Solarium Green Energy Ltd

BSE: 544354

₹ 100.6-3.55%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 210 crWebsite: www.solariumenergy.inUpdated: 24 Oct 2026

About

Solarium Green Energy is an Ahmedabad-based provider of turnkey solar solutions, founded in 2018, covering design, engineering, procurement, installation and O&M for residential, commercial, industrial and government customers. It also distributes solar products and has begun manufacturing solar modules. FY26 revenue from operations was ₹368.15 cr. The company says it is among the leading organised players in the PM Surya Ghar Muft Bijli Yojana rooftop scheme.^[1][2]

Business segments

FY26 revenue by vertical: residential rooftop about ₹80 crore, commercial, industrial, ground-mounted and government about ₹227 crore, distribution about ₹61 crore.^[1]
C&I, ground-mounted and government revenue rose to ₹227 cr in FY26 from ₹114 cr, led by a 50 MW Maharashtra project.^[3]
FY25 revenue mix: residential 85.07 cr, C&I 18.96 cr, government 94.90 cr, distribution 31.15 cr (down from 70.83 cr).^[4]
Residential solar kit sales began in FY26 and are booked under Distribution, moving some revenue from Residential Rooftop to Distribution.^[3]
Turnkey share of revenue rose to 87% in FY25 from 60% in FY24.^[5]

Products and services

Solutions cover rooftop and ground-mounted solar, plus solar trees, carports, solar pumps and energy storage.^[1]
Distributes modules, inverters and availability-based tariff meters, and has started manufacturing solar panels.^[1]
Says it was first in its industry to offer insurance for residential rooftop solar, with HDFC.^[1]

Manufacturing

Fully automated 1.2 GW module line in Ahmedabad began operations in FY26, making panels of up to 725+ Wp at one panel every 16 seconds.^[3]
Module line has 1.23 GW of ALMM-enlisted capacity, built with capex of over ₹90 crore.^[1]
Mounting-structure plant of 1,200 metric tonnes per annum commissioned in July 2025, expected to give a cost advantage of about 5%.^[1]
Polycrystalline module manufacturing was halted in February 2024 because of revised ALMM efficiency norms.^[4]

Order book

Unexecuted order book of more than ₹300 crore as of FY26, plus about 80 MW of module supply orders.^[1]
FY26 EPC order book includes about 65 MW of confirmed captive module use; more than 300 MW of further projects are in active discussion.^[3]
Unexecuted order book was ₹229 cr in H1FY26, plus ₹209 cr of L1 orders and a bid pipeline of ₹900+ cr, compared with ₹120 cr unexecuted and ₹243 cr L1 in FY25.^[6][5]
New government order inflow of ₹105 cr in H1FY26; bid win ratio of 25-30% by count.^[6]
Executed 5405 residential projects in FY25, with 905+ residential and 49 institutional projects ongoing.^[5]

Customers and distribution

Serves residential, commercial, industrial and government customers, including defence.^[1]
The Solarium Saarthi channel network added around 450 partners in FY26 and reaches more than 25 cities.^[1]
Top 10 customers made up 35% of FY25 revenue, and revenue is heavily concentrated in Gujarat.^[4]
Residential receivable days are 7-10 days (stated in Q2 FY26 call).^[6]

Expansion plans

Plans to secure domestically made cells for Residential EPC and Solar Kits to meet ALMM-II (stated FY26).^[3]
Management said the module plant could generate ₹1,000 cr+ of revenue at 85% utilisation (Q2 FY26 call).^[6]

Recent developments

Won a 50 MW solar project in Maharashtra worth more than ₹185 crore in FY26, one of the largest contracts in its history.^[1]
Received a transfer of solar thermal technology from DRDO and signed an MoU with the National Institute of Solar Energy during FY26.^[1]
After FY25 it received NVVN orders of Rs 12.99 cr and Rs 13.63 cr and a Rs 35.32 crore order from Kirloskar Solar Technologies.^[4]
Has one subsidiary, Solarium Ventures Private Limited (FY26).^[1]

Market Cap

₹210 Cr

High / Low

₹335 / 100

Stock P/E

11.2

Price / Book

1.6

Book Value

₹78

EPS

₹9.8

No. of Shares

2.08 Cr

ROCE

12.9%

ROE

13.5%

OPM

9.2%

Debt / Equity

0.96

Sales

₹368 Cr

Net Profit

₹20 Cr

Promoter holding

58.6%

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