Solex Energy, a company specializing in solar photovoltaic (PV) module manufacturing and EPC (Engineering, Procurement, and Construction) services, has released its financial results for the first quarter ending June 30, 2026. The report highlights a challenging period for the firm, marked by a significant decline in profit despite marginal growth in year-on-year revenue.
Financial Performance Overview
According to the company’s data, the profit for the quarter stood at ₹8.26 crore. This figure represents a decline of 85.98% on a quarter-on-quarter (QoQ) basis compared to the ₹58.89 crore reported in March 2026. When compared to the same period in the previous year, the profit fell by 66.59% from ₹24.71 crore.
Revenue figures also showed volatility. While the company reported a marginal year-on-year (YoY) increase of 0.47%, rising from ₹259.61 crore in June 2025 to ₹260.82 crore in June 2026, the performance dropped 70.55% when compared to the preceding quarter (March 2026).
The company noted several factors contributing to these results:
- Seasonality: The firm identified the first quarter as the softest period for the industry, noting that monsoon conditions often restrict project site readiness and installation activities.
- Operational Costs: Financial results were impacted by higher depreciation (₹101.9 million) and finance costs (₹124.8 million) following the commissioning of production lines 3 and 4 in November 2025.
- Market Trends: Customer-driven rescheduling of module deliveries occurred following the clarification of the Approved List of Models and Manufacturers (ALMM) timeline in late May 2026.
Market Impact and Outlook
The company clarified that the delays in module deliveries are not cancellations but rather timing shifts, with dispatches expected to continue into the second half of the 2027 fiscal year. Chetan Shah, Chairman and Managing Director of Solex Energy, emphasized that the business remains focused on the latter half of the year.
"Q1 is seasonally the softest quarter for our industry, and this year the quarter also saw the market move into a wait-and-watch mode following the clarification on the ALMM timeline in late May. What I would emphasise is that these are timing shifts and not cancellations, and our order book of approximately ₹3,400 crore remains intact regardless of the ALMM outcome," said Chetan Shah.
The company maintains a positive outlook, citing an order book of approximately ₹3,400 crore, which includes confirmed purchase orders, signed Master Service Agreements (MSAs), and advanced-stage discussions.
Expansion and Future Projects
Solex Energy is currently pursuing several strategic initiatives to bolster its manufacturing capabilities and market presence:
- Cell Manufacturing: The firm is working toward an integrated solar cell and Battery Energy Storage System (BESS) manufacturing ecosystem in Gujarat, representing a proposed investment of ₹4,000 crore.
- Capacity Targets: The first phase of a 2.2 GW N-Type TOPCon (Tunnel Oxide Passivated Contact) solar cell manufacturing line is scheduled for commissioning by the end of the 2027 calendar year, as part of a larger goal to reach 5 GW of cell capacity.
- Technology Scaling: The company continues to scale N-Type TOPCon module technologies, including 640 Wp G12R Glass-to-Glass modules, at its 4 GW facility in Tadkeshwar, Gujarat.
Executable Order Pipeline
The company reported several recent successes in securing orders, which it aims to execute by December 31, 2026. This executable pipeline, totaling ₹845.84 crore, includes:
- A ₹628.37 crore order for N-Type TOPCon modules from a global renewable energy group, received in July 2026.
- A ₹42.47 crore work order from a domestic private limited company in the power sector, received in August 2026.
- A Letter of Intent (LOI) for a further ₹175 crore order, which is currently in the MSA signing stage.
As the company moves forward, management has expressed its intent to ramp up utilization across all four of its existing module lines. Furthermore, the company recently completed its listing on the BSE (Bombay Stock Exchange), a move management states will help broaden its investor base as it continues to build its clean-energy platform.
