Solex Energy Ltd
Solex Energy Q4 FY25 earnings call: Revenue & Margins
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
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.
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.
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Profitability & Margins
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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).
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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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.
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Solex Energy Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹839 Cr, net profit ₹55 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Solex Energy Ltd's management said in earlier quarters
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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.