Solex Energy LimitedQ1 FY27 Results & Financial Update
Solex Energy Limited: Q1 FY27 consolidated results and company financials – revenue ₹265.63 Cr, PAT ₹8.26 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Solex Energy Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the first quarter of fiscal 2027, Solex Energy recorded total revenue of ₹2,656.3 million, marking a 1.8% increase compared to ₹2,610.5 million in Q1 FY26, with revenue from operations contributing ₹2,608.2 million.
Management noted that the first quarter is historically the softest period for the solar industry due to monsoon conditions that restrict site readiness and installation activity at project sites.
Operating performance during the quarter was also influenced by customer-driven rescheduling of module deliveries following late-May 2026 clarifications on the Approved List of Models and Manufacturers (ALMM) timeline, resulting in temporary delivery shifts rather than cancellations.
EBITDA for Q1 FY27 reached ₹33.79 million with an EBITDA margin of 12.7%, down from 16.4% in Q1 FY26 but higher sequentially compared to 11.1% in Q4 FY26.
Profit after tax (PAT) stood at ₹8.26 million, yielding a PAT margin of 3.1%, compared to ₹247.1 million and a 9.5% margin in the corresponding quarter of the previous year.
The bottom-line comparison reflects the full-quarter impact of higher depreciation charges of ₹101.9 million—up from ₹42.7 million in Q1 FY26—and increased finance costs of ₹124.8 million compared to ₹54.1 million previously, driven by the commissioning of Lines 3 and 4 in November 2025 and higher working capital deployment.
In terms of corporate milestones, Solex completed its listing on the Bombay Stock Exchange (BSE) in August 2026 under the scrip code 544862, making the company dual-listed on both the NSE and BSE to broaden its investor base.
01 · Business model
What does Solex Energy do?
Headquartered in Surat, Gujarat, Solex Energy Limited has operated as a pioneer in India's solar manufacturing industry since 1995, specializing in the production of Solar Photovoltaic (PV) modules and the provision of comprehensive EPC services.
The company operates an advanced, Industry 4.0-enabled, fully automated manufacturing facility at Tadkeshwar, Gujarat, featuring a production capacity of 4 GW for photovoltaic modules equipped with real-time quality controls.
Solex serves utility-scale, commercial, industrial, and institutional segments domestically and internationally, positioning itself as a preferred OEM partner for globally recognized brands.
The economic and operating model centers on scaling high-efficiency N-Type TOPCon module technologies, expanding order pipelines, and transitioning toward an integrated renewable energy platform spanning solar cells, modules, and Battery Energy Storage Systems (BESS).
02 · Historical context
What shaped the business before this quarter
Since its inception in 1995, Solex has built nearly three decades of operating expertise, evolving from an early solar participant into one of India's trusted solar module manufacturers.
The company previously expanded its manufacturing footprint by establishing a 4 GW photovoltaic module facility at Tadkeshwar, Gujarat, utilizing Industry 4.0-enabled automation.
Lines 3 and 4 at the manufacturing facility were commissioned earlier in November 2025, which subsequently increased depreciation and finance costs heading into FY27.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹265.63 Cr | ₹261.05 Cr | ₹885.80 Cr |
| Total income | ₹265.63 Cr | ₹261.05 Cr | ₹885.80 Cr |
| EBITDA | ₹33.79 Cr | ₹42.70 Cr | ₹98.62 Cr |
| Profit after tax | ₹8.26 Cr | ₹24.71 Cr | ₹58.89 Cr |
| EPS | ₹7.39 | ₹22.36 | ₹53.60 |
| EBITDA margin | 12.70% | 16.40% | 11.10% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenues continued to be supported by the ongoing scaling and adoption of advanced N-Type TOPCon module technologies, such as the 640 Wp G12R Glass-to-Glass modules.
What drove margins
PAT margins contracted YoY due to higher depreciation of ₹101.9 million and increased finance costs of ₹124.8 million resulting from the November 2025 commissioning of manufacturing lines and elevated working capital utilization.
EBITDA margin improved sequentially to 12.7% in Q1 FY27 compared to 11.1% in Q4 FY26, reflecting better operational efficiency despite soft seasonal volumes.
05 · Demand, customers & order book
Where demand is coming from
The company reported robust order visibility of approximately ₹3,400 crore across confirmed purchase orders, signed MSAs, and advanced-stage discussions.
Order inflows included a ₹628.37 crore N-Type TOPCon module order from a global renewable energy group in July 2026, a ₹42.47 crore order in August 2026 from a domestic power sector private limited company for N-Type TOPCon 620Wp G12R modules, and a Letter of Intent (LOI) for a ₹175 crore order with the MSA in the signing stage. Together, these orders form an executable pipeline of ₹845.84 crore targeted for execution by December 31, 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company maintained its strategic focus on manufacturing high-efficiency N-Type TOPCon photovoltaic modules while executing comprehensive EPC solutions across utility-scale, commercial, industrial, and institutional applications.
Geography and market mix
Solex continued expanding its domestic and international customer base, supported by future plans for international entities such as Solex Europe and Solex USA to capture global supply chain opportunities.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
In May 2026, Solex signed a ₹4,000 crore MoU with the Government of Gujarat to establish an integrated renewable-energy manufacturing ecosystem encompassing 5 GW of solar cell manufacturing and 10 GW of BESS capacity.
The first phase of the 2.2 GW N-Type TOPCon Plus solar cell manufacturing line remains on track for commissioning by the end of calendar year 2027 as part of the broader 5 GW cell capacity roadmap.
An investment program of approximately ₹4,000 crore has been outlined between FY27 and FY30 to fund 2.2 GW of solar cell capacity by FY28, scaling to 5.2 GW by early FY29, and establishing the initial 5 GWh phase of BESS capacity by FY29.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company is expanding beyond solar modules into solar cells and Battery Energy Storage Systems (BESS), targeting 10 GWh of battery pack and container assembly capacity with the first 5 GWh operational by FY29.
Solex initiated plans to establish Solex Europe and Solex USA to foster long-term customer partnerships and capitalize on international demand for dependable renewable energy supply chains.
09 · Reported developments
What changed operationally
Solex completed its listing on the Bombay Stock Exchange in August 2026, successfully achieving dual-listing status on both the NSE and BSE.
Management clarified that customer delivery adjustments following ALMM updates represent timing shifts rather than cancellations, leaving the ₹3,400 crore order book intact.
10 · Pressure points & risks
What is not going smoothly
Q1 sales volumes were constrained by seasonal monsoon conditions and temporary market wait-and-see behavior following late-May ALMM timeline clarifications.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The quarter experienced higher working capital deployment, contributing to elevated finance costs during the period.
12 · Management guidance & targets
What management is targeting from here
Management outlined a targeted revenue potential of more than ₹4,500 crore by FY28, underpinned by capacity expansion and integrated manufacturing capabilities.
The business model is inherently H2-weighted, with management prioritizing the ramp-up of utilization across all four module lines, conversion of the pipeline into confirmed orders, and adherence to the cell manufacturing project schedule.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Strategic MoU with Gujarat Government
The company entered into a ₹4,000 crore MoU with the Government of Gujarat in May 2026 for integrated solar cell and BESS manufacturing.
14 · Previous-quarter changes
What changed since the previous quarter
EBITDA margin recovered to 12.7% in Q1 FY27 from 11.1% in the preceding fourth quarter of fiscal 2026.
15 · Key Q&A
The quarter, answered directly
What does Solex Energy do?
Headquartered in Surat, Gujarat, Solex Energy Limited has operated as a pioneer in India's solar manufacturing industry since 1995, specializing in the production of Solar Photovoltaic (PV) modules and the provision of comprehensive EPC services.
What is the clearest takeaway from Q1 FY27?
During the first quarter of fiscal 2027, Solex Energy recorded total revenue of ₹2,656.3 million, marking a 1.8% increase compared to ₹2,610.5 million in Q1 FY26, with revenue from operations contributing ₹2,608.2 million.
What drove revenue or demand?
Revenues continued to be supported by the ongoing scaling and adoption of advanced N-Type TOPCon module technologies, such as the 640 Wp G12R Glass-to-Glass modules.
What mattered most for margins or profitability?
PAT margins contracted YoY due to higher depreciation of ₹101.9 million and increased finance costs of ₹124.8 million resulting from the November 2025 commissioning of manufacturing lines and elevated working capital utilization.
What changed operationally beyond the headline numbers?
In May 2026, Solex signed a ₹4,000 crore MoU with the Government of Gujarat to establish an integrated renewable-energy manufacturing ecosystem encompassing 5 GW of solar cell manufacturing and 10 GW of BESS capacity.
What is management guiding or targeting from here?
Management outlined a targeted revenue potential of more than ₹4,500 crore by FY28, underpinned by capacity expansion and integrated manufacturing capabilities.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of ₹845.84 Crore Order Pipeline: Monitor the execution progress of the ₹845.84 crore order pipeline targeted for completion by December 31, 2026.
- 02
Solar Cell Plant Commissioning Milestone: Track the construction and scheduled commissioning of the first phase of the 2.2 GW N-Type TOPCon Plus solar cell manufacturing line by the end of calendar year 2027.
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