Solex Energy

Listed Manufacturer — per-stock model.

As of 21 Aug 2026

Manufacturer—

CMP ₹772NSE: SOLEX

Latest concall

Q4 FY26 · 18 May 2026

FY26 revenue ₹1,618 cr (+144%); PAT ₹98 cr (+133%); EBITDA margin ~11.5%.
Q4 revenue ₹886 cr (+247% YoY); PAT ₹59 cr.
Module capacity 3.78 GW (ALMM-listed Mar-2026); >1 GW modules sold FY26.
Working capital cut to ~35 days (from 61); ROE 38%.

Order-book execution

Order-book visibility >₹3,400 cr as of Mar-2026, executing across FY27.

Management guidance

FY27 target revenue ₹2,600 cr, PAT margin 6-8%, at conservative 55% utilisation.
₹4,000 cr Gujarat MoU: 5 GW solar cell + 10 GW BESS; first 2.2 GW cell by Dec-2027.
Executed 200+ EPC projects FY26 under 'Vision 2030' integrated ecosystem.

Q4 FY26 earnings call (ScanX / SolarQuarter)

Order book

₹3,400cr

Revenue FY26E

1,618₹ cr

EBITDA margin

11%

P/E

10.5×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY23	162	11	7.0%	3	—	—	—	—	—	2.7	—
FY24	366	28	8.0%	9	—	—	—	—	—	8.7	—
FY25	662	73	11.0%	43	—	—	—	—	—	38.9	—
FY26	1,618	184	11.0%	98	—	—	—	—	—	88.9	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q2FY25	132	14	11.0%	9	6.8%
Q3FY25	135	24	18.0%	14	10.4%
Q4FY25	254	28	11.0%	15	5.9%
Q1FY26	260	41	16.0%	25	9.6%
Q2FY26	155	19	12.0%	6	3.9%
Q3FY26	318	26	8.0%	9	2.8%
Q4FY26	886	98	11.0%	59	6.7%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

10.5×

EV / EBITDA

6.8×

P/B

3.3×

Operating metrics

What the rest of the dashboard tracks for Solex Energy — capacity, auctions, offtake, manufacturing and returns.

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Gujarat 2 GW TOPCon cell, two 1 GW phases	2 GW	Q3 FY26	Q3 FY26	—	on track

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026