Solarworld Energy Solutions reported consolidated total income of ₹14,160.66 million for FY26, a 157% year-on-year jump, with profit after tax rising 56.36% to ₹1,204.74 million.

Financial Performance Overview

The company's consolidated revenue from operations reached ₹13,761.56 million in FY26, compared to ₹5,447.65 million in FY25, representing growth of 152.61%. EBITDA stood at ₹1,879.26 million against ₹1,155.67 million in the prior year, while the EBITDA margin moderated to 13.66% from 21.21%. The debt-to-equity ratio improved to 0.30x from 0.37x, and net worth stood at ₹8,477.97 million as of March 31, 2026.

Key Financial Metrics

Revenue Breakdown

EPC revenue grew 143.45% to ₹11,635.12 million from ₹4,779.33 million in FY25, driven by execution of projects aggregating 742 MW DC. Product sales rose 216.73% to ₹1,933.64 million, primarily from the commencement of solar panel sales at the newly commissioned module manufacturing facility operated by wholly owned subsidiary ZNSHINE Solarworld Private Limited. Services and O&M revenue increased 228.66% to ₹187.24 million, with O&M coverage expanding to six projects aggregating 321 MW DC.

Order Book and Operational Metrics

The consolidated order book expanded to ₹28,130.42 million as of March 31, 2026, from ₹17,005.51 million at the end of FY25. The order book comprises ₹16,740 million from solar EPC and O&M projects and ₹11,390 million from EPC and BESS IPP-related projects. Notable order wins during the year included BESS EPC orders worth ₹5,990 million for NTPC's Solapur and Unchahar thermal power station projects, and a ₹2,350 million Balance of System order from NTPC Renewable Energy for a 260 MW solar project in Bikaner.

Manufacturing and Expansion Highlights

During FY26, the company commissioned a 1.552 GW ALMM-approved TOPCon solar module manufacturing facility in Roorkee, Uttarakhand, producing high-efficiency modules of 600W–750W across M10R, G12R and G12 formats. A 3.4 GW automated BESS manufacturing facility, built with KUKA robotics, and a 5 GW junction box manufacturing line further deepened backward integration. A 2.4 GW solar cell manufacturing facility is under development through a proposed joint venture with Rays Power Infra Limited, targeted for commissioning by June 2027.

Capital Structure and Credit Profile

Total equity stood at ₹8,477.97 million as of March 31, 2026, up from ₹3,090.66 million in FY25, reflecting capital infusion from the IPO completed on September 30, 2025. Total borrowings increased to ₹2,554.59 million from ₹1,145.54 million. During FY26, CRISIL Ratings revised the company's long-term credit rating to CRISIL A-/Stable and non-fund based facilities to CRISIL A2+. The company's 13th Annual General Meeting is scheduled for September 30, 2026, through video conferencing.

IPO Proceeds Utilisation

The company raised total proceeds of ₹5,500 million through its IPO and pre-IPO placement. As of March 31, 2026, ₹1,016.58 million was utilised towards general corporate purposes, while ₹4,200.00 million earmarked for investment in subsidiary Kartik Solarworld Private Limited for the Pandhurana Project remained unutilised and temporarily invested in fixed deposits. The company is seeking shareholder approval to redirect these proceeds to a 2.4 GW solar cell manufacturing plant through the joint venture with Rays Power Infra Limited, at an estimated project cost of ₹10,000 million.

Solarworld Energy Solutions has scheduled its 13th Annual General Meeting for September 30, 2026. The meeting will be conducted through video conferencing or other audio-visual means.

The company published the notice in Financial Express and Jansatta on September 8, 2026. This disclosure complies with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also aligns with General Circular No. 03/2025 issued by the Ministry of Corporate Affairs on September 22, 2025.

Key Agenda Items

The AGM notice outlines several critical resolutions for shareholder approval, including significant changes to capital structure and project deployment.

Borrowing and Investment Limits

Shareholders are asked to approve a substantial increase in the company’s financial flexibility. The Board seeks approval to enhance borrowing limits under Section 180(1)(c) of the Companies Act, 2013, from ₹1,000 crore to ₹5,000 crore.

Concurrently, the company is seeking approval to create charges on assets to secure these borrowings under Section 180(1)(a). Additionally, limits for making investments, extending loans, and providing guarantees under Section 186 of the Companies Act, 2013, are proposed to be enhanced from ₹1,000 crore to ₹5,000 crore over and above statutory limits.

Shift in IPO Proceeds Deployment

A major special resolution involves varying the objects of the initial public offering prospectus dated September 25, 2025. Originally, proceeds were earmarked for a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh (the "Pandhurana Project").

The company now proposes to utilize the unutilized IPO proceeds of ₹4,200 million for a new joint venture with Rays Power Infra Limited. The new entity, Rays Green Energy Manufacturing Private Limited, will establish a 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant in Narmadapuram, Madhya Pradesh.

The new project is estimated at approximately ₹10,000 crore. The company will contribute ₹4,200 million from unutilized IPO proceeds (equity of ₹1,000 million and loan of ₹3,200 million). Rays Power Infra Limited will fund ₹1,000 million, while Bhadani Financers Private Limited and Bank of Maharashtra have sanctioned facilities of ₹2,300 million and ₹2,500 million respectively for the balance.

Director Re-appointment and Cost Audit

Mr. Mangal Chand Teltia, Non-Executive Non-Independent Director, retires by rotation and offers himself for re-appointment. The Board also seeks ratification of remuneration for Cost Auditors M/s MM & Associates for FY26-27, set at ₹65,000 plus applicable taxes.

Meeting Details

Shareholders can access the AGM notice and the annual report for FY25-26 electronically. The documents will be emailed to members who registered their email addresses by September 4, 2026. The materials are also available on the company website and stock exchange portals.

E-Voting Process

Remote e-voting will open on September 27, 2026, at 9:00 am. The voting window closes on September 29, 2026, at 5:00 pm. Members holding shares as of the cut-off date, September 23, 2026, are eligible to vote.

Physical shareholders must register their email addresses with the company or its registrar, Alankit Assignments Limited, to participate. Demat holders should update details with their depository participants.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0TY101024/4f5bf659-7e37-4700-a17f-46e296f0349e.pdf