Using smartphone right now. Will get back in couple of days.

Some states like UP have already implemented net-metering. Seven or so states are in last stages of finalizing policies. Many other states have started talks.

The company keeps on talking about REC repurchase obligations (RPO) being enforced on state DISCOMS. Given the poor financial state of affairs of DISCOMS, I think relying on RPO enforcement would be impractical in the short/medium term. If there comes a regulation to enforce coal/gas based power producers to buy RECs then that might be a big growth trigger for the company.

I have some background in solar energy project viability estimation and would like to share my thoughts. Broadly speaking, there are generally 2 kinds of solar power projects:
1) Large commercial projects
2) Small roof top projects

Small roof top projects might require a battery for storing excess solar power generated during the day. The cost and life time of the battery makes such projects un-viable in the short/medium term and also increases the operational headache (One has to perform regular battery maintenance, replace battery every 3-4 years etc). Hence you won't find a lot of these roof top projects on residential buildings. It might make some sense for commercial establishments which have a a large rooftop area and power requirements during the day. However the trigger for roof top based projects would come when state DISCOMs start implementing the net metering system. In net metering, the rooftop generation is connected to the grid in a 2 way mechanism. One can sell excess electricity generated to the DISCOM during the day, thus avoiding the use of batteries to store the excess power generated. And purchase electricity from the DISCOM when there is no sunlight via the same connection. There is no net metering in India at the moment (correct me if I am wrong).

In the AR the company has not talked a lot about taking up large scale commercial projects. This is a negative in my opinion, given the current state of affairs in India only large scale projects would be viable for most investors and the success of roof top projects depends heavily on the implementation of net metering. That is not likely to come anytime soon.

Awaiting more clarity on the future steps of the management. This could be taken up in the investor concall.

The AR is out. Download Link

Key points:
1) Board has given approval to raise upto 500 Cr through equity/equity linked instruments. AR states the possible routes could be - ADR, GDR, FCCBs, NCDs, FCDs or direct equity.
2) The Company has made investment in the following foreign subsidiary Companies:
- Ujaas Energy Limited (Dubai)
- Ujaas Energy HK Limited (Hong Kong)
- Eizooba Energy one Limited. (Uganda)
Don't know what these investments are about. Could be asked in an investor concall.
3) ESOPs scheme is being implemented. This is a good sign, shows that the promoters want to reward employees.
4) Debt down from 132 Cr to 110 Cr.
5) Key management personnel took a pay cut of 69% during the year due to poor financial performance of the company.