Solex Energy’s FY2026 revenues went up by 144% with manufacturing expansion and EPC growth
It targets vertical integration with the addition of multi-GWs of solar cells, ingots, wafers, and BESS manufacturing
Its order book as of March 31, 2026, exceeded INR 34,000 million, which it says provides it with strong revenue visibility
Indian solar PV manufacturer and EPC company Solex Energy Limited exited FY2026 reporting a 143.9% year-on-year (YoY) increase in revenue to INR 16,211 million, driven by growth in its manufacturing and EPC segments, as the company executed more than 200 projects across various sectors.
Its EBITDA for the year rose 134.6% to INR 1,867 million, while the EBITDA margin of 11.5% was lower than 12% in FY2025. Profit before tax (PAT) of INR 983 million represented an annual improvement of 132.7%.
“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,” said Solex Energy Chairman and Managing Director, Chetan Shah.
To the annual results, Q4 FY2026 contributed INR 8,858 million revenue that improved by 247.6% YoY, along with 246.1% higher EBITDA of INR 986 million. EBITDA margin was down slightly to 11.1% vis-à-vis 11.5% in Q4 FY25. Solex also reported 289.4% annual growth in its PAT of INR 589 million.
During the year, Solex expanded manufacturing capacity by 2.5 GW, bringing the company’s total module capacity to 4 GW. Currently, its production capacity can roll out p-type mono PERC and n-type TOPCon technologies, and it plans future upgrades to back-contact (BC) technology.
The manufacturer introduced a prototype back-contact product at REI 2025, calling it TaPi-RC or TaPi rear-contact module with an efficiency of up to 24.6% (see Solex Introduces Prototype BC Module; Shares Expansion Plan At REI 2025).
By FY2028, Solex plans to commission an additional 2.5 GW of module capacity, followed by 3.5 GW in FY2030. It targets backward integration with a new 2.2 GW n-type TOPCon solar cell line to be commissioned by 2027, adding another 3 GW in FY2028, and 5 GW in FY2030.
The company said it has partnered with an experienced TOPCon solar cell manufacturer to support plant design, operations, and process optimization.
With this phased expansion, Solex says it will have total module and solar cell production capacity of 10 GW by 2030. Its vertical integration roadmap also includes forays into ingot wafer production with 2 GW of capacity, while eyeing 10 GW battery energy storage system (BESS) manufacturing (see Solex Energy Plans 5 GW Cell & 10 GW BESS Production).
Solex says it requires around INR 1,050 crore in CapEx for 2.2 GW of cell manufacturing capacity, which it plans to raise through a mix of equity and debt.
During the earnings call, management also said the industry has raised concerns over potential domestic solar cell supply shortages ahead of the planned June 2026 implementation of ALMM List-II for solar cells. The company said it has secured supply arrangements with cell manufacturers to manage risks.
Management also reflected on rising logistics costs, crude oil-linked raw materials, and currency fluctuations due to ongoing geopolitical tensions that it says are increasing solar industry input costs. The company said materials such as EVA and plastic-based components have become more expensive. Solex added that some contracts are linked to the US dollar, helping reduce currency risks, while vendor agreements provide temporary price protection. Non-DCR module prices are currently around INR 13-14 per watt, with the possibility of increasing further depending on market conditions.
Solex said the company’s supply chain for the first half of FY27 is secure, although it is closely monitoring costs and imports from Southeast Asia.
With an order book exceeding INR 34,000 million as of March 31, 2026, management said it has strong revenue visibility. It projects 4× topline growth with revenue of INR 26,000 million and PAT of INR 1,560 million to INR 2,080 million in FY27. The company secured an INR 2,760 million order for its n-type TOPCon modules in Q4 FY26, which is to be executed by May 2026.
“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,” stated the management.
At REI 2025, Solex Energy’s Chetan Shah spoke exclusively with TaiyangNews Head of Technology Shravan Chunduri about the company’s vision and technology focus (see TaiyangNews Leadership Talks: Solex Energy Limited At REI 2025).