Solex Energy Limited has reported its audited consolidated and standalone financial results for the quarter and year ended March 31, 2026. The company delivered a strong performance with consolidated net profit for the full year rising to ₹982.52 million, a 132.6% increase compared to ₹422.26 million in the previous year. Consolidated revenue from operations for FY26 stood at ₹16,180.63 million, marking a 144.3% growth from ₹6,622.23 million in the prior year. The statutory auditor, M/s Maheshwari & Co., Chartered Accountants, issued an audit report with an unmodified opinion on the financial results.

Consolidated Financial Performance

The company reported broad-based growth across key financial metrics for both the quarter and the full fiscal year. For the quarter ended March 31, 2026, consolidated revenue from operations was ₹8,855.32 million, while net profit stood at ₹588.89 million. EBITDA for Q4FY26 was ₹984.00 million, with an EBITDA margin of 11.11%, compared to ₹280.00 million and 11.00% in Q4FY25. Profit attributable to owners of the company for FY26 stood at ₹960.07 million, while non-controlling interest accounted for ₹22.45 million. Total comprehensive income for FY26 was ₹982.43 million on a consolidated basis. The table below summarises the audited consolidated financial results:

Standalone Financial Performance

On a standalone basis, Solex Energy reported revenue from operations of ₹15,552.80 million for FY26, compared to ₹6,600.47 million in the previous year. Standalone net profit for the full year was ₹888.98 million, against ₹390.34 million previously. For Q4FY26, standalone revenue from operations was ₹8,394.84 million and net profit was ₹548.01 million. The table below presents the key standalone financial metrics:

Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects significant expansion in the company's asset base. Total consolidated assets grew to ₹11,813.54 million from ₹4,976.29 million in the previous year. Total equity on a consolidated basis stood at ₹2,560.82 million, compared to ₹1,584.33 million previously. On a standalone basis, total assets were ₹11,391.90 million against ₹4,851.91 million, with total equity at ₹2,434.15 million versus ₹1,551.21 million. Key balance sheet items are presented below:

Cash Flow Summary

The consolidated cash flow statement for FY26 shows net cash from operating activities of ₹2,006.91 million, a significant improvement from an outflow of ₹404.58 million in the previous year. Net cash used in investing activities was ₹2,251.61 million, primarily on account of additions to fixed assets and intangibles of ₹1,851.91 million. Net cash from financing activities was ₹888.08 million, driven by an increase in long-term liabilities of ₹1,244.60 million. The closing balance of cash and cash equivalents on a consolidated basis stood at ₹763.85 million, compared to ₹120.47 million at the start of the year. On a standalone basis, net cash from operating activities was ₹2,135.56 million versus an outflow of ₹418.47 million previously, with net cash from financing activities of ₹742.56 million. The standalone closing cash balance was ₹745.58 million, up from ₹102.44 million.

Management Commentary and Outlook

During the post-earnings conference call held on May 18, 2026, management highlighted that the working capital cycle improved to approximately 35 days in FY26 from 61 days in FY25. The net debt-to-equity ratio stood at 0.57:1, with Return on Equity (ROE) at 38.4% and Return on Capital Employed (ROCE) at 31.7% as on March 31, 2026. The company successfully executed over 200 EPC projects in FY26 and reported module sales volume of over 1 gigawatt.

Management stated that the order book visibility exceeds ₹34,000 million. For FY27, the company targets a top line of ₹26,000 million with a PAT margin in the range of 6% to 8%. The guidance is based on a conservative capacity utilization estimate of 55%. The company is also progressing with its strategic initiatives, including the signing of an MoU with the Government of Gujarat for a ₹40,000 million investment to develop 5-gigawatt solar cell and 10-gigawatt Battery Energy Storage System (BESS) manufacturing facilities. The first phase of the cell line, with a capacity of 2.2 gigawatts, is expected to be operational by December 2027.

Board Decisions and Corporate Developments

At the Board meeting held on May 16, 2026, the Board approved the re-appointment of M/s. Savjani & Associates as Internal Auditor and M/s. P.K. Chatterjee & Associates as Cost Auditor for FY2026-27. The Board also approved the re-appointment of Dr. Chetan Shah as Chairman & Managing Director for a period of three years from August 06, 2027 to August 05, 2030, and Mr. Piyush Chandak as Whole-Time Director for a period of three years from September 01, 2027 to August 31, 2030, both subject to shareholders' approval. Additionally, the Board approved the re-appointment of Mr. Kalpeshkumar Patel as director, retiring by rotation at the ensuing AGM, and the re-appointment of Dr. Chetan Shah as director, retiring by rotation at the ensuing AGM. The Board also reviewed and revised its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015.

The consolidated financial results include Solex Energy Limited as the holding company, along with its subsidiaries — Solex Green Energy Private Limited (76% equity interest, incorporated June 3, 2024) and Solex New Energy Private Limited (100% equity interest, incorporated July 3, 2025), the latter being a wholly owned subsidiary incorporated for manufacturing of photovoltaic cells. The company operates in a single segment, comprising solar module manufacturing and Engineering, Procurement and Construction (EPC) activities in the solar energy market.

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.