Any current/future new fundraising through debt or equity?

Solex Energy Limited plans to fund its expansion through a mix of debt and equity. Current project cost is around ₹280 crores, with ₹210 crores expected from debt and ₹70 crores from equity. The company has sufficient funds and advances for the module line and is also planning funds for the cell line. Discussions are ongoing with a couple of investors for future expansion, particularly for the cell line. Fundraising plans are in initial stages; details will be shared publicly once finalized. The company maintains good relationships with bankers and the equity market to support funding needs.

Any current/future capex/capital investment/strategic investment?

Solex is expanding its module manufacturing capacity to 4 GW by June 2025, with 1.5 GW capacity expected to be operational by December/January and the remaining 2.5 GW by mid-2025. The 2.5 GW expansion involves ongoing building construction, line design completion, and upcoming commercial negotiations with vendors; orders for production lines planned between mid to end December 2024. Total project cost is approximately ₹280 crores (excluding building and land), financed through around ₹210 crores debt and ₹70 crores equity. Discussions with potential investors are ongoing to raise additional f

Future growth expectations in sales/revenue/volumes?

FY25 revenue target: ₹800 crore (₹650 crore from modules, ₹150 crore from EPC). Module capacity expansion to 4 GW by mid FY26 (June 2025). 1.5 GW line to start contributing by January-end/February FY25. 2.5 GW line expected operational by June FY26. FY26 revenue projection: ₹1,300-1,400 crore. FY26 volume target: 1.5 GW at full capacity plus 2.5 GW at half capacity, totaling 2.4 to 2.5 GW. FY27 to have full 4 GW operating at full capacity, further increasing volumes and revenue. Current monthly module production roughly 50,000 modules; expected to increase to 1,25,000 modules by December FY25.

Future growth expectations in earnings/operating earnings/profits/EPS?

Solex Energy targets EBITDA margins comfortably between 9% to 11%, with expected yearly improvements. PAT margin is projected around 5%. Revenue for FY25 is targeted at approximately ₹800 crores, with ₹650 crores from modules and ₹150 crores from EPC. For FY26, revenue is expected around ₹1,300 to ₹1,400 crores, and working capital requirements estimated at ₹200-250 crores. By FY26, with 1.5 GW full capacity and 2.5 GW half capacity operational, revenues could reach ₹2,400-2,500 crores. FY27 is expected to see the full 4 GW capacity operational, further driving growth. There is a strong growth

Current/ Expected Orderbook/ Pending Orders?

The transcript does not provide explicit, detailed numbers on the current or expected order book or pending orders. However, it is mentioned that H2 FY'25 is expected to be encouraging due to the current production and order book status. The company emphasizes confidence in business and expansion plans, implying a robust order book supporting growth. For export markets, currently, capacity limitations restrict focus on orders, but with a 4 GW capacity expansion, exports (especially to the U.S. and Europe) are expected to increase significantly. All future orders are secured with change-in-law

Solex Energy LtdQ2 FY25Electrical Equipment

Solex Energy Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹559.7P/E: 8.2Market Cap: ₹605 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

FY25 revenue target: ₹800 crore (₹650 crore from modules, ₹150 crore from EPC).
Module capacity expansion to 4 GW by mid FY26 (June 2025).
1.5 GW line to start contributing by January-end/February FY25.
2.5 GW line expected operational by June FY26.
FY26 revenue projection: ₹1,300-1,400 crore.
FY26 volume target: 1.5 GW at full capacity plus 2.5 GW at half capacity, totaling 2.4 to 2.5 GW.
FY27 to have full 4 GW operating at full capacity, further increasing volumes and revenue.
Current monthly module production roughly 50,000 modules; expected to increase to 1,25,000 modules by December FY25.
Export focus to increase once 4 GW capacity is achieved, targeting markets in Europe and the U.S.
EBITDA margins expected between 9-11%; PAT margin around 5%.

Margin guidance

Category 3

Solex Energy targets EBITDA margins comfortably between 9% to 11%, with expected yearly improvements.
PAT margin is projected around 5%.
Revenue for FY25 is targeted at approximately ₹800 crores, with ₹650 crores from modules and ₹150 crores from EPC.
For FY26, revenue is expected around ₹1,300 to ₹1,400 crores, and working capital requirements estimated at ₹200-250 crores.
By FY26, with 1.5 GW full capacity and 2.5 GW half capacity operational, revenues could reach ₹2,400-2,500 crores.
FY27 is expected to see the full 4 GW capacity operational, further driving growth.
There is a strong growth trajectory as evidenced by H1 FY25 revenue growth of 192% and PAT margin improvement from 0.8% to 4.8%.
The company plans to cautiously expand manufacturing capacity primarily in India for domestic and international markets.

See what Solex Energy Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Solex Energy Limited plans to fund its expansion through a mix of debt and equity.
Current project cost is around ₹280 crores, with ₹210 crores expected from debt and ₹70 crores from equity.
The company has sufficient funds and advances for the module line and is also planning funds for the cell line.
Discussions are ongoing with a couple of investors for future expansion, particularly for the cell line.
Fundraising plans are in initial stages; details will be shared publicly once finalized.
The company maintains good relationships with bankers and the equity market to support funding needs.

Order book

Yes

The transcript does not provide explicit, detailed numbers on the current or expected order book or pending orders.
However, it is mentioned that H2 FY'25 is expected to be encouraging due to the current production and order book status.
The company emphasizes confidence in business and expansion plans, implying a robust order book supporting growth.
For export markets, currently, capacity limitations restrict focus on orders, but with a 4 GW capacity expansion, exports (especially to the U.S. and Europe) are expected to increase significantly.
All future orders are secured with change-in-law clauses to protect pricing against risks such as anti-dumping duties.
No specific quantitative order book figure is disclosed in the provided content.

See what Solex Energy Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Solex is expanding its module manufacturing capacity to 4 GW by June 2025, with 1.5 GW capacity expected to be operational by December/January and the remaining 2.5 GW by mid-2025.
The 2.5 GW expansion involves ongoing building construction, line design completion, and upcoming commercial negotiations with vendors; orders for production lines planned between mid to end December 2024.
Total project cost is approximately ₹280 crores (excluding building and land), financed through around ₹210 crores debt and ₹70 crores equity.
Discussions with potential investors are ongoing to raise additional funds, including for the cell line expansion.
Solex intends to keep a mix of debt and equity for funding future capex.
Plans to upgrade manufacturing lines flexibly to accommodate new technologies (e.g., Tapi-R product).
Monitoring U.S. market policies cautiously before deciding on any manufacturing expansion there.

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