Solarworld Energy Solutions Limited (SOLARWORLD)
₹125.60 +1.20% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Solarworld Energy's revenue was ₹168 Cr (+146.8% year on year, -71.5% on the previous quarter), and net profit ₹9.5 Cr (-26.4% year on year); the operating margin was 6.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹168 | +146.8% | -71.5% |
| Operating profit | ₹11.1 | +28.1% | -81.0% |
| Net profit | ₹9.5 | -26.4% | -80.6% |
| EPS (₹) | 1.10 | -36.8% | -80.6% |
| Operating margin | 6.6% | — | — |
SOLARWORLD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.41% of the SOLARWORLD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.36%. That is close to its usual level. Turnover was only ₹89 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 60.8% · 38.8% · 43.1% · 48.5% · 51.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Solarworld Energy Solutions Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Alankit Assignments Limited confirmed that there is no holding of shares in physical form. This filing is a standard quarterly regulatory requirement with no material impact on the company's financial operations.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Confirmation issued by RTA Alankit Assignments Limited dated October 9, 2026
- RTA confirmed that zero shares are held in physical form in the company
Solarworld Energy Solutions announced the voting results and scrutinizer report for its 13th AGM held on September 30, 2026. All 7 resolutions were approved by shareholders with over 99.99% votes in favor, including routine adoptions and re-appointments. Key special resolutions passed include the enhancement of borrowing limits under Section 180(1)(c), creation of charges under Section 180(1)(a), higher limits for loans/investments under Section 186, and variation in terms of prospectus objects. A total of 70,409,119 votes were polled out of 86,672,654 shares, reflecting an 81.24% voter turnout.
- All 7 resolutions passed with over 99.99% majority of votes cast
- Overall voter participation reached 81.2357% (70,409,119 votes polled across 86,672,654 total shares)
- Special resolutions approved include enhanced borrowing limits under Section 180(1)(c) and variation in prospectus objects
- Total of 49,453 shareholders were registered as of the record date on September 23, 2026
Solarworld reported strong growth for FY26 with revenue up 152.6% YoY to ₹13,762 Mn and PAT of ₹1,205 Mn, supported by a healthy balance sheet with net cash of ₹3,165 Mn. However, Q1 FY27 PAT fell 26.4% YoY to ₹95 Mn as EBITDA margins shrank to 11.6% due to elevated commodity and imported cell costs. As of 30 September 2026, the company holds an order book of ₹31,548 Mn (64% Solar EPC, 36% BESS) with ₹200,180 Mn in bids submitted. Solarworld also signed a 50:50 JV with Rays Power Infra to set up a 2.4 GW solar cell facility committing up to ₹4,200 Mn, subject to shareholder approval.
- Order book stood at ₹31,548 Mn as of 30 September 2026, with an active bid pipeline of ₹200,180 Mn
- Proposed 50:50 JV with Rays Power Infra for 2.4 GW solar cell capacity with a commitment up to ₹4,200 Mn
- FY26 revenue rose 152.6% YoY to ₹13,762 Mn and PAT grew 56.4% to ₹1,205 Mn
- Q1 FY27 revenue rose 146.8% YoY to ₹1,684 Mn, though PAT dropped 26.4% to ₹95 Mn due to margin compression
- Current operational manufacturing includes 1.55 GW TOPCon module line and 5 GW junction box line
Solarworld Energy Solutions received a Show Cause Notice dated September 29, 2026, from the State Tax Deputy Commissioner in Noida under Section 73 of the CGST Act for FY 2022-23. The notice proposes a total liability of ₹5.39 crore, comprising ₹2.96 crore in tax, ₹2.13 crore in interest, and ₹0.31 crore in penalty. Allegations include differences in tax reporting between GSTR-9 and GSTR-9C, ITC reconciliations, and scrutiny of ₹60.16 crore in trade payables for potential 180-day non-payment ITC reversals. The company stated this is at the show cause stage, is contested, and expects no material operational or financial impact.
- Proposed total liability of ₹5,39,39,622 under Section 73(1) of the CGST Act
- Demand breakdown: ₹2,95,71,123 in tax, ₹2,13,05,792 in interest, and ₹30,62,707 in penalty
- Department reviewing ageing of ₹60,15,87,600 in trade payables for potential ITC reversal under the 180-day vendor payment rule
- Notice involves FY 2022-23 scrutiny; reply due by October 29, 2026, with personal hearing set for October 30, 2026
Solarworld Energy Solutions' wholly owned subsidiary, ZNShine Solarworld Private Limited, has secured a domestic purchase order valued at ₹78.75 crore (inclusive of 5% IGST). The contract entails supplying 96,000 units of G12R 625 Wp solar panels to a leading renewable energy player at a unit price of ₹7,812.50. With a basic order value of ₹75.00 crore, the order is sizable compared to recent quarterly revenues (e.g., ₹168.42 crore in Jun 2026). The contract does not involve related parties or promoter interests.
- Total order value is ₹78.75 crore inclusive of 5% IGST (basic value: ₹75.00 crore)
- Contract covers the supply of 96,000 units of G12R 625 Wp solar panels
- Unit sale price fixed at ₹7,812.50 per solar panel
- Order awarded by a domestic renewable energy player to subsidiary ZNShine Solarworld
Solarworld Energy Solutions' wholly owned subsidiary, ZNShine Solarworld Private Limited, has secured a domestic purchase order valued at ₹78.75 crore (inclusive of 5% IGST). The contract entails supplying 96,000 units of G12R 625 Wp solar panels to a leading renewable energy player at a unit price of ₹7,812.50. With a basic order value of ₹75.00 crore, the order is sizable compared to recent quarterly revenues (e.g., ₹168.42 crore in Jun 2026). The contract does not involve related parties or promoter interests.
- Total order value is ₹78.75 crore inclusive of 5% IGST (basic value: ₹75.00 crore)
- Contract covers the supply of 96,000 units of G12R 625 Wp solar panels
- Unit sale price fixed at ₹7,812.50 per solar panel
- Order awarded by a domestic renewable energy player to subsidiary ZNShine Solarworld
Solarworld Energy Solutions Limited's Nomination and Remuneration Committee approved the grant of 2,86,325 employee stock options under its ESOP 2024 scheme on September 26, 2026. Each option is convertible into one equity share of face value Rs 5 at an exercise price of Rs 5 per share, representing a significant discount to the current market price of Rs 134.8. The options are scheduled to vest on March 31, 2028, with an exercise window of 5 years post-vesting. Following this grant, 7,20,733 options remain available under the shareholder-approved pool limit of 10,65,000 options.
- Approved grant of 2,86,325 employee stock options under the ESOP 2024 scheme.
- Exercise price fixed at Rs 5 per share against a market price of Rs 134.8.
- Vesting date set for March 31, 2028, with an exercise period of 5 years thereafter.
- Total pool approved by shareholders stands at 10,65,000 options, with 10,07,058 options previously available before this grant.
Solarworld Energy Solutions announced that its wholly-owned subsidiary, ZNShine Solarworld Private Limited, won an appeal before the Joint Commissioner (Appeal), State Tax, Uttarakhand on September 23, 2026. The appellate authority annulled a penalty of ₹1.22 crore (representing 200% of IGST of ₹61.06 lakh) that was originally levied on September 20, 2026. The issue was deemed a procedural lapse regarding multi-vehicle e-way billing rather than tax evasion. A pre-deposit of ₹12.21 lakh will be refunded or adjusted, removing any adverse financial liability.
- Appellate authority sets aside tax order dated September 20, 2026, ruling in favor of subsidiary ZNShine Solarworld.
- Penalty of ₹1,22,12,498 (200% of IGST of ₹61,06,249) completely annulled.
- Deposit of ₹12,21,250 made on September 21, 2026, to be refunded or adjusted.
- Goods and vehicles under detention ordered to be released forthwith.
Solarworld Energy Solutions' wholly-owned subsidiary, ZNShine Solarworld Private Limited, received an Order-in-Original confirming a penalty of ₹1,22,12,498 under Section 129 of the CGST/UKGST Act. The dispute relates to an imported consignment of solar cells covered under a Bill of Entry dated September 5, 2026. The subsidiary has filed an appeal on September 21, 2026, before the Joint Commissioner (Appeals) after depositing a pre-deposit of ₹12,21,250 (10%). The penalty amounts to ~12.9% of Solarworld's latest quarterly net profit (₹9.50 crore in Q1 FY27/Jun 2026) and is being contested in full.
- Confirmed penalty of ₹1,22,12,498 under Section 129 of the CGST/UKGST Act by Uttarakhand State Tax authority
- Pre-deposit of ₹12,21,250 paid by subsidiary ZNShine Solarworld while filing appeal in FORM GST APL-01
- Personal hearing before the Appellate Authority scheduled for September 22, 2026
- Penalty equals ~12.9% of company's Jun 2026 net profit of ₹9.50 crore and zero tax or cess is demanded
Solarworld Energy Solutions has received favorable Dispute Adjudication Board (DAB) awards across two EPC contracts with SJVN Green Energy Limited (SGEL). Against total claims of ₹219.33 Cr across the 100 MW and 260 MW solar PV projects in Gujarat, the Sole Adjudicator awarded ₹40.27 Cr. This includes a direct cash payout of ₹7.88 Cr and retention money releases of ₹32.39 Cr against Bank Guarantee/Surety substitutions. The net award will aid working capital liquidity for the company.
- DAB awarded ₹13.77 Cr out of ₹56.51 Cr claimed for the 100 MW GUVNL Phase XIII project
- DAB awarded ₹26.50 Cr out of ₹162.83 Cr claimed for the 260 MW GUVNL Phase XIV project
- Total admitted value across both disputes stands at ₹40.27 Cr against ₹219.33 Cr claimed
- Outcomes comprise ₹7.88 Cr in direct cash outlay and ₹32.39 Cr in retention money release
Solarworld Energy Solutions Limited's wholly-owned subsidiary, Znshine Solarworld Private Limited, has received a Show Cause Notice dated September 17, 2026, proposing a penalty of ₹1,22,12,498 under Section 129 of the CGST Act. The notice follows the interception of a consignment vehicle at Roorkee, Uttarakhand, citing documentation discrepancies regarding vehicle details and dispatch locations. The proposed penalty equals 200% of the tax payable but remains unconfirmed as the matter is contested. The company submitted its reply on September 18, 2026, with a personal hearing scheduled for September 24, 2026.
- Proposed penalty of ₹1,22,12,498 (200% of tax payable under Section 129(1)(a) of the CGST Act)
- Consignment intercepted on September 16, 2026, at Roorkee, Uttarakhand, with notice issued on September 17, 2026
- Detailed written reply submitted by the subsidiary on September 18, 2026
- Personal hearing before the Proper Officer scheduled for September 24, 2026
Solarworld Energy Solutions Limited has dispatched letters under Regulation 36(1)(b) to shareholders without registered emails, providing the web-link and access path to the FY2025-26 Annual Report. The company's 13th Annual General Meeting is scheduled for Wednesday, September 30, 2026, at 3:00 PM IST via Video Conferencing. The cut-off date for dispatch of the notice and annual report was September 4, 2026. This is a standard statutory disclosure.
- 13th Annual General Meeting scheduled for September 30, 2026, at 3:00 PM IST via Video Conferencing
- Cut-off date for dispatch of the Notice and Annual Report was September 4, 2026
- Dispatched compliance letter under Regulation 36(1)(b) to shareholders without registered emails
- Annual Report for FY2025-26 made available on the company website, NSDL, BSE, and NSE
Solarworld Energy Solutions has issued the notice for its 13th Annual General Meeting scheduled for September 30, 2026. Key special business items include seeking shareholder approval to enhance borrowing limits under Section 180(1)(c) up to ₹5,000 crore and corresponding creation of charges on assets under Section 180(1)(a). The meeting will also consider the re-appointment of Director Mangal Chand Teltia and cost auditor remuneration of ₹65,000 for FY 2026-27.
- 13th Annual General Meeting scheduled for September 30, 2026, at 3:00 PM IST via VC/OAVM
- Special resolution proposed to raise borrowing limit up to ₹5,000 crore under Section 180(1)(c)
- Proposed creation of charges on company assets to secure borrowings under Section 180(1)(a)
- Ratification of ₹65,000 remuneration plus expenses for Cost Auditors M/s MM & Associates for FY 2026-27
- Re-appointment of Director Mangal Chand Teltia (holding 35,50,554 shares) retiring by rotation
Solarworld Energy Solutions has approved a 50:50 Joint Venture with Rays Power Infra to set up a 2.4 GW solar PV TOPCon cell manufacturing facility in Narmadapuram, Madhya Pradesh, through Rays Green Energy. The company will invest up to ₹100 crore in equity (₹26.82 crore initial subscription) and reallocate ₹420 crore of unutilized IPO proceeds originally slated for its 1.2 GW Pandhurana facility to this new project. The total project cost is estimated at ₹1,000 crore (₹10,000 million), with commercial production targeted for June 2027. This move doubles the planned cell manufacturing capacity from 1.2 GW to 2.4 GW via a collaborative JV model.
- 50:50 Joint Venture with Rays Power Infra in Rays Green Energy to construct a 2.4 GW solar PV TOPCon cell facility
- Total project cost estimated at ₹1,000 crore (₹10,000 million) located on 41.30 acres in Narmadapuram, MP
- Redirecting ₹420 crore (₹4,200 million) of unutilized IPO fresh issue proceeds from the 1.2 GW Pandhurana project to the JV
- Solarworld to invest up to ₹100 crore in equity, with an initial subscription of ₹26.82 crore at ₹21,287 per share
- Target commercial production schedule set for June 2027
Solarworld Energy Solutions has approved a 50:50 Joint Venture with Rays Power Infra via Rays Green Energy Manufacturing to build a 2.4 GW TOPCon solar PV cell facility in Narmadapuram, Madhya Pradesh. The total estimated cost of this new project is ₹1,000 crore (₹10,000 million), doubling the company's originally planned 1.2 GW capacity. Solarworld is reallocating ₹420 crore (₹4,200 million) of unutilized IPO proceeds—originally earmarked for subsidiary Kartik Solarworld's Pandhurana plant—to this JV project. Commercial production is targeted for June 2027.
- 50:50 Joint Venture formed with Rays Power Infra to establish a 2.4 GW n-type TOPCon solar PV cell facility
- Total estimated project cost is ₹1,000 crore (₹10,000 million) with commercial production scheduled for June 2027
- Reallocating ₹420 crore of unutilized IPO/Pre-IPO proceeds to the JV, replacing the earlier 1.2 GW Pandhurana plant
- Solarworld to invest an initial subscription of ₹26.82 crore, up to an aggregate of ₹100 crore in equity share capital
- Target entity Rays Green reported a turnover of ₹437.63 crore for FY 2025-26
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.
Credit & Counterparty Risk
Significant related-party exposure with loans to Znshine Solarworld (INR 59.83 Cr) and Ortusun Renewable Power (INR 21.01 Cr).
