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Solarworld Q3 Revenue Surges 184% to ₹5,782 Mn; Order Book Hits ₹26,221 Mn
Solarworld Energy Solutions reported a massive 184% YoY jump in Q3 FY26 revenue to ₹5,782 million, driven by robust execution in its EPC segment. However, profitability growth was more modest with PAT increasing 15% YoY to ₹492 million, as EBITDA margins saw a significant contraction from 29.3% to 12.8%. The company maintains a very strong order book of ₹26,221 million, representing nearly 3.2x its 9M FY26 revenue. Strategic expansions into module manufacturing and battery storage (BESS) are progressing, with several facilities targeted for commissioning by March 2026.
Key Highlights
Revenue from operations grew 184% YoY to ₹5,782 Mn in Q3 FY26, while 9M FY26 revenue rose 113% to ₹7,843 Mn.
Total order book value reached ₹26,220.90 Mn as of December 31, 2025, including a recent ₹7,253 Mn NTPC order.
EBITDA margins contracted sharply to 12.8% in Q3 FY26 compared to 29.3% in the same quarter last year.
Received ALMM approval for 1.552 GW solar PV module manufacturing capacity at the Roorkee facility.
Targeting March 2026 for commissioning of a 3.4 GW Lithium-ion battery pack line and a 5 GW JV production line.
💼 Action for Investors
Investors should weigh the exceptional top-line growth and strong order book against the sharp decline in operating margins, which suggests a shift toward lower-margin EPC contracts. Monitor the successful commissioning of the battery and cell manufacturing units by March 2026 as these are expected to be margin-accretive.
Solarworld Energy Solutions Order Book Surges to ₹26,221 Mn in Q3FY26
Solarworld Energy Solutions reported a robust order book of ₹26,220.90 million as of December 31, 2025, marking a significant increase from ₹8,130.41 million in FY24. The company has successfully operationalized its 1.552 GW module manufacturing facility in Roorkee and received ALMM approval. With 1,205 MW AC of ongoing EPC projects and a strategic entry into the Battery Energy Storage Systems (BESS) market with 325 MW capacity, the company is scaling rapidly. Institutional interest remains high with FIIs and DIIs collectively holding nearly 33% of the equity post-listing.
Key Highlights
Order book grew to ₹26,220.90 million as of Dec 31, 2025, up from ₹17,005.51 million in FY25.
Ongoing EPC project capacity stands at 1,205 MW AC / 1,549 MW DC across major PSUs like SJVN and NTPC.
Module manufacturing facility in Roorkee achieved ALMM approval for 1.552 GW capacity.
Secured 325 MW / 650 MWh in ongoing BESS projects, including the first BESS project under tariff-based global bidding.
Post-IPO shareholding shows strong institutional confidence with FIIs at 21.7% and DIIs at 11.2%.
💼 Action for Investors
Investors should focus on the company's ability to execute its ₹26.2 billion order book and the margin profile of its new 1.552 GW manufacturing unit. The expansion into BESS provides a significant long-term growth lever in the renewable energy storage segment.