Solex Energy’s FY 2024-25 revenues surged 81% YoY to INR 66.58 billion
The management attributes it to strong module demand, EPC project execution, and geographic expansion
The company targets 15 GW total annual production capacity by 2030, up from 1.5 GW at present
Based in Surat in India’s Gujarat state, solar PV manufacturer Solex Energy Limited says its consolidated revenues for FY 2024-25 (period ending March 31, 2025) grew 81% year-on-year (YoY) to INR 66.58 billion ($80.21 million).
The management attributes the growth to increased demand for solar modules, along with its strategic execution of large-scale EPC projects, and geographical expansion in Maharashtra, Tamil Nadu, Uttar Pradesh and Rajasthan.
It also reported a 390% YoY growth in profit after tax (PAT) to INR 4.27 billion ($5.16 million), along with a 157% annual improvement in EBITDA of INR 7.31 billion ($8.81 million).
Solex Energy’s Chairman and Managing Director, Chetan Shah, said the company’s strong balance sheet gives it the confidence to continue to focus on expanding its project pipeline to capitalize on India’s energy transition.
Solex operates a solar module production facility with 1.5 GW annual capacity in Tadkeshwar, Gujarat. The company says it holds key certifications for domestic and international markets and exports to several countries.
Earlier this year, Solex commissioned an 800 MW solar module manufacturing line at a new facility in Gujarat to produce its n-type rectangular Tapi-R series TOPCon modules. The management had earlier announced plans to expand its total production capacity to 15 GW under its Vision 2030 strategy (see Solex Energy Launches 800 MW TOPCon Module Line In Gujarat).