Solex Energy Limited has reported strong financial performance for the third quarter and nine months of FY26, supported by rising demand for high-efficiency modules, capacity expansion, and steady order inflows.
The company’s revenue for the nine-month period grew 79.3 per cent year on year to ₹7,351 million, while EBITDA rose 72.5 per cent to ₹881 million. Profit after tax for the same period increased 45.3 per cent to ₹394 million, reflecting improved operational performance and execution momentum.
For the third quarter of FY26, Solex reported total revenue of ₹3,194 million, marking a 135.3 percent year-on-year increase. EBITDA for the quarter stood at ₹272 million, up 10 percent, while profit after tax was ₹89 million.
Chairman and Managing Director Dr. Chetan Shah said the company delivered steady progress during the period, driven by strong demand for high-efficiency N-type modules and disciplined project execution. He noted that a key milestone in the quarter was the commencement of commercial production at the company’s 2.2 GW solar PV module facility at Tadkeshwar in November 2025, which significantly strengthens manufacturing capacity and positions the company for accelerated growth.
The company also secured major orders during the period, including a ₹544.62 crore module supply contract from group entities of Spain-headquartered Zelestra Group for N-type TOPCon glass-to-glass modules, with execution scheduled between February and November 2026. In addition, Solex received a ₹289.84 crore order from a reputed independent power producer for similar high-efficiency modules. These orders, along with EPC contracts, have contributed to an overall order book and execution visibility exceeding ₹4,000 crore.
Strategically, Solex advanced its Vision 2030 roadmap through technology partnerships and product innovation. The company entered into a collaboration with Germany-based ISC Konstanz to accelerate the development of advanced rear-contact solar cell technology. As part of this initiative, Solex unveiled what it described as India’s first rear-contact solar module, the TAPI Rear Contact module, featuring N-type technology with efficiency potential of up to 24.60 per cent and power output of 665 W.
Solex also introduced its advanced TOPCon Plus technology platform, with commercial production targeted by 2027, and signed an MoU with Malaysia-based TT Vision Holdings Berhad to enhance manufacturing automation, inspection systems, and engineering capabilities across its facilities.
With its new facility ramping up and execution momentum building, the company is targeting revenue of ₹1,700–1,800 crore for FY26. Management stated that expanded manufacturing capacity, strong order inflows, and a growing share of high-efficiency modules position the company for sustained growth while contributing to India’s clean energy transition.
