Solex Energy Limited, specialised in the manufacturing of Solar Photovoltaic (PV) modules & providing EPC services, has announced its results for the fourth quarter and financial year ended March 31st, 2026.
CONSOLIDATED FINANCIAL PERFORMANCE
FINANCIAL HIGHLIGHTS – Q4 & FY26
- TOTAL REVENUE:
- Total Revenue during Q4 FY26 stood at INR 8,858 Mn, up by 247.6% YoY & FY26 total income stood at INR 16,211 Mn, up by 143.9% YoY
- EBITDA:
- EBITDA for Q4 FY26 grew by 246.1% YoY, reaching INR 986 Mn & FY26 grew by 134.6% YoY to INR 1,867 Mn
- EBITDA Margin for Q4FY26 stood at 11.1% and for FY26 stood at 11.5%
- PAT:
- PAT for Q4 FY26 surged by 289.4% YoY at INR 589 Mn, while for FY26 increased by 132.7% YoY to INR 983 Mn
- PAT Margin for Q4FY26 stood at 6.6%, expanded by 71 bps YoY and for FY26 stood at 6.1%
Commenting on the performance of Q4 & FY26, Chairman and Managing Director of Solex Energy, Dr. Chetan Shah said, “Solex Energy has delivered a standout performance in FY26, reinforcing its position as one of India’s fastest-growing integrated solar energy companies. The Company’s sharp 143.9% revenue growth and disciplined execution underscore its capability to scale operations while maintaining high quality and efficiency standards.
The year highlights Solex’s successful transition from a manufacturing-focused organisation to a fully integrated clean energy enterprise with global ambitions. Our strategic investments in advanced technologies such as TOPCon modules, coupled with ALMM certification, place the company in a strong position to capitalise on the accelerating demand for high-efficiency solar solutions both domestically and internationally.
Operational excellence remains a key differentiator. The execution of over 200 EPC projects across diverse sectors—supported by a highly efficient logistics and procurement backbone—demonstrates Solex’s ability to deliver complex projects at scale without compromising on quality. The achievement of zero-defect metrics further validates the maturity of its processes and its commitment to excellence.
Solex Energy generated a net cash flow from operating activities of INR 2,007 Mn as on 31st March 2026. Our working capital cycle improved significantly to approximately 35 days in FY26, down from 61 days in FY25. Our net debt-to-equity ratio remains comfortably positioned at 0.57:1 as on 31st March 2026. The balance sheet is strengthened by strong return ratios, with ROE at 38.4% and ROCE at 31.7% as on 31st March 2026.
FY26 can be seen as an inflection point—where scale, strategy, and execution, powered with strong balance sheet position converged to set the foundation for Solex’s next phase of leadership in the renewable energy sector.
The recent ₹40,000 Mn MoU with the Government of Gujarat represents a defining milestone, signalling Solex’s intent to deepen backward integration and contribute meaningfully to India’s renewable energy self-reliance. The phase wised planned 5W solar cell and 10 GW Battery Energy Storage System (BESS) manufacturing facilities will not only strengthen supply chain control but also enhance the company’s competitiveness in a rapidly evolving energy landscape.
Importantly, Solex’s Vision 2030 roadmap reflects a structured approach to growth. The proposed $1.5 billion investment in a fully integrated solar ecosystem including 10 GW modules, 10 GW cells, 10 GW BESS, and 2 GW wafer/ingot capacity, positions the company to emerge as a global clean-tech manufacturing powerhouse, aligned with India’s energy transition goals.
With a robust order book exceeding ₹34,000 Mn, strong financial momentum, expanding global footprint, and continued focus on innovation and digitalization, Solex Energy is well-positioned to sustain high-growth trajectories while delivering long-term value to stakeholders.
