Solex Energy Limited held its 12th Annual General Meeting on September 22, 2026, where shareholders approved a final dividend of ₹0.55 per equity share for FY26. The meeting also ratified the re-appointment of key leadership figures and authorized increased borrowing limits.

The virtual meeting, conducted via Video Conferencing, commenced at 12:30 pm and concluded at 12:51 pm. Dr. Chetan Shah, Chairman and Managing Director, chaired the session. Company Secretary Azmin Chiniwala confirmed that the requisite quorum was present and that remote e-voting facilities were provided through NSDL from September 19 to September 21, 2026.

Key resolutions passed

Shareholders adopted the audited consolidated and standalone financial statements for the financial year ended March 31, 2026. The following ordinary business items were approved:

• Declaration of a final dividend of ₹0.55 per equity share of face value ₹10 each.
• Re-appointment of Dr. Chetan Shah (DIN: 02253886) as Director retiring by rotation.
• Re-appointment of Mr. Kalpesh Patel (DIN: 01066992) as Director retiring by rotation.

Special business and governance updates

The meeting addressed several special resolutions focusing on corporate governance and financial flexibility. Notably, shareholders approved the revision in remuneration for Dr. Chetan Shah and his subsequent re-appointment as Chairman and Managing Director. Mr. Piyush Chandak (DIN: 09195922) was also re-appointed as Whole-time Director.

To support operational expansion, the company sought and received approval to increase borrowing limits under Section 180(1)(c) of the Companies Act, 2013. Additionally, shareholders sanctioned inter-corporate loans, guarantees, or securities under Section 185, and specific loans, investments, guarantees, and securities under Section 186 to two subsidiary entities: Solex Green Energy Private Limited and Solex New Energy Private Limited.

Voting and scrutiny process

The voting process was scrutinized by M/s RPSS & Co., Company Secretaries, Ahmedabad, appointed as the scrutinizer to ensure fair and transparent electronic voting. The results of the e-voting, along with the consolidated Scrutinizer's Report, are scheduled to be disseminated to stock exchanges and published on the company's website and NSDL platform.

Solex Energy has received a confirmed work order worth ₹74.77 crore from domestic entities. This is classified as a Significant order. The contract terms specify the manufacture and supply of Solar PV Modules. The work is scheduled to be executed across December 2026. The order was disclosed to the exchange on September 3, 2026.

ORDER IN FINANCIAL CONTEXT

The ₹74.77 crore order value represents approximately 18.4% of the company's average quarterly revenue of ₹406.40 crore. When combined with the previously disclosed backlog, the total disclosed order book stands at ₹788.08 crore (sum of the 4 orders disclosed across the last 3 fiscal quarters shown in the table below). This backlog provides coverage of 1.94 quarters of average quarterly revenue. The book-to-bill ratio indicates a growing pipeline relative to current sales scale.

COMPANY ORDER TRACK RECORD

Order inflow velocity has been stable with significant large-ticket wins. The most recent quarter saw a massive single-order inflow, while the current filing adds another confirmed contract. The current order size of ₹74.77 crore is smaller than the typical per-order size visible in the recent history, which includes a ₹628.37 crore contract.

EXECUTION AND REVENUE QUALITY

Revenue recognition has accelerated sharply in recent quarters. Q4FY26 showed a substantial jump in both top-line and bottom-line figures compared to prior periods. Operating profit margins have expanded, reaching 11.11% in the latest reported quarter. There are no net losses or negative operating margins in the recent quarterly data, signaling improving execution efficiency.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As solex energy limited has sustained order wins, with a major inflow of ₹628.37 crore in Q2FY27, its annual revenue has grown from ₹665.80 crore in FY25 to ₹1618.06 crore in FY26, representing a YoY growth of 143.0% based on the latest annual data. This rapid expansion suggests that past order conversions are effectively driving top-line momentum.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet shows a current ratio of 1.23x, indicating adequate short-term liquidity to manage immediate obligations. However, the total liabilities to equity ratio is elevated at 3.67x. This figure includes trade payables and other non-debt liabilities, as the source data does not isolate interest-bearing debt. Operating cashflow was negative at -₹47.50 crore in FY25, suggesting that the business is consuming cash to fund operations and growth, likely due to working capital requirements for inventory and receivables.

WHAT TO WATCH

• Execution rate: Monitor whether the large ₹628.37 crore backlog converts to revenue at an accelerating pace in upcoming quarters.
• OPM trajectory: Watch if operating profit margins on new orders sustain the 11%+ levels seen in recent quarters.
• Cash conversion: With negative operating cashflow in FY25, track improvements in free cashflow as the revenue base expands.
• Client concentration: Assess if the reliance on a few large entities for order inflows poses any counterparty risk.

KEY OBSERVATIONS

• Contract structure: This is a confirmed work order. Revenue recognition can begin as per the terms of the order, scheduled for December 2026.
• Leverage flag: Total Liabilities/Equity of 3.67x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.
• Cash conversion: Operating cashflow of -₹47.50 crore in FY25; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.