Solex Energy Ltd reported stellar FY26 performance with revenue growing 143.9% to Rs 1,621.1 crore. The company announced a dividend of Rs 0.55 per share and unveiled an ambitious Vision 2030 roadmap targeting 10 GW module capacity and a Rs 1,050 crore capex for a new solar cell facility. While the company maintains a strong Rs 3,400 crore order book, management highlighted execution risks associated with its aggressive expansion phase through 2030.
Solex Energy FY26 Results and Vision 2030 Expansion
Revenue reached Rs 1,621.1 crore, up 143.9% year-on-year.
Net profit (PAT) stood at Rs 98.2 crore, marking a 132.7% growth.
Reader Takeaway: Strong order visibility and scaling drive growth, but balance sheet leverage remains a key monitoring point.
What just happened
Solex Energy Ltd delivered robust financial results for FY 2025-26, showing triple-digit growth across key metrics. The company achieved a consolidated PAT of Rs 98.2 crore compared to Rs 42.2 crore in the previous year. Along with the financial update, the company declared a dividend of Rs 0.55 per share and provided a detailed roadmap for its Vision 2030, which includes scaling module capacity to 10 GW.
Why this matters
The results demonstrate the company's successful transition into an integrated renewable energy player. With a manufacturing capacity already at 4 GW as of March 2026, the company is positioning itself to capture a larger share of the domestic solar market. A Rs 3,400 crore order book provides significant revenue visibility for the upcoming quarters.
Future Capex Plans
To support vertical integration, Solex Energy plans a major investment of Rs 1,050 crore to set up a 2.2 GW solar cell manufacturing line. This will be financed through a combination of Rs 700 crore in debt and Rs 350 crore in equity or debt, marking a shift toward more capital-intensive operations.
Risks to watch
Investors should closely track the rising debt-equity ratio, which increased from 0.94x to 1.06x. Management has explicitly identified the period between FY27 and FY30 as high-risk due to the scale of capital projects. Furthermore, dependency on trade policies and international supply chains remains a factor that could influence cost structures.
What to track next
Watch for progress on the 2.2 GW solar cell facility commissioning and the maintenance of margins as the company scales. The ability to manage leverage while executing this capex plan will be critical for long-term shareholder value.