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 has recommended a final dividend of ₹0.55 per equity share for FY26 and approved its listing on the Bombay Stock Exchange. The Board of Directors made these announcements following a meeting held on June 18, 2026.

The dividend recommendation is subject to shareholder approval at the upcoming Annual General Meeting. If approved, the payout will be dispatched within 30 days of declaration. The record date for determining eligibility will be intimated separately.

Listing and Corporate Actions

The Board approved the proposal to list existing equity shares on the Mainboard Platform of BSE Limited, subject to necessary regulatory approvals. This follows the company’s presence on the National Stock Exchange.

Solex Energy has scheduled its 12th Annual General Meeting for September 22, 2026. The meeting will address key corporate actions including the proposed dividend and enhanced borrowing limits.

What the Numbers Show

The proposed borrowing limit of ₹2,000 crore represents a substantial expansion in financial flexibility. This ceiling allows the company to raise funds from various sources, including banks and financial institutions, beyond its paid-up share capital and free reserves. The move aligns with the company's stated objectives to support capital expenditure and strategic investments.

Governance and Remuneration

The Board seeks approval for the re-appointment of Dr. Chetan Shah as Chairman and Managing Director for a further term of three years, commencing August 6, 2027. His remuneration is capped at ₹50 lakh per month, with total benefits not exceeding ₹6 crore per annum.

Mr. Piyush Chandak is also up for re-appointment as Whole-Time Director for three years starting September 1, 2027. His monthly CTC is set at ₹2.5 lakh, with an annual cap of ₹30 lakh on total remuneration and benefits.

Related Party Transactions

Shareholders will vote on material related party transactions with subsidiary Solex Green Energy Private Limited. The proposed aggregate value for FY27 is capped at ₹300 crore. These transactions include the sale and purchase of goods and services, expected to constitute 18.54% of the listed entity's annual consolidated turnover from the preceding year.

Voting Details

The remote e-voting period begins on September 19, 2026, at 9:00 am and ends on September 21, 2026, at 5:00 pm. The register of members will remain closed from September 16 to September 21, 2026.