
JA Solar
JA Solar Holdings Co.Ltd. Is a leading global manufacturer of high-performance solar products.
Our products are deployed in residential and commercial projects as well as in terrestrial
photovoltaic power stations. JA Solar was founded in May 2005 and has been listed on
NASDAQ since 2007. Since 2010 JA Solar has become a leading global manufacturer of solar
cells. Besides its extensive experience in the global solar industry, JA Solar is taking advantage
of its strength in PV-research and development in order to continue optimizing unique
technologies in panel construction and cell production. For the benefit of our customers and
their projects, JA Solar places great emphasis on the efficient interconnection of the single
solar cells in the module as this guarantees outstanding performance and therefore also a
high performance class for all modules. Many years of experience in the industry, being aware
of research and development as key to innovation, global customer service, continuity and
stability all these features make JA Solar a competent and reliable partner for you and your
projects. We assist our customers right from the beginning: starting with information and
consulting via realizing projects to services and maintenance this is what a long-lasting
partnership is all about and it also forms the basis for a high level of customer satisfaction,
which is our aim at JA Solar.
Cumulative solar module sold till date amounts to 13 GW, total capacity addition in FY 15 was
4 GW and expected capacity shipment at the end of FY 16 is forecasted to be around 5 GW
as per companies investor presentation.
29
Total Revenue
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0.0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Total Revenue 104.5 404.1 818.7 566.8 1,764.11,609.91,007.91,077.41,694.32,028.8
Source: Bloomberg
JA solar revenue grew at 34.5% in last 10 years with total revenue amounting to USD 2028.8
million in FY 15 up from USD 104.5 million in FY 07 , For the years ended December 31, 2013,
2014 and 2015, company generated 5.2%, 4.5% and 4.0%, respectively, of the revenues from
sales to customers located in the United States, and during the same periods, company generated
15.3%, 12.5% and 10.1%, respectively, of revenue from sales to customers located in the
European Union.
400.0
300.0
21.65
20.00
16.95
15.55 15.00
18.17
250.0
12.76
200.0
10.61
150.0
100.0
2015
2013
2012
2011
2010
2009
2008
2007
2006
Gross Margin
0.00
-0.81
0.0
10.00
Gross Profit
5.00
4.30
50.0
-50.0
30.00
25.00
24.74
22.31
350.0
2014
450.0
-5.00
Source: Bloomberg
30
2006. Company recorded a gross margin of 16.95 in FY 15, gross profit and gross margin increase
from last year was primary due to improvement of supply-demand situation in the solar power
industry and economies of scale also due to the continued shift of companies product mix to
solar modules that carry higher gross margin and the increase in sales volume in certain countries
that also carry higher gross margin.
Companies debt to asset ratio is 0.3 which is much less than the industry average of 0.41 which
means company is controlling its financial cost by moving towards an asset light model also
company has a leverage to take additional financing in case company want to expand or start a
big project. Companys debt to equity ratio is 0.82 which is less than industry average of 2.38
which means investors are putting more money in projects than creditors and this imply company
has a good financial health.
300.0
200.0
100.0
Net Income
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Net Income Margin
-100.0
-200.0
-300.0
Source: Bloomberg
17.12% from 2006 with a net margin of 4.61% which is much higher than industry average
of 0.4.
31
Revenues
Cost of Goods Sold
Operating Income
Gross Profit
Gross Margin
Operating Margin
R & D Expenditures
Net Income
Total Assets
Short-Term Debt
Long Term Debt
Total Debt
Total Liabilities
Return on Assets
EBITDA
EBIT
Total Debt/Equity
Debt/EBITDA
FY 2012
1,007.9
604.4
-216.0
-8.2
-0.81
-15.51
13.0
-249.3
1,969.9
529.8
313.2
843.0
1,235.9
733.9
-29.06
-11.93
-57.8
-156.4
114.86
42.79
-14.583
FY 2013
1,077.4
579.2
-13.7
114.3
10.61
-1.27
13.2
-71.1
1,782.3
308.8
233.1
541.9
1,076.6
705.6
-9.96
-3.43
75.7
-13.7
76.80
30.40
7.160031
FY 2014
1,694.3
1,176.5
99.4
263.5
15.55
5.87
21.0
63.6
2,172.6
344.6
285.4
630.0
1,352.5
820.0
6.95
3.21
202.2
99.4
76.83
29.00
3.116024
FY 2015
2,028.8
1,578.1
129.8
343.9
16.95
6.40
22.3
93.6
2,445.9
365.0
369.2
734.2
1,558.3
887.6
9.23
4.05
249.4
129.8
82.72
30.02
2.943649
Company is well positioned in major growth markets including China and Japan
Company major market is China with 45% of companies total volume shipment to china
in FY 15
32
With respect to other competitors it has comparatively less presence In US and Europe
and also therefore having lower profit margins
Company has partnered with leading Chinese independent power producers for utility
scale PV projects
Company has a asset light balance sheet with lowest fixed assets among all other major
competitors
First Solar
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar energy
solutions that are truly Taking Energy Forward. With over 10 gigawatts (GW) installed
worldwide, our proven solar solutions diversify the energy portfolio and reduce the risk of
fuel-price volatility while delivering a levelized cost of electricity (LCOE) that is cost
competitive with fossil fuels today. By integrating technologies and expertise across the
entire solar value chain, First Solar delivers bankable PV energy solutions that maximize the
value of our customers PV investment while minimizing their risk. Having developed,
financed, engineered, constructed, and operating some of the worlds largest and most
successful PV power plants in existence, First Solar has become the partner of choice for
customers globally.
Cumulative solar module sold till date amounts to 10 GW, total capacity addition in FY 15 was
4.2 GW and expected capacity shipment at the end of FY 16 is forecasted to be around 6 GW
as per companies investor presentation.
33
Revenues
4,000.0
3,500.0
3,000.0
2,500.0
2,000.0
Revenues
1,500.0
1,000.0
500.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Bloomberg
First solar revenue grew at 38.7% in last 10 years with total revenue amounting to USD
3579.0 million in FY 15 up from USD 135.0 million in FY 06, first solar has the highest
revenue among all solar module producers of the world in 2015.
1,400.0

54.43
49.88 50.56
46.22
1,200.0
1,000.0
60.00
50.00
40.00
40.19
35.13
800.0
30.00
26.07
25.69
25.32
24.33
20.00
600.0
400.0
Gross Profit
Gross Margin
10.00
200.0
2015
2014
2013
2012
2011
2010
2009
2008
2007
0.00
2006
0.0
Source: Bloomberg
2006, companies gross profit is highest among all solar module producers. Company
34
recorded a gross margin of 25.69 in FY 15 which is also highest among top 10 solar module
producers, gross profit and gross margin increase from last year was primary due to a
reduction in companies module collection and recycling obligation and improved utilization
of companies manufacturing facilities.
Companies total debt is also the lowest among solar module suppliers with lowest debt to
equity ratio of 0.052 which is way lower than the industry average of 0.41, it means that
investors are putting more money than creditors for companies projects which reflect that
company is financially very healthy.
Companys debt to asset ratio for FY 15 was 0.039 again lowest among all its competitors
which suggest company is using its earnings to fund new projects and do not require
external debt which means its interest expense is also very low which in turn is increasing
the companys net income, company will have no problem raising external funds if it go for
acquiring other firms or expanding to new geographies.
800.0
700.0
600.0
500.0
400.0
Net Income
300.0
Net Income Margin
200.0
100.0
0.0
-100.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
-200.0
Source: Bloomberg
63.6% from 2006 with a net margin of 15.27% which is much higher than any of its
35
competitors. Company also recovered quickly from the industry downtrend in 2012 due to
its huge investments in R&D, company was able to lower its manufacturing cost thus
maintaining its profit margins, and company spends highest in its R&D among all its
competitors which is 130.6 million in 2015.
Companies ROA and EBITDA margin is also the highest among all its competitors gaining
huge advantage and showing great potential to grow, company model of taking less debt
and using its retained earnings for companies expenses is saving huge financial costs and
making its financials very healthy.
After observing the financials of first solar it is quite clear that it has the healthiest financials
of all solar module suppliers in the world.
Revenues
Cost of Goods Sold
Operating Income
Gross Profit
Gross Margin
Operating Margin
R & D Expenditures
Net Income
Total Assets
Short-Term Debt
Long Term Debt
Total Debt
FY 12
3,368.5
2,515.8
-37.6
852.7
25.32
-1.12
132.5
-96.3
6,348.7
62.3
500.2
562.6
FY 13
3,309.0
2,446.2
368.5
862.8
26.07
11.14
134.3
353.0
6,883.5
60.5
162.8
223.3
36
FY 14
3,391.2
2,566.2
422.0
824.9
24.33
12.44
144.0
396.0
6,721.0
51.4
162.1
213.5
FY 15
3,579.0
2,659.7
516.7
919.3
25.69
14.44
130.6
546.4
7,316.3
38.1
251.3
289.4
Total Liabilities
Return on Assets
EBITDA
EBIT
Total Debt/Equity
Debt/EBITDA
2,743.2
3,605.5
-2.66
-1.59
225.2
-37.6
15.60
8.86
2.50
2,380.4
4,503.1
8.71
5.34
602.9
368.5
4.96
3.24
0.37
1,729.5
4,991.5
8.34
5.82
667.8
422.0
4.28
3.18
0.32
1,767.8
5,548.5
10.37
7.79
774.5
516.7
5.22
3.96
0.37
More than 40% of companies operations are in US thus giving highest margins to the
company among all its competitors
Its return and assets is almost thrice the industry average.
With almost no debt company have least financial cost and almost 5 times the net
worth than its competitors.
Combined Analysis
Comparing the revenues of top 5 solar module producers, it can be clearly observed that First
Solar has the highest revenue in FY 15 accounting to USD 3579 million followed by Canadian solar
with revenue of 3467.6 followed by other module producers, this revenue trend is different from
total module shipments of these companies in FY 15 where Trina solar shipped highest capacity
of 5.7 GW in 2015 followed by Canadian solar with total module shipment of 4.7 in 2015. The
main reason behind the mismatch in trends is due to different amount of shipments in different
geographical locations by different companies. First solar and Canadian Solar have major
percentage of their shipments to Americas and European region, where gross margins are much
higher than APAC regions, whereas in 2015 Trina Solar, JA Solar and JInko Solar major markets
are China, Japan and India which have comparatively lower margins therefore revenue as well as
profit margins are higher for First solar and Canadian Solar.
37
Revenue
4,000.0
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0.0
Revenue
Trina Solar
Candian
Solar
Jinko Solar
JA Solar
First solar
Source: Bloomberg
Total Shipment (GW)

6
5
4
3
Total Shipment
2
1
0
Trian Solar Canadian Jinko Solar
Solar
JA Solar
First Solar
Companies which are increasing their operations in US and Europe, with volume productions
(utility projects) and supply increase in China and India will have more potential to grow. In
2016 Trina solar has increased its shipments to US with 38.6% of its revenues accounting from
shipments to US, US has now become companies largest market and with more gross margins
companies profits are estimated to increase in FY 16.
Trian Solar
2014
2015
Canadian
Solar
2014 2015
38
Jinko Solar
JA Solar
2014
2014
2015
First Solar
2015
2014
2015
Total Shipment
3.6
5.7
2.8
4.7
2.4215
Expansion
plans
3.8
4.6
2.7
4.3
2.5
4.20
6
3.8
2.8
3.7
4.2
2.8
3.6
3.5
4.3
Table above shows what company estimated its total module shipments and how much it
achieved, in FY 15 almost all companies achieved more than what they targeted there
shipments to be due to initiatives taken by governments in moving towards renewable energy
growth, with Trina solar achieving the highest gains due to increase in module shipments to US
and China.
Company
Expected Capacity
(2016)
Trian
Solar
6.55
Canadian Jinko
Solar
Solar
5.5
6.5
JA Solar
5
First
Solar
5.4
Expected capacity for 2016 is highest for Trina Solar major reasons being increase in operations
in US and setting of a 2GW plant in India (Andra Pradesh), Jinko solar has also estimated a
almost 6.5 GW of capacity installation in 2016 and in the first quarter of 22015 Jinko solar has
become worlds leading solar module supplier mainly due to shipping of 1,600 MW of solar
modules in the first quarter, of which 166 were used in the companys own downstream
projects and other capacity increase was due to higher demands from China
From the table below it can be observed that Revenues as well as EBITDA is highest for first
solar, it also has least amount of debt which means project cost are funded by equity and
retained earnings which result in very low cost of capital, first solar has lowest interest cost
among all other module suppliers with more than twice EBITDA and Net Income as compared
to its competitors, its net worth is 5 times that of its competitors mainly due to investors have
more trust over the company as company has its major operations in higher margin countries
like US and Europe.
39
Trina Solar
2014
2015
Revenue
Net Income
EBITDA
Interest
Cash
Total Debt
Fixed Assets
Debt to
Equity
Net worth
Canadian Solar
2014
2015
Jinko Solar
2014
2015
JA Solar
2014
2015
First Solar
2014
2015
2,286.12
3,035.50
2,960.63
3,467.63
1,496.78
2,411.47
1,694.33
2,028.81
3,391.19
3,579.00
59.34
76.51
239.50
171.86
100.95
102.56
63.57
93.56
395.96
546.42
228.36
311.96
448.94
341.59
206.93
292.35
202.18
249.40
667.80
774.49
34.89
0.00
6.98
465.39
1,482.05
1,126.83
1,130.19
1,759.05
213.47
289.42
1,253.54
1,862.14
37.41
432.49
734.16
654.80
1.98
392.89
34.45
266.55
552.55
323.25
549.54
553.08
1,397.86 2,386.40 1,143.44 1,920.83 629.99
469.35
1,531.49 1,118.23 1,622.43 625.01
1,419.99
1,284.14
1.1290
1.6130
1.9094
2.8665
1.5343
2.1487
0.7683
0.8272
0.0428
0.0522
1,001.08
1,090.56
729.57
832.51
745.26
893.96
820.03
887.57
4,991.49
5,548.49
48.9
54.1
31.04
43.85
Tables below gives major indicators for top 10 solar module producers of the world
Company
Trina Solar
Candian
Solar
Jinko Solar
JA Solar
Hawana Q
Cells
First solar
Yingli Green
SFCE
ReneSola
SunPower
Revenue
3,035.5
3467.6
Debt
Gross
R&D
ROA
EBITDA
debt/equity Debt/assets Inventory
Margin expenditure
Turnover
1759
18.67
34.1
1.94
312
1.61
0.37
6.3
2386.4
16.63
17.1
4.59
341.6
2.86
0.54
7.53
2411.475 1920.825
2028.81
734.16
1800.8
1199.2
20.34
16.95
18.55
3579
289.4
1538.4 1779.948
1054.86
1861.2
25.69
11.9
18.86
1282
1576.5
733.7
1610
14.65
15.52
21.555
22.275
48.3
2.96
4.05
2.64
292.35
249.405
161.2
2.14
0.82
3.52
0.47
0.3
0.47
5.027
5.93
4.805
130.6
7.79
774.5
61.285 (negative) (negative)
19.5225
0.18
277.65
0.052
-2.44
1.51
0.0396
0.65
0.43
6.0072
4.78
6.712
6.55
1.02
0.54
0.3317
3.974
4.035
43.9
99.1
-0.34
-4.06
40
94.2
-68.3
Trina Solar
Canadian Solar
2014
2015
2014
2015
Revenue 2,286.12 3,035.50
Net Income59.34
76.51
EBITDA 228.36 311.96
Intrest 34.89
0.00
Cash
392.89 465.39
Total Debt1,130.19 1,759.05
Fixed Assets
1,253.54 1,862.14
Debt to Equity
112.90 161.30
Netwworth1,001.08 1,090.56
EBITDA Margin
9.99
10.28
Total Shipment
3.60
5.70
Supply to US
1.01
(GW) 1.58
Supply to China
1.19 (GW)1.43
Variants 6.00
6.00
Altman Z score
1.17
1.03
Cell solar capacity
21.40
22.13
R&D infra Portfolio
22.30 (Million)
34.10
Expansion 3.80
plans 4.60
Expansion plans (2016)
6.55
Jinko Solar
2014
2015
JA Solar
2014
2015
First Solar
Hawana Q Cells
2014
2015
2014
2015
Yingli Green
2014
2015
SFCE
2014
2015
Rene Solar
2014
2015
2,960.63 3,467.63 1,496.78 2,411.47 1,694.33 2,028.81 3,391.19 3,579.00 773.10
1,800.80 1,925.68 -
861.89
1,054.86
239.50
171.86
100.95
102.56
63.57
93.56
395.96
546.42
3.00
43.80
-840.08
196.18
6.72
-33.63
-5.08
245.89
-187.02
448.94
341.59
206.93
292.35
202.18
249.40
667.80
774.49
50.30
161.20
27.42
178.00
349.32
277.65
98.44
34.45
549.54 553.08 266.55 552.55 323.25
1,397.86 2,386.40 1,143.44 1,920.83 629.99
469.35 1,531.49 1,118.23 1,622.43 625.01
37.41
432.49
734.16
654.80
1.98
6.98
18.10
66.90
81.05
1,482.05 1,126.83 156.70
200.00
160.43
213.47
1,199.20 2,203.52 -
1,419.99 1,284.14 147.80
877.30
190.94
286.65
153.43
214.87
76.83
82.72
4.28
127.43
352.50
729.57
832.51
9.85
893.96
12.12
820.03
11.93
887.57
12.29
4,991.49 5,548.49 229.70
15.16
745.26
13.83
19.69
21.64
2.80
4.70
2.42
4.21
2.80
4.00
3.70
0.42
1.01
0.17
0.04
1.04
1.57
0.92
1.80
8.00
8.00
5.00
5.00
1.86
1.21
0.89
0.95
26.00
1.18
12.06
17.06
15.99
21.55
2.70
4.30
2.50
3.80
-14.36
-16.83
5.50
31.04
1,282.0 3,027.27 1,576.47

119.42
360.04
-68.29
43.42
38.05
733.71
630.46
8.76
66.69
956.18
954.53
1,817.44 -
49.02
138.10 278.16 99.85
1,317.85 1,861.21 792.73
2,021.59 2,544.88 750.30
585.34
731.23
169.21
143.39
151.84
586.53
655.48
73.67
102.10
-32.62
9.24
26.32
4.20
1.46
3.72
3.36
918.28
40.53
-
2.59
0.54
135.16
6.30
2.20
0.26
111.93
9.31
1.60
0.05
1,534.17 1,449.15
6.51
340.20
8.95
0.27
1.24
0.53
2.00
2.00
2.00
2.00
6.00
6.00
3.15
3.95
1.64
1.32
-0.19
-1.18
0.90
20.95
26.00
1.37
20.30
22.28
143.97
130.59
27.40
48.30
569.82
2.80
3.60
3.50
4.30
1.60
3.40
4.20
43.85
6.50
1,561.5
Sun Power
2014
2015
5.00
289.42
5.22
5.40
292.70
5.20
41
143.76
1,182.17 1,610.95
11.89
-4.33
1.20
0.72
0.50
0.36
0.24
2.00
2.00
0.78
0.30
1.82
1.10
22.80
10.87
19.57
43.91
73.34
99.06
3.90
52.58
2.50
2.50
1.90
Conclusion
First solar has the highest revenue followed by Canadian solar this revenue trend is
different from total module shipments of these companies in FY 15.
Main reason behind the mismatch in trends is due to different amount of shipments in
different geographical locations by different companies.
Companies which are increasing their operations in US and Europe, with volume
productions (utility projects) and supply increase in China and India will have more potential
to grow.
Expected capacity for 2016 is highest for Trina Solar major reasons being increase in
operations in US and setting of a 2GW plant in India (Andhra Pradesh),
EBITDA is highest for first solar, it also has least amount of debt which means project cost
are funded by equity and retained earnings.
Almost all companies achieved more than what they targeted there shipments to be due to
initiatives taken by governments in moving towards renewable energy growth.
First Solar has highest revenues, gross margin, gross income and net income with lowest
debt and debt ratios among all other solar module suppliers making it most financially
stable.
Jinko solar and JA Solar has major operations in China giving them high potential to grow
but they may incur lower margins as compared to its competitors
Trina Solar has projected highest capacity module shipments with its major market as
United States giving it leverage over margins as well as volume.
42
Companies are trying to diversify their markets globally as changes in government policies
can affect the companys revenues both in positive as well as negative way.
While China will see highest volume addition in coming years, companies will have lower
margins operating in China, whereas US who now stand at 2nd position in yearly capacity
additions will give higher margins to companies
Growth rate of European and Japanese market will be relatively lower than China, US and
India
Risk involved in solar industry is mainly due to two factors
Industry is highly dependent on government initiatives and solar policies, and

changes in polices may affect the industry severely.
There is a great scope of improving efficiency of solar modules in this industry, if

there is significant improvement in efficiencies of solar modules by one company,
fixed assets (equipments) of other companies may get impaired.
43
State Discoms
Maharashtra
Unit
FY13
FY14
FY15
FY16
494004
13.18284987
2.48
124489.008
25.2
549701
11.27455854
2.48
136325.848
24.8
1040
612194
11.36871001
2.99
157946.052
25.8
4220
NA
NA
5.62
NA
26
-560.00
9860*
5550*
552.90
2684.65
8940.00
2.67
14125.00
8455.00
730.10
2784.90
10047.00
17784.00
10226.00
1269.93
0.75
NA
1.00
NA
15417.00
9560.00
1047.10
3307.20
10642.00
3.54
6.61
1.50
7.50
0.11
0.32
0.05
H
2.00
Y
20.00
0.13
0.68
0.20
M
2.00
Y
19.00
0.80
M
2.00
Y
18.00
M
2.00
Y
17.00
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
Revenue Deficit/Surpulus
in crore
%
%
cr
per cent
cr
Power Analysis
Total Power Capacity
MW
Thermal Power Capacity
MW
Solar Capacity
MW
Wind Capacity
MW
Peak Demand
APPC Tariff
Rs. Per unit
Average Cost of Suppply
Rs. Per unit
RPO- Solar_Target
per cent
RPO- Non Solar_Target
per cent
RPO - Solar Achieved
per cent
RPO - Non Solar Achieved
per cent
Wheeling Charges at 33 KV (All consumer categories)
Rs/kva/month
Rs/kva/month
CSS Charges at 11/33 KV (All consumer categories) Rs. Per unit
Banking
M/Q/H/A
Banking charges
per cent
Net metering
Y/N
AT&C Losses
per cent
Feed In Tariff for wind

Capital Cost (Wind)
Capital Cost (Solar PV)
5.18 (For
JAISALMER,BARMER &
JODHPUR DISTRICTS),5.44
(For OTHER THAN
JAISALMER,BARMER &
Rs. Per unit JODHPUR )
Rs. crs
5.30
9.40
5.46 (For
JAISALMER,BAR
MER & JODHPUR
DISTRICTS),5.73
(For OTHER
THAN
JAISALMER,BAR
MER & JODHPUR
)
5.64 (For
JAISALMER,BARME
R & JODHPUR
DISTRICTS),5.93
(For OTHER THAN
JAISALMER,BARME
R & JODHPUR )
7.60
5.65
6.73
3
Rs
Rs
Rs
Rs
Rs
Rs
Rs
24032.95
-23250.87
6261.083231
-1586.330254
-23250.86946
-4842.991204
6931.350833
24817.29
-26843.76
7413.631901
-591.4792655
-26843.76
-3592.888905
8280.597352
Rs
Rs
Rs
Rs
Rs
Rs
Rs
23682.45
2077.95
8075.469665
-2277.057136
-23096.51
-5503.129032
8776.072115
26283.08
2311.46
10070.09
-1302.61317
-27831.09
-4734.574097
10954.39
Rs
Rs
Rs
Rs
Rs
Rs
Rs
22861.34
-19245.55
7424.486708
-1643.599282
-22539.64
-5298.9085
7474.05364
23906.60
-23108.58
8822.56
-841.2365103
-26696.00
-4146.122218
9100.41
44
2.00
8.20
5.74(For
JAISALMER,BARM
ER & JODHPUR
DISTRICTS),6.02
(For OTHER THAN
JAISALMER,BARM
ER & JODHPUR )
5.79
Discom Fianacial Parameters

Total Discoms
AVVNL
Total Debt(AVVNL)
Networth(AVVNL)
Total Sales(AVVNL)
EBDITA(AVVNL)
Accumulated losses(AVVNL)
PAT(AVVNL)
Revenue(AVVNL)
JVVNL
Total Debt(JVVNL)
Networth(JVVNL)
Total Sales(JVVNL)
EBDITA(JVVNL)
Accumulated losses(JVVNL)
PAT(JVVNL)
Revenue(JVVNL)
JDVVNL
Total Debt(JDVVNL)
Networth (JDVVNL)
Total Sales (JDVVNL)
EBDITA (JDVVNL)
Accumulated losses (JDVVNL)
PAT (JDVVNL)
Revenue (JDVVNL)
3.40
Karnataka
Unit
FY13
FY14
FY15
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
in crore
per cent
per cent
cr
per cent
cr
690015
14.50
149043.24
21.6
797750
15.61
2.8
180291.5
22.6
-350
907839
13.8
2.7
204263.775
22.5
-160
NA
NA
2.70
NA
24.1
-910.00
Power Analysis
MW
13979
14626
17038
MW
6431
6565
8143
Solar Capacity
MW
14
31
78.22 145.462
Wind Capacity
MW
2135.15
2323.85
2639.45
Peak Demand
MW
10124
9940
10001
APPC Tariff
Rs. Per unit
2.65
3.14
3.06
3.06
Rs. Per unit
5.24
5.6
5.69
RPO- Solar_Target
per cent
0.25
0.25
0.25
per cent
10% and 7%
10% and 7%
10% and 7%
per cent
0.1
per cent
Wheeling Charges at 11/33 KV (all consumer categories)
Rs. Per unit
0.3487
0.72
0.7034
0.407
CSS Charges (all consumer categories)
Rs. Per unit
0.37
0.1
0.787
Banking
M/Q/H/A
A
A
A
A
Banking charges
Rs. Per unit
0
0
0
0
Net metering
Yes, for all categories,
Y/N
Yes, forfor
allup
categories,
to 1
Yes,
MWfor
capacity
for
allup
Yes,
categories,
tofor
1 MW
all categories,
capacity
for up to 1 for
MWupcapacity
to 1 MW capacity
AT&C Losses
per cent
20.78
18.25
17.9
17.43
Rs. Per unit
3.7
4.5
4.5
4.5
Rs. Crs/MW
10
8
6.91
5.87
Capital Cost (Wind)
Rs. Crs/MW
6
6
6
6

Total Discoms
BESCOM
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
MESCOM
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
HESCOM
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
units
4389.535
5329.415
1934.128
13479.600
536.856
-589.209
113.4436
13684.8486
cr
cr
cr
cr
cr
cr
cr
1517.067
11617.353
530.690
-475.465
76.10313
11800.1391
cr
cr
cr
cr
cr
cr
cr
392.099
1950.239
235.320
No Losses
0.2017
2209.2286
cr
cr
cr
cr
cr
cr
cr
-497.217
4410.627
-152.407
-1219.596
-576.2542374
4438.577355
545.294
952.859
45
574.368
390.105
2111.453
272.449
No Losses
13.9262
2259.3337
1613.732
-448.827
4851.581
477.744
-1189.333
30.2636362
4843.50585
Tamil Nadu
Unit
FY13
FY14
FY15
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
cr
851484.98771 986461.31333 1120620.10546

13.24000
15.85000
13.60000
2.40000
2.80000
174554.4225 207156.8758 235330.2221
20.5
21
21
1790
3540
cr
per cent
cr
NA
NA
2.90000
NA
21.2
4,620.00
Power Analysis
MW
MW
Solar Capacity
MW
Wind Capacity
MW
Peak Demand
MW
APPC Tariff
Rs. Per unit
Rs. Per unit
RPO- Solar_Target
per cent
per cent
per cent
per cent
Wheeling Charges at 11/33 KV (All consumer categories)
Rs. Per unit
CSS Charges at 11 KV (All consumer categories)
Rs. Per unit
CSS Charges at 33 KV (All consumer categories)
Banking
M/Q/H/A
Banking charges
Rs. Per unit
Net metering
Y/N
AT&C Losses
per cent
Rs. Per unit
Capital Cost(wind)
Rs. crs
Capital Cost(Solar PV)
Rs. Crs
2.54000
6.27000
21063.00000
10411.00000
98.36000
7269.50000
12736.00000
3.11000
5.24000
0.05%
0.05%
2.00%
2.00%
8.95%
8.95%
9.00%
9.00%
17.05500
7162.18000
22564.00000 24747.00000
11320.00000 12714.00000
148.00000 1061.82000
7456.98000 7597.65000
13522.00000 13707.00000
3.38000
5.77000
0.23270
3.47220
0.17350
0.19390
3.40140
3.25080
2.61540
3.38840
A(12 months) A(12 months) A(12 months) A(12 months)
Y
20.72000
3.51000
5.75
20.22000
19.72000
19.22000
3.51000
6.04
7
3.51000
3.51000
6.2
5.05
5.86

Total Discoms
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
1
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
46
1
1
1
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Andhra Pradesh
Unit
FY13
FY14
FY15
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
in crore
%
%
230240
4.05
-2.32
52955.2
23
246724.00
7.16
-2.86
56499.796
22.9
-340
264521.00
7.21
8.40
63485.04
24
14240
292295.71
10.50
-0.40
70150.9692
24
7,300.00
16817
11771.00
23.15
447.00
14582.00
2.69
17496.00
12191.00
113.00
731.00
14072.00
3.28
10467.00
7912.00
279.44
1062.00
7144.00
3.38
14828.00
10749.00
572.97
0.25
4.75
0.25
4.75
0.25
4.75
3.40
5.60
0.25
4.75
29.60
191.22
0.00
A
2.00
Y
13.63
4.70
4.00
-
27.38
180.53
0.00
A
2.00
Y
13.38
4.70
4.70
-
7.66
164.61
0.00
A
2.00
Y
13.13
4.70
5.75
-
15.51
220.82
2.23
A
2.00
Y
12.88
4.83
6.00
-
cr
cr
cr
cr
cr
cr
cr
3507.536652
-333.8834419
6033.81329
247.469717
-455.1087709
-135.8494158
6350.668219
4193.347769
-994.5443069
7617.876972
-143.3790111
-1115.769636
-722.2369677
7960.714421
cr
cr
cr
cr
cr
cr
cr
6695.599377
-3226.905582
7327.448983
461.6088436
-3585.620891
-403.1153321
9560.478779
9868.419271
-5718.11
10923.88
-485.8758671
-6076.829274
-1677.474589
14611.43
cr
per cent
cr
Power Analysis
Solar Capacity
Wind Capacity
Peak Demand
APPC Tariff
RPO- Solar_Target
Wheeling Charges at 33 KV (Industrial) (SPDCL)
Wheeling Charges at 11 KV (Industrial) (SPDCL)
CSS Charges at 11/33 KV (All consumer categories)
Banking
Banking charges
Net metering
AT&C Losses
Capital Cost (Wind)
MW
MW
MW
MW
Rs. Per unit
Rs. Per unit
per cent
per cent
per cent
per cent
Rs/kva/month
Rs/kva/month
Rs. Per unit
M/Q/H/A
per cent
Y/N
per cent
Rs. Per unit
cr/Mw
cr/Mw

Total Discoms
APEPDCL
Total Debt(EPDCL)
Networth(EPDCL)
Total Sales(EPDCL)
EBDITA(EPDCL)
Accumulated losses(EPDCL)
PAT(EPDCL)
Revenue(EPDCL)
APSPDCL
Total Debt(APSDCL)
Networth(APSDCL)
Total Sales (APSDCL)
EBDITA (APSDCL)
Accumulated losses (APSDCL)
PAT (APSDCL)
Revenue (APSDCL)
47
Rajasthan
Unit
FY13
FY14
FY15
FY16
494004
13.18284987
2.48
124489.008
25.2
549701
11.27455854
2.48
136325.848
24.8
1040
612194
11.36871001
2.99
157946.052
25.8
4220
NA
NA
5.62
NA
26
-560.00
9860*
5550*
552.90
2684.65
8940.00
2.67
14125.00
8455.00
730.10
2784.90
10047.00
17784.00
10226.00
1269.93
0.75
NA
1.00
NA
15417.00
9560.00
1047.10
3307.20
10642.00
3.54
6.61
1.50
7.50
0.11
0.32
0.05
H
2.00
Y
20.00
0.13
0.68
0.20
M
2.00
Y
19.00
0.80
M
2.00
Y
18.00
M
2.00
Y
17.00
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
in crore
%
%
cr
per cent
cr
Power Analysis
MW
MW
Solar Capacity
MW
Wind Capacity
MW
Peak Demand
APPC Tariff
Rs. Per unit
Rs. Per unit
RPO- Solar_Target
per cent
per cent
per cent
per cent
Rs/kva/month
Rs/kva/month
Banking
M/Q/H/A
Banking charges
per cent
Net metering
Y/N
AT&C Losses
per cent

Capital Cost (Wind)
5.18 (For
JAISALMER,BARMER &
JODHPUR DISTRICTS),5.44
(For OTHER THAN
JAISALMER,BARMER &
Rs. Per unit JODHPUR )
Rs. crs
5.30
9.40
5.46 (For
JAISALMER,BAR
MER & JODHPUR
DISTRICTS),5.73
(For OTHER
THAN
JAISALMER,BAR
MER & JODHPUR
)
5.64 (For
JAISALMER,BARME
R & JODHPUR
DISTRICTS),5.93
(For OTHER THAN
JAISALMER,BARME
R & JODHPUR )
7.60
5.65
6.73
3
Rs
Rs
Rs
Rs
Rs
Rs
Rs
24032.95
-23250.87
6261.083231
-1586.330254
-23250.86946
-4842.991204
6931.350833
24817.29
-26843.76
7413.631901
-591.4792655
-26843.76
-3592.888905
8280.597352
Rs
Rs
Rs
Rs
Rs
Rs
Rs
23682.45
2077.95
8075.469665
-2277.057136
-23096.51
-5503.129032
8776.072115
26283.08
2311.46
10070.09
-1302.61317
-27831.09
-4734.574097
10954.39
Rs
Rs
Rs
Rs
Rs
Rs
Rs
22861.34
-19245.55
7424.486708
-1643.599282
-22539.64
-5298.9085
7474.05364
23906.60
-23108.58
8822.56
-841.2365103
-26696.00
-4146.122218
9100.41
48
2.00
8.20
5.74(For
JAISALMER,BARM
ER & JODHPUR
DISTRICTS),6.02
(For OTHER THAN
JAISALMER,BARM
ER & JODHPUR )
5.79

Total Discoms
AVVNL
Total Debt(AVVNL)
Networth(AVVNL)
Total Sales(AVVNL)
EBDITA(AVVNL)
Accumulated losses(AVVNL)
PAT(AVVNL)
Revenue(AVVNL)
JVVNL
Total Debt(JVVNL)
Networth(JVVNL)
Total Sales(JVVNL)
EBDITA(JVVNL)
Accumulated losses(JVVNL)
PAT(JVVNL)
Revenue(JVVNL)
JDVVNL
Total Debt(JDVVNL)
Networth (JDVVNL)
Total Sales (JDVVNL)
EBDITA (JDVVNL)
Accumulated losses (JDVVNL)
PAT (JDVVNL)
Revenue (JDVVNL)
3.40
Madhya Pradesh
FY15
FY14
FY13
Unit
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
401372
10.32
2.30
8910458.4
22.2
-5880
451348
12.45
2.70
9703982
21.5
-6370
501939
11.21
2.80
10189361.7
20.3
-5,590.00
13562.00
9421.00
347.17
423.40
9716.00
2.53
E-6.99
C-7.01
W-6.19
MP STATE-6.69
15579.00
11196.00
563.58
876.70
9755.00
2.66
E-5.06
C-5.34
W-5.22
MP STATE-
17644.00
12216.00
776.37
2.79
E-5.07
C-5.44
W-5.66
MP STATE-
0.60%
0.80%
1.00%
1.00%
3.40%
4.70%
6.00%
6.00%
0.15
1.14
0.18
1.32
A
0.00
Y
27.65
5.92
5.92
363826
20.59
1.90
9022884.8
24.8
in crore
%
%
cr
per cent
cr
Power Analysis
Solar Capacity
Wind Capacity
Peak Demand
APPC Tariff
MW
MW
MW
MW
MW
Rs. Per unit
37.32
386
10077.00
-
Rs. Per unit

per cent
RPO- Solar_Target
per cent
per cent
per cent
Rs per unit
M/Q/H/A
Banking
per cent
Banking charges
Y/N
Net metering
per cent
AT&C Losses
Rs. Per unit
Rs. Crs/MW
Capital Cost (Wind)
31.15
5.92
5.00
1026 (capacity
>2 MW),
1025 (capacity >2 MW),
1050 (capacity upto 2 1050 (capacity
upto 2 MW)
MW)
0.23
0.22
1.82
0.39
A
A
0.00
0.00
Y
Y
23.15
25.15
5.92
5.92
5.96
5.96
1025
1025
(capacity >2
(capacity >2
MW),
MW), 1050
1050
(capacity
(capacity
upto 2 MW) upto 2 MW)
Rs. Crs/MW

Total Discoms
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
Regulatory Asset
cr
Data not available

Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
49
3
3
3
Data not available
Data not availableData not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Gujarat
Unit
FY13
FY14
FY15
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
in crore
%
%
712123
17.62
cr
per cent
cr
183015.488
25.7
806745
895202 NA
13.29
10.96 NA
2.40
2.10
2.20
198459.2503 216638.9394
24.6
24.2
23.3
-4720
-6390
-7,310.00
Power Analysis
MW
27419.00
28673.00
29611.00
MW
21885.00
22911.00
23307.00
Solar Capacity
MW
857.90
916.40
1000.05
1119.17
Wind Capacity
MW
3174.58
3447.28
3642.53
Peak Demand
11999.00
12201.00
13603.00
APPC Tariff
Rs. Per unit
3.76
Rs. Per unit
4.50
4.43
3.1
1.00%
1.00%
1.25%
1.50%
RPO- Solar_Target
per cent
6.00%
6.00%
6.75%
7.50%
per cent
per cent
per cent
Wheeling Charges at 11/33 KV (All13
consumer
Paise / Unit
categories)
Additional
13Rs
Paise
per /unit
Unit
5 Paise
Additional
/ Unit if5power
Paise /toUnit
be wheeled
if0.11
power to
to be
more
wheeled
0.12
than one
to more
location
than one location
0.39
0.45
0.39
0.59
Banking
M/Q/H/A
M
M
M
M
Banking charges
per cent
Net metering
Y/N
Y
Y
Y
Y
AT&C Losses
per cent
19.87
18.87
17.87
16.87
Rs. Per unit
4.15
4.15
4.15
4.15
Capital Cost (Wind)
Cr/MW
6.08
6.08
6.08
Rs. Crs/MW
10.00
6.15
6.15

Total Discoms
PGVCL
Total Debt (PGVCL)
Networth(PGVCL)
Total Sales(PGVCL)
EBDITA(PGVCL)
Accumulated losses(PGVCL)
PAT(PGVCL)
Revenue(PGVCL)
DGVCL
Total Debt (DGVCL)
Networth(DGVCL)
Total Sales (DGVCL)
EBDITA (DGVCL)
Accumulated losses (DGVCL)
PAT (DGVCL)
Revenue (DGVCL)
MGVCL
Total Debt (MGVCL)
Networth (MGVCL)
Total Sales (MGVCL)
EBDITA (MGVCL)
Accumulated losses (MGVCL)
PAT (MGVCL)
Revenue (MGVCL)
UGVCL
Total Debt (UGVCL)
Networth (UGVCL)
Total Sales (UGVCL)
EBDITA (UGVCL)
Accumulated losses (UGVCL)
PAT (UGVCL)
Revenue (UGVCL)
cr
cr
cr
cr
cr
cr
cr
2140.2
2051.14
9777.8451
690.42
824.12
10.4
10464.43
2336.31
2747.26
10880.0997
882.76
949.21
10.87
11614.13
cr
cr
cr
cr
cr
cr
cr
1190.4
770.16
7504.346
310.76
500.78
51.97
7655.7
1252.89
845.09
10603.1012
412.98
572.06
50.83
10771.47
cr
cr
cr
cr
cr
cr
cr
953.64
645.34
4151.1937
246.92
395.63
19.47
4272.7
1024.39
780.89
4874.3044
299.86
513.4
28.86
5006.79
cr
cr
cr
cr
cr
cr
cr
1223.4
800.84
7552.9401
344.26
534.13
13.52
7672.98
1332.5
1102.06
8158.4919
525.81
785.53
17.25
8287.61
50
Punjab
Unit
FY13
FY14
FY15
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
in crore
%
%
297734.0000
11.6700
cr
per cent
cr
96465.816
32.4
334714.0000 368011.0000
12.4200
9.9500
2.8000
3.0000
107777.908 119235.564
32.2
32.4
6540
6240
NA
NA
3.0000
NA
31.4
6390
Power Analysis
MW
MW
Solar Capacity
MW
Wind Capacity
MW
Peak Demand
APPC Tariff
Rs. Per unit
Rs. Per unit
RPO- Solar_Target
per cent
per cent
per cent
per cent
Wheeling Charges at 11/33 KV(All consumer categories)
Rs per unit
Banking
M/Q/H/A
Banking charges
Rs per unit
Net metering
Y/N
AT&C Losses
per cent

Capital Cost (Wind)
9.3300
NA
11520.0000
3.5900
5.3866
8354.0000
4780.0000
16.8500
NA
10089.0000
3.5900
5.7775
10256.0000
6635.0000
195.2700
NA
11534.0000
3.8400
5.7313
0.07%
0.13%
0.19%
2.90%
3.50%
4.00%
1.2400
0.8800
1.1900
1.0700
1.21
0.9500
0,0.26
Y
17.6600
0,0.27
Y
17.1600
6.29 (AD not

5.96 (without AD) availed), 5.80 (If AD
5.36 (with AD)
benefit availed)
5.7500
5.9700
10.0000
8.0000
Rs. Per unit

Rs. Crs/MW
Rs. Crs/MW

Total Discoms
PSPCL
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
1
Cr
Cr
Cr
Cr
Cr
Cr
Cr
1821.8836
14265.0187
16237.3173
3508.7282
8183.5445
249.3069
21693.8597
51
12456.0000
8594.0000
405.0630
NA
3.8400
5.9781
1.0800
0.8900
0,0.12
0,0.19
Y
Y
16.6600
16.1600
6.29 (AD not 6.58 (AD not
availed), availed), 5.87
5.80 (If AD
(If AD
benefit
benefit
availed)
availed)
5.97
6.1916
6.9100
6.0585
Odisha
Unit
FY13
FY14
FY15
FY16
State Macro Factors

GDP
GDP Growth
Fiscal Defecit
State Debt
Debt to GDP Ratio
in crore
%
%
255273.0000
13.3100
cr
per cent
cr
50033.508
19.6
277271.0000 309807.0000
8.6200
11.7300
1.7000
2.9000
51295.135
59173.137
18.5
19.1
-3330
-3380
332329.0000
7.2700
3.0000
62477.852
18.8
-5100

MW
7722.0000
9036.0000
9421.0000
MW
5455.0000
6753.0000
7103.0000
Solar Capacity
MW
13.0000
30.5000
31.92
66.9200
Wind Capacity
MW
2.0000
Peak Demand
MW
3968.0000
3727.0000
3920.0000
APPC Tariff
Rs. Per unit
Rs. Per unit
4.6051
4.6668
4.6107
4.8881
0.15%
0.20%
0.25%
0.30%
RPO- Solar_Target
per cent
5.35%
5.80%
6.25%
6.70%
per cent
per cent
per cent
0.7778
Rs per unit
0.7521
0.9158
0.9301
0.9208
0.8678
Banking
M/Q/H/A
next billing period
next billing period
next billing period
Banking charges
per cent
Net metering
Y/N
Y
Y
Y
AT&C Losses
per cent
42.9400
38.9400
37.0000
35.0000
Rs. Per unit Rs 5.31/kWh (Without AD) &
Rs 5.31/kWh Rs 5.31/kWh
Capital Cost (Wind)
Rs. Crs/MW
4.6700
5.7500
5.7500
5.7500
Rs. Crs/MW
16.9000
9.0000
9.0000
9.0000

Total Discoms
Total Debt
Networth
Total Sales
EBDITA
Accumulated losses
PAT
Revenue
4.0000
4.0000
4.0000
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
Data not available
52
References
1- EMIS Intelligence
2- Report by Mercom Capital Group
3- https://www.ihs.com/pdf/Top-Solar-Power-Industry-Trends-for015_213963110915583632.pdf
4- http://www.pv-magazine.com/
5- Trinal Solar Earnings Call Supplemental Presentation
6- http://ir.trinasolar.com/phoenix.zhtml?c=206405&p=irol-presentations
7- http://ir.trinasolar.com/phoenix.zhtml?c=206405&p=irol-reportsother
8- http://phx.corporateir.net/External.File?item=UGFyZW50SUQ9NjM1NjMyfENoaWxkSUQ9MzM5NzQ2fFR5cG
U9MQ==&t=1
9- http://investors.canadiansolar.com/phoenix.zhtml?c=196781&p=irol-irhome
10- Canadian Solar Investor Presentation
11- http://ir.jinkosolar.com/zhen/en/flow.php
12- JinkoSolar Earnings PPT
13- http://investors.jasolar.com/phoenix.zhtml?c=208005&p=irol-irhome
14- JA Sola Annual Earning Presentation
15- http://investor.firstsolar.com/
16- First Solar Annual Presentation
17- http://www.yinglisolar.com/en/
18- http://sfcegroup.com/en/
19- http://in.renesola.com/
20- http://investors.sunpower.com/
53

Global Solar Sector Analysis

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Global Solar Sector Analysis

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SUMMER INTERNSHIP PROJECT REPORT ON

Global Solar Sector Analysis

Global Solar Sector Analysis

Prof Harnesh Makhija

Date: June 09, 2016

Sub: Internship Completion Certificate

targeted there shipments to be due to initiatives taken by governments in moving towards

Global Annual PV Installation

Rest of the world

Bulk Types (c-Si,

Thin Film Types

Global Solar PV Market Segmentation by Technology

Market Segmentation by Technology

Source: Technavio Analysis

Market Segmentation by End-user

Global Solar PV Market Segmentation by Enduser

Source: Technavio Analysis

Market Segmentation by End-user

Market Share (%)

Source: Technavio Analysis

Source: Technavio Analysis

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

1,857.7 2,047.9 1,296.7 1,775.0 2,286.1 3,035.5

Gross Profit and Gross Margin

Net Income and Net Profit

Table 1 Financial Parameters

shipment at the end of FY 16 is forecasted to be around 5.5 GW as per companies investor

1,495. 1,898. 1,294. 1,654. 2,960. 3,467.

Gross Profit and Gross Margin

Net Income and Net Margin

Table 2 Financial Parameters

Canadian solar is global leader in solar project development business

Company is vertically integrated therefore having more control over manufacturing

Total Revenue 106.3729 327.5

1,061.8 1,496.8 2,411.5

Gross Profit and Gross Margin

Net Income and Net Margin

Net Income Margin

Key Financial Parameters

Table 3 Financial Parameters

Total Revenue 104.5 404.1 818.7 566.8 1,764.11,609.91,007.91,077.41,694.32,028.8

Net Income and Net Margin

Net Income Margin

Table 4 Financial Parameters

Gross Profit and Gross Margin

Net Income and Net Margin

Net Income Margin

Table 5 Financial Parameters

Its return and assets is almost thrice the industry average.

Total Shipment (GW)

Table 7 Financial Parameters

Table 8 Financial Parameters

Table 10 Financial Parameters

2,960.63 3,467.63 1,496.78 2,411.47 1,694.33 2,028.81 3,391.19 3,579.00 773.10

1,482.05 1,126.83 156.70

1,419.99 1,284.14 147.80

4,991.49 5,548.49 229.70

1,282.0 3,027.27 1,576.47

Industry is highly dependent on government initiatives and solar policies, and

There is a great scope of improving efficiency of solar modules in this industry, if

State Macro Factors

Feed In Tariff for wind

Discom Fianacial Parameters

State Macro Factors