Solex Energy Limited company specializing in the manufacturing of Solar Photovoltaic (PV) modules and providing EPC services, has announced its unaudited consolidated financial results for the second quarter and half year ended September 30, 2026.
The Company reported total revenue of ₹2,743 million for Q2 FY27, registering a strong year-on-year (YoY) growth of 75.8%. The growth was supported by healthy module volumes, favourable product realizations, and steady execution.
EBITDA for the quarter stood at ₹284 million, with an EBITDA margin of 10.4%. The moderation in EBITDA margin was primarily attributable to lower capacity utilization during the regulatory procurement pause, while fixed costs remained unchanged, coupled with changes in product mix and working capital utilization. Profit After Tax (PAT) stood at ₹39 million, with a PAT margin of 1.4%.
Strengthening its business momentum, Solex Energy continued to secure significant orders across domestic and international markets. The Company secured a major order worth ₹628.37 crore from a global renewable energy group for the supply of N-Type TOPCon 615/620 Wp Glass-to-Glass (G12R) solar PV modules, marking its largest single order secured during FY27.
In addition, the Company received a work order worth ₹42.47 crore for the supply of N-Type TOPCon 620 Wp Glass-to-Glass (G12R) solar PV modules and secured domestic work orders aggregating ₹74.77 crore for the supply of solar PV modules. It also received another work order worth ₹75.96 crore for the supply of N-Type TOPCon 620 Wp Glass-to-Glass (G12R) solar PV modules.
Further strengthening its order pipeline, Solex Energy Limited and its subsidiary, Solex Green Energy Private Limited, jointly secured two work orders aggregating ₹194.14 crore (₹180.98 crore and ₹13.16 crore, respectively) for the supply of TOPCon Bifacial Glass-to-Glass solar PV modules.
Commenting on the performance, Dr. Chetan Shah, Chairman and Managing Director, said,
“Q2 and H1 FY27 marked a period of transition for the solar module industry, with evolving ALMM List-II regulations and changes in customer delivery schedules impacting market visibility. During the quarter, Solex Energy reported revenue of ₹2,743 million, EBITDA of ₹284 million, and PAT of ₹39 million.
Uncertainty surrounding regulatory requirements led the Company to defer fresh inventory procurement from May until greater clarity emerged in mid-July, with supplies received by September.
The Company continues to focus on strengthening its manufacturing capabilities through its 4 GW module manufacturing platform, automated production lines, and MES-enabled traceability. It is also progressing with its planned 2.2 GW solar cell manufacturing facility as part of its backward-integration strategy.
Order book visibility stands at over ₹4,000 crore, including approximately ₹1,050 crore in confirmed orders backed by advance payments, while the remaining ₹3,000 crore is at an advanced stage of closure, pending finalization of pricing and production schedules.”
Headquartered in Surat, Gujarat, Solex Energy Limited has been a pioneer in India’s solar manufacturing journey, putting soul in solar since 1995. With nearly three decades of expertise, Solex is among India’s trusted solar module manufacturers and one of the first Indian solar brands listed on the NSE (SOLEX) and BSE (544862).
The Company operates a state-of-the-art, Industry 4.0-enabled, fully automated manufacturing facility at Tadkeshwar, Gujarat, with a production capacity of 4 GW for photovoltaic modules. Leveraging advanced automation, real-time quality controls, and data-driven manufacturing processes, Solex delivers high-efficiency, high-reliability PV modules.
Solex holds globally recognized certifications, exports to multiple countries, and serves as a preferred OEM partner to internationally recognized brands. Beyond manufacturing, the Company provides comprehensive EPC solutions across utility-scale, commercial, industrial, and institutional segments.
Built on the core values of consistency, quality, and commitment, Solex strives to go beyond being a solar manufacturer and emerge as a long-term energy partner, committed to accelerating the transition towards clean, reliable, and sustainable energy.
