Synopsis: Backed by 144 percent revenue growth and an order book exceeding Rs.3,400 crore, Solex Energy Limited reported a strong Q4 and FY26, with the company’s Rs.4,000 crore MoU with the Gujarat government and a $1.5 billion Vision 2030 plan signaling a structural shift toward full backward integration across modules, cells, wafers, and BESS manufacturing.
A Surat-based solar manufacturer is gaining market attention after reporting a sharp jump in revenue and profitability, supported by a strong execution pipeline and expanding manufacturing ambitions. The company is now positioning itself for the next phase of growth through backward integration into solar cells, wafers, and battery storage, aiming to evolve into a fully integrated clean energy manufacturer.
With a market capitalization of Rs. 1,500 crore, the shares of Solex Energy were trading at Rs. 1,461.43; shares are up by 11 percent from their previous closing price of Rs. 1,316.59 apiece. It is trading at a P/E of 17x.
FY26 Financial Performance
The company delivered a breakout FY26 performance, with consolidated revenue surging 143.9 percent year-on-year to Rs.1,621 crore from Rs.665 crore in FY25. EBITDA rose sharply to Rs.187 crore, up 134.6 percent YoY, although margins softened slightly to 11.5 percent due to the rapid scale-up in operations.
Net profit came in at Rs.98 crore, marking a 132.7 percent jump, while EPS more than doubled to Rs.88.88 from Rs.39.98 last year. The company also strengthened its balance sheet during the year, improving working capital days from 61 to 35 and maintaining a comfortable net debt-to-equity ratio of 0.57x. Strong return ratios, with ROE at 38.4 percent and ROCE at 31.7 percent, reflected efficient capital deployment and execution strength.
The Q4 was particularly strong and contributed more than half of the company’s annual revenue, highlighting a sharp acceleration in execution. Q4FY26 revenue jumped 247.6 percent YoY to Rs.886 crore, compared to Rs.255 crore in Q4FY25. EBITDA for the quarter surged to Rs.98.6 crore from Rs.28.5 crore a year ago, while PAT grew 365 percent to Rs.59 crore from Rs. 15 Crore.
Net profit margin improved to 6.6 percent from 5.9 percent, and EPS climbed to Rs. 53.61 against Rs. Rs.13.25 in the corresponding quarter last year. The robust quarterly performance underlined Solex Energy’s improving operational scale and rising demand momentum in the solar EPC and module manufacturing business.
The company’s strong financial momentum is further supported by a robust Rs.3,400 crore order book, providing healthy revenue visibility and strengthening confidence in its execution pipeline over the coming years.
The Backward Integration Play
The financials, while strong, are arguably the secondary story here. The company signed an Rs.4,000 crore MoU with the Government of Gujarat that covers a 5 GW solar cell manufacturing facility and a 10 GW Battery Energy Storage System (BESS) unit. This is the first formal step in what management calls Vision 2030, a $1.5 billion investment plan to transform Solex from a module manufacturer into a fully integrated clean energy company with 10 GW of module capacity, 10 GW of solar cell capacity, 10 GW of BESS, and 2 GW of ingot and wafer production.
The first milestone on that roadmap is a 2.2 GW N-type TOPCon cell line, targeted for commissioning in FY27, with capex of around Rs.1,050 crore. Solex currently holds the highest number of modules registered under the ALMM framework, a position that gives it an edge as ALMM compliance becomes mandatory for government-backed solar tenders. The company is now preparing for ALCM (Approved List of Cell Manufacturers), slated to kick in from June 2026, where it expects to be among the early entrants once cell manufacturing goes live.
Technical Overview
The stock’s immediate support is placed near Rs.1,226.40, while Rs.1,399.00 remains the closest resistance level. Price movement near these levels may determine the stock’s near-term trading range and overall market direction.
Verdict:
Solex Energy’s latest performance highlights a company moving beyond being just a solar module manufacturer toward becoming a fully integrated clean energy player. Backed by strong execution, expanding manufacturing capabilities, and supportive industry tailwinds, the company appears well positioned to benefit from India’s renewable energy transition. Going forward, timely execution of its ambitious expansion plans and the ability to sustain profitability during rapid scale-up will be crucial for maintaining growth momentum.
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