Solarium Green Energy Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 3 Aug 2026 | Construction | Market Cap: ₹357 Cr
Solarium aims to sustain its historical growth trajectory, having quadrupled its EPC segment revenue over two years (FY23 to FY25). Solarium expects continued strong growth in EPC segment, having grown 4x over two years (FY 2023-25) and aims to sustain this momentum.
From Solarium Green Energy Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹152
Market Cap
₹357 Cr
P/E Ratio
19.5
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📊 Revenue & Sales Performance
- →Solarium aims to sustain its historical growth trajectory, having quadrupled its EPC segment revenue over two years (FY23 to FY25).
- →The company targets a 75%-80% capacity utilization of its new solar module manufacturing plant by end of Q2 FY27.
- →Revenues from module sales are expected to begin flowing in from Q4 FY26, with captive consumption of modules initially at 40%-50%, scaling up over time.
- →Order pipeline remains strong with an unexecuted order book of INR 229 crores, L1 orders of INR 209 crores, and a bidding pipeline exceeding INR 900 crores.
- →Residential segment expanded to 25 additional cities through the Solarium Saarthi initiative, onboarding approximately 450 franchise partners.
- →Government projects continue robust execution, maintaining or potentially increasing their revenue contribution.
- →Overall, Solarium expects growth in sales and volumes driven by factory commissioning, franchise expansion, and strong government order execution.
📈 Profitability & Margins
- →Solarium expects continued strong growth in EPC segment, having grown 4x over two years (FY 2023-25) and aims to sustain this momentum.
- →The robust unexecuted order book (~INR 230 crore) and L1 orders (~INR 210 crore) support confidence in growth sustainability.
- →Module manufacturing plant going fully operational by end of January 2026 is expected to contribute to growth and margins, targeting 75%-80% utilization by end Q2 FY 2027.
- →Margins are expected to improve by 5%-7% from in-house module manufacturing due to captive consumption.
- →New initiatives like "Solarium Saarthi" franchisee program are driving margin expansion; commissions expected to stabilize with scale.
- →The company refrains from explicit guidance but targets growth and margin trends similar to past years.
- →Overall profit after tax grew 22% in H1 FY26; with operational efficiencies and scaling, profitability and EPS are expected to improve going forward.
🏗️ Capital Expenditure Plans
- →Solarium Green Energy is setting up a 1,000 MW solar module manufacturing plant.
- →Machinery for the plant is expected to ship from China later this week and arrive in India by mid to late December.
- →Installation will take about 2 weeks, followed by 2-3 weeks of trial runs.
- →Target to have the manufacturing plant fully operational between mid-January to end of January 2026.
- →Working capital of INR 80-100 crores is allocated specifically for manufacturing plant operations, expected to be utilized starting Q4 FY2026.
- →The company aims for backward integration via this manufacturing facility while continuing its execution-focused business.
- →Long-term agreements with Chinese cell suppliers are planned by end of Q4 2025 but currently, orders are on an order-by-order basis due to volatility.
- →No plans to enter BESS battery manufacturing; however, bidding for energy storage EPC contracts will continue.
💰 Fundraising & Capital Structure
- →Solarium Green Energy Limited is currently taking on some debt specifically for their new manufacturing facility.
- →They anticipate needing about INR 80-100 crores in working capital for the manufacturing plant operations.
- →The company has already secured the required capital on the balance sheet, including from IPO proceeds.
- →The IPO proceeds are being conserved to create credit history and maintain a balanced capital allocation; no immediate plans to use all proceeds at once.
- →There is no specific mention of a new equity fundraising planned in the transcript.
- →Debt financing is being strategically utilized to support manufacturing expansion and working capital needs.
- →The company is also optimizing credit lines from lenders to manage working capital and operational costs efficiently.
📋 Order Book & Pipeline
- →Unexecuted order book as of H1 FY26 stands at INR 229 crores.
- →L1 (Letters of Intent) orders total INR 209 crores.
- →Bidding pipeline exceeds INR 900 crores.
- →Execution timeline for unexecuted orders expected mostly by Q1 FY27, with most within the current year.
- →The company anticipates converting L1 orders and bids into long-term agreements by end of Q4 FY26.
- →Strong order visibility provides growth clarity for several upcoming quarters.
- →Government and residential segments continue as core contributors to the order book.
- →No expected reduction in government project share; possibly stable or increasing contributions going forward.
Key Metrics
Frequently Asked Questions
What were Solarium Green Energy Ltd Q2 FY26 results?
Solarium aims to sustain its historical growth trajectory, having quadrupled its EPC segment revenue over two years (FY23 to FY25). Solarium expects continued strong growth in EPC segment, having grown 4x over two years (FY 2023-25) and aims to sustain this momentum.
What is Solarium Green Energy Ltd share price analysis?
Solarium Green Energy Ltd currently shows a neutral. The stock trades at a P/E of 19.5 with a market cap of ₹357 Cr. Investors should review the full earnings analysis for detailed insights.
Is Solarium Green Energy Ltd planning capital expenditure?
Solarium Green Energy is setting up a 1,000 MW solar module manufacturing plant.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.