Solex Energy’s revenue was broadly stable in Q1 FY27, but higher costs weighed on profitability
The management says ALMM-related delivery rescheduling affected the quarter
It said that new module orders and the planned cell manufacturing project remain central to the company’s next phase of expansion
Solex Energy Limited, an Indian solar PV manufacturing company, reported a softer Q1 FY27 (ended June 30, 2026) as customer delivery schedules shifted following the clarification of the Approved List of Modules and Manufacturers (ALMM) timeline in late May.
The company, however, added that the customer rescheduling affected the timing of dispatches rather than leading to order cancellations. The orders have now shifted to H2 FY27.
Its consolidated revenue for the reporting quarter rose 1.8% year-on-year (YoY) to INR 2,656.3 million. However, its EBITDA fell 20.9% to INR 337.9 million, while profit after tax (PAT) declined 66.6% to INR 82.6 million. EBITDA margin fell to 12.7% from 16.4% a year earlier, while PAT margin fell to 3.1% from 9.5%.
Solex attributed the weaker quarter partly to seasonal conditions, with monsoon conditions restricting site readiness and installation activity at project sites. It also reported higher depreciation and financing costs following the commissioning of its third and fourth module lines in November 2025, along with increased working capital deployment.
The company said its order book visibility stood at about INR 3,400 crore as of June 30, 2026 – regardless of the ALMM outcome – comprising confirmed purchase orders, signed module supply agreements (MSAs), and advanced-stage discussions.
Solex added that its order book continues to grow as it received an INR 42.47 crore work order in August from a domestic private company in the power sector for n-type TOPCon 620 Wp glass-to-glass (G12R) modules. Execution is scheduled to begin in October 2026. The August order follows an INR 628.37 crore order it received in July 2026 and a letter of intent (LOI) for a further INR 175 crore order, with the MSA at the signing stage.
Solex said these orders represent a combined INR 845.84 crore pipeline, targeted for execution by December 31, 2026.
The company currently operates 4 GW module capacity in Tadkeshwar, Gujarat, while it advances vertical integration. It said that phase I of its planned 2.2 GW N-Type TOPCon Plus solar cell manufacturing line remains on track for commissioning by the end of 2027, as part of a planned 5 GW of cell capacity.
By 2030, Solex targets total solar cell and module production capacity of 10 GW each, using advanced rear-contact and heterojunction (HJT) technology, along with 10 GW battery energy storage systems (BESS) and 2 GW ingot and wafer manufacturing.
Solex Energy’s Chairman and Managing Director Dr. Chetan Shah said, “Our business is inherently H2-weighted, and our priority for the rest of the year is straightforward: ramp utilisation across all four module lines, convert the pipeline into confirmed orders and progress our cell manufacturing project on schedule, while building a resilient, technology-led clean-energy platform for the long term.”
Solex recently completed its listing on the Bombay Stock Exchange (BSE), making it dual-listed on the National Stock Exchange (NSE) and BSE, a step that broadens its investor base (see India Solar PV News Snippets).
Solex Energy is targeting a sharp increase in revenue over the next two fiscal years. It aims to increase revenue from INR 16.18 billion in FY26 to INR 26 billion in FY27 and INR 45 billion in FY28. It also projects PAT to increase from INR 983 million in FY26 to INR 1.26 billion in FY27 and INR 2.25 billion to INR 2.7 billion in FY28. The company has indicated an aspirational PAT margin of 5% to 6% for FY28.
Chetan Shah discussed the company’s technology and production capacity roadmap and European technology partnerships in an exclusive interview with TaiyangNews MD Michael Schmela (see Solex: Global Ambitions With High Quality From India).
