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Solex Energy Enlists 3.78 GW Solar Module Capacity in MNRE's ALMM List
Solex Energy Limited has successfully enlisted 3.78 GW (3782 MW) of its solar module manufacturing capacity in the Ministry of New and Renewable Energy's (MNRE) Approved List of Models and Manufacturers (ALMM). This enlistment covers high-efficiency bifacial N-Type TOPCon modules with power ratings reaching up to 625 Wp. Being on the ALMM list is a mandatory requirement for supplying solar modules to government-subsidized projects and public procurement initiatives in India. This development significantly expands Solex's market reach and competitive positioning in the domestic renewable energy sector.
Key Highlights
Enlisted 3,782 MW (3.78 GW) of annual solar module manufacturing capacity under the MNRE ALMM framework.
Modules included in the listing feature high-efficiency bifacial N-Type TOPCon technology with ratings up to 625 Wp.
The manufacturing facility located in Tadkeshwar, Surat, is Industry 4.0 enabled and fully automated.
ALMM certification allows the company to participate in government-funded solar projects and public procurement programs.
💼 Action for Investors
This regulatory milestone significantly increases Solex's addressable market in India, particularly for government-linked projects. Investors should monitor upcoming tender wins and order book growth as a result of this certification.
Solex Energy Q3 Revenue Surges 135% YoY; Targets INR 1,800 Cr Revenue in FY26
Solex Energy reported a robust 135.3% YoY revenue growth in Q3 FY26, reaching INR 319.4 crore, driven by the commencement of its 2.2 GW manufacturing facility. Despite the revenue surge, margins were temporarily pressured by higher fixed costs and ramp-up expenses associated with the new plant. The company maintains a strong order book exceeding INR 4,000 crore and has guided for a full-year revenue of INR 1,700-1,800 crore. Management expects margin normalization in Q4 as capacity utilization improves and EPC projects are executed.
Key Highlights
Q3 FY26 revenue grew 135.3% YoY to INR 319.4 crore, while 9M FY26 revenue rose 79.3% to INR 735.1 crore.
Successfully commissioned 2.2 GW solar PV module facility in November 2025, bringing total capacity to 4 GW.
Order book visibility exceeds INR 4,000 crore, including recent wins of INR 544 crore and INR 289 crore.
Management targets FY26 revenue of INR 1,700-1,800 crore with expected PAT margins of 6-8%.
Strategic roadmap includes scaling to 10 GW module and cell capacity by 2030, with cell production starting in 2027.
💼 Action for Investors
Investors should monitor the execution of the massive order book in Q4 and the stabilization of margins as the new 2.2 GW capacity ramps up. The long-term integration into cell manufacturing and BESS provides a strong growth narrative.
Solex Energy Targets 10 GW Capacity by 2030 with INR 40,000 Mn Order Visibility
Solex Energy has outlined an ambitious growth roadmap, aiming to scale its solar module and cell manufacturing capacity to 10 GW each by 2030. The company currently boasts a massive order book visibility of over INR 40,000 Mn as of December 31, 2025, providing strong revenue foresight. Financial performance in FY25 was robust, with revenue growing 81% YoY to INR 6,658 Mn and PAT surging 383% to INR 422 Mn. The company is transitioning into a fully integrated solar player by foraying into cell, ingot wafer, and BESS manufacturing.
Key Highlights
Order book and visibility stand at a robust INR 40,000+ Mn as of December 31, 2025.
Planned expansion to 10 GW module and 10 GW cell capacity by 2030 from current 4 GW module capacity.
FY25 EBITDA increased by 161% YoY to INR 796 Mn, with a healthy ROCE of 27.4%.
Commissioning of a new 2.2 GW N-type TOPCon cell line expected by 2027 to drive backward integration.
Strategic focus on high-efficiency technology with the launch of Tapi-R series modules achieving up to 24.6% efficiency.
💼 Action for Investors
Investors should focus on the company's ability to execute its massive capacity expansion and backward integration into cell manufacturing by 2027. The high order book-to-bill ratio suggests strong demand, but monitoring the debt levels during this heavy CAPEX phase is advised.
Solex Energy Reports 79% Revenue Growth in 9MFY26; Targets ₹1,800 Cr Revenue for FY26
Solex Energy reported a strong performance for 9MFY26 with revenue growing 79.3% YoY to ₹7,351 Mn and PAT increasing 45.3% to ₹394 Mn. The company successfully commenced commercial production at its 2.2 GW solar PV module facility in November 2025, which is expected to drive significant scale and operational efficiency. With a robust order book visibility exceeding ₹4,000 Crores, including recent wins worth over ₹830 Crores, management has set an ambitious FY26 revenue target of ₹1,700–1,800 Crores. Strategic partnerships with German and Malaysian firms further bolster their technology roadmap towards high-efficiency N-Type and Rear Contact modules.
Key Highlights
9MFY26 Revenue surged 79.3% YoY to ₹7,351 Mn, while Q3 FY26 revenue skyrocketed 135.3% YoY to ₹3,194 Mn.
Commenced commercial production at the 2.2 GW Tadkeshwar facility in Nov 2025, bringing total module capacity to 4 GW.
Order book visibility exceeds ₹4,000 Crores, including a major ₹544.62 Cr order from Zelestra Group for N-Type TOPCon modules.
Management targets FY26 revenue of ₹1,700–1,800 Crores, supported by the new facility ramp-up.
Unveiled India’s first Rear Contact Solar Module with 24.60% efficiency potential in partnership with ISC Konstanz, Germany.
💼 Action for Investors
Investors should monitor the capacity utilization of the new 2.2 GW facility and the timely execution of the ₹4,000 Cr order book. The company's transition to high-efficiency N-Type modules and planned cell manufacturing by 2027 are significant long-term growth drivers.
Solex Energy Q3 FY26 Consolidated PAT at ₹8.87 Cr; Revenue Surges 136% QoQ
Solex Energy reported a consolidated revenue of ₹317.90 crore for Q3 FY26, representing a strong sequential growth of 136% compared to Q2 FY26. However, on a year-on-year basis, revenue declined by 22% from ₹407.82 crore in Q3 FY25. Net profit followed a similar trend, rising 53% QoQ to ₹8.87 crore but falling 37% YoY from ₹14.02 crore. While the 9-month revenue shows a 10.6% YoY growth, overall profitability for the 9-month period remains lower than the previous year.
Key Highlights
Consolidated Revenue for Q3 FY26 stood at ₹317.90 crore, up 136% sequentially from ₹134.66 crore in Q2 FY26.
Consolidated PAT for the quarter reached ₹8.87 crore, compared to ₹5.78 crore in the previous quarter.
9M FY26 Revenue increased to ₹732.53 crore from ₹662.22 crore in 9M FY25, a growth of 10.6%.
9M FY26 PAT declined to ₹27.10 crore from ₹39.36 crore in the corresponding period last year.
The company's subsidiary, Solex Green Energy, contributed ₹72.75 crore to the quarterly revenue.
💼 Action for Investors
Investors should focus on the strong sequential recovery in revenue and margins while monitoring the year-on-year decline in profitability. The company's migration to the Main Board and expansion into cell manufacturing through its new subsidiary are key long-term triggers to watch.
Solex Energy Q3 FY26 Results: Revenue at ₹317.9 Cr, Profit at ₹8.87 Cr; QoQ Growth but YoY Decline
Solex Energy reported a consolidated revenue of ₹3,179.02 million for Q3 FY26, showing a strong sequential recovery of 136% compared to Q2 FY26. However, on a year-on-year basis, revenue declined by 22% from ₹4,078.21 million in Q3 FY25. Net profit for the quarter stood at ₹88.71 million, up from ₹57.84 million in the previous quarter but down from ₹140.22 million in the same period last year. For the nine-month period, while revenue grew by 10.6%, net profit dropped by 31%, indicating significant margin compression.
Key Highlights
Consolidated Revenue for Q3 FY26 stood at ₹3,179.02 million, a 136% increase over Q2 FY26.
Net Profit for the quarter reached ₹88.71 million, showing sequential growth but a 36.7% decline YoY.
9M FY26 Revenue increased to ₹7,325.31 million from ₹6,622.23 million in the previous year.
9M FY26 Net Profit fell to ₹270.99 million compared to ₹393.63 million in 9M FY25.
Basic EPS for the quarter was ₹8.07, down from ₹13.01 in the corresponding quarter of the previous year.
💼 Action for Investors
Investors should monitor the company's ability to manage rising costs as 9-month profits have declined despite revenue growth. While the sequential recovery is a positive sign, the year-on-year margin contraction warrants a cautious outlook.
Solex Energy Secures ₹289.84 Crore Order for Solar PV Modules
Solex Energy Limited has secured a significant work order valued at ₹289.84 crore from a renowned Independent Power Producer. The contract involves the supply of advanced N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass Solar PV Modules. This announcement is a revision of a previous disclosure to clarify that the total value is inclusive of all applicable taxes. This large-scale order underscores the company's growing presence in the high-efficiency solar technology segment.
Key Highlights
Total work order value confirmed at ₹289.84 crore inclusive of taxes
Contract involves supply of N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass Solar PV Modules
Order received from a prominent Independent Power Producer (IPP)
Revised intimation clarifies the inclusion of taxes in the total contract value
💼 Action for Investors
Investors should monitor the execution timeline and the impact of this order on the company's upcoming quarterly revenues. The adoption of TOPCon technology is a positive sign for the company's long-term technical competitiveness.
Solex Energy Secures ₹289.84 Crore Order for High-Efficiency Solar PV Modules
Solex Energy Limited has bagged a significant work order worth ₹289.84 crore from a renowned Independent Power Producer. The contract involves the supply of advanced N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass (G12R) Solar PV Modules. This announcement serves as a revision to a previous disclosure to clarify that the total value is inclusive of all applicable taxes. This large-scale order reinforces the company's position in the high-efficiency solar manufacturing segment.
Key Highlights
Total work order value is ₹289.84 Crore inclusive of all taxes
Supply of high-efficiency N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass modules
Contract awarded by a renowned Independent Power Producer (IPP)
Revised intimation clarifies the inclusion of taxes in the previously reported figure
💼 Action for Investors
Investors should view this as a major revenue visibility event and monitor the company's execution timeline and impact on upcoming quarterly earnings. The shift towards N-Type TOPCon technology indicates the company is successfully upgrading its product mix to meet modern solar standards.
Solex Energy Partners with TT Vision to Advance Solar Automation
Solex Energy Limited has partnered with Malaysia's TT Vision to enhance solar manufacturing automation and talent development in India. The non-binding MoU aims to strengthen India's renewable energy manufacturing ecosystem. TT Vision will provide specialized technical training to Solex engineers, focusing on automation and inspection systems. Solex will gain preferential access to TT Vision’s automation technologies to support R&D and process optimization. The MoU is valid for an initial 36-month term.
Key Highlights
Solex Energy has a 4 GW production capacity for PV modules.
The MoU is valid for an initial 36-month term.
TT Vision will provide specialized technical training to Solex engineers in Penang, Malaysia.
Solex will assist TT Vision’s India entry by providing guidance on manufacturing setup.
💼 Action for Investors
Investors should monitor the progress of this partnership and its impact on Solex Energy's manufacturing capabilities and market position. Keep an eye on future definitive agreements related to jointly developed technologies.