Solex Energy has set a revenue target of ₹4,500 crore by FY28, outlining an ambitious growth roadmap for the solar energy company. This target follows a strong FY26 performance with revenue up 143.9% YoY.

FY26 performance highlights

The company reported robust financial results for FY26, marking a significant step in its expansion journey. Key metrics disclosed during the 12th Annual General Meeting (AGM) include:

The substantial increase in revenue reflects growing scale of operations and market demand for its solar solutions. The order visibility exceeding ₹34,000 million provides strong forward-looking support for the company's near-term growth trajectory.

Strategic expansion plans

Solex is advancing from its established solar module business towards a more integrated renewable energy platform. The strategic roadmap includes:

• Solar Cell Manufacturing: Establishing 2.2 GW of solar cell capacity by FY28, scaling to 5.2 GW by early FY29. This move aims to strengthen control over quality, costs, and supply chain resilience.
• Battery Energy Storage Systems (BESS): Developing capabilities for 10 GWh of battery pack and container assembly, with the first 5 GWh phase targeted for FY29.
• Capital Expenditure: An investment programme of approximately ₹4,000 crore between FY27 and FY30, representing the largest expansion programme in the company's history.

Global outlook and leadership commentary

Addressing shareholders, Chetan Shah, Chairman and Managing Director, stated that the company is building an integrated, technology-driven energy platform from India. The focus is on creating capabilities that shape the next generation of energy, with resilience across cycles.

Solex is also expanding its international footprint through plans for Solex Europe and Solex USA. The objective is to build long-term customer partnerships and establish the company as a trusted Indian solar manufacturing brand globally, leveraging India's manufacturing capabilities.

What the numbers show

The combined data reveals a significant acceleration in growth momentum. With FY26 revenue already at ₹16,211 million (approx. ₹1,621 crore), the target of ₹4,500 crore by FY28 implies a need for sustained high-growth rates over the next two years. The large order book visibility of over ₹34,000 million relative to the current annual revenue base suggests strong pipeline conversion potential. Furthermore, the planned capex of ₹4,000 crore against the FY26 EBITDA of ₹1,867 million indicates a capital-intensive phase that will require careful balance sheet management to fund the shift into solar cells and BESS.

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.