Solex Energy has scheduled a meeting of its Board of Directors for Thursday, June 18, 2026. The agenda includes considering and recommending a dividend, if any, on equity shares for the financial year ended March 31, 2026.

The company notified the National Stock Exchange of India Ltd regarding the upcoming corporate action. This disclosure aligns with standard regulatory requirements for listed entities in India.

Regulatory Compliance

The intimation was issued pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates timely disclosure of board meetings where financial results or dividends are considered.

Trading Window Closure

In accordance with the company's Code of Conduct for Prevention of Insider Trading, framed under the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window is now closed.

Promoters, members of the promoter group, directors, designated persons, insiders, and their immediate relatives are prohibited from dealing in the equity shares of the company during this period.

The trading window will reopen only after 48 hours from the declaration of the outcome of the board meeting. This restriction ensures that material non-public information does not influence market transactions by connected parties.

Solex Energy reported a year-on-year decline in net profit of 33% to ₹8.3 crore for the first quarter of FY27, despite a marginal rise in revenue. The contraction in profitability was driven by higher depreciation and finance costs associated with expanded capacity.

Total revenue stood at ₹265.6 crore in Q1FY27, up 1.8% from ₹261 crore in the same period last year. EBITDA fell to ₹33.8 crore from ₹42.7 crore, resulting in a margin compression from 16.4% to 12.7%.

Financial Performance

The company attributed the profit dip to structural cost increases rather than operational weakness. Depreciation and amortization more than doubled to ₹10.2 crore from ₹4.3 crore, reflecting the full-quarter impact of Line 3 and Line 4 commissioned in November 2025. Finance costs rose to ₹12.5 crore from ₹5.4 crore due to higher working capital deployment via fund-based limits.

Profit before tax stood at ₹11.1 crore. Earnings per share were reported at ₹7.39.

What the Numbers Show

The divergence between stable revenue and declining margins highlights the impact of fixed costs on Solex’s current scale. With revenue growth limited to 1.8%, the company absorbed a ₹5.9 crore increase in depreciation and a ₹7.1 crore rise in finance costs. This suggests that until capacity utilization improves significantly in the second half, operating leverage will remain muted as fixed expenses outpace top-line growth.

Order Book and Outlook

Management highlighted an order book visibility of approximately ₹3,400 crore, comprising confirmed purchase orders, signed MSAs, and advanced-stage discussions. The company secured a new work order worth ₹42.47 crore in August 2026 for N-type TOPCon modules, adding to a pipeline of ₹845.84 crore targeted for execution by December 31, 2026.

Chairman Dr. Chetan Shah noted that the business is inherently second-half weighted due to seasonal utility-scale project execution. He clarified that recent delivery delays were timing shifts rather than cancellations, driven by industry-wide wait-and-watch behavior following ALMM-2 regulatory clarifications.

Strategic Initiatives

Solex is advancing its backward integration plans with a 2.2 GW N-type TOPCon+ cell manufacturing line, targeted for commissioning by end-2027. The project requires approximately ₹700 crore in debt and ₹350 crore in equity. The company also listed its shares on the BSE main board in August 2026, broadening its investor base without raising fresh capital.

For FY27, management maintains its revenue guidance and expects PAT margins in the range of 5% to 6%, contingent on higher utilization rates in the latter half of the fiscal year.