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SOLARWORLD - Solarworld Ene.

📊 NSE: SOLARWORLD 🏢 Civil Construction 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Solarworld Approves ₹6.75 Cr Bank Guarantee for Subsidiary's 500 MW BESS Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Mar 2026, 08:11 PM

Solarworld Energy Solutions has approved a non-fund-based bank guarantee of up to ₹6.75 Crores for its wholly-owned subsidiary, Solarworld BESS One Private Limited. This guarantee is intended to support Viability Gap Funding (VGF) for a major 500 MW/1000 MWh Standalone Battery Energy Storage System (BESS) project. The project is being developed under a Build-Own-Operate (BOO) model for RVUNL and RVPNL in Rajasthan. This move signifies the company's strategic push into the large-scale energy storage sector with support from Yes Bank.

Approved bank guarantee of up to ₹6.75 Crores for subsidiary Solarworld BESS One Private Limited.
Project involves setting up 500 MW/1000 MWh Standalone Battery Energy Storage Systems.
Includes a Green Shoe option for an additional 500 MW/1000 MWh capacity.
The facility is being availed from Yes Bank Limited under the Build-Own-Operate (BOO) model.
Project is linked to Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) and Rajasthan Rajya Vidyut Prasaran Nigam (RVPNL).

💡 Investors should view this as a positive step toward diversifying into the high-growth battery storage market. Monitor the execution timelines of the BESS project as it could significantly impact long-term revenue.

Solarworld Energy Solutions Announces Voluntary Withdrawal of CARE Credit Rating

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 09 Mar 2026, 06:13 PM

Solarworld Energy Solutions Limited has voluntarily requested and received a withdrawal of its issuer credit rating from CARE Ratings Limited. The company initiated this request on February 14, 2025, and the rating agency formally confirmed the withdrawal on March 05, 2026. This disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. The withdrawal is procedural and follows CARE's standard policy for voluntary requests by rated entities.

Voluntary request for rating withdrawal was submitted by the company on February 14, 2025
CARE Ratings Limited officially withdrew the issuer rating via letter dated March 05, 2026
The withdrawal is compliant with CARE Ratings' internal policy and SEBI (LODR) Regulation 30
The company was previously known as Solarworld Energy Solutions Private Limited before its current public status

💡 Investors should monitor if the company intends to obtain ratings from alternative agencies for future debt requirements. As the withdrawal was voluntary, it does not currently signal financial distress, but warrants a check on the company's long-term debt strategy.

Solarworld Energy Solutions Updates CIN and Listing Status on MCA Portal

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Mar 2026, 05:16 PM

Solarworld Energy Solutions Limited has officially updated its Corporate Identification Number (CIN) on the Ministry of Corporate Affairs (MCA) portal to reflect its status as a listed company. The CIN has changed from U15100DL2013PLC255455 to L15100DL2013PLC255455, following its listing on the BSE and NSE on September 30, 2025. Additionally, the listing status on the MCA master data has been updated from 'No' to 'Yes'. This is a routine administrative update to align government records with the company's current market standing.

Corporate Identification Number (CIN) updated to L15100DL2013PLC255455
Listing status on MCA portal officially changed from 'No' to 'Yes'
Update follows the company's listing on BSE and NSE on September 30, 2025
Company reports a paid-up capital of Rs 43,33,63,270 as per MCA master data

💡 No action is required from investors as this is a routine administrative update to ensure regulatory records are current.

CRISIL Upgrades Solarworld Energy Solutions to 'A-/Stable'; Order Book at Rs 2,662 Crore

🟢 POSITIVE ⭐ 8/10

OTHER 📅 26 Feb 2026, 02:37 PM

CRISIL has upgraded Solarworld Energy Solutions' long-term credit rating to 'A-/Stable' and short-term rating to 'A2+', citing a significantly improved business risk profile and strong operating efficiency. The company maintains a robust order book of Rs 2,662 crore as of December 2025, which is 4.8 times its FY25 revenue, providing high revenue visibility. Revenue is projected to grow at a CAGR of 85-87% through 2026, reaching approximately Rs 1,400 crore. The financial profile is bolstered by a successful Rs 490 crore IPO in September 2025, keeping gearing below 0.4x despite ongoing capital expenditures.

Long-term rating upgraded to 'CRISIL A-/Stable' from 'CRISIL BBB+/Stable' with bank facilities enhanced to Rs 420 crore.
Order book of Rs 2,662 crore as of Dec 31, 2025, provides 4.8x revenue visibility relative to FY25.
Revenue for FY26 is expected at Rs 1,400 crore, a significant jump from Rs 545 crore in FY25.
Net worth expected to reach Rs 850-860 crore by March 2026 following the Rs 490 crore IPO proceeds.
Operating profitability is projected to remain healthy at around 12% over the medium term.

💡 The rating upgrade and massive order book signal strong fundamental growth and reduced financial risk. Investors should monitor the timely execution of the new 1.2-GW solar cell and BESS manufacturing lines as key drivers for future margin expansion.

Solarworld Subsidiary ZNShine Signs MoU with Intelenergi for 25 MW Solar Module Supply

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 25 Feb 2026, 05:21 PM

Solarworld Energy Solutions' wholly owned subsidiary, ZNShine Solarworld Private Limited, has signed a non-binding Memorandum of Understanding (MoU) with Intelenergi Global Private Limited. The agreement focuses on the marketing and supply of solar photovoltaic modules manufactured at ZNShine's Roorkee facility. The MoU outlines an indicative capacity of 25 MW during its validity period, targeting both the Indian retail market and international export opportunities. This partnership is designed to leverage Intelenergi's distribution network to enhance Solarworld's market footprint.

Subsidiary ZNShine Solarworld signed a non-binding MoU with Intelenergi Global Private Limited on February 24, 2026.
The agreement involves an indicative supply and marketing capacity of 25 MW of solar PV modules.
Modules will be manufactured at the company's Roorkee factory for domestic retail and export markets.
Intelenergi is responsible for providing quarterly demand forecasts and developing retail channels across India.
The transaction is at arm's length with no promoter or related party involvement.

💡 Investors should monitor the conversion of this non-binding MoU into firm purchase orders, as the 25 MW capacity represents a tangible growth opportunity for the subsidiary's manufacturing utilization.

Solarworld Energy Solutions Discloses Pending Litigation and Dispute Outcomes

🔵 WATCH ⭐ 6/10

LEGAL 📅 06 Feb 2026, 06:13 PM

Solarworld Energy Solutions Limited has officially notified the stock exchange regarding pending litigation or disputes that could impact the company's financial or operational standing. This disclosure is a regulatory requirement aimed at providing transparency regarding legal risks that may affect shareholder value. While the specific financial quantum of the dispute was not detailed in the brief, such filings often precede material updates on court cases or settlements. Investors should remain cautious until the exact nature and potential liability of these legal matters are clarified.

Solarworld Energy Solutions Limited reported the pendency of litigation or dispute outcomes to the exchange.
The disclosure was filed on February 6, 2026, according to the digital signature timestamp.
The announcement is a mandatory compliance filing under listing regulations regarding material events.
The specific impact on the company's balance sheet or operations remains to be detailed in further disclosures.

💡 Investors should wait for the detailed disclosure to understand the financial liability involved in the litigation. Monitor the company's next few filings to see if this dispute is a routine commercial matter or a significant legal threat.

Solarworld Energy Solutions to Attend Nuvama Flagship Investor Conference on February 11

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 07:43 PM

Solarworld Energy Solutions Limited has announced its participation in the Nuvama Flagship conference scheduled for February 11, 2026, in Mumbai. The company representatives will engage in 1x1 and group meetings with analysts and institutional investors starting at 2:00 PM. The discussions will be restricted to publicly available information, ensuring no unpublished price-sensitive information is disclosed. This interaction is part of the company's routine investor relations engagement under SEBI regulations.

Meeting scheduled for February 11, 2026, at 2:00 PM IST in Mumbai.
Participation in the Nuvama Flagship conference involving 1x1 and group interactions.
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Discussions will be based strictly on publicly available information.

💡 Investors should monitor for any investor presentations or transcripts released after the conference for potential insights into the company's strategy. No immediate trading action is required based on this routine meeting schedule.

Solarworld Energy Solutions to Meet Investors at Nuvama Conference on Feb 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 07:40 PM

Solarworld Energy Solutions Limited has announced a group meeting with analysts and institutional investors scheduled for February 11, 2026. The interaction will take place at the Nuvama Flagship conference in Mumbai starting at 2:00 PM. The company will participate in both 1x1 and group meeting formats to discuss business updates. Management has clarified that the discussions will be limited to publicly available information and no unpublished price-sensitive information will be shared.

Investor meeting scheduled for February 11, 2026, at 2:00 PM IST.
Participation in the Nuvama Flagship conference held in Mumbai.
Interaction includes both 1x1 and group meeting formats with institutional investors.
Discussion will strictly adhere to publicly available information per SEBI regulations.

💡 Investors should watch for any investor presentations or transcripts released after the conference for insights into the company's outlook. No immediate trading action is required as this is a routine regulatory disclosure.

Solarworld Q3 Revenue Surges 184% YoY; Order Pipeline Reaches INR 3,500 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 05:37 PM

Solarworld Energy Solutions reported a massive 184% YoY revenue growth to INR 578.2 crore for Q3 FY26, driven by strong execution in solar EPC and the commencement of its module manufacturing line. The company's order book stands at INR 2,600 crore, with an additional INR 800-900 crore in L1 positions, totaling a pipeline of approximately INR 3,500 crore. A significant strategic shift toward Battery Energy Storage Systems (BESS) is underway, highlighted by a new INR 800 crore BESS contract. Financial health remains stable with a low debt-to-equity ratio of 0.32x despite aggressive capacity expansions.

Revenue grew 184% YoY to INR 578.23 crore in Q3 FY26, while 9M FY26 revenue rose 113% to INR 784.34 crore.
Total order pipeline stands at approximately INR 3,500 crore, providing strong revenue visibility for FY27.
Successfully commenced 1.552 GW solar module manufacturing line with ALMM approval; 1.2 GW cell facility targeted for June 2027.
Secured a major BESS project valued at over INR 800 crore, marking a formal entry into the high-growth energy storage segment.
Maintained a conservative leverage profile with a debt-to-equity ratio of 0.32x and EBITDA margins of 12.8%.

💡 Investors should focus on the company's transition into a BESS-heavy player, which offers higher technological barriers and integrated solutions. The strong order book and low leverage make it a robust pick in the renewable infrastructure space, though execution of the upcoming cell facility remains a key milestone to watch.

Solarworld Energy Solutions Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 28 Jan 2026, 06:28 PM

Solarworld Energy Solutions Limited has officially released the audio recording of its earnings call held on January 28, 2026. The call focused on the un-audited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI Listing Regulations. Investors can now access the management's discussion regarding the company's performance and future outlook through the provided web link.

Audio recording for the Q3 FY26 earnings call is now available on the company's website.
The earnings call was conducted on January 28, 2026, at 4:00 PM IST.
Discussion covered both standalone and consolidated financial results for the period ending December 31, 2025.
The filing follows the initial notification sent to exchanges on January 22, 2026.

💡 Investors should listen to the recording to gain deeper insights into management's commentary on Q3 performance and growth guidance. This is a routine update and does not contain new financial data beyond what was previously reported.

Solarworld Q3 Profit Rises to ₹507.7M; Revenue Surges 143% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 06:24 PM

Solarworld Energy Solutions reported a strong performance for Q3 FY26, with revenue from operations jumping to ₹4,953.83 million from ₹2,038.42 million in the same quarter last year. Net profit for the quarter increased to ₹507.74 million, up from ₹442.13 million YoY. The company has appointed Protiviti India Member Private Limited as internal auditors to enhance corporate governance. Additionally, Mr. Rishabh Jain has transitioned from Executive Director to a Non-Executive Non-Independent Director role.

Revenue from operations grew 143% YoY to ₹4,953.83 million in Q3 FY26.
Net profit for the quarter stood at ₹507.74 million compared to ₹442.13 million in Q3 FY25.
Nine-month FY26 profit reached ₹825.84 million, up from ₹752.10 million in the previous year.
Protiviti India Member Private Limited appointed as Internal Auditors effective January 28, 2026.
Ongoing legal petition in Delhi High Court regarding bank guarantee invocation by SJVN Green Energy Limited.

💡 Investors should take note of the robust revenue growth and steady profit margins following the company's recent listing. Monitor the legal proceedings regarding the SJVN bank guarantee as it may impact future cash flows.

Solarworld Q3 Revenue Surges 184% to ₹5,782 Mn; Order Book Hits ₹26,221 Mn

🔵 WATCH ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 04:34 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 03:35 PM

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.

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%.

💡 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.

Solarworld Q3 FY26 PAT Surges to ₹507.7M; Revenue Grows 143% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 02:27 PM

Solarworld Energy Solutions reported a stellar performance for Q3 FY26, with standalone revenue reaching ₹4,953.83 million, a 143% increase compared to the same quarter last year. Net profit for the quarter stood at ₹507.74 million, up significantly from ₹21.3 million in Q3 FY25. For the nine-month period ended December 2025, the company achieved a PAT of ₹825.84 million, nearly 11 times higher than the previous year's ₹75.21 million. However, investors should note an ongoing legal dispute with SJVN Green Energy regarding a bank guarantee invocation, which is currently pending in the Delhi High Court.

Standalone Revenue from operations grew by 290% QoQ to ₹4,953.83 million in Q3 FY26
Net Profit (PAT) for the quarter surged to ₹507.74 million compared to ₹152.37 million in the previous quarter
9M FY26 PAT reached ₹825.84 million, a massive jump from ₹75.21 million in 9M FY25
Appointed Protiviti India Member Private Limited as Internal Auditors for FY 2025-26
Ongoing legal petition in Delhi High Court against SJVN Green Energy regarding bank guarantee invocation

💡 The financial growth is exceptionally strong, reflecting successful execution of EPC projects post-IPO. Investors should maintain a positive outlook but monitor the outcome of the SJVN legal dispute as it involves potential recovery of dues.

Solarworld Q3 FY26 PAT Surges to ₹507.7M; Revenue Up 143% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 02:16 PM

Solarworld Energy Solutions reported a stellar performance for Q3 FY26, with revenue from operations growing 143% YoY to ₹4,953.8 million. Net profit saw an exponential jump to ₹507.7 million compared to just ₹2.1 million in the same quarter last year. The company also announced the appointment of Protiviti India as internal auditors and a shift in Mr. Rishabh Jain's role to a non-executive director. While the financial trajectory is strong, investors should note an ongoing legal dispute with SJVN regarding a bank guarantee invocation, which management believes will be resolved favorably.

Revenue from operations increased by 143% YoY to ₹4,953.83 million in Q3 FY26.
Net Profit (PAT) skyrocketed to ₹507.74 million from ₹2.13 million in the year-ago period.
Earnings Per Share (EPS) improved significantly to ₹5.86 from ₹0.03 YoY.
Protiviti India Member Private Limited appointed as the new Internal Auditors for FY 2025-26.
Ongoing legal petition against SJVN Green Energy regarding bank guarantee invocation remains a key watchpoint.

💡 The massive growth in revenue and profitability post-listing is highly encouraging; however, investors should monitor the resolution of the SJVN legal matter and the sustainability of these margins.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations reached INR 546.32 Cr in FY25, a 9.04% increase from INR 501.02 Cr in FY24. For Q1 FY26, total income surged to INR 80.55 Cr, representing a 241.8% YoY growth, driven by rapid execution of the EPC order book.

Geographic Revenue Split

The company has executed 46 projects across 9 Indian states as of July 2025. Specific percentage contribution per region is not disclosed, but operations are focused on domestic utility-scale and C&I installations.

Profitability Margins

Net margins for FY24 were approximately 15-16%. In Q1 FY26, the company reported a net profit of INR 12.91 Cr on a total income of INR 80.55 Cr, resulting in a net margin of 16.03% (reported as 18.9% including other income adjustments).

EBITDA Margin

EBITDA margin stood at 12.9% in Q1 FY26, supported by supply chain optimization and better capacity utilization. This is an improvement over the standard EPC industry margin of 10-11%.

Capital Expenditure

Planned capital expenditure of INR 560 Cr to establish a 1.2 GW solar PV cell manufacturing facility in Pandhurna, Madhya Pradesh. This is funded by INR 140 Cr in debt and the remainder from IPO proceeds.

Credit Rating & Borrowing

Crisil has assigned a 'Stable' outlook. The company raised INR 110 Cr through a pre-IPO placement in November 2024. Long-term borrowings stood at INR 48.10 Cr as of March 31, 2025, down from INR 61.10 Cr in the previous year.

⚙️ Operational Drivers

Raw Materials

Solar panels (representing 40% of total EPC project costs), solar cells, junction boxes, and lithium-ion cells for battery packs.

Import Sources

China dominates 80% of the global PV module supply chain; however, the company is shifting toward domestic sourcing and in-house manufacturing to comply with ALMM (Approved List of Models and Manufacturers) regulations.

Key Suppliers

Not specifically named, but the company utilizes open credit from various suppliers and is transitioning to internal supply via its subsidiaries like Kartik Solarworld Pvt Ltd.

Capacity Expansion

Currently expanding with a 1.2 GW solar cell line at Pandhurna expected to be operational between December 2025 and March 2026. Three manufacturing lines are expected to be operational by the end of FY26.

Raw Material Costs

Cost of materials consumed in FY25 was INR 282.42 Cr, which is approximately 51.7% of standalone revenue. This is a significant decrease from INR 381.31 Cr in FY24, reflecting better procurement and efficiency.

Manufacturing Efficiency

The company intends to utilize 70-80% of its in-house manufacturing capacity for its own EPC projects to maximize internal margins.

📈 Strategic Growth

Expected Growth Rate

20-30%

Growth Strategy

Achieving growth through backward integration into solar cells and modules to improve margins by 3-4%, and executing a current order book of INR 2,500 Cr. The company targets converting 60% of this order book (INR 1,500 Cr) into revenue during the current financial year.

Products & Services

EPC services for solar power plants, Operation & Maintenance (O&M) services (3-5 year contracts), solar modules, solar cells, and integrated Battery Energy Storage Systems (BESS).

Brand Portfolio

Solarworld Energy Solutions.

New Products/Services

Launching high-efficiency domestically manufactured solar modules and integrated energy storage systems (BESS) to cater to the utility-scale and C&I segments.

Market Expansion

Expanding from a regional EPC player to a national integrated solar manufacturer with new facilities in Roorkee and Pandhurna.

Strategic Alliances

Partnerships with Znshine Solarworld Private Limited (related party) for manufacturing and supply.

🌍 External Factors

Industry Trends

The solar market is expanding at 20-30% annually. There is a technology shift toward high-efficiency cells and BESS. The industry is moving toward fully integrated models to mitigate supply chain volatility.

Competitive Landscape

Competes with listed players like Insolation Energy and Waaree Energies in the module and EPC segments.

Competitive Moat

Moat is built on backward integration (cell to battery pack) and a strong execution track record (253 MW AC across 46 projects). This integration provides a cost advantage of 3-4% over pure-play EPC competitors.

Macro Economic Sensitivity

Highly sensitive to government renewable energy policies and the 'Atma Nirbhar Bharat' initiative which incentivizes domestic manufacturing.

Consumer Behavior

Rising demand from C&I customers for captive solar plants to reduce operational energy costs.

Geopolitical Risks

Trade barriers on Chinese imports and global supply chain disruptions in the PV sector pose risks to module availability and pricing.

⚖️ Regulatory & Governance

Industry Regulations

Subject to ALMM (Approved List of Models and Manufacturers) which mandates the use of approved domestic modules for government-linked projects.

Environmental Compliance

Embedded ESG framework in operations, including responsible sourcing and waste management; specific costs not disclosed.

Legal Contingencies

No overdue amounts for more than 90 days in respect of loans and advances. Specific pending court case values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Tender-based nature of business makes revenue lumpy and dependent on successful bidding. Potential for module price dumping by global players could impact the viability of new manufacturing lines.

Geographic Concentration Risk

Operations are currently spread across 9 states in India, providing moderate geographic diversification within the domestic market.

Third Party Dependencies

Historically dependent on external module suppliers for 40% of project costs; this risk is being mitigated by the INR 560 Cr backward integration capex.

Technology Obsolescence Risk

Risk of solar cell technology shifting (e.g., from PERC to TOPCon); the company is addressing this by investing in high-efficiency manufacturing lines.