Solarium Green Energy Ltd (544354)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Solarium Green's revenue was ₹251 Cr (+69.6% year on year, +114.5% on the previous half-year), and net profit ₹11.0 Cr (+0.0% year on year); the operating margin was 6.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹251 | +69.6% | +114.5% |
| Operating profit | ₹17.0 | +21.4% | +30.8% |
| Net profit | ₹11.0 | +0.0% | +22.2% |
| EPS (₹) | 5.39 | +1.7% | +21.9% |
| Operating margin | 6.8% | — | — |
📢 Recent Corporate Announcements
Solarium Green Energy Limited released the voting results of its 4th Annual General Meeting held on September 29, 2026. Shareholders approved all three resolutions, including the adoption of FY26 financial statements and the re-appointment of director Pankaj Vallabhbhai Gothi. Additionally, a special resolution approving the appointment of Mrs. Aditi Goyal as a Non-Executive Non-Independent Director passed with 99.9895% votes in favor out of 14,279,066 total votes polled.
- AGM held on September 29, 2026, with 14,279,066 total votes polled (68.4191% of total shares).
- Special resolution to appoint Mrs. Aditi Goyal as Non-Executive Non-Independent Director passed with 99.9895% approval.
- Ordinary resolution to re-appoint retiring director Mr. Pankaj Vallabhbhai Gothi passed with 99.9952% approval.
- Adoption of FY26 Standalone and Consolidated Financial Statements passed unanimously with 100.0000% votes in favor.
CARE Ratings has reaffirmed Solarium Green Energy's credit rating at 'CARE BBB-; Stable / CARE A3' for its bank facilities. The total rated bank facilities have been significantly enhanced to ₹93.00 crore, up from a previous base of ₹47.00 crore. This includes a reaffirmed and enhanced ₹70.00 crore facility, a new ₹10.00 crore long/short-term facility, and a new ₹13.00 crore short-term revolving loan from Bajaj Finance. The enhancement in credit limits indicates increased banking support for the company's working capital needs as it scales its solar EPC and manufacturing operations.
- Total bank facilities rated by CARE increased to ₹93.00 crore from the previous ₹47.00 crore.
- Long-term/Short-term facilities of ₹70.00 crore reaffirmed at CARE BBB-; Stable / CARE A3.
- New short-term revolving loan of ₹13.00 crore from Bajaj Finance assigned a CARE A3 rating.
- New Long-term/Short-term bank guarantee facility of ₹10.00 crore from IndusInd Bank assigned CARE BBB-; Stable / CARE A3.
- Rating review based on FY26 abridged operational and financial performance.
Solarium Green Energy has announced the resignation of Mr. Rajendra Bhausaheb Tandale, Head Project in Operations and a Senior Management Personnel, effective August 14, 2026. The resignation is attributed to professional growth, with the company confirming no other material reasons. Simultaneously, the company is shifting its registered office within the same building in Ahmedabad. This management change occurs as the company manages a TTM revenue of ₹598 Cr and prepares for a significant 1,000 MW module plant expansion.
- Resignation of Mr. Rajendra Bhausaheb Tandale as Head Project in Operations effective August 14, 2026
- Registered office shifted from unit B-1208 to B-1207 in World Trade Tower, Ahmedabad
- Company maintains a TTM revenue of ₹598 Cr with an operating profit margin of 9.4%
- Management transition occurs ahead of the planned 1,000 MW automated solar module plant reaching 75-80% utilization in FY27
Solarium Green Energy Ltd has announced the resignation of Mr. Rajendra Bhausaheb Tandale, Head Project in Operations (Senior Management Personnel), effective August 14, 2026. The resignation is attributed to professional growth, with the company confirming no other material reasons. Additionally, the company is shifting its registered office within the same building in Ahmedabad (from unit B-1208 to B-1207). This management change comes as the company manages a TTM revenue of ₹598 Cr and plans a significant 1,000 MW capacity expansion.
- Resignation of Mr. Rajendra Bhausaheb Tandale, Head Project in Operations, effective August 14, 2026
- Registered office shifted from unit B-1208 to B-1207 in World Trade Tower, Ahmedabad
- Company reported TTM revenue of ₹598 Cr and TTM PAT of ₹39 Cr
- Planned 1,000 MW automated solar module plant remains a key focus for operational efficiency
- Promoter holding remains stable at 58.58% as of March 2026
Solarium Green Energy Ltd has announced the resignation of Mr. Rajendra Bhausaheb Tandale, Head Project in Operations (Senior Management Personnel), effective August 14, 2026. The resignation is cited as being for professional growth, with no other material reasons provided. Simultaneously, the company approved shifting its registered office within the same building in Ahmedabad (from unit B-1208 to B-1207). While the office shift is administrative, the departure of a key operations head is notable for a company with TTM revenue of ₹598 Cr and significant ongoing projects.
- Resignation of Mr. Rajendra Bhausaheb Tandale, Head Project in Operations, effective from August 14, 2026.
- Registered office shifted within the same building (World Trade Tower, Ahmedabad) effective August 05, 2026.
- Company maintains a TTM revenue of ₹598 Cr and a TTM PAT of ₹39 Cr as per latest context.
- The Board meeting was conducted and concluded within 60 minutes on August 05, 2026.
Solarium Green Energy Ltd has announced the resignation of Mr. Parin Shah, the Business Head for Residential Sales and a Senior Management Personnel (SMP). The resignation was originally tendered on June 21, 2026, and was formally accepted by the management on July 16, 2026. Mr. Shah will be relieved of his duties on July 20, 2026, following the completion of his notice period. The company cited personal commitments and professional growth as the reasons for his departure, confirming no other material reasons exist.
- Resignation of Mr. Parin Shah as Business Head - Residential Sales effective July 20, 2026
- Resignation letter was submitted on June 21, 2026, providing a notice period of approximately 30 days
- Management formally accepted the resignation on July 16, 2026
- The company confirmed there are no other material reasons for the resignation beyond personal and professional growth
Solarium Green Energy has achieved a major regulatory milestone with its inclusion in the Ministry of New and Renewable Energy's (MNRE) Approved List of Models and Manufacturers (ALMM). The approval covers a manufacturing capacity of 1.23 GW per annum at its Ahmedabad facility, valid from July 6, 2026, to July 5, 2030. This enlistment is mandatory for supplying solar modules to government-subsidized projects, grid-connected utility-scale plants, and rooftop solar schemes in India. The approval encompasses both advanced Bifacial P-Type Mono PERC and N-Type TOPCon modules.
- Approved manufacturing capacity of 1.23 GW per annum at the Ahmedabad facility
- Enlistment validity period of 4 years, effective from July 6, 2026, to July 5, 2030
- Approval covers high-efficiency Bifacial N-Type TOPCon modules with efficiencies reaching up to 24.18%
- Compliance with MNRE efficiency standards, including a minimum of 20.00% for utility-scale power plants
- Inclusion in Revision-XLIX of the ALMM List-I as a new addition
Financial Performance
Revenue Growth by Segment
Total revenue grew 29.7% to INR 230.08 Cr in FY25. In H1 FY26, revenue grew 43% YoY to INR 117 Cr. Residential rooftop solar contributed 37% of FY25 revenue and 32% of H1 FY26 revenue. Government projects contributed 36% of H1 FY26 revenue. The EPC/Turnkey segment has achieved a 117% 3-year revenue CAGR.
Geographic Revenue Split
The company operates in 15 States and Union Territories. During H1 FY26, the residential footprint expanded to an additional 25 cities through the Solarium Saarthi franchisee initiative, following an expansion into 15 new cities in H2 FY25.
Profitability Margins
Gross margins increased by 65% YoY in H1 FY26. PAT for FY25 was INR 18.59 Cr (up from INR 15.74 Cr in FY24), representing a 112% 3-year CAGR. However, Return on Net Worth decreased because the growth in profit was proportionally lower than the increase in average net worth following the INR 105.04 Cr IPO.
EBITDA Margin
EBITDA for FY25 was INR 26 Cr (79% 3-year CAGR). H1 FY26 EBITDA grew 36% YoY to INR 16 Cr. The company expects the new module manufacturing plant to operate at a standalone EBITDA margin of 12% to 13%, potentially improving overall gross margins by 5-7% through in-house consumption.
Capital Expenditure
The company is investing INR 70 Cr in a new 1,000 MW (1 GW) automated solar module manufacturing facility in Ahmedabad. The project is funded with a Debt-to-Equity ratio of 3:1 and is expected to be operational by mid-January 2026.
Credit Rating & Borrowing
CARE Ratings assigned a 'CARE BBB-; Stable' rating for INR 50 Cr long-term bank facilities and 'CARE BBB-; Stable / CARE A3' for INR 47 Cr long/short-term facilities in September 2025. Finance costs doubled in H1 FY26 due to elevated working capital requirements for defense-linked projects.
Operational Drivers
Raw Materials
Key raw materials include Solar Cells (TOPCon, half-cut, bifacial), Solar PV Modules, Inverters, and Availability Based Tariff (ABT) meters. Solar modules and inverters are the primary cost components for EPC projects.
Import Sources
While specific countries are not listed for all components, the company noted sensitivity to China's restrictions on high-density cells and sources talent from global players like Krannich Global (Germany). Operations are centered in Gujarat, India.
Key Suppliers
The company relies on a limited group of suppliers for solar modules and inverters. It recently hired a sales head from Krannich Global to manage module sales and is moving toward long-term agreements to mitigate price volatility.
Capacity Expansion
Current capacity includes mounting structure manufacturing at Bavla. Planned expansion involves a 1,000 MW automated solar module plant in Ahmedabad, expected to reach 75-80% utilization by Q2 FY27, potentially generating INR 1,000+ Cr in annual revenue at 85% utilization.
Raw Material Costs
Raw material costs are susceptible to solar module price volatility. The company expects a 5-7% improvement in gross margins by consuming in-house manufactured modules, reducing reliance on third-party procurement.
Manufacturing Efficiency
The company targets 40-50% capacity utilization in the first two months of the new plant's operation, scaling to 75-80% within the first two quarters of FY27 to achieve operational efficiency.
Logistics & Distribution
The company uses an asset-light EPC model to reduce capital risk and focuses on distributed operations to reduce execution lead time and delivery costs.
Strategic Growth
Expected Growth Rate
43%
Growth Strategy
Growth will be driven by vertical integration through the 1 GW module plant, expanding the 'Solarium Saarthi' franchisee network to more cities, and bidding for large-scale government and institutional projects (BARC, Indian Air Force). The company has an unexecuted order book of INR 229 Cr and L1 pending orders of INR 209 Cr.
Products & Services
Turnkey solar solutions (design, engineering, O&M), PV modules, solar inverters, ABT meters, solar pumps, solar streetlights, and floating solar systems.
Brand Portfolio
Solarium, Solarium Saarthi (franchisee program).
New Products/Services
Launch of in-house manufactured TOPCon and bifacial solar modules from the new 1 GW plant, with 80 MW of orders worth INR 95 Cr already received.
Market Expansion
Expansion into the residential rooftop segment via the Solarium Saarthi program, targeting nationwide presence beyond the current 15 states.
Strategic Alliances
Tie-ups with financial institutions and PSU banks to provide subsidized loans (under 7% interest) to residential solar customers.
External Factors
Industry Trends
India's solar manufacturing capacity is projected to reach 100 GW by 2025. The industry is shifting toward high-efficiency modules (TOPCon) and distributed residential solar, supported by a 5% GST rate.
Competitive Landscape
The industry is characterized by intense competition and fragmented players in the EPC segment, though Solarium's scale and integrated model provide a competitive edge.
Competitive Moat
Moat is built on vertical integration (manufacturing + EPC), an asset-light execution model, and a strong retail franchisee network (Solar Saarthi) which reduces customer acquisition costs.
Macro Economic Sensitivity
Highly sensitive to government subsidies like 'PM Surya Ghar: Muft Bijli Yojna' and national renewable energy targets (500 GW by 2030).
Consumer Behavior
Increased consumer adoption of residential solar driven by government subsidies and end-to-end handholding services provided by Solarium (installation to financing).
Geopolitical Risks
Potential impact from China's restrictions on solar cell exports, though management currently foresees no major difference for the next 1.5 to 2 years due to pricing softening.
Regulatory & Governance
Industry Regulations
Compliance with MNRE's Approved List of Models and Manufacturers (ALMM) is critical; reforms in ALMM efficiency norms previously forced the company to shift away from polycrystalline module manufacturing.
Environmental Compliance
The company is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified, indicating compliance with quality, environmental, and occupational health standards.
Taxation Policy Impact
GST on solar modules and inverters was reduced from 12.5% to 5% in September 2025, which is expected to accelerate nationwide solar adoption.
Risk Analysis
Key Uncertainties
Execution and stabilization risks associated with the new INR 70 Cr manufacturing plant and potential delays in government receivables which impact liquidity.
Geographic Concentration Risk
Operations are currently spread across 15 states, with a historical concentration in Gujarat; expansion is ongoing to mitigate this.
Third Party Dependencies
High dependency on third-party suppliers for cells and high-efficiency modules until the new plant is fully operational in 2026.
Technology Obsolescence Risk
Risk of technology shifts in solar cell efficiency; the company is mitigating this by investing in TOPCon and bifacial technology.
Credit & Counterparty Risk
Significant exposure to government and defense-linked projects, where delayed receivables have historically elevated finance costs and impacted cash flows.
