Solex Energy Ltd(SOLEX)

NSE: SOLEX

₹ 537.3-3.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 580 crWebsite: www.solex.inUpdated: 24 Oct 2026

About

Solex Energy designs, manufactures and deploys solar photovoltaic modules and systems, and also provides solar EPC services for ground-mounted and rooftop installations. It runs 4 GW of module manufacturing capacity at Tadkeshwar, Gujarat. Revenue for FY26 was Rs 1618.06 crore. The company says it was the first Indian company to make solar modules for leading global solar brands.^[1][2][3]

Products and brands

Makes Mono-PERC and TOPCon solar modules rated from 540WP to 625WP (FY25 annual report).^[1]
Module brands include the Tapi R Series, described as India's first rectangular-cell N-type TOPCon modules, and the Trans Dual Series.^[1]
Unveiled India's first rear contact module, TAPI Rear Contact (TRC), in October 2025. It offers up to 24.60% efficiency and 665W, was developed with ISC Konstanz, and commercial production is targeted for 2027.^[4][2]
Provides end-to-end solar EPC and O&M. EPC revenue was INR 125 crore in FY26, and FY27 EPC revenue is targeted at INR 100-150 crore, with a focus on commercial and industrial (C&I) customers.^[1][5][2]
Modules are BIS certified and on the ALMM list, and hold UL, CEC, IEC and CE certifications. Solex was the first PV module maker to receive the MCS 005 BSI Kitemark.^[1]

Manufacturing capacity and utilisation

Module capacity reached 4 GW at Tadkeshwar, Gujarat, after lines 3 and 4 (2.5 GW) were commissioned in November 2025. Before that, the plant ran on 1.5 GW in H1 FY26.^[4][6][2]
Line 1 runs on PERC technology. Lines 2, 3 and 4 use TOPCon and can be upgraded to BC or HJT (FY25 annual report).^[1]
In FY26, TOPCon lines averaged 62% utilisation and Mono PERC lines about 35%. TOPCon utilisation reached 81% in March 2026.^[5]
FY27 planning assumes average utilisation of about 55% across the 4 GW, given delivery rescheduling linked to the ALMM timeline.^[2]
Module volume was 1+ GW in FY26. Production reached 65,000 modules per month as of FY25.^[5][1]
Solar cells are currently bought from other manufacturers in India or abroad (FY25 annual report).^[1]

Order book

Order book and visibility of about INR 3,400 crore in Q1 FY27, the same as at 31 March 2026, against INR 4,000+ crore in Q2 FY26. It is made up of confirmed purchase orders, signed MSAs and MSAs at an advanced stage of discussion.^[2][5][6]
An executable pipeline of INR 845.84 crore is targeted for delivery by 31 December 2026. It includes orders of INR 628+ crore (July 2026) and INR 42.47 crore (August 2026), plus a letter of intent for INR 175 crore.^[2]
The FY27 portion of the order book with fixed cell prices may need renegotiation after cell prices rose 110-120%. Most MSAs use dynamic pricing for cells.^[4]

Customers and markets

Customers in Q3 FY26 included Zelestra Group, which placed an INR 544.62 crore order, and independent power producers (IPPs). An INR 2,716 Mn IPP order was won in Q4 FY26.^[4][5]
International customers include JINKO, AXITEC, Enbekon-GmbH and MAFN-SA. EPC clients include AMUL, IIM-A, Torrent Power, ONGC, BREDA and the Airport Authority of India.^[1]
Branded supply rose from 20% to 80% of revenue over a couple of years, according to the FY25 annual report. Management said that by H1 FY26 almost all sales were under the Solex brand.^[1][6]
Has made modules under the Solex label for two top-5 global solar brands. More OEM agreements are in discussion, with management targeting closure in Q4 FY27.^[2]
Export revenue is expected to be minimal in FY27. A full team has been set up for Europe, and the Middle East, Africa and the US are also targeted.^[2]

Expansion and capex

Building a 2.2 GW N-type TOPCon+ cell line, targeted for commissioning by the end of calendar 2027. Capex is about INR 1,050 crore, funded by about INR 700 crore of debt and about INR 350 crore through NCDs and CCDs. Land has been procured.^[2]
Plans to raise solar cell capacity to 5.2 GW by early FY29 and add 5 GWh of BESS capacity by FY29, under a ₹4,000 crore investment programme for FY27-FY30.^[7]
Signed an INR 40,000 Mn MoU with the Government of Gujarat for 5 GW of TOPCon/IBC cell manufacturing and 10 GW of BESS manufacturing.^[5]
Dropped a planned additional 2.5 GW module line, which removed about INR 200 crore of capex (Q1 FY27).^[2]
Vision 2030 targets 10 GW of modules, 10 GW of cells, 10 GW of BESS and 2 GW of ingot/wafer capacity, with about $1.5 billion of investment. BESS manufacturing will sit in a separate subsidiary.^[2]

Recent developments

6 Oct 2026: received an order worth ₹180.98 crore for TOPCon bifacial glass-to-glass modules from a domestic power-sector entity, for execution until January 2027.^[8]
Combined orders announced on 6 Oct 2026 for Solex and subsidiary Solex Green Energy totalled ₹194.14 crore.^[9]
5 Oct 2026: received an order worth ₹13.16 crore for TopCon bifacial glass-to-glass 620Wp modules, for execution until November 2026.^[10]
3 Oct 2026: received orders worth ₹75.96 crore from domestic power-sector entities for N-type TOPCon 620Wp G12R modules, for execution until the end of November 2026.^[11]
Listed existing shares on BSE in Q1 FY27 with no fresh capital raised. The company had earlier moved from NSE Emerge to the NSE main board on 8 October 2025.^[2][6]

Workforce

More than 1,000 employees were hired to support the capacity expansion. Over 70% of the workforce comes from indigenous and tribal communities (FY25 annual report).^[1]

Market Cap

₹580 Cr

High / Low

₹1,985 / 620

Stock P/E

8.4

Price / Book

2.7

Book Value

₹234

EPS

₹88.9

No. of Shares

1.08 Cr

ROCE

36.2%

ROE

46.3%

OPM

10.0%

Debt / Equity

1.06

Sales

₹1,618 Cr

Net Profit

₹98 Cr

Promoter holding

66.2%

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