Nextracker (NXT) 10-Q 31 Jan 25 2025 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2024	Jan. 27, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-41617
Entity Registrant Name	Nextracker Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-5047383
Entity Address, Address Line One	6200 Paseo Padre Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94555
City Area Code	510
Local Phone Number	270-2500
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	NXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001852131
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		143,710,209
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,908,827

Unaudited condensed consolidate

Unaudited condensed consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 693,543	$ 474,054
Accounts receivable, net of allowance of $2,845 and $3,872, respectively	457,918	382,687
Contract assets	279,027	397,123
Inventories	217,301	201,736
Other current assets	346,732	312,635
Total current assets	1,994,521	1,768,235
Property and equipment, net	47,985	9,236
Goodwill	370,613	265,153
Other intangible assets, net	47,503	1,546
Deferred tax assets	472,189	438,272
Other assets	50,748	36,340
Total assets	2,983,559	2,518,782
Current liabilities:
Accounts payable	377,466	456,639
Accrued expenses	72,863	82,410
Deferred revenue	297,007	225,539
Current portion of long-term debt	6,563	3,750
Other current liabilities	150,746	123,148
Total current liabilities	904,645	891,486
Long-term debt, net of current portion	138,770	143,967
Tax receivable agreement (TRA) liability	375,002	391,568
Other liabilities	140,182	99,733
Total liabilities	1,558,599	1,526,754
Commitments and contingencies (Note 8)
Stockholders’ equity:
Accumulated deficit	(2,714,204)	(3,066,578)
Additional paid-in-capital	4,121,940	4,027,560
Accumulated other comprehensive (loss) income	(1,200)	17
Total Nextracker Inc. stockholders’ equity	1,406,550	961,013
Non-controlling interest	18,410	31,015
Total stockholders’ equity	1,424,960	992,028
Total liabilities and stockholders’ equity	2,983,559	2,518,782
Common Class A
Stockholders’ equity:
Class of common stock, price par value, shares authorized, issued and outstanding	14	14
Common Class B
Stockholders’ equity:
Class of common stock, price par value, shares authorized, issued and outstanding	$ 0	$ 0

Unaudited condensed consolida_2

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Allowances for doubtful accounts	$ 2,845	$ 3,872
Common Class A
Common stock, par or stated value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares, issued (in shares)	143,688,057	140,773,223
Common stock, shares, outstanding (in shares)	143,688,057	140,773,223
Common Class B
Common stock, par or stated value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	1,908,827	3,856,175
Common stock, shares, outstanding (in shares)	1,908,827	3,856,175

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of operations and comprehensive income - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 679,363,000	$ 710,426,000	$ 2,034,855,000	$ 1,763,326,000
Cost of sales	438,460,000	500,701,000	1,331,717,000	1,290,747,000
Gross profit	240,903,000	209,725,000	703,138,000	472,579,000
Selling, general and administrative expenses	70,573,000	48,356,000	203,527,000	126,865,000
Research and development	20,094,000	12,897,000	55,806,000	29,270,000
Operating income	150,236,000	148,472,000	443,805,000	316,444,000
Interest expense	3,798,000	3,227,000	10,743,000	9,975,000
Other income, net	(13,778,000)	(21,534,000)	(16,292,000)	(18,464,000)
Income before income taxes	160,216,000	166,779,000	449,354,000	324,933,000
Provision for income taxes	42,842,000	38,818,000	89,922,000	51,918,000
Net income and comprehensive income	117,374,000	127,961,000	359,432,000	273,015,000
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests	2,091,000	86,565,000	7,058,000	171,937,000
Net income attributable to Nextracker Inc.	$ 115,283,000	$ 41,396,000	$ 352,374,000	$ 101,078,000
Earnings per share attributable to Nextracker Inc. common stockholders
Basic (in USD per share)	$ 0.80	$ 0.67	$ 2.46	$ 1.78
Diluted (in USD per share)	$ 0.79	$ 0.87	$ 2.41	$ 1.86
Weighted-average shares used in computing per share amounts:
Basic (in shares)	143,663,514	62,108,835	143,102,231	56,789,399
Diluted (in shares)	149,027,858	147,344,370	149,134,004	147,160,053

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of stockholders' equity (deficit) and redeemable interest - USD ($)	Total	Preferred Stock	Preferred Stock Redeemable non-controlling interests	Common Stock Common Class A	Common Stock Common Class B	Additional paid-in-capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Total Nextracker Inc. stockholders’ equity	Non-controlling interests
Redeemable beginning balance at Mar. 31, 2023			$ 3,560,628,000
Beginning balance at Dec. 31, 2023	$ (3,117,013,000)			$ 6,000	$ 8,000	$ 154,926,000	$ (3,271,953,000)
Beginning balance (in shares) at Mar. 31, 2023				45,886,065	98,204,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			171,937,000
Net income	101,078,000						101,078,000
Stock-based compensation expense and other	39,682,000					39,894,000	(212,000)
Vesting of Nextracker Inc. RSU awards (in shares)				592,177
Issuance of Class A common stock sold in follow-on offering (in shares)				15,631,562
Issuance of Class A common stock sold in follow-on offering	552,009,000			$ 1,000		552,008,000
Use of Follow-on proceeds as consideration for Yuma’s transfer of LLC common units (in shares)					(15,631,562)
Use of Follow-on proceeds as consideration for Yuma’s transfer of LLC common units	(552,009,000)				$ (2,000)	(552,007,000)
TRA revaluation	18,337,000					18,337,000
Reclassification of redeemable non-controlling interest	622,292,000		622,292,000			622,292,000
TRA revaluation	18,337,000
Tax distribution		$ (64,365,000)
Redemption value adjustment			822,635,000
Redemption value adjustment	(822,635,000)					(525,598,000)	(297,037,000)
Redeemable end balance at Dec. 31, 2023			3,868,543,000
End balance (in shares) at Dec. 31, 2023				62,109,804	82,572,960
Ending balance at Mar. 31, 2023	(3,075,767,000)			$ 5,000	$ 10,000	0	(3,075,782,000)
Redeemable beginning balance at Mar. 31, 2023			3,560,628,000
Beginning balance at Mar. 31, 2024	992,028,000			$ 14,000	$ 0	4,027,560,000	(3,066,578,000)	$ 17,000	$ 961,013,000	$ 31,015,000
Beginning balance (in shares) at Mar. 31, 2023				45,886,065	98,204,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation tax benefits	(1,698,000)					(1,698,000)			(1,698,000)
End balance (in shares) at Mar. 31, 2024				140,773,223	3,856,175
Ending balance at Mar. 31, 2023	(3,075,767,000)			$ 5,000	$ 10,000	0	(3,075,782,000)
Redeemable beginning balance at Sep. 29, 2023			3,316,130,000
Beginning balance at Dec. 31, 2023	(3,117,013,000)			$ 6,000	$ 8,000	154,926,000	(3,271,953,000)
Beginning balance (in shares) at Sep. 29, 2023				62,096,475	82,572,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			86,565,000
Net income	41,396,000						41,396,000
Stock-based compensation expense and other	12,825,000					13,037,000	(212,000)
Vesting of Nextracker Inc. RSU awards (in shares)				13,329
Tax distribution		$ (64,365,000)
Redemption value adjustment			530,213,000
Redemption value adjustment	(530,213,000)					(530,213,000)
Redeemable end balance at Dec. 31, 2023			$ 3,868,543,000
End balance (in shares) at Dec. 31, 2023				62,109,804	82,572,960
Ending balance at Sep. 29, 2023	(2,641,021,000)			$ 6,000	$ 8,000	672,102,000	(3,313,137,000)
Beginning balance at Mar. 31, 2024	992,028,000			$ 14,000	$ 0	4,027,560,000	(3,066,578,000)	17,000	961,013,000	31,015,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense and other	26,980,000					26,980,000			26,980,000
Stock-based compensation tax benefits	(1,698,000)					(1,698,000)			(1,698,000)
End balance (in shares) at Mar. 31, 2024				140,773,223	3,856,175
Ending balance at Dec. 31, 2023	(3,117,013,000)			$ 6,000	$ 8,000	154,926,000	(3,271,953,000)
Beginning balance at Dec. 31, 2024	1,424,960,000			$ 14,000	$ 0	4,121,940,000	(2,714,204,000)	(1,200,000)	1,406,550,000	18,410,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	359,432,000						352,374,000		352,374,000	7,058,000
Net income	352,374,000
Stock-based compensation expense and other	78,766,000					78,766,000			78,766,000
Vesting of Nextracker Inc. RSU awards (in shares)				967,486
Reclassification of redeemable non-controlling interest	0
Shares exchanged by non-controlling interest holders (in shares)				1,947,348	(1,947,348)
Shares exchanged by non-controlling interest holders	0					13,551,000			13,551,000	(13,551,000)
TRA revaluation	3,761,000					3,761,000			3,761,000
Tax distribution	(6,112,000)									(6,112,000)
Total other comprehensive loss	(1,217,000)							(1,217,000)	(1,217,000)
End balance (in shares) at Dec. 31, 2024				143,688,057	1,908,827
Ending balance at Mar. 31, 2024	992,028,000			$ 14,000	$ 0	4,027,560,000	(3,066,578,000)	17,000	961,013,000	31,015,000
Beginning balance at Dec. 31, 2024	1,424,960,000			$ 14,000	$ 0	4,121,940,000	(2,714,204,000)	(1,200,000)	1,406,550,000	18,410,000
Beginning balance (in shares) at Sep. 27, 2024				143,620,486	1,908,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117,374,000						115,283,000		115,283,000	2,091,000
Net income	115,283,000
Vesting of Nextracker Inc. RSU awards (in shares)				67,571
Total other comprehensive loss	(14,000)							(14,000)	(14,000)
End balance (in shares) at Dec. 31, 2024				143,688,057	1,908,827
Ending balance at Sep. 27, 2024	$ 1,282,318,000			$ 14,000	$ 0	$ 4,096,658,000	$ (2,829,487,000)	$ (1,186,000)	$ 1,265,999,000	$ 16,319,000

Unaudited condensed consolida_5

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 359,432	$ 273,015
Depreciation and amortization of intangible assets	8,299	3,138
Changes in working capital and other, net	50,736	41,328
Net cash provided by operating activities	418,467	317,481
Cash flows from investing activities:
Purchases of property and equipment	(23,841)	(3,850)
Payment for business acquisitions, net of cash acquired	(144,675)	0
Net cash used in investing activities	(168,516)	(3,850)
Cash flows from financing activities:
Repayment of bank borrowings	(2,813)	(2,813)
Net proceeds from issuance of Class A shares	0	552,009
Purchase of LLC common units from Yuma, Inc.	0	(552,009)
Payment of revolver issuance costs	(6,017)	0
TRA payment	(15,520)	0
Distribution to non-controlling interest holders	(6,112)	(64,365)
Net transfers to Flex	0	(8,335)
Other financing activities	0	(308)
Net cash used in financing activities	(30,462)	(75,821)
Net increase in cash and cash equivalents	219,489	237,810
Cash and cash equivalents beginning of period	474,054	130,008
Cash and cash equivalents end of period	693,543	367,818
Non-cash investing and financing activities:
Unpaid purchases of property and equipment	387	1,480
Reduction of lease liabilities and right-of-use assets from lease termination	(8,667)	0
Right-of-use assets obtained in exchange of lease liabilities	28,461	0
Unpaid purchase of intangible assets	0	500
TRA revaluation	3,761	18,337
Stock-based compensation tax benefits	1,698	0
Reclassification of redeemable non-controlling interest	$ 0	$ 622,292

Description of Business and Org

Description of Business and Organization of Nextracker Inc.	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business and organization of Nextracker Inc.	Description of business and organization of Nextracker Inc. Nextracker Inc. and its subsidiaries (“Nextracker,” “we,” the “Company”) is a leading provider of integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects around the world. Nextracker's product portfolio enables solar photovoltaic power plants to follow the sun’s movement across the sky and optimize plant performance. Nextracker has operations in the United States, Brazil, Argentina, Peru, Mexico, Spain and other countries in Europe, India, Australia, the Middle East and Africa.

Summary of Accounting Policies

Summary of Accounting Policies	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of accounting policies	Summary of accounting policies Variable interest entities (“VIE”) and consolidation The Company’s sole material asset is its member’s interest in Nextracker LLC. In accordance with the Nextracker LLC Operating Agreement, the Company was named the managing member of Nextracker LLC. As a result, the Company has all management powers over the business and affairs of Nextracker LLC and to conduct, direct and exercise full control over the activities of Nextracker LLC. The Company has concluded that Nextracker LLC is a VIE. Due to the Company’s power to control the activities most directly affecting the results of Nextracker LLC, the Company is considered the primary beneficiary of the VIE. Accordingly, the Company consolidates the financial results of Nextracker LLC and its subsidiaries. On January 2, 2024, Flex Ltd. (“Flex”) closed the spin-off of all its remaining interests in Nextracker LLC common units held by Yuma, Inc., a Delaware corporation (“Yuma”), Yuma Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of Yuma (“Yuma Sub”), to Flex shareholders. As a result of the spin-off, Flex no longer directly or indirectly holds a financial interest in the Company. Nextracker LLC common units held by Yuma, Yuma Sub, TPG Rise Flash, L.P. (“TPG Rise”) and the following affiliates of TPG Inc. (“TPG”): TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P. and The Rise Fund II BDH, L.P. (collectively, the “TPG Affiliates”) were presented on the consolidated balance sheets as temporary equity under the caption “Redeemable non-controlling interests,” up until January 2, 2024 as redemption was outside of the control of the Company. Post January 2, 2024, redemption is no longer outside the control of the Company subsequent to the spin-off from Flex and, therefore, the non-controlling interests owned by the TPG Affiliates are now presented on the consolidated balance sheets as permanent equity under the caption “non-controlling interests.” Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for reporting financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2024, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “Form 10-K”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary to present the Company’s financial statements fairly have been included. Operating results for the three and nine-month periods ended December 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025 or any future period. The condensed consolidated balance sheet as of March 31, 2024 was derived from the Company’s audited consolidated financial statements included in the Form 10-K. All intercompany transactions and accounts within Nextracker have been eliminated. The first quarters for fiscal years 2025 and 2024 ended on June 28, 2024 (89 days) and June 30, 2023 (91 days), respectively. The second quarters for fiscal years 2025 and 2024 ended on September 27, 2024 (91 days) and September 29, 2023 (91 days), respectively. The third quarters for fiscal years 2025 and 2024 ended on December 31 of each year, which are comprised of 95 days and 93 days, respectively. Translation of foreign currencies The reporting currency of the Company is the United States dollar (“USD”). The functional currency of the Company and its subsidiaries is primarily the USD. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other (income) expense, net in the accompanying condensed consolidated statements of operations and comprehensive income. The Company recognized foreign currency exchange gains of $3.6 million during the three-month period ended December 31, 2024 driven by favorable exchange rate fluctuations in Europe. Additionally, during the nine-month period ended December 31, 2024, the Company recognized foreign currency exchange losses of $3.8 million due to unfavorable exchange rate fluctuations primarily in Latin America. The Company recognized foreign currency exchange gains of $5.2 million and $2.6 million during the three and nine-month periods ended December 31, 2023, respectively, due to favorable exchange rate fluctuations in certain currencies. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Estimates are used in accounting for, among other things: impairment of goodwill, impairment of long-lived assets, allowance for credit losses, provision for excess or obsolete inventories, valuation of deferred tax assets, warranty reserves, contingencies, operation-related accruals, fair values of awards granted under stock-based compensation plans and fair values of assets obtained and liabilities assumed in business combinations. Due to geopolitical conflicts (including the Russian invasion of Ukraine and the Israel-Hamas conflict), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas conflict. These estimates may change as new events occur and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements. Accounting for business acquisitions From time to time, the Company pursues business acquisitions. The fair value of the net assets acquired and the results of the acquired businesses are included in the Company’s condensed consolidated financial statements from the acquisition dates forward. The Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the reporting period. Estimates are used in accounting for, among other things, the fair value of acquired net operating assets, property and equipment, intangible assets, contingent earnout, useful lives of plant and equipment and amortizable lives for acquired intangible assets. Any excess of the purchase consideration over the fair value of the identified assets and liabilities acquired is recognized as goodwill. The Company estimates the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further review from management and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on the Company’s condensed consolidated financial position and results of operations. Product warranty Nextracker offers an assurance type warranty for its products against defects in design, materials and workmanship for a period ranging from five The following table summarizes the activity related to the estimated accrued warranty reserve for the nine-month periods ended December 31, 2024 and December 31, 2023: Nine-month periods ended December 31, 2024 December 31, 2023 (In thousands) Beginning balance $ 12,511 $ 22,591 Provision (release) for warranties issued 10,528 (4,130) Payments (4,401) (1,253) Ending balance $ 18,638 $ 17,208 Inventories Inventories are stated at the lower of cost, determined on a weighted average basis, or net realizable value. Nextracker’s inventory primarily consists of finished goods to be used and to be sold to customers, including components procured to complete the tracker system projects. Other current assets Other current assets includes short-term deposits and advances of $69.7 million and $104.7 million as of December 31, 2024 and March 31, 2024, respectively, primarily related to advance payments to certain vendors for procurement of inventory. In addition, it includes $209.9 million and $125.4 million as of December 31, 2024 and March 31, 2024, respectively, in vendor rebates receivable related to the 45X Credit as described under the section “ Inflation Reduction Act of 2022 Vendor Rebates ” of Note 2 in the notes to the consolidated financial statements in the Form 10-K. Deferred tax assets Deferred tax assets of $472.2 million and $438.3 million as of December 31, 2024 and March 31, 2024, respectively, are primarily related to the Company’s investment in Nextracker LLC as described in Note 13 in the notes to the consolidated financial statements included in the Form 10-K and release of valuation allowance related to the foundations business acquisitions described in Note 11. Accrued expenses Accrued expenses include accruals primarily for freight and tariffs of $32.1 million and $43.2 million as of December 31, 2024 and March 31, 2024, respectively. In addition, it includes $40.8 million and $39.2 million of accrued payroll as of December 31, 2024 and March 31, 2024, respectively. TRA liability TRA liability related to the amount expected to be paid to Flex, TPG and the TPG Affiliates pursuant to the Tax Receivable Agreement, were $394.6 million and $391.6 million, as of December 31, 2024 and March 31, 2024, respectively, of which $19.6 million and zero, respectively, were included in other current liabilities on the condensed consolidated balance sheets. During the nine-month period ended December 31, 2024, a payment of $15.5 million was made to Flex, TPG and the TPG Affiliates, which is presented as financing activity on the condensed consolidated statement of cash flows. Other liabilities Other liabilities primarily consist of the long-term portion of standard product warranty liabilities of $6.4 million and $6.4 million, and the long-term portion of deferred revenue of $94.8 million and $69.3 million as of December 31, 2024 and March 31, 2024, respectively. Recently issued accounting pronouncement Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures : In November 2024, the Financial Accounting Standards Board issued a new accounting standard requiring a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The annual reporting requirements of the new standard are effective for the Company beginning in fiscal year 2028 and interim reporting requirements are effective beginning in the first quarter of fiscal year 2029, with early adoption permitted. The Company is still in the process of evaluating the impact of the new standard on its consolidated financial statements and expects to adopt the new guidance in its fiscal year 2028 annual report. Accounting Standards Update 2023-07, Segment Reporting—Improvement to Reportable Segment Disclosures : In November 2023, the Financial Accounting Standards Board issued a new accounting standard which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The annual reporting requirements of the new standard are effective for the Company beginning in fiscal year 2025 and interim reporting requirements beginning in the first quarter of fiscal year 2026, with early adoption permitted. The Company expects to adopt the new guidance in the fourth quarter of fiscal year 2025 with an immaterial impact on its consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Based on Accounting Standards Codification (“ASC”) 606 provisions, the Company disaggregates its revenue from contracts with customers by those sales recorded over time and sales recorded at a point in time. The following table presents Nextracker’s revenue disaggregated based on timing of transfer-point in time and over time for the three and nine-month periods ended December 31, 2024 and December 31, 2023: Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands) Timing of Transfer Point in time $ 15,800 $ 6,042 $ 46,806 $ 32,946 Over time 663,563 704,384 1,988,049 1,730,380 Total revenue $ 679,363 $ 710,426 $ 2,034,855 $ 1,763,326 Contract balances The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities (deferred revenue) on the condensed consolidated balance sheets. Nextracker’s contract amounts are billed as work progresses in accordance with agreed-upon contractual terms, which generally coincide with the shipment of one or more phases of the project. When billing occurs subsequent to revenue recognition, a contract asset results. Contract assets of $279.0 million and $397.1 million as of December 31, 2024 and March 31, 2024, respectively, are presented in the condensed consolidated balance sheets, of which $140.6 million and $141.4 million, respectively, will be invoiced at the end of the projects as they represent funds withheld until the products are installed by a third party, arranged by the customer, and the project is declared operational. The remaining unbilled receivables will be invoiced throughout the project based on a set billing schedule such as milestones reached or completed rows delivered. Contract assets decreased $118.1 million from March 31, 2024 to December 31, 2024 due to fluctuations in the timing and volume of billings for the Company’s revenue recognized over time. During the nine-month periods ended December 31, 2024 and December 31, 2023, Nextracker converted $182.7 million and $141.8 million of deferred revenue to revenue, respectively, which represented 62% and 67%, respectively, of the beginning period balance of deferred revenue. Remaining performance obligations As of December 31, 2024, Nextracker had $391.8 million of the transaction price allocated to the remaining performance obligations. The Company expects to recognize revenue on approximately 76% of these performance obligations in the next 12 months. The remaining long-term unperformed obligation primarily relates to extended warranty and deposits collected in advance on certain tracker projects.

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets Goodwill During the nine-month period ended December 31, 2024, the additions to the Company’s goodwill is driven by its acquisitions of Ojjo, Inc. (“Ojjo”) and the solar foundations business held by Solar Pile International (“SPI”) as further described in Note 11. The following table summarizes the activity in the Company’s goodwill during the nine-month period ended December 31, 2024 (in thousands): Balance as of March 31, 2024 $ 265,153 Additions 103,565 Purchase accounting adjustments 1,895 Balance as of December 31, 2024 $ 370,613 Other intangible assets During the nine-month period ended December 31, 2024, the total gross value of other intangible assets increased by $49.7 million as a result of the Company’s estimated value of other intangible assets from its business acquisitions, which contributed an additional $31.7 million of developed technology and $18.0 million of customer relationships. Refer to Note 11 for additional information. The components of identifiable intangible assets are as follows: As of December 31, 2024 As of March 31, 2024 Gross Accumulated Net Gross Accumulated Net (In thousands) Developed technology $ 31,700 $ (1,601) $ 30,099 $ — $ — $ — Customer relationships 18,000 (1,879) 16,121 — — — Trade name and other intangibles 3,000 (1,717) 1,283 3,000 (1,454) 1,546 Total $ 52,700 $ (5,197) $ 47,503 $ 3,000 $ (1,454) $ 1,546 The gross carrying amount of other intangible assets are removed when fully amortized. The Company amortized $3.7 million of intangible assets during the nine-month period ended December 31, 2024, of which $1.9 million is included in cost of sales and $1.8 million is included in selling, general and administrative expenses, on the condensed consolidated statements of operations and comprehensive income. An immaterial amount of intangible assets was amortized during the nine-month period ended December 31, 2023. The estimated future annual amortization expense for other intangible assets is as follows: Fiscal year ending March 31, Amount (In thousands) 2025 (1) $ 1,780 2026 7,120 2027 7,120 2028 7,091 2029 6,945 Thereafter 17,447 Total amortization expense $ 47,503 (1)

Stock-based compensation

Stock-based compensation	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation	Stock-based compensation The Company adopted the First Amended and Restated 2022 Nextracker LLC Equity Incentive Plan in April 2022 (the “LLC Plan”), which provides for the issuance of options, unit appreciation rights, performance units, performance incentive units, restricted incentive units and other unit-based awards to employees, directors and consultants of the Company. Additionally, in connection with the Company’s initial public offering in February 2023 (the “IPO”), the Company approved the Second Amended and Restated 2022 Nextracker Inc. Equity Incentive Plan (together with the LLC Plan, the “2022 Plan”) to reflect, among other things, that the underlying equity interests with respect to awards issued under the LLC Plan shall, in lieu of common units of Nextracker LLC, relate to Class A common stock of Nextracker for periods from and after the closing of the IPO. The following table summarizes the Company’s stock-based compensation expense: Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands) Cost of sales $ 3,084 $ 2,497 $ 9,345 $ 7,668 Selling, general and administrative expenses 21,482 5,163 62,186 26,849 Research and development 2,414 5,377 7,235 5,377 Total stock-based compensation expense $ 26,980 $ 13,037 $ 78,766 $ 39,894 During the nine-month period ended December 31, 2024, the Company granted 1.7 million time-based unvested restricted share units (“RSU”) awards to certain of its employees under the 2022 Plan. The vesting for these unvested RSU awards is contingent upon time-based vesting with continued service over a three-year period from the grant date, with a portion of the awards vesting at the end of each year. The weighted average fair value per share of the RSUs granted during the period was estimated to be $41.39 per award. In addition, the Company also granted 0.4 million performance-based vesting (“PSU”) awards whereby vesting is generally contingent upon (i) time-based vesting with continued service through March 31, 2027, and (ii) the achievement of certain metrics specific to the Company, which could result in a range of 0-300% of such PSUs ultimately vesting. The weighted average fair value per share of the PSUs granted during the period was estimated to be $58.30 per award. The fair value of these PSU awards granted during the nine-month period ended December 31, 2024 was determined using Monte-Carlo simulation models, which is a probabilistic approach for calculating the fair value of the awards. Also, 0.3 million PSU awards related to the third tranche of performance-based awards granted in fiscal year 2023 met the criteria for a grant date under ASC 718 as the performance metrics for these awards were determined during the nine-month period ended December 31, 2024. The weighted average fair value per share of these PSU awards granted in fiscal year 2023 was estimated to be $111.56 per award, determined using a Monte-Carlo simulation model. Further, the Company granted 0.3 million option awards that will cliff-vest on the third anniversary of the grant date, subject generally to continuous service through such vesting date. The exercise price for the shares underlying such option is equal to $47.05 per award, which corresponds to the Company’s closing price per share as of the grant date of the awards. The fair value of these option awards granted during the nine-month period ended December 31, 2024 was estimated to be $29.05 based on a Black-Scholes option pricing model. Additionally, during the nine-month period ended December 31, 2024, an immaterial number of awards were forfeited due to employee terminations. The total unrecognized compensation expense related to unvested awards under the 2022 Plan as of December 31, 2024 was approximately $134.2 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share excludes dilution and is computed by dividing net income attributable to Nextracker Inc. common stockholders by the weighted-average number of shares of Class A common stock outstanding during the applicable periods. Diluted earnings per share reflects the potential dilution from stock-based compensation awards. The potential dilution from awards was computed using the treasury stock method based on the average fair market value of the Company’s common stock for the period. Additionally, the potential dilution impact of Class B common stock convertible into Class A common stock was also considered in the calculation. The computation of earnings per share and weighted average shares outstanding of the Company’s common stock for the period is presented below: Three-month periods ended December 31, 2024 December 31, 2023 Income Weighted average shares outstanding Per share Income Weighted average shares outstanding Per share Numerator Denominator Amount Numerator Denominator Amount (In thousands, except share and per share amounts) Basic EPS Net income attributable to Nextracker Inc. common stockholders $ 115,283 143,663,514 $ 0.80 $ 41,396 62,108,835 $ 0.67 Effect of Dilutive Impact Common stock equivalents from Options awards (1) 968,945 984,173 Common stock equivalents from RSUs (2) 1,207,196 1,282,259 Common stock equivalents from PSUs (3) 1,279,376 396,143 Income attributable to non-controlling interests and common stock equivalent from Class B common stock $ 2,091 1,908,827 $ 86,565 82,572,960 Diluted EPS Net income $ 117,374 149,027,858 $ 0.79 $ 127,961 147,344,370 $ 0.87 (1) During the three-month periods ended December 31, 2024 and December 31, 2023, approximately 0.8 million and 0.5 million Options awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) During the three-month periods ended December 31, 2024 and December 31, 2023, approximately 0.8 million and zero RSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (3) During the three-month periods ended December 31, 2024 and December 31, 2023, approximately 0.7 million and 0.4 million PSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. Nine-month periods ended December 31, 2024 December 31, 2023 Income Weighted average shares outstanding Per share Income Weighted average shares outstanding Per share Numerator Denominator Amount Numerator Denominator Amount (In thousands, except share and per share amounts) Basic EPS Net income attributable to Nextracker Inc. common stockholders $ 352,374 143,102,231 $ 2.46 $ 101,078 56,789,399 $ 1.78 Effect of Dilutive Impact Common stock equivalents from Options awards (1) 1,172,201 965,050 Common stock equivalents from RSUs (2) 1,321,654 1,091,426 Common stock equivalents from PSUs (3) 1,249,832 416,180 Income attributable to non-controlling interests and common stock equivalent from Class B common stock $ 7,058 2,288,086 $ 171,937 87,897,998 Diluted EPS Net income $ 359,432 149,134,004 $ 2.41 $ 273,015 147,160,053 $ 1.86 (1) During the nine-month periods ended December 31, 2024 and December 31, 2023, approximately 0.8 million and 0.5 million Options awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) During the nine-month periods ended December 31, 2024 and December 31, 2023, approximately 0.6 million and zero RSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (3) During the nine-month periods ended December 31, 2024 and December 31, 2023, approximately 0.7 million and 0.4 million PSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

Bank borrowings and long-term d

Bank borrowings and long-term debt	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Bank borrowings and long-term debt	Bank borrowings and long-term debt On June 21, 2024, the Company and Nextracker LLC (the “LLC”), as the borrower, entered into an amendment (the “Amendment”) to the credit agreement, dated as of February 13, 2023 (“2023 Credit Agreement” and, together with the Amendment, the “Amended 2023 Credit Agreement”). The Amendment amended the 2023 Credit Agreement to, among other things: (i) increase the aggregate revolving commitments from $500.0 million to $1.0 billion; (ii) provide for a $1.0 billion secured debt basket for surety bonds; (iii) increase the letter of credit capacity from $300.0 million to $500.0 million; and (iv) update various covenants, baskets and thresholds to provide more financing capacity and operational flexibility to the Company and the LLC. Subject to the satisfaction of certain conditions, the LLC may be permitted to request incremental term loan facilities under the credit facility from one or more lenders. As a result of the Amendment, the Company capitalized $6.0 million of issuance cost for the revolver included in other assets in the condensed consolidated balance sheets. As of December 31, 2024, no amounts were drawn under the revolving facility, and the Company was in compliance with all applicable covenants under its Amended 2023 Credit Agreement, the term loan and the revolving credit facility.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Litigation and other legal matters Nextracker has accrued for a loss contingency to the extent it believes that losses are probable and estimable. The amounts accrued are not material, but it is reasonably possible that actual losses could be in excess of Nextracker’s accrual. Any related excess loss could have a material adverse effect on Nextracker’s results of operations or cash flows for a particular period or on Nextracker’s financial condition. On February 6, 2024, pursuant to the Third Amended and Restated Limited Liability Company Agreement of Nextracker LLC (the “LLC Agreement”), Nextracker LLC made pro rata tax distributions in an aggregate amount of $94.3 million to the common members of the LLC, including an aggregate of $48.5 million to Yuma Acquisition Sub LLC and Yuma Subsidiary, Inc. As of the date of the tax distribution, Yuma Acquisition Sub LLC and Yuma Subsidiary Inc. were wholly-owned subsidiaries of Nextracker Inc. On February 1, 2024, Flex sent a dispute notice to Nextracker Inc. asserting that Flex is entitled to the distribution that was subsequently made to Yuma Acquisition Sub LLC and Yuma Subsidiary, Inc. and demanding payment of that amount to Flex. It is too early to determine the likelihood that the Company will be required to make any such payments to Flex in the future. On December 27, 2024, a class action lawsuit alleging violations of federal securities laws was filed by a purported stockholder in the U.S. District Court for the Northern District of California, naming as defendants the Company and certain of the Company’s officers, alleging that defendants made false and misleading statements about our business, financial results and prospects. The plaintiff seeks unspecified monetary damages and other relief on behalf of the purported class. On January 23, 2025, a derivative action was filed against the Company’s directors and certain of the Company’s officers in the U.S. District Court for the Northern District of California based on factual allegations similar to those underlying the securities class action lawsuit. The action asserts claims for, among other things, violations of the federal securities laws and breaches of fiduciary duties, and seeks damages and restitution to be paid to the Company by the individual defendants, governance changes and attorney’s fees and costs. Based on the preliminary nature of these proceedings, the Company is unable to reasonably estimate a loss or range of loss, if any, arising from the above-referenced matters. Antidumping and Countervailing Duties On August 18, 2023, the U.S. Department of Commerce issued final affirmative determinations of circumvention with respect to certain crystalline solar photovoltaic (“CSPV”) cells and modules produced in Cambodia, Malaysia, Thailand and Vietnam using parts and components from China. As a result, certain CSPV cells and modules from Cambodia, Malaysia, Thailand and Vietnam are now subject to antidumping duty and countervailing duty (“AD/CVD”) orders on CSPV cells and modules from China that have been in place since 2012. Subject to certain certification and utilization conditions, imports of CSPV cells and modules covered by the circumvention determinations that entered the United States during the two-year period prior to June 6, 2024 were not subject to AD/CVD cash deposit or duty requirements. Imports of CSPV cells and modules from the four Southeast Asian countries covered by the circumvention determination that entered the United States on or after June 6, 2024 are subject to AD/CVD cash deposit requirements of the China AD/CVD orders and, possibly, final AD/CVD duty liability. Cash deposit rates for CSPV modules covered by the China AD/CVD orders vary significantly depending on the producer and exporter of the modules and may amount to over 250% of the entered value of the imported merchandise. In December 2024, in connection with the circumvention final determination, U.S. Customs and Border Protection (“CBP”) instructed the Company to pay AD/CVD cash deposits totaling approximately $1 million, relating to a small number of our imports of CSPV modules from Malaysia and Thailand prior to June 6, 2024, representing 250% of the entered value of such imports. These CSPV modules are Nextracker's proprietary modules that sit on each tracker row to power batteries providing electricity to our controller. CBP based its instruction to make the cash deposit payment due to alleged deficiencies with respect to certifications regarding the imports. If CBP were to instruct us to make AD/CVD cash deposit payments relating to other past imports of our proprietary CSPV modules covered by the circumvention determinations, which are much larger in volume than the number of imports related to the $1 million cash deposits, the Company could be required to pay additional cash deposits, and these cash deposits could be material and may not be ultimately refunded to the Company. Management cannot reasonably estimate a range of potential loss.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The Company follows the guidance under ASC 740-270, “ Interim Reporting ,” which requires a company to calculate the income tax associated with ordinary income using an estimated annual effective tax rate. During the nine-month period ended December 31, 2024, Ojjo updated its forecasted pre-tax earnings to account for the economic arrangement in accordance with its transfer pricing policy, which reflects forecasted profits into the future. As a result, the Company released the valuation allowance recorded against Ojjo’s deferred tax assets given that it is more likely than not that the deferred tax assets will be realized. A $8.5 million income tax benefit was recorded as a discrete item in the nine-month period ended December 31, 2024 as it relates to a change in management’s assertion related to the realization of deferred tax assets in periods beyond the current tax year. The following table presents income tax expense recorded by the Company along with the respective consolidated effective tax rates for each period presented. Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands, except percentages) Income tax $ 42,842 $ 38,818 $ 89,922 $ 51,918 Effective tax rates 26.7% 23.3% 20.0% 16.0% The increase in tax expense as well as effective tax rate from the three and nine-month periods ended December 31, 2023 to the three and nine-month periods ended December 31, 2024 is driven by a reduction in tax benefit related to stock based compensation associated with the non-deductible executive compensation, and an increase in tax rate due to the separation from Flex as further described in Note 6 in the notes to the consolidated financial statements in the Form 10-K. During the three and nine-month periods ended December 31, 2024 and three and nine-month periods ended December 31, 2023, the Company recorded $4.4 million and $4.4 million, and $12.9 million and $7.3 million, respectively, of other tax related income as a result of the reduction in its liability under the TRA due to a decrease in its forecasted estimated effective tax rate. The amounts are reflected in the condensed consolidated statements of operations and comprehensive income within other income, net. Tax distributions During the nine-month period ended December 31, 2024, and pursuant to the LLC Agreement, Nextracker LLC made pro rata tax distributions to its non-controlling interest holder (TPG) in the aggregate amount of approximately $6.1 million.

Segment Reporting

Segment Reporting	9 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or a decision-making group, in deciding how to allocate resources and in assessing performance. Resource allocation decisions and Nextracker’s performance are assessed by its Chief Executive Officer, identified as the CODM. For all periods presented, Nextracker has one operating and reportable segment. The following table sets forth geographic information of revenue based on the locations to which the products are shipped: Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenue: (In thousands) U.S. $ 450,410 $ 555,790 $ 1,423,698 $ 1,208,288 Rest of the World 228,953 154,636 611,157 555,038 Total $ 679,363 $ 710,426 $ 2,034,855 $ 1,763,326 The United States is the principal country of domicile.

Business acquisition

Business acquisition	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business acquisition	Business acquisitions Foundations business During the nine-month period ended December 31, 2024, the Company completed two acquisitions. On June 20, 2024, as part of an all-cash transaction, the Company acquired 100% of the interest in Ojjo, a renewable energy company specializing in foundations technology and services used in ground-mount applications for solar power generation. Additionally, on July 31, 2024, the Company closed the acquisition of the solar foundations business held by SPI through the purchase of Spinex Systems Inc. and assets held by other SPI affiliates. The acquisitions of Ojjo and the foundations business of SPI (“Foundations acquisitions”) expand the Company’s foundations offering by accelerating its capability to offer customers a more complete integrated solution for solar trackers and foundations. The development of any utility-scale project is a long and complex process. Foundations are a key part of every utility-scale solar project installation. In addition, projects are often confronted with unique challenges related to land use considerations and exceptional variation in subsurface conditions. The Company believes there is additional value for its customers in combining tracker systems and foundations to form an integrated solution, particularly for difficult and unique soil conditions. The aggregate cash consideration of the Foundations acquisitions was approximately $144.7 million, net of $4.4 million cash acquired. Additionally, the aggregate total purchase price of $164.7 million includes $14.0 million of deferred consideration expected to be paid within a 12-month period, a $3.4 million release of a loan obligation previously owed by the seller and a $2.6 million contingent earnout. The contingent earnout has a maximum possible consideration of $6.0 million upon the achievement of future revenue performance targets, measured in megawatts (“MW”), over a four-year period starting October 1, 2024. The fair value of the contingent earnout liability as of the acquisition date was estimated to be $2.6 million based on a Monte-Carlo simulation model, which is a probabilistic approach used to simulate future revenue and calculate the potential contingent consideration payments for each simulated path. The inputs are unobservable in the market and therefore categorized as Level 3 inputs in the fair value measurement. At each reporting period, the Company evaluates the fair value of contingent earnout obligations and records any changes in fair value of such liabilities in other income, net in its condensed consolidated statements of operations and comprehensive income. As of December 31, 2024, no change in the fair value of the contingent earnout liabilities was identified by management, and as such, the $2.6 million was included in other liabilities in the condensed consolidated balance sheets. The Company incurred approximately $4.7 million of acquisition costs which are presented as selling, general and administrative expenses on the condensed consolidated statement of operations and comprehensive income. The preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their preliminary estimated fair values as of the date of acquisitions. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill. Goodwill is not deductible for income tax purposes. The results of operations of the acquisitions were included in the Company’s condensed consolidated financial statements beginning on the date of acquisition and were not material for all periods presented. Additional information, which existed as of the acquisition dates, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the date of the relevant acquisition. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill during the respective measurement period. The following represents the Company’s preliminary allocation of the Foundations acquisitions total aggregate purchase price to the acquired assets and liabilities (in thousands): Current assets $ 5,547 Property and equipment 23,977 Intangible assets 49,700 Goodwill 105,460 Other assets 4,232 Total assets 188,916 Current liabilities 17,467 Other liabilities, non-current 6,732 Total purchase price, net of cash acquired $ 164,717 Intangible assets are comprised of $31.7 million of developed technology to be amortized over an estimated useful life of ten years, and $18.0 million of customer relationships to be amortized over an estimated useful life of five years. The fair value assigned to the identified intangible assets was estimated based on an income approach, which provides an indication of fair value based on the present value of cash flows that the acquired business is expected to generate in the future. Key assumptions used in the valuation included forecasted revenues, cost of sales and operating expenses, royalty rate, discount rate and weighted average cost of capital. The useful life of the acquired intangible assets for amortization purposes was determined by considering the period of expected cash flows used to measure the fair values of the asset, adjusted for certain factors that may limit the useful life. Pro-forma results of operations have not been presented because the effects were not material to the Company’s condensed consolidated financial results for all periods presented.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 115,283	$ 41,396	$ 352,374	$ 101,078

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary Of Accounting Policies

Summary Of Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities ("VIE") and consolidation	Variable interest entities (“VIE”) and consolidation The Company’s sole material asset is its member’s interest in Nextracker LLC. In accordance with the Nextracker LLC Operating Agreement, the Company was named the managing member of Nextracker LLC. As a result, the Company has all management powers over the business and affairs of Nextracker LLC and to conduct, direct and exercise full control over the activities of Nextracker LLC. The Company has concluded that Nextracker LLC is a VIE. Due to the Company’s power to control the activities most directly affecting the results of Nextracker LLC, the Company is considered the primary beneficiary of the VIE. Accordingly, the Company consolidates the financial results of Nextracker LLC and its subsidiaries. On January 2, 2024, Flex Ltd. (“Flex”) closed the spin-off of all its remaining interests in Nextracker LLC common units held by Yuma, Inc., a Delaware corporation (“Yuma”), Yuma Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of Yuma (“Yuma Sub”), to Flex shareholders. As a result of the spin-off, Flex no longer directly or indirectly holds a financial interest in the Company. Nextracker LLC common units held by Yuma, Yuma Sub, TPG Rise Flash, L.P. (“TPG Rise”) and the following affiliates of TPG Inc. (“TPG”): TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P. and The Rise Fund II BDH, L.P. (collectively, the “TPG Affiliates”) were presented on the consolidated balance sheets as temporary equity under the caption “Redeemable non-controlling interests,” up until January 2, 2024 as redemption was outside of the control of the Company. Post January 2, 2024, redemption is no longer outside the control of the Company subsequent to the spin-off from Flex and, therefore, the non-controlling interests owned by the TPG Affiliates are now presented on the consolidated balance sheets as permanent equity under the caption “non-controlling interests.”
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for reporting financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2024, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “Form 10-K”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary to present the Company’s financial statements fairly have been included. Operating results for the three and nine-month periods ended December 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025 or any future period. The condensed consolidated balance sheet as of March 31, 2024 was derived from the Company’s audited consolidated financial statements included in the Form 10-K. All intercompany transactions and accounts within Nextracker have been eliminated. The first quarters for fiscal years 2025 and 2024 ended on June 28, 2024 (89 days) and June 30, 2023 (91 days), respectively. The second quarters for fiscal years 2025 and 2024 ended on September 27, 2024 (91 days) and September 29, 2023 (91 days), respectively. The third quarters for fiscal years 2025 and 2024 ended on December 31 of each year, which are comprised of 95 days and 93 days, respectively.
Translation of foreign currencies	Translation of foreign currencies
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Estimates are used in accounting for, among other things: impairment of goodwill, impairment of long-lived assets, allowance for credit losses, provision for excess or obsolete inventories, valuation of deferred tax assets, warranty reserves, contingencies, operation-related accruals, fair values of awards granted under stock-based compensation plans and fair values of assets obtained and liabilities assumed in business combinations. Due to geopolitical conflicts (including the Russian invasion of Ukraine and the Israel-Hamas conflict), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas conflict. These estimates may change as new events occur and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the condensed consolidated financial statements.
Accounting for business acquisitions	Accounting for business acquisitions From time to time, the Company pursues business acquisitions. The fair value of the net assets acquired and the results of the acquired businesses are included in the Company’s condensed consolidated financial statements from the acquisition dates forward. The Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the reporting period. Estimates are used in accounting for, among other things, the fair value of acquired net operating assets, property and equipment, intangible assets, contingent earnout, useful lives of plant and equipment and amortizable lives for acquired intangible assets. Any excess of the purchase consideration over the fair value of the identified assets and liabilities acquired is recognized as goodwill. The Company estimates the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further review from management and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on the Company’s condensed consolidated financial position and results of operations.
Product warranty	Product warranty Nextracker offers an assurance type warranty for its products against defects in design, materials and workmanship for a period ranging from five The following table summarizes the activity related to the estimated accrued warranty reserve for the nine-month periods ended December 31, 2024 and December 31, 2023: Nine-month periods ended December 31, 2024 December 31, 2023 (In thousands) Beginning balance $ 12,511 $ 22,591 Provision (release) for warranties issued 10,528 (4,130) Payments (4,401) (1,253) Ending balance $ 18,638 $ 17,208
Inventories	Inventories Inventories are stated at the lower of cost, determined on a weighted average basis, or net realizable value. Nextracker’s inventory primarily consists of finished goods to be used and to be sold to customers, including components procured to complete the tracker system projects.
Recently issued accounting pronouncement	Recently issued accounting pronouncement Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures : In November 2024, the Financial Accounting Standards Board issued a new accounting standard requiring a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The annual reporting requirements of the new standard are effective for the Company beginning in fiscal year 2028 and interim reporting requirements are effective beginning in the first quarter of fiscal year 2029, with early adoption permitted. The Company is still in the process of evaluating the impact of the new standard on its consolidated financial statements and expects to adopt the new guidance in its fiscal year 2028 annual report. Accounting Standards Update 2023-07, Segment Reporting—Improvement to Reportable Segment Disclosures : In November 2023, the Financial Accounting Standards Board issued a new accounting standard which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The annual reporting requirements of the new standard are effective for the Company beginning in fiscal year 2025 and interim reporting requirements beginning in the first quarter of fiscal year 2026, with early adoption permitted. The Company expects to adopt the new guidance in the fourth quarter of fiscal year 2025 with an immaterial impact on its consolidated financial statements.

Summary Of Accounting Policie_2

Summary Of Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Product Warranty	The following table summarizes the activity related to the estimated accrued warranty reserve for the nine-month periods ended December 31, 2024 and December 31, 2023: Nine-month periods ended December 31, 2024 December 31, 2023 (In thousands) Beginning balance $ 12,511 $ 22,591 Provision (release) for warranties issued 10,528 (4,130) Payments (4,401) (1,253) Ending balance $ 18,638 $ 17,208

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Nextracker's Revenue Disaggregation	The following table presents Nextracker’s revenue disaggregated based on timing of transfer-point in time and over time for the three and nine-month periods ended December 31, 2024 and December 31, 2023: Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands) Timing of Transfer Point in time $ 15,800 $ 6,042 $ 46,806 $ 32,946 Over time 663,563 704,384 1,988,049 1,730,380 Total revenue $ 679,363 $ 710,426 $ 2,034,855 $ 1,763,326

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the activity in the Company’s goodwill during the nine-month period ended December 31, 2024 (in thousands): Balance as of March 31, 2024 $ 265,153 Additions 103,565 Purchase accounting adjustments 1,895 Balance as of December 31, 2024 $ 370,613
Summary of Intangible Assets	The components of identifiable intangible assets are as follows: As of December 31, 2024 As of March 31, 2024 Gross Accumulated Net Gross Accumulated Net (In thousands) Developed technology $ 31,700 $ (1,601) $ 30,099 $ — $ — $ — Customer relationships 18,000 (1,879) 16,121 — — — Trade name and other intangibles 3,000 (1,717) 1,283 3,000 (1,454) 1,546 Total $ 52,700 $ (5,197) $ 47,503 $ 3,000 $ (1,454) $ 1,546
Summary of Future Annual Amortization Expense	The estimated future annual amortization expense for other intangible assets is as follows: Fiscal year ending March 31, Amount (In thousands) 2025 (1) $ 1,780 2026 7,120 2027 7,120 2028 7,091 2029 6,945 Thereafter 17,447 Total amortization expense $ 47,503 (1)

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Additional Disclosure [Abstract]
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs	The following table summarizes the Company’s stock-based compensation expense: Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands) Cost of sales $ 3,084 $ 2,497 $ 9,345 $ 7,668 Selling, general and administrative expenses 21,482 5,163 62,186 26,849 Research and development 2,414 5,377 7,235 5,377 Total stock-based compensation expense $ 26,980 $ 13,037 $ 78,766 $ 39,894

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The computation of earnings per share and weighted average shares outstanding of the Company’s common stock for the period is presented below: Three-month periods ended December 31, 2024 December 31, 2023 Income Weighted average shares outstanding Per share Income Weighted average shares outstanding Per share Numerator Denominator Amount Numerator Denominator Amount (In thousands, except share and per share amounts) Basic EPS Net income attributable to Nextracker Inc. common stockholders $ 115,283 143,663,514 $ 0.80 $ 41,396 62,108,835 $ 0.67 Effect of Dilutive Impact Common stock equivalents from Options awards (1) 968,945 984,173 Common stock equivalents from RSUs (2) 1,207,196 1,282,259 Common stock equivalents from PSUs (3) 1,279,376 396,143 Income attributable to non-controlling interests and common stock equivalent from Class B common stock $ 2,091 1,908,827 $ 86,565 82,572,960 Diluted EPS Net income $ 117,374 149,027,858 $ 0.79 $ 127,961 147,344,370 $ 0.87 (1) During the three-month periods ended December 31, 2024 and December 31, 2023, approximately 0.8 million and 0.5 million Options awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) During the three-month periods ended December 31, 2024 and December 31, 2023, approximately 0.8 million and zero RSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (3) During the three-month periods ended December 31, 2024 and December 31, 2023, approximately 0.7 million and 0.4 million PSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. Nine-month periods ended December 31, 2024 December 31, 2023 Income Weighted average shares outstanding Per share Income Weighted average shares outstanding Per share Numerator Denominator Amount Numerator Denominator Amount (In thousands, except share and per share amounts) Basic EPS Net income attributable to Nextracker Inc. common stockholders $ 352,374 143,102,231 $ 2.46 $ 101,078 56,789,399 $ 1.78 Effect of Dilutive Impact Common stock equivalents from Options awards (1) 1,172,201 965,050 Common stock equivalents from RSUs (2) 1,321,654 1,091,426 Common stock equivalents from PSUs (3) 1,249,832 416,180 Income attributable to non-controlling interests and common stock equivalent from Class B common stock $ 7,058 2,288,086 $ 171,937 87,897,998 Diluted EPS Net income $ 359,432 149,134,004 $ 2.41 $ 273,015 147,160,053 $ 1.86 (1) During the nine-month periods ended December 31, 2024 and December 31, 2023, approximately 0.8 million and 0.5 million Options awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) During the nine-month periods ended December 31, 2024 and December 31, 2023, approximately 0.6 million and zero RSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (3) During the nine-month periods ended December 31, 2024 and December 31, 2023, approximately 0.7 million and 0.4 million PSU awards, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Effective Income Tax Rate Reconciliation	The following table presents income tax expense recorded by the Company along with the respective consolidated effective tax rates for each period presented. Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands, except percentages) Income tax $ 42,842 $ 38,818 $ 89,922 $ 51,918 Effective tax rates 26.7% 23.3% 20.0% 16.0%

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Geographic Information of Revenue	The following table sets forth geographic information of revenue based on the locations to which the products are shipped: Three-month periods ended Nine-month periods ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenue: (In thousands) U.S. $ 450,410 $ 555,790 $ 1,423,698 $ 1,208,288 Rest of the World 228,953 154,636 611,157 555,038 Total $ 679,363 $ 710,426 $ 2,034,855 $ 1,763,326

Business acquisition (Tables)

Business acquisition (Tables)	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following represents the Company’s preliminary allocation of the Foundations acquisitions total aggregate purchase price to the acquired assets and liabilities (in thousands): Current assets $ 5,547 Property and equipment 23,977 Intangible assets 49,700 Goodwill 105,460 Other assets 4,232 Total assets 188,916 Current liabilities 17,467 Other liabilities, non-current 6,732 Total purchase price, net of cash acquired $ 164,717

Summary Of Accounting Policie_3

Summary Of Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Product Warranty Liability [Line Items]
Gain (loss), foreign currency transaction, before tax	$ 3,600	$ 5,200	$ (3,800)	$ 2,600
Short-term deposits and advances	69,700		69,700		$ 104,700
Receivable, after rebate			209,900		125,400
Accrued Freight and Tariffs	32,100		32,100		43,200
Accrued payroll	40,800		40,800		39,200
Tax receivable agreement (TRA) liability	375,002		375,002		391,568
TRA payment			(15,520)	$ 0
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Standard product warranty liability non current	6,400		6,400		6,400
Contract with customers liability non current	94,800		94,800		69,300
Nextracker Inc
Product Warranty Liability [Line Items]
Deferred tax assets and other assets non current	472,200		472,200		438,300
Tax Receivable Agreement
Product Warranty Liability [Line Items]
Tax receivable agreement (TRA) liability	394,600		394,600		391,600
Tax Receivable Agreement | Other Current Liabilities
Product Warranty Liability [Line Items]
Tax receivable agreement (TRA) liability	$ 19,600		$ 19,600		$ 0
Minimum
Product Warranty Liability [Line Items]
Standard product warranty term			5 years
Maximum
Product Warranty Liability [Line Items]
Standard product warranty term			10 years

Summary Of Accounting Policie_4

Summary Of Accounting Policies - Summary of Product Warranty (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 12,511	$ 22,591
Provision (release) for warranties issued	10,528	(4,130)
Payments	(4,401)	(1,253)
Ending balance	$ 18,638	$ 17,208

Revenue - Summary of Nextracker

Revenue - Summary of Nextracker's Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 679,363	$ 710,426	$ 2,034,855	$ 1,763,326
Point in time
Disaggregation of Revenue [Line Items]
Total revenue	15,800	6,042	46,806	32,946
Over time
Disaggregation of Revenue [Line Items]
Total revenue	$ 663,563	$ 704,384	$ 1,988,049	$ 1,730,380

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 279,027		$ 397,123
Unbilled receivables current	140,600		$ 141,400
Increase (decrease) contract with customer, asset, cumulative catch-up adjustment to revenue, change in measure of progress	(118,100)
Contract with customer liability revenue recognized	$ 182,700	$ 141,800
Percentage of revenue recognized	62%	67%
Revenue, remaining performance obligation, amount	$ 391,800
Revenue, remaining performance obligation, percentage	76%

Goodwill and intangible asset_2

Goodwill and intangible assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 265,153
Additions	103,565
Purchase accounting adjustments	1,895
Goodwill, ending balance	$ 370,613

Goodwill and intangible asset_3

Goodwill and intangible assets - Additional Information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 52,700,000		$ 3,000,000
Amortization of intangible assets	3,700,000	$ 0
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	1,900,000
General and Administrative Expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	1,800,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	31,700,000		0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	18,000,000		$ 0
Ojjo, Inc.
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase (decrease)	49,700,000
Ojjo, Inc. | Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	31,700,000
Ojjo, Inc. | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	18,000,000
Gross carrying amount	$ 18,000,000

Goodwill and intangible asset_4

Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 52,700	$ 3,000
Accumulated amortization	(5,197)	(1,454)
Total amortization expense	47,503	1,546
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	31,700	0
Accumulated amortization	(1,601)	0
Total amortization expense	30,099	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	18,000	0
Accumulated amortization	(1,879)	0
Total amortization expense	16,121	0
Trade name and other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	3,000	3,000
Accumulated amortization	(1,717)	(1,454)
Total amortization expense	$ 1,283	$ 1,546

Goodwill and intangible asset_5

Goodwill and intangible assets - Summary of Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,780
2026	7,120
2027	7,120
2028	7,091
2029	6,945
Thereafter	17,447
Total amortization expense	$ 47,503	$ 1,546

Stock-based compensation - Sche

Stock-based compensation - Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 26,980	$ 13,037	$ 78,766	$ 39,894
Cost of sales
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,084	2,497	9,345	7,668
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	21,482	5,163	62,186	26,849
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,414	$ 5,377	$ 7,235	$ 5,377

Stock-based compensation - Addi

Stock-based compensation - Additional information (Details) - Two Thousand and Twenty Two Nextracker Plan - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 134.2
Weighted-average period over which cost not yet recognized is expected to be recognized	1 year 7 months 6 days
Common stock equivalents from RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)	1.7
Award vesting period	3 years
Granted (in USD per share)	$ 41.39
PSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)	0.4	0.3
Granted (in USD per share)	$ 58.30	$ 111.56
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross (in shares)	0.3
Share-based compensation arrangement, option, exercise price range, outstanding, weighted average exercise price (in USD per share)	$ 47.05
Weighted average grant date fair values (in USD per share)	$ 29.05
Minimum | PSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of options awards vesting percentage	0%
Maximum | PSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of options awards vesting percentage	300%

Earnings per share - Schedule o

Earnings per share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Basic EPS
Net income available to Nextracker Inc common stockholders, Income numerator	$ 115,283	$ 41,396	$ 352,374	$ 101,078
Net income available to Nextracker Inc common stockholders, Weighted average shares outstanding (in shares)	143,663,514	62,108,835	143,102,231	56,789,399
Net income available to Nextracker Inc common stockholders, Per share amount (in USD per share)	$ 0.80	$ 0.67	$ 2.46	$ 1.78
Effect of Dilutive Impact
Income attributable to non-controlling interests, Income numerator	$ 2,091	$ 86,565	$ 7,058	$ 171,937
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)	1,908,827	82,572,960	2,288,086	87,897,998
Diluted EPS
Net income available to Nextracker Inc. common stockholders, Income numerator	$ 117,374	$ 127,961	$ 359,432	$ 273,015
Net income and comprehensive income, Weighted average shares outstanding (in shares)	149,027,858	147,344,370	149,134,004	147,160,053
Net income and comprehensive income, Per Share (in USD per share)	$ 0.79	$ 0.87	$ 2.41	$ 1.86
Common stock equivalents from option awards
Effect of Dilutive Impact
Common stock equivalents (in shares)	968,945	984,173	1,172,201	965,050
Diluted EPS
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)	800,000	500,000	800,000	500,000
Common stock equivalents from RSUs
Effect of Dilutive Impact
Common stock equivalents (in shares)	1,207,196	1,282,259	1,321,654	1,091,426
Diluted EPS
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)	800,000	0	600,000	0
Common stock equivalents from PSUs
Effect of Dilutive Impact
Common stock equivalents (in shares)	1,279,376	396,143	1,249,832	416,180
Diluted EPS
Income attributable to non-controlling interest and common stock equivalent from Class B common stock , Weighted average shares outstanding (in shares)	700,000	400,000	700,000	400,000

Bank borrowings and long-term_2

Bank borrowings and long-term debt - Additional information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 21, 2024	Jun. 20, 2024
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing, capacity		1,000	$ 500
Revolving Credit Facility | Line of Credit | Other Assets
Debt Instrument [Line Items]
Debt issuance cost	$ 6
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing, capacity		$ 500	$ 300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Feb. 06, 2024	Dec. 31, 2024	Aug. 18, 2023
Noncontrolling Interest [Line Items]
Noncontrolling interest, pro rata tax distribution to noncontrolling interest holders	$ 94.3
Percentage of value of imported merchandise		250%	250%
Cash deposit for number of CSPV imports		$ 1
Yuma, Inc
Noncontrolling Interest [Line Items]
Noncontrolling interest, pro rata tax distribution to noncontrolling interest holders	$ 48.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount			$ 8.5
Other tax related income	$ 4.4	$ 12.9	4.4	$ 7.3
Proceeds from (payments to) noncontrolling interests			$ 6.1

Income Taxes - Summary of Effec

Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 42,842,000	$ 38,818,000	$ 89,922,000	$ 51,918,000
Effective tax rates	26.70%	23.30%	20%	16%

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - segment	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Number of reportable segments	1	1

Segment Reporting - Summary of

Segment Reporting - Summary of Geographic Information of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Revenue	$ 679,363	$ 710,426	$ 2,034,855	$ 1,763,326
U.S.
Revenue, Major Customer [Line Items]
Revenue	450,410	555,790	1,423,698	1,208,288
Rest of the World
Revenue, Major Customer [Line Items]
Revenue	$ 228,953	$ 154,636	$ 611,157	$ 555,038

Business acquisition - Addition

Business acquisition - Additional Information (Details) $ in Thousands		9 Months Ended
	Jun. 20, 2024 USD ($)	Dec. 31, 2024 USD ($) business	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Number of business acquired | business		2
Payments to acquire business, net of cash acquired		$ 144,675	$ 0
Ojjo, Inc.
Asset Acquisition [Line Items]
Business acquisition, percentage of voting interest acquired	100%
Payments to acquire business, net of cash acquired	$ 144,700
Cash acquired from acquisition	4,400
Business combination, consideration transferred	164,700
Business combination, deferred contingent consideration	14,000
Business combination, recognized identifiable asset acquired and liability assumed, loan obligation	3,400
Business combination, contingent consideration, liability	2,600
Business combination, contingent consideration arrangements, range of outcomes, value, high	$ 6,000
Business combination, contingent consideration arrangements, term	4 years
Business combination, contingent consideration arrangements, contingent earnout	$ 2,600
Business combination. acquisition related costs	$ 4,700
Ojjo, Inc. | Developed technology
Asset Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 31,700
Weighted-average remaining useful life (in years)		10 years
Ojjo, Inc. | Customer relationships
Asset Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 18,000
Weighted-average remaining useful life (in years)		5 years

Business acquisition - Schedule

Business acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 20, 2024	Mar. 31, 2024
Asset Acquisition [Line Items]
Goodwill	$ 370,613		$ 265,153
Other assets		$ 4,232
Ojjo, Inc.
Asset Acquisition [Line Items]
Current assets		5,547
Property and equipment		23,977
Intangible assets		49,700
Goodwill		105,460
Total assets		188,916
Current liabilities		17,467
Other liabilities, non-current		6,732
Total purchase price, net of cash acquired		$ 164,717