SOLEX - Solex Energy
📢 Recent Corporate Announcements
Solex Energy Limited has successfully obtained three major ISO certifications for its corporate office from TÜV NORD, covering quality, environmental, and safety management. These certifications (ISO 9001, 14001, and 45001) apply to the company's Sales, Marketing, and Purchase functions. This milestone reinforces the company's operational credibility as it manages its 4 GW solar module manufacturing capacity in Gujarat. For investors, this signifies a commitment to international operational standards and governance, which is critical for a company exporting to multiple countries and serving as an OEM partner.
- Achieved ISO 9001:2015 (Quality), ISO 14001:2015 (Environment), and ISO 45001:2018 (Safety) certifications.
- Certifications awarded by TÜV NORD CERT GmbH following a comprehensive audit of the Surat Head Office.
- The scope includes Sales, Marketing, and Purchase functions related to solar PV module manufacturing.
- Supports the company's 4 GW Industry 4.0 enabled manufacturing facility and global export operations.
Solex Energy Limited has successfully enlisted 3.78 GW (3782 MW) of its solar module manufacturing capacity in the Ministry of New and Renewable Energy's (MNRE) Approved List of Models and Manufacturers (ALMM). This enlistment covers high-efficiency bifacial N-Type TOPCon modules with power ratings reaching up to 625 Wp. Being on the ALMM list is a mandatory requirement for supplying solar modules to government-subsidized projects and public procurement initiatives in India. This development significantly expands Solex's market reach and competitive positioning in the domestic renewable energy sector.
- Enlisted 3,782 MW (3.78 GW) of annual solar module manufacturing capacity under the MNRE ALMM framework.
- Modules included in the listing feature high-efficiency bifacial N-Type TOPCon technology with ratings up to 625 Wp.
- The manufacturing facility located in Tadkeshwar, Surat, is Industry 4.0 enabled and fully automated.
- ALMM certification allows the company to participate in government-funded solar projects and public procurement programs.
Solex Energy Limited has scheduled a virtual group interaction with investors and analysts for March 10, 2026. The meeting is part of the Arihant Capital: Bharat Connect Conference and will take place between 3:00 PM and 4:00 PM. The company has clarified that no Unpublished Price Sensitive Information (UPSI) will be shared during this session. This disclosure is a routine compliance under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Virtual group interaction scheduled for March 10, 2026, from 3:00 PM to 4:00 PM
- Participation in the Arihant Capital: Bharat Connect Conference
- Compliance with Regulation 30 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015
- Company confirms no Unpublished Price Sensitive Information (UPSI) will be discussed
Solex Energy reported a robust 135.3% YoY revenue growth in Q3 FY26, reaching INR 319.4 crore, driven by the commencement of its 2.2 GW manufacturing facility. Despite the revenue surge, margins were temporarily pressured by higher fixed costs and ramp-up expenses associated with the new plant. The company maintains a strong order book exceeding INR 4,000 crore and has guided for a full-year revenue of INR 1,700-1,800 crore. Management expects margin normalization in Q4 as capacity utilization improves and EPC projects are executed.
- Q3 FY26 revenue grew 135.3% YoY to INR 319.4 crore, while 9M FY26 revenue rose 79.3% to INR 735.1 crore.
- Successfully commissioned 2.2 GW solar PV module facility in November 2025, bringing total capacity to 4 GW.
- Order book visibility exceeds INR 4,000 crore, including recent wins of INR 544 crore and INR 289 crore.
- Management targets FY26 revenue of INR 1,700-1,800 crore with expected PAT margins of 6-8%.
- Strategic roadmap includes scaling to 10 GW module and cell capacity by 2030, with cell production starting in 2027.
Solex Energy Limited has officially released the audio recording of its post-earnings conference call held on February 12, 2026. This disclosure is a mandatory compliance step under Regulation 30 of the SEBI (LODR) Regulations, 2015. The call allowed analysts and institutional investors to interact with management regarding the company's recent financial performance. The recording is accessible via a public Google Drive link and the company's official website for transparency.
- Audio recording of the investor conference call held on February 12, 2026, is now public.
- The call focused on the company's post-earnings performance and future outlook.
- Complies with SEBI Regulation 46 (2) (oa) regarding the availability of meeting recordings.
- Recording link is hosted on Google Drive and the company's investor relations portal.
Solex Energy has outlined an ambitious growth roadmap, aiming to scale its solar module and cell manufacturing capacity to 10 GW each by 2030. The company currently boasts a massive order book visibility of over INR 40,000 Mn as of December 31, 2025, providing strong revenue foresight. Financial performance in FY25 was robust, with revenue growing 81% YoY to INR 6,658 Mn and PAT surging 383% to INR 422 Mn. The company is transitioning into a fully integrated solar player by foraying into cell, ingot wafer, and BESS manufacturing.
- Order book and visibility stand at a robust INR 40,000+ Mn as of December 31, 2025.
- Planned expansion to 10 GW module and 10 GW cell capacity by 2030 from current 4 GW module capacity.
- FY25 EBITDA increased by 161% YoY to INR 796 Mn, with a healthy ROCE of 27.4%.
- Commissioning of a new 2.2 GW N-type TOPCon cell line expected by 2027 to drive backward integration.
- Strategic focus on high-efficiency technology with the launch of Tapi-R series modules achieving up to 24.6% efficiency.
Solex Energy reported a strong performance for 9MFY26 with revenue growing 79.3% YoY to ₹7,351 Mn and PAT increasing 45.3% to ₹394 Mn. The company successfully commenced commercial production at its 2.2 GW solar PV module facility in November 2025, which is expected to drive significant scale and operational efficiency. With a robust order book visibility exceeding ₹4,000 Crores, including recent wins worth over ₹830 Crores, management has set an ambitious FY26 revenue target of ₹1,700–1,800 Crores. Strategic partnerships with German and Malaysian firms further bolster their technology roadmap towards high-efficiency N-Type and Rear Contact modules.
- 9MFY26 Revenue surged 79.3% YoY to ₹7,351 Mn, while Q3 FY26 revenue skyrocketed 135.3% YoY to ₹3,194 Mn.
- Commenced commercial production at the 2.2 GW Tadkeshwar facility in Nov 2025, bringing total module capacity to 4 GW.
- Order book visibility exceeds ₹4,000 Crores, including a major ₹544.62 Cr order from Zelestra Group for N-Type TOPCon modules.
- Management targets FY26 revenue of ₹1,700–1,800 Crores, supported by the new facility ramp-up.
- Unveiled India’s first Rear Contact Solar Module with 24.60% efficiency potential in partnership with ISC Konstanz, Germany.
Solex Energy reported a consolidated revenue of ₹317.90 crore for Q3 FY26, representing a strong sequential growth of 136% compared to Q2 FY26. However, on a year-on-year basis, revenue declined by 22% from ₹407.82 crore in Q3 FY25. Net profit followed a similar trend, rising 53% QoQ to ₹8.87 crore but falling 37% YoY from ₹14.02 crore. While the 9-month revenue shows a 10.6% YoY growth, overall profitability for the 9-month period remains lower than the previous year.
- Consolidated Revenue for Q3 FY26 stood at ₹317.90 crore, up 136% sequentially from ₹134.66 crore in Q2 FY26.
- Consolidated PAT for the quarter reached ₹8.87 crore, compared to ₹5.78 crore in the previous quarter.
- 9M FY26 Revenue increased to ₹732.53 crore from ₹662.22 crore in 9M FY25, a growth of 10.6%.
- 9M FY26 PAT declined to ₹27.10 crore from ₹39.36 crore in the corresponding period last year.
- The company's subsidiary, Solex Green Energy, contributed ₹72.75 crore to the quarterly revenue.
Solex Energy reported a consolidated revenue of ₹3,179.02 million for Q3 FY26, showing a strong sequential recovery of 136% compared to Q2 FY26. However, on a year-on-year basis, revenue declined by 22% from ₹4,078.21 million in Q3 FY25. Net profit for the quarter stood at ₹88.71 million, up from ₹57.84 million in the previous quarter but down from ₹140.22 million in the same period last year. For the nine-month period, while revenue grew by 10.6%, net profit dropped by 31%, indicating significant margin compression.
- Consolidated Revenue for Q3 FY26 stood at ₹3,179.02 million, a 136% increase over Q2 FY26.
- Net Profit for the quarter reached ₹88.71 million, showing sequential growth but a 36.7% decline YoY.
- 9M FY26 Revenue increased to ₹7,325.31 million from ₹6,622.23 million in the previous year.
- 9M FY26 Net Profit fell to ₹270.99 million compared to ₹393.63 million in 9M FY25.
- Basic EPS for the quarter was ₹8.07, down from ₹13.01 in the corresponding quarter of the previous year.
Solex Energy Limited has scheduled a conference call for investors and analysts on February 12, 2026, at 4:00 PM IST. The management team, including the Chairman and Managing Director, will discuss the financial performance for the quarter and nine months ended December 31, 2025. This call provides a platform for stakeholders to gain insights into the company's operational trajectory following the Q3 FY26 results. The session will be conducted via Zoom, allowing for direct interaction with the leadership team.
- Conference call scheduled for Thursday, February 12, 2026, at 4:00 PM IST.
- Discussion will focus on financial results for the quarter and nine months ended December 31, 2025.
- Management participants include Chairman & MD Chetan Shah and Whole Time Director Piyush Chandak.
- The event is organized in compliance with Regulation 30 of SEBI Listing Regulations.
- Access is provided via a Zoom registration link for institutional and retail participants.
Solex Energy Limited has responded to a clarification request from the National Stock Exchange regarding its financial results for the quarter ended September 30, 2025. The exchange noted a discrepancy in the Consolidated Earnings Per Share (EPS) reported in the XBRL filing compared to the PDF document. The company clarified that this was an inadvertent clerical error during the submission process and does not affect the actual financial performance. A revised XBRL filing has been submitted to correct the error, and the board-approved financials remain unchanged.
- NSE sought clarification on January 12, 2026, regarding discrepancies in the XBRL filing for the quarter ended September 30, 2025.
- The discrepancy specifically concerned the Consolidated EPS figures reported in the digital filing versus the PDF results.
- The company confirmed that the error was clerical and that there is no change in the underlying financials approved by the Board.
- A revised XBRL filing with the corrected EPS data has been submitted to the exchange to rectify the record.
Solex Energy Limited has secured a significant work order valued at ₹289.84 crore from a renowned Independent Power Producer. The contract involves the supply of advanced N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass Solar PV Modules. This announcement is a revision of a previous disclosure to clarify that the total value is inclusive of all applicable taxes. This large-scale order underscores the company's growing presence in the high-efficiency solar technology segment.
- Total work order value confirmed at ₹289.84 crore inclusive of taxes
- Contract involves supply of N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass Solar PV Modules
- Order received from a prominent Independent Power Producer (IPP)
- Revised intimation clarifies the inclusion of taxes in the total contract value
Solex Energy Limited has bagged a significant work order worth ₹289.84 crore from a renowned Independent Power Producer. The contract involves the supply of advanced N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass (G12R) Solar PV Modules. This announcement serves as a revision to a previous disclosure to clarify that the total value is inclusive of all applicable taxes. This large-scale order reinforces the company's position in the high-efficiency solar manufacturing segment.
- Total work order value is ₹289.84 Crore inclusive of all taxes
- Supply of high-efficiency N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass modules
- Contract awarded by a renowned Independent Power Producer (IPP)
- Revised intimation clarifies the inclusion of taxes in the previously reported figure
Solex Energy Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that security certificates received were mutilated and cancelled after due verification. The company ensured that the names of the depositories were substituted in the records within the mandated 15-day period.
- Compliance certificate submitted for the quarter ended December 31, 2025
- RTA KFin Technologies Limited confirmed all dematerialization protocols were followed
- Security certificates were processed, mutilated, and cancelled within 15 days of receipt
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Solex Energy Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the purpose of considering the unaudited financial results for the quarter ended December 31, 2025. The trading window will remain closed until 48 hours after the financial results are declared to the stock exchange. This is a standard regulatory procedure followed by listed companies before quarterly earnings announcements.
- Trading window closure effective from January 1, 2026
- Closure is for the approval of unaudited financial results for the quarter ended December 31, 2025
- Window to reopen 48 hours after the official declaration of results
- Restriction applies to promoters, directors, KMPs, and designated persons
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.