Solex Energy Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 Aug 2026 | Electrical Equipment | Market Cap: ₹998 Cr
Solex plans a 4 GW module manufacturing capacity by FY27, targeting revenue between INR 3,000 to 3,400 crores, including INR 200 crores from EPC business. Solex Energy reported strong growth with FY25 revenue at INR665 crores, a 81% YoY increase.
From Solex Energy Ltd's Q4 FY25 earnings-call transcript · updated 26 Aug 2026.
Price
₹789
Market Cap
₹998 Cr
P/E Ratio
11.3
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Solex Energy Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹839 Cr, net profit ₹55 Cr.
Full financials →📊 Revenue & Sales Performance
- →Solex plans a 4 GW module manufacturing capacity by FY27, targeting revenue between INR 3,000 to 3,400 crores, including INR 200 crores from EPC business.
- →A 2 GW solar cell manufacturing line is being established, with full operation expected by FY27 end; cell contribution to revenues will be clarified closer to market approach.
- →Revenue guidance for FY26 is INR 2,200 to 2,400 crores, with module capacity of 1.5 GW for the full year plus expansion starting October.
- →Long-term vision includes 15 GW module capacity and 5 GW cell line by 2030, involving around $1 billion (INR 8,500 crores) investment.
- →Expansion relies heavily on demand; module capacity can scale up beyond 4 GW as order book grows.
- →EPC business expected to contribute about INR 200-300 crores annually, roughly 10%-12% of total revenue.
- →EBITDA margin targeted between 9%-11%, PAT margin sustaining between 5%-7%, expected to improve with scale and efficiency.
📈 Profitability & Margins
- →Solex Energy reported strong growth with FY25 revenue at INR665 crores, a 81% YoY increase.
- →EBITDA margin improved to around 11.4%, with PAT margin at 6.4%, both exceeding earlier estimates.
- →Management expects EBITDA margins in the 9-11% range and PAT margins around 6-7% sustainably, with scope for improvement via operational efficiencies.
- →Expansion plans include adding 2 GW cell line and 2 GW module line by FY27, supporting revenue growth towards INR3,000-3,400 crores by FY27.
- →Long term vision targets 15 GW module and 5 GW cell capacity by 2030, investing around $1 billion (INR8,500 crores) aiming for substantial scale.
- →Earnings per share (EPS) grew by 301% YoY in FY25; scale and efficiency gains from expansion expected to improve profits and EPS further.
- →Quarterly updates and investor communications will continue, with the company focusing on maintaining/improving margins amid market/technology changes.
🏗️ Capital Expenditure Plans
- →Solex Energy is planning a significant capital expenditure of around INR 1,500 crores for expansion.
- →This includes setting up a 2 GW solar cell manufacturing line (~INR 1,200 crores), a 2 GW module line (~INR 200 crores), and working capital (~INR 100 crores).
- →The company targets a debt-equity mix of approximately two-thirds debt and one-third equity for this expansion.
- →Current expansion includes commissioning a 2.5 GW module line expected to start commercial production by October 2025.
- →Plans to start commercial product shipment from the new lines from October 2025.
- →Strategic focus on technological upgradation with advanced, robotized, and automated equipment.
- →Solex is exploring different technology tie-ups, including back contact technology (TOPcon and HJT).
- →They target raising around INR 1,000 crores in debt and about INR 500 crores through equity within the next 2-3 months.
- →Expansion expected to complete roughly within 18 months from the start date.
💰 Fundraising & Capital Structure
- →Solex is planning a major CapEx of around INR1,500 crores for a 2 GW solar cell line and 2 GW module line, funded approximately with two-thirds debt (INR1,000 crores) and one-third equity (INR500 crores).
- →For the current 2.2 GW expansion, funding is through internal accruals and previous preferential allotment funds; no new equity is planned for this phase.
- →Management is engaging with bankers and investors to structure the INR500 crores equity raise for the larger expansion, expected within 2-3 months.
- →Debt levels will peak around FY27, with INR1,000 crores for expansion plus existing INR400 crores, totaling INR1,400 crores.
- →Term loans and working capital loans are planned, including INR150 crores term loan and INR150 crores working capital for interim projects.
- →No immediate equity raise for the 2.2 GW module expansion; equity raising plans relate to larger, future expansions.
📋 Order Book & Pipeline
- →The latest publicly announced order book as of March 31, 2025, was INR 1,756 million (likely meaning crores as per PPT context).
- →CRISIL rating report (May 8, 2025) mentioned an order book of INR 1,450 crores, indicating some discrepancy due to timing or data update.
- →A significant portion of the order book (~INR 1,020 crores) is concentrated with a single client, but this concentration is expected to reduce to around 40%-50% or lower as new orders are added.
- →Many smaller orders (3 MW, 5 MW, 10 MW) are not publicly announced but contribute to the overall order book.
- →Several Master Sales Agreements (MSAs) are signed; however, new Purchase Orders (POs) are awaited for exact delivery and booking.
- →Firm orders exist for new production lines, with confirmed POs expected as machines arrive for production scheduling.
Key Metrics
Frequently Asked Questions
What were Solex Energy Ltd Q4 FY25 results?
Solex plans a 4 GW module manufacturing capacity by FY27, targeting revenue between INR 3,000 to 3,400 crores, including INR 200 crores from EPC business. Solex Energy reported strong growth with FY25 revenue at INR665 crores, a 81% YoY increase.
What is Solex Energy Ltd share price analysis?
Solex Energy Ltd currently shows a neutral. The stock trades at a P/E of 11.3 with a market cap of ₹998 Cr. Investors should review the full earnings analysis for detailed insights.
Is Solex Energy Ltd planning capital expenditure?
Solex Energy is planning a significant capital expenditure of around INR 1,500 crores for expansion.
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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.