Solex Energy Limited (SOLEX)
₹625.10 -1.18% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Solex Energy's revenue was ₹261 Cr (+0.3% year on year, -70.6% on the previous quarter), and net profit ₹8.3 Cr (-67.0% year on year); the operating margin was 11.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹261 | +0.3% | -70.6% |
| Operating profit | ₹29.0 | -29.3% | -70.4% |
| Net profit | ₹8.3 | -67.0% | -86.0% |
| EPS (₹) | 7.39 | -67.0% | -86.2% |
| Operating margin | 11.1% | — | — |
SOLEX delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.49% of the SOLEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.92%. That is higher than usual for this stock. Turnover was only ₹93 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. 1 bulk or block deal was reported in SOLEX in the last 60 days: ₹5 Cr sold, none bought.
Delivery in the last 5 sessions: 48.6% · 40.9% · 49.2% · 52.5% · 53.5%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Sell | Kamalkishore Bansilal Chandak | ₹4.53 Cr | ₹750.18 | 60,450 | Bulk |
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
Solex Energy Limited announced that multiple proposed Shareholders' Agreements (SHAs) aimed at internally re-aligning shareholding within the promoter group have not been executed. The execution window expired on October 16, 2026, following the initial agreement date of April 17, 2026. The parties involved, including Dr. Chetan Shah, Mrs. Sapna Shah, and other promoter members, have decided not to proceed with the arrangement. As of recent filings, the promoter group holds a 66.15% stake in the company, and this termination does not alter day-to-day operations.
- Proposed Shareholders' Agreements were initially formulated on April 17, 2026
- Stipulated execution tenure expired on October 16, 2026 without formal execution
- Agreements were intended strictly for internal re-alignment among promoter group entities
- All parties decided not to proceed, discontinuing the arrangement entirely
Solex Energy Limited and its wholly owned subsidiary, Solex Green Energy Private Limited, have bagged combined work orders worth ₹194.14 crore (inclusive of taxes) to supply TOPCon solar PV modules. The subsidiary secured the bulk of the award at ₹180.98 crore, while the parent company received an order of ₹13.16 crore from domestic power and electricity sector entities. The total order value represents approximately 12.0% of the company's TTM revenue of ₹1,620 crore, boosting revenue visibility for its high-efficiency module portfolio.
- Combined work orders won aggregate to ₹194.14 crore inclusive of applicable taxes
- Wholly owned subsidiary Solex Green Energy secured the larger contract worth ₹180.98 crore
- Solex Energy Limited directly secured a work order valued at ₹13.16 crore
- Orders involve the supply of TOPCon Bifacial Glass to Glass (G2G) Solar PV Modules to domestic power entities
Solex Energy Limited's subsidiary, Solex Green Energy Private Limited, has secured a domestic work order worth ₹180.98 crore (inclusive of applicable taxes). The contract entails the supply of high-efficiency TopCon Bifacial G2G Solar PV Modules to a prominent domestic power and electricity player. The execution is scheduled to be completed by January 2027. The order value represents approximately 11.2% of Solex Energy's TTM revenue of ₹1,620 crore.
- Total work order value of ₹180.98 crore inclusive of applicable taxes
- Scope covers the supply of TopCon Bifacial G2G Solar PV Modules
- Scheduled for completion by January 2027
- Client is a prominent domestic entity in the power and electricity sector
- Contract represents ~11.2% of company's TTM revenue (₹1,620 Cr)
Solex Energy Limited has received a domestic work order worth ₹13.16 crore (inclusive of applicable taxes) for the supply of TopCon Bifacial G2G 620Wp Solar PV Modules. The contract has a short execution timeline and is scheduled to be completed by November 2026. Relative to the company's TTM revenue of ₹1,620 crore, the order is relatively modest at approximately 0.81%, reflecting routine operational additions rather than a transformative win. The order involves no related-party transactions.
- Order size stands at ₹13.16 crore, inclusive of applicable taxes
- Scope covers manufacture and supply of TopCon Bifacial G2G 620Wp Solar PV Modules
- Execution timeline is scheduled till November 2026
- Contract represents approximately 0.81% of TTM revenue (₹1,620 crore)
- Awarded by an undisclosed domestic entity with no promoter or related-party interest
Solex Energy Limited has secured a domestic work order worth ₹75.96 crore (inclusive of duties and taxes) from entities in the power and electricity sector. The contract involves the supply of high-efficiency 620 Wp N-Type TOPCon G12R Glass-to-Glass Solar PV Modules. The order size represents approximately 4.7% of the company's TTM revenue of ₹1,620 crore. Production will take place at its Tadkeshwar manufacturing facility in Surat, Gujarat.
- Work order contract value stands at ₹75.96 crore inclusive of duties and taxes
- Scope covers supply of 620 Wp N-Type TOPCon G12R Glass-to-Glass Solar PV Modules
- Contract represents ~4.7% of Solex Energy's TTM revenue of ₹1,620 crore
- Modules will be manufactured from its 4 GW automated capacity base in Surat, Gujarat
Solex Energy Limited has bagged work orders valued at ₹75.96 crore (inclusive of applicable taxes) from domestic power and electricity sector entities. The contract involves the manufacture and supply of high-efficiency N-Type TOPCon 620Wp Glass-to-Glass (G12R) solar PV modules. The order represents approximately 4.7% of the company's TTM revenue of ₹1,620 crore and is scheduled for completion rapidly by the end of November 2026. No related party transactions or promoter interests are involved in these contracts.
- Total order value stands at ₹75.96 Crores inclusive of applicable taxes
- Scope covers manufacture and supply of N-Type TOPCON 620Wp Glass-to-Glass (G12R) Solar PV Modules
- Execution timeline is short, scheduled for completion by November 2026 end
- Counterparties are domestic entities operating in the power/electricity sector
Solex Energy has released the transcript of its 12th AGM held on September 22, 2026. The Chairman outlined an ambitious ₹4,000 Cr capex plan between FY27 and FY30, which is over 5x its current market cap of ₹783 Cr. The company is targeting over ₹4,500 Cr in revenue by FY28 (vs TTM revenue of ₹1,620 Cr) supported by an order visibility exceeding ₹3,400 Cr. Capacity plans include scaling cell capacity to 2.2 GW by FY28, 5.2 GW by early FY29, and commissioning a 5 GWh Battery Energy Storage System (BESS) phase by FY29.
- Planned investment programme of approximately ₹40,000 Million (₹4,000 Cr) between FY27 and FY30
- Targeting revenue potential of more than ₹45,000 Million (₹4,500 Cr) by FY28
- Current order book visibility has crossed ₹34,000 Million (₹3,400 Cr)
- Capacity blueprint: 2.2 GW cell capacity by FY28, scaling to 5.2 GW by early FY29, plus 10 GWh BESS capacity (5 GWh first phase by FY29)
- Proposed final dividend of ₹0.55 per equity share of face value ₹10 for FY26
Solex Energy Limited has submitted the scrutinizer's report for its 12th Annual General Meeting held on September 22, 2026. Shareholders approved all 13 resolutions with the requisite majority, including the declaration of a final dividend of ₹0.55 per share. Key approvals also included increasing the company's borrowing limits under Section 180(1)(c) (92.21% votes in favour) and inter-corporate loans/guarantees under Sections 185 and 186. The re-appointment and remuneration revision of CMD Dr. Chetan Shah were also cleared.
- Declared final dividend of ₹0.55 per equity share of face value ₹10
- Resolution to hike Section 180(1)(c) borrowing limits passed with 92.21% votes in favour (66,95,015 votes)
- Approval granted for inter-corporate loans/investments under Section 186 to Solex Green Energy and Solex New Energy (99.99% and 100% in favour)
- Remuneration revision for CMD Dr. Chetan Shah approved with 91.07% votes in favour and 8.93% against
Solex Energy outlined its long-term expansion roadmap at its 12th AGM, projecting a revenue potential of more than ₹4,500 crore by FY28 compared to FY26 revenue of ₹1,621.1 crore. To support this growth, the company plans a massive ₹4,000 crore capex program between FY27 and FY30, which is over 5x its current market cap of ₹767 crore. The roadmap entails establishing 2.2 GW of solar cell capacity by FY28 (scaling to 5.2 GW by FY29) and entering energy storage with 10 GWh battery pack assembly (phase 1 of 5 GWh by FY29). The company also reported an order visibility exceeding ₹3,400 crore.
- Outlined ₹4,000 crore capex plan between FY27 and FY30 for integrated cells and battery storage
- Targeting over ₹4,500 crore revenue potential by FY28, up from ₹1,621.1 crore in FY26
- Current order book visibility exceeds ₹34,000 million (₹3,400 crore), over 2x TTM revenue
- Adding 2.2 GW solar cell capacity by FY28, scaling to 5.2 GW in early FY29
- Developing 10 GWh Battery Energy Storage Systems (BESS) capacity, with initial 5 GWh by FY29
Solex Energy Limited has received new domestic work orders worth ₹74.77 crore for the manufacture and supply of solar PV modules, scheduled for execution by December 2026. Additionally, the company has secured a Letter of Intent (LOI) worth approximately ₹174.30 crore, currently at the definitive agreement signing stage. With these additions, Solex Energy's total executable order pipeline stands at approximately ₹846 crore (representing ~52.2% of TTM revenue of ₹1,620 crore), all targeted for execution by December 31, 2026.
- Received firm domestic work orders worth ₹74.77 crore for solar PV modules.
- Secured an additional LOI worth approximately ₹174.30 crore at the Module Supply Agreement signing stage.
- Total executable order pipeline reaches approximately ₹846 crore.
- All current pipeline orders are scheduled for execution by December 31, 2026.
Solex Energy Limited has secured work orders from domestic entities for the manufacture and supply of Solar PV Modules totaling ₹74.77 crore (inclusive of taxes). The order value represents approximately 4.6% of the company's TTM revenue of ₹1,620 crore. The entire contract is scheduled for execution across December 2026. The awarding entities are unrelated domestic third parties.
- Bagged domestic supply contracts worth ₹74.77 crore inclusive of taxes
- Scope covers manufacture and supply of Solar PV Modules
- Scheduled execution period is across December 2026
- Order value equals ~4.6% of FY26/TTM revenue of ₹1,620 crore
Solex Energy Limited has announced its 12th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing. The company has fixed September 15, 2026, as the record date and cut-off date for determining shareholder eligibility for both AGM voting and a proposed final dividend of ₹0.55 per equity share (face value ₹10). Share transfer books will remain closed from September 16 to September 21, 2026. The AGM agenda also includes approval of revised managerial remuneration for the Chairman and Managing Director up to ₹6.00 crore per annum.
- Fixed September 15, 2026 as the Record Date for FY26 final dividend of ₹0.55 per equity share
- 12th Annual General Meeting scheduled for September 22, 2026, via Video Conferencing
- Book closure period scheduled from September 16, 2026 to September 21, 2026
- Proposed revision in remuneration of CMD Dr. Chetan Shah capped at ₹6.00 crore per annum
Solex Energy Limited has issued the notice for its 12th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing. The company has fixed September 15, 2026, as the record date and cut-off date for eligibility to vote and receive a final dividend of ₹0.55 per equity share (face value ₹10). Other key AGM resolutions include the revision in remuneration for Chairman & MD Dr. Chetan Shah (up to ₹6.00 Cr per annum) and the reappointment of cost auditors with a fee of ₹1,00,000.
- 12th Annual General Meeting scheduled for Tuesday, September 22, 2026
- Record date and cut-off date fixed as September 15, 2026 for dividend and e-voting
- Final dividend proposed at ₹0.55 per equity share of face value ₹10 each for FY26
- Proposed remuneration cap of up to ₹6.00 Cr per annum (₹50 Lakh per month CTC) for Chairman & MD Dr. Chetan Shah
- Remote e-voting period runs from September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM)
Solex Energy filed the transcript of its Q1 FY27 earnings conference call, detailing total order book visibility of ~₹3,400 crore (210% of TTM revenue) and an executable pipeline of ₹845.84 crore targeted by December 31, 2026. The company reiterated its FY27 PAT margin guidance of 5% to 6% on an assumed ~55% capacity utilization of its 4 GW module plant. Management highlighted that H1 is seasonally softer due to ALMM List-2 transitions and weather factors, with strong dispatch recovery expected in H2. Meanwhile, its 2.2 GW TOPCon cell facility (Phase 1 of 5 GW) is on track for CY2027 commissioning, backed by planned debt of ~₹700 crore and ₹350 crore via NCDs/CCDs.
- Executable order pipeline stands at ₹845.84 crore scheduled for delivery by December 31, 2026, including a ₹42.47 crore August 2026 order and ₹175 crore LOI.
- Overall order book visibility stands at approximately ₹3,400 crore across confirmed POs and MSAs in discussion.
- 4 GW module facility in Tadkeshwar assumed to operate at ~55% average utilization for FY27.
- Cell capex of 2.2 GW involves ~₹700 crore debt and ₹350 crore structured equity (NCDs/CCDs) targeting commissioning by end of CY2027.
Solex Energy Limited has submitted the audio recording link for its post-earnings conference call held on August 17, 2026. This is a standard regulatory compliance filing pursuant to Regulation 30 and Regulation 46 of SEBI LODR. The call followed the company's Q1 FY27 financial performance, where it reported quarterly revenue of Rs 260.82 cr and net profit of Rs 8.26 cr. Solex Energy currently operates with a TTM revenue of Rs 1,620 cr and a market capitalization of Rs 876 cr.
- Post-earnings investor conference call was conducted on August 17, 2026
- Audio recording accessible via Google Drive link per SEBI LODR Regulation 30 compliance
- Company reported Jun 2026 quarter revenue of Rs 260.82 cr and net profit of Rs 8.26 cr
- Solex maintains a 12-month TTM revenue base of Rs 1,620 cr with 10.6% OPM
Financial Performance
Revenue Growth by Segment
H1 FY26 total revenue grew 51.8% YoY to INR 4,146 Mn, driven by a transition from OEM to own-brand sales. Standalone revenue for FY25 grew 80.3% YoY to INR 663.64 Cr.
Geographic Revenue Split
Primarily domestic (India) with a growing export footprint in Europe, North America, and Africa to boost foreign exchange earnings.
Profitability Margins
Net Profit Margin improved from 2.39% in FY24 to 6.46% in FY25. H1 FY26 PAT margin expanded 257 bps YoY to 7.3% due to higher own-brand sales and operational efficiency.
EBITDA Margin
EBITDA margin for H1 FY26 stood at 14.7%, expanding 503 bps YoY. EBITDA grew 131% YoY to INR 609 Mn in H1 FY26.
Capital Expenditure
Expanding module manufacturing capacity to 4 GW in FY26. Planning vertical integration into solar cell manufacturing with land acquisition and funding preparations in advanced stages.
Credit Rating & Borrowing
Interest costs for FY25 were INR 10.76 Cr. Interest Service Coverage Ratio improved significantly from 3.39 in FY24 to 8.12 in FY25 despite rising interest costs.
Operational Drivers
Raw Materials
Solar cells (primary input), glass, and aluminum frames. Solar cells represent the largest cost component, prompting plans for vertical integration.
Import Sources
Global markets via diversified supply chains; specific countries not disclosed.
Capacity Expansion
Current capacity is expanding to a fully automated 4 GW facility in Surat by FY26. Line-3 and Line-4 became operational in H2 FY26.
Raw Material Costs
Cost of revenue for H1 FY26 was INR 2,972.7 Mn, representing 71.7% of total revenue. Procurement strategies focus on global leader partnerships.
Manufacturing Efficiency
Operating leverage played out in FY25, leading to a 76.93% increase in operating profit margin to 9.65%.
Strategic Growth
Expected Growth Rate
51.80%
Growth Strategy
Scaling module capacity to 4 GW, commissioning new production lines (Line 3 & 4), migrating existing lines to high-efficiency TOPCon technology, and internalizing solar cell manufacturing to deepen vertical integration.
Products & Services
Solar Photovoltaic (PV) modules (Mono-PERC and TOPCon/N-Type) and EPC (Engineering, Procurement, and Construction) solutions.
Brand Portfolio
Solex
New Products/Services
N-Type/TOPCon modules with 30-year product warranties; cell manufacturing initiative expected to contribute to future margins.
Market Expansion
Expanding presence in high-competition global markets including Europe, North America, and Africa.
Strategic Alliances
Collaborations with global technology providers and EPCs for manufacturing reliability and certifications.
External Factors
Industry Trends
Industry shift toward TOPCon technology; RE sector exhibits strong seasonality where H2 revenue is typically multiple times higher than H1.
Competitive Landscape
Competes with large global players but differentiates through high-focus technology investment and reliability certifications.
Competitive Moat
Durable advantages include a 30-year product warranty, a state-of-the-art 4 GW automated facility, and a successful brand transition from OEM to 'Solex'.
Macro Economic Sensitivity
Highly sensitive to India's renewable energy mission and government solar targets.
Consumer Behavior
Increasing demand from C&I and IPP segments for high-efficiency, reliable solar modules with long-term warranties.
Geopolitical Risks
Alignment with Production-Linked Incentive (PLI) schemes and ALMM regulations to mitigate import-related risks.
Regulatory & Governance
Industry Regulations
Compliance with Bureau of Indian Standards (BIS) and inclusion in the Approved List of Models and Manufacturers (ALMM).
Environmental Compliance
ISO and OHSAS certified plants ensuring international quality and occupational safety compliance.
Risk Analysis
Key Uncertainties
Seasonality of the RE business (H1 typically low) and potential technology obsolescence of Mono-PERC modules.
Geographic Concentration Risk
Manufacturing concentrated in Surat, Gujarat; revenue increasingly diversified through exports.
Third Party Dependencies
Currently dependent on third-party solar cell suppliers, which the company aims to mitigate through vertical integration.
Technology Obsolescence Risk
Risk of Mono-PERC technology being superseded by TOPCon; mitigated by migrating Line-1 to TOPCon.
Credit & Counterparty Risk
Receivables quality improved in FY25 due to better liquidity and timely payments from customers.
