Any current/future new fundraising through debt or equity?

Solex Energy Limited is planning fundraising of around INR 350 crores through Non-Convertible Debentures (NCD) and Compulsorily Convertible Debentures (CCD). The breakup mentioned is approximately INR 200 crores through NCD and INR 150 crores through CCD. Legal due diligence for this fundraising is underway, with expected closure between June 15 and June 30, 2026. The company expects total outside liabilities (including this fundraising) with a Total Outside Liability to Tangible Net Worth (TOL/TNW) ratio below 4, even after the upcoming capex. The fundraising is aligned with the company’s exp

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

Solex Energy has planned significant capex for backward integration, including: - 10 GW of solar module manufacturing capacity. - 10 GW of solar cell manufacturing capacity (TOPCon plus IBC cells) in two phases: 2 GW and 3 GW. - 2 GW of wafer and ingot capacity. - 10 GW of Battery Energy Storage Systems (BESS) capacity in two phases of 5 GW each. The company signed an INR 4,000 crore MoU with the Government of Gujarat for this expansion, focusing on cell manufacturing and BESS. Cell line commissioning is targeted by end of 2027, with the first 2.2 GW phase operational by Q4 2027. BESS

Future growth expectations in sales/revenue/volumes?

FY27 revenue target: INR 2,600 crores, based on conservative 55% capacity utilization. Order book visibility: Over INR 3,400 crores in confirmed and advanced stage orders. Sales volume: FY26 module sales exceeded 1 GW; Q4 FY26 utilization was ~70%. Expect sustained higher sales in second half of each fiscal year due to seasonality (monsoon impact). The company aims to cross the conservative revenue target comfortably. Upcoming backward integration with cell and wafer manufacturing expected to enhance margins and support volume growth by FY29. Expansion into Battery Energy Storage S

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

Solex Energy targets a top line of INR 26,000 million (INR 2,600 crores) for FY27, with a PAT margin range of 6% to 8%. The company is conservative in its revenue guidance due to geopolitical uncertainties but expects to comfortably exceed the INR 2,600 crore revenue estimate. EBITDA margin for FY26 stood at 11.5%, with expectations of improvement especially from FY29 due to cell line integration. The new cell manufacturing line is expected to contribute EBITDA above 20% from FY29 onwards. PAT margin is targeted around 6-8% for FY27 with a PAT margin improvement expected in the medium

Current/ Expected Orderbook/ Pending Orders?

Solex Energy has an order book visibility of approximately INR 3,400 crores as of May 18, 2026. The order book comprises three parts: confirmed Purchase Orders (POs), signed Master Service Agreements (MSAs), and advanced stage orders. The company is actively executing these orders while simultaneously bidding for and adding new orders. Discussions and potential orders from KP Group are ongoing, with some orders executed last year; specifics are yet to be finalized. The order inflow for FY '27 is expected to continue as new orders are being added on top of the existing INR 3,400 crores order bo

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Solex Energy LtdQ1 FY26Electrical Equipment

Solex Energy Ltd Q1 FY26 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

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY27 revenue target: INR 2,600 crores, based on conservative 55% capacity utilization.
→Order book visibility: Over INR 3,400 crores in confirmed and advanced stage orders.
→Sales volume: FY26 module sales exceeded 1 GW; Q4 FY26 utilization was ~70%.
→Expect sustained higher sales in second half of each fiscal year due to seasonality (monsoon impact).
→The company aims to cross the conservative revenue target comfortably.
→Upcoming backward integration with cell and wafer manufacturing expected to enhance margins and support volume growth by FY29.
→Expansion into Battery Energy Storage Systems (BESS) with 10 GW planned capacity, expected to be a significant growth segment independently.
→Focus on innovation, digitalization, and global expansion to sustain high growth trajectories and long-term value creation.

Margin guidance

Category 3

→Solex Energy targets a top line of INR 26,000 million (INR 2,600 crores) for FY27, with a PAT margin range of 6% to 8%.
→The company is conservative in its revenue guidance due to geopolitical uncertainties but expects to comfortably exceed the INR 2,600 crore revenue estimate.
→EBITDA margin for FY26 stood at 11.5%, with expectations of improvement especially from FY29 due to cell line integration.
→The new cell manufacturing line is expected to contribute EBITDA above 20% from FY29 onwards.
→PAT margin is targeted around 6-8% for FY27 with a PAT margin improvement expected in the medium term.
→The company anticipates continuous growth driven by 5 GW solar cell capacity expansion, 10 GW Battery Energy Storage System (BESS) manufacturing, and strong order book visibility exceeding INR 3,400 crores.
→Working capital efficiency and disciplined capital allocation underpin sustainable long-term growth and return ratios.

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Fundraise plans

Yes

→Solex Energy Limited is planning fundraising of around INR 350 crores through Non-Convertible Debentures (NCD) and Compulsorily Convertible Debentures (CCD).
→The breakup mentioned is approximately INR 200 crores through NCD and INR 150 crores through CCD.
→Legal due diligence for this fundraising is underway, with expected closure between June 15 and June 30, 2026.
→The company expects total outside liabilities (including this fundraising) with a Total Outside Liability to Tangible Net Worth (TOL/TNW) ratio below 4, even after the upcoming capex.
→The fundraising is aligned with the company’s expansion plans, including backward integration and capacity ramp-up.

Order book

→Solex Energy has an order book visibility of approximately INR 3,400 crores as of May 18, 2026.
→The order book comprises three parts: confirmed Purchase Orders (POs), signed Master Service Agreements (MSAs), and advanced stage orders.
→The company is actively executing these orders while simultaneously bidding for and adding new orders.
→Discussions and potential orders from KP Group are ongoing, with some orders executed last year; specifics are yet to be finalized.
→The order inflow for FY '27 is expected to continue as new orders are being added on top of the existing INR 3,400 crores order book.

Capex plans

Yes

→Solex Energy has planned significant capex for backward integration, including:
→ - 10 GW of solar module manufacturing capacity.
→ - 10 GW of solar cell manufacturing capacity (TOPCon plus IBC cells) in two phases: 2 GW and 3 GW.
→ - 2 GW of wafer and ingot capacity.
→ - 10 GW of Battery Energy Storage Systems (BESS) capacity in two phases of 5 GW each.
→The company signed an INR 4,000 crore MoU with the Government of Gujarat for this expansion, focusing on cell manufacturing and BESS.
→Cell line commissioning is targeted by end of 2027, with the first 2.2 GW phase operational by Q4 2027.
→BESS will be developed as a separate subsidiary with a clear independent business plan.
→Land acquisition of 60-70 acres is underway, pending connectivity approvals expected by June 2026.
→Planned financing includes INR 350 crores from NCD and CCD, expected to close by June 2026.
→Total capex strategy aims to strengthen supply chain control and enhance competitiveness.

How does Solex Energy Ltd rank vs peers in Electrical Equipment?

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