Solex Energy Limited , headquartered in Surat, Gujarat, and specialised in the manufacturing of Solar Photovoltaic (PV) modules and providing EPC services, has announced its revenue from operations for the fourth quarter and twelve months ended March 31, 2026. The company reported a 247.1% year-on-year surge in revenue from operations in Q4FY26 and crossed the ₹1,600 crore revenue milestone for FY26, underscoring its expanding presence in India's solar manufacturing and EPC landscape.

Revenue Performance Highlights

The company delivered substantial growth across both the quarter and the full fiscal year. The following table presents the key revenue metrics for Q4FY26 and FY26 in comparison with the corresponding prior periods:

Revenue from operations in Q4FY26 stood at ₹8,855.3 million, compared to ₹2,544.0 million in Q4FY25, representing a growth of 248.1%. For the full year FY26, revenue from operations reached ₹16,180.6 million, up 144.3% from ₹6,622.2 million in FY25.

Management Commentary

Commenting on the performance, Dr. Chetan Shah, Chairman and Managing Director of Solex Energy, stated that the company delivered strong operational performance in Q4 and FY26, with revenue from operations growing 2.5 times year-on-year to ₹8,829.5 million in the quarter. He attributed this growth to improved capacity utilisation and disciplined execution of key projects, meeting rising demand for high-efficiency N-Type modules.

Dr. Shah further noted that in FY26, Solex successfully executed over 200 diverse EPC projects across solar parks, industrial ecosystems, textiles, and infrastructure sectors, demonstrating broad market reach. He also highlighted that the company's order book remains robust at over ₹4,000 crores, including EPC orders, ensuring a strong revenue pipeline for the next 15-18 months.

About Solex Energy Limited

Solex Energy Limited has been a pioneer in India's solar manufacturing journey since 1995. The company operates a state-of-the-art, Industry 4.0 enabled, fully automated manufacturing facility at Tadkeshwar, Gujarat, with a production capacity of 4 GW for photovoltaic modules. Key highlights of the company's operations include:

• Manufacturing: Advanced automation, real-time quality controls, and data-driven manufacturing processes for high-efficiency, high-reliability PV modules
• Certifications: Globally recognised certifications and exports to multiple countries
• EPC Services: Comprehensive EPC solutions across utility-scale, commercial, industrial, and institutional segments
• ALMM Framework: Capacity expansion under the Ministry of New and Renewable Energy (MNRE), Government of India's Approved List of Models and Manufacturers (ALMM) framework

Built on the core values of consistency, quality, and commitment, the company serves as a preferred OEM partner to internationally recognised brands and positions itself as a long-term energy partner committed to accelerating the transition to clean, reliable, and sustainable energy.

Solex Energy has signed a landmark Memorandum of Understanding (MoU) with the Government of Gujarat to establish a large-scale advanced renewable energy manufacturing ecosystem in the state, with a proposed investment of approximately ₹4,000 crore. The MoU was signed by Shri Vipul Shah, Director, Solex Energy Limited, and Shri Swaroop P, IAS, Industrial Commissioner, Government of Gujarat. The signing ceremony was graced by the presence of Shri Bhupendra Patel, Hon'ble Chief Minister of Gujarat; Shri Hardeep Singh Puri, Hon'ble Minister of Petroleum and Natural Gas, Government of India; Shri C. R. Patil, Hon'ble Union Minister of Jal Shakti, Government of India; and Shri Harsh Sanghavi, Hon'ble Deputy Chief Minister of Gujarat, underscoring the strong support of both the Central and State Governments for this landmark investment.

Project Overview and Investment Details

The MoU encompasses the development of two major facilities with a combined investment of ₹4,000 crore. The project includes establishing a 5 GW Solar Cell Manufacturing Plant alongside a 10 GW Battery Energy Storage System (BESS) facility, positioning Solex Energy as a significant contributor to India's renewable energy manufacturing capabilities. The solar cell manufacturing plant is planned across two development phases, with Phase I targeting 2 GW capacity and Phase II covering the remaining 3 GW expansion.

Leadership Commentary

Commenting on the development, Dr. Chetan Shah, Chairman & Managing Director, Solex Energy Limited, said: "This MoU is not merely an investment announcement, it is a commitment towards India's clean energy future. At Solex Energy, we are envisioning the next phase of growth through scale, innovation, and nation-building. Our integrated solar cell and energy storage manufacturing project will strengthen domestic manufacturing capabilities, reduce import dependence, and help build a resilient renewable energy ecosystem for generations to come."

He further added, "Aligned with our Vision 2030, Solex remains committed to building not just infrastructure, but impact, through sustainable innovation, job creation, and skill development, especially by empowering young talent from underserved and tribal communities."

Strategic Partnership Framework

The agreement establishes Solex Energy as the primary party working directly with the Government of Gujarat, represented through its competent authority. The Government of Gujarat maintains no shareholding or financial relationship with the company, ensuring an independent business partnership focused on industrial development and job creation in the state. The proposed integrated manufacturing ecosystem is expected to significantly contribute to Gujarat's emergence as a global clean-tech manufacturing hub while generating substantial employment opportunities and accelerating India's renewable energy ambitions.

Regulatory Compliance and Disclosure

The company has fulfilled its regulatory obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The MoU does not impose any financial restrictions, contingent liabilities, or penalties upon Solex Energy. Additionally, the agreement does not result in any changes to the company's management structure, control mechanisms, or ownership patterns.

About Solex Energy Limited

Headquartered in Surat, Gujarat, Solex Energy Limited has been a pioneer in India's solar manufacturing journey since 1995. With nearly three decades of expertise, Solex is among India's most trusted solar module manufacturers. The company operates a state-of-the-art, Industry 4.0 enabled, fully automated manufacturing facility at Tadkeshwar, Gujarat, with a production capacity of 4 GW for photovoltaic modules. Beyond manufacturing, Solex provides comprehensive EPC solutions across utility-scale, commercial, industrial, and institutional segments. The MoU signing was announced through official regulatory filings, with Company Secretary and Compliance Officer Azmin Chiniwala managing the disclosure requirements.