Solarium Green Energy

Listed EPC / O&M — per-stock model.

As of 19 Oct 2026

EPC / O&M—

CMP ₹111

Latest concall

FY26 / H2 FY26 · 2 Jun 2026

FY26 revenue Rs368cr (+60%), PAT Rs20cr, EBITDA Rs35cr (~9.5% margin)
H2 margins compressed (~7% OPM) on shift toward large-scale ground-mounted EPC mix
Order book Rs852.28cr at 30-Jun-26 (ground-mount Rs468cr, module supply Rs310cr, other Rs74cr)
Won Rs186.53cr MAHAGENCO solar EPC subcontract; 1.2GW module plant in Ahmedabad

Order-book execution

Rs852cr order book (as of 30-Jun-26) to be executed over coming quarters.

Management guidance

Growth led by ground-mounted EPC scale-up; Rs852cr book supports forward pipeline

FY26 results / investor call, 2 Jun 2026

Order book

₹300cr

Revenue FY26E

368₹ cr

EBITDA margin

P/E

13.6×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY24	177	24	14.0%	16	—	—	—	—	—	52.5	—
FY25	230	26	11.0%	19	—	—	—	—	—	8.9	—
FY26	368	31	8.0%	20	—	—	—	—	—	9.8	—

Source BSE SME (maintained)· As of 19 Oct 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 19 Oct 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q2FY25	82	12	14.0%	8	9.8%
Q4FY25	148	14	10.0%	11	7.4%
Q2FY26	117	13	12.0%	9	7.7%
Q4FY26	251	17	7.0%	11	4.4%

Source BSE SME (maintained)· As of 19 Oct 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 19 Oct 2026

Valuation

As of 19 Oct 2026

P/E

13.6×

EV / EBITDA

12.6×

P/B

1.4×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source BSE SME (maintained)· As of 19 Oct 2026