Current/ Expected Orderbook/ Pending Orders?

Solex Energy's current order book exceeds INR 4,000 crores, including EPC orders, providing strong execution visibility (Page 3). The order book primarily consists of large-scale IPP projects, covering about 80% of orders, with PM Surya Ghar and PM KUSUM schemes contributing roughly 10% (Page 11). They have secured significant orders recently, including INR 544 crores from Zelestra Group entities and INR 289 crores from a reputed IPP for N-Type TOPCon modules (Page 3). The order book includes close to 1.2 gigawatts of solar modules, with MSAs signed or under discussion, particularly with clien

Any current/future new fundraising through debt or equity?

Solex Energy is currently exploring funding options for the cell manufacturing expansion. They expect to receive term sheets from investors within the next week for an amount around INR 300 to 400 crores. The company is exploring 4-5 different funding options through bankers. No specific details were provided about equity fundraising, but multiple options are being considered. Land acquisition for the new cell line is near completion, and technological and vendor discussions are progressing. Overall, Solex is preparing for growth with cautious capital allocation aligned with expansion plans.

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

Solex Energy is planning to establish a 2.2-gigawatt N-type TOPCon Plus solar cell production line targeting commercial operations by FY '27 (2027). The company aims to increase total module capacity from the current 4 gigawatts to 10 gigawatts by 2030. Plans include developing upstream capability with 10 gigawatts of solar cell manufacturing and 2 gigawatts of ingot and wafer production in the coming years. The cell line project is on track, with land acquisition nearing closure after overcoming regulatory clearances. The company is exploring funding options for the cell line with expected te

Future growth expectations in sales/revenue/volumes?

Solex Energy aims to achieve revenue of INR 1,700 to 1,800 crores by the end of FY '26. Revenue growth is supported by strong order inflows and improved execution momentum. Operating leverage from the ramp-up of new manufacturing lines is expected to normalize margins in Q4 FY '26. The company plans to increase module manufacturing capacity from 4 GW to 10 GW by 2030. A 2.2 GW N-type TOPCon Plus solar cell production line is targeted to start commercial operations by FY '27. Upstream capabilities including 10 GW of solar cell manufacturing and 2 GW of ingot and wafer production are p

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

Solex Energy is targeting revenue in the range of INR 1,700 to 1,800 crores for FY '26, with strong order inflows and capacity ramp-up. Expected PAT margins for the full year are projected between 6% to 8%. Operating leverage from increasing utilization of the 2.2-gigawatt facility (ramped up fully by December 2025) is anticipated to support margin recovery in Q4 FY '26 and beyond. Expansion plans include increasing module capacity from 4 GW to 10 GW by 2030 and establishing 2.2 GW N-type TOPCon Plus solar cell production by 2027, paving the way for enhanced earnings. The company’s diversified

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Solex Energy LtdQ4 FY27Electrical Equipment

Solex Energy Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹1,091P/E: 16.1Market Cap: ₹1.4K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Solex Energy aims to achieve revenue of INR 1,700 to 1,800 crores by the end of FY '26.
→Revenue growth is supported by strong order inflows and improved execution momentum.
→Operating leverage from the ramp-up of new manufacturing lines is expected to normalize margins in Q4 FY '26.
→The company plans to increase module manufacturing capacity from 4 GW to 10 GW by 2030.
→A 2.2 GW N-type TOPCon Plus solar cell production line is targeted to start commercial operations by FY '27.
→Upstream capabilities including 10 GW of solar cell manufacturing and 2 GW of ingot and wafer production are planned by 2030.
→Expansion into Battery Energy Storage Systems (BESS) manufacturing is being explored to tap into emerging market opportunities starting late FY '27, expected to peak around 2028.
→Strong policy support in India for solar schemes like PM Surya Ghar and PM KUSUM enhances long-term demand visibility.

Margin guidance

Category 3

→Solex Energy is targeting revenue in the range of INR 1,700 to 1,800 crores for FY '26, with strong order inflows and capacity ramp-up.
→Expected PAT margins for the full year are projected between 6% to 8%.
→Operating leverage from increasing utilization of the 2.2-gigawatt facility (ramped up fully by December 2025) is anticipated to support margin recovery in Q4 FY '26 and beyond.
→Expansion plans include increasing module capacity from 4 GW to 10 GW by 2030 and establishing 2.2 GW N-type TOPCon Plus solar cell production by 2027, paving the way for enhanced earnings.
→The company’s diversified order book exceeding INR 4,000 crores provides healthy revenue visibility.
→Emerging opportunities in Battery Energy Storage Systems (BESS) starting late FY '27 to FY '28 expected to drive additional growth.
→Margins impacted short-term by fixed costs from capacity expansion but expected to normalize and improve with scale and efficiency.

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Fundraise plans

Yes

→Solex Energy is currently exploring funding options for the cell manufacturing expansion.
→They expect to receive term sheets from investors within the next week for an amount around INR 300 to 400 crores.
→The company is exploring 4-5 different funding options through bankers.
→No specific details were provided about equity fundraising, but multiple options are being considered.
→Land acquisition for the new cell line is near completion, and technological and vendor discussions are progressing.
→Overall, Solex is preparing for growth with cautious capital allocation aligned with expansion plans.

Order book

Yes

→Solex Energy's current order book exceeds INR 4,000 crores, including EPC orders, providing strong execution visibility (Page 3).
→The order book primarily consists of large-scale IPP projects, covering about 80% of orders, with PM Surya Ghar and PM KUSUM schemes contributing roughly 10% (Page 11).
→They have secured significant orders recently, including INR 544 crores from Zelestra Group entities and INR 289 crores from a reputed IPP for N-Type TOPCon modules (Page 3).
→The order book includes close to 1.2 gigawatts of solar modules, with MSAs signed or under discussion, particularly with clients like Longi (Page 11).
→Some orders may require renegotiation due to raw material price inflation, with certain projects reviewing feasibility and financing (Page 8).
→Inventory build-up largely results from site readiness delays on the customer side, not cancellations (Page 9).

Capex plans

Yes

→Solex Energy is planning to establish a 2.2-gigawatt N-type TOPCon Plus solar cell production line targeting commercial operations by FY '27 (2027).
→The company aims to increase total module capacity from the current 4 gigawatts to 10 gigawatts by 2030.
→Plans include developing upstream capability with 10 gigawatts of solar cell manufacturing and 2 gigawatts of ingot and wafer production in the coming years.
→The cell line project is on track, with land acquisition nearing closure after overcoming regulatory clearances.
→The company is exploring funding options for the cell line with expected term sheets in the range of INR 300 to 400 crores.
→Solex is also exploring strategic investments into Battery Energy Storage System (BESS) manufacturing solutions, targeting entry around late FY '27 to early FY '28, with expected growth through 2028.
→Collaborations with technology partners like ISC Konstanz (Germany) and TT Vision (Malaysia) to accelerate next-gen solar cell technology and automation.

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