Solex Energy Shares Jump 6% After Securing ₹276 Crore Solar Module Order

Solex Energy Limited's shares experienced a significant surge of 6.09% following the announcement of a substantial work order worth ₹276 crore for solar photovoltaic modules. The stock reached an intraday high of ₹1,187.90 per share, rising from the previous day's closing price of ₹1,119.70, before retreating to ₹1,162.50.

Major Order Win Drives Market Confidence

The company secured a significant work order worth ₹276 crore from a reputed domestic independent power producer for manufacturing and supplying high-efficiency N-Type TOPCon solar PV modules. The order encompasses both 615 Wp and 620 Wp glass-to-glass (G12R) modules, recognized for their superior performance and durability characteristics.

Order Details:	Specifications
Order Value:	₹276 crore
Module Types:	615 Wp and 620 Wp TOPCon
Technology:	N-Type glass-to-glass (G12R)
Execution Period:	February to May 2026
Client Type:	Domestic independent power producer

Strong Financial Performance and Growth Trajectory

Solex Energy Limited has demonstrated impressive long-term returns, delivering over 4,104.55% returns to investors over the past five years. The company's recent financial performance shows mixed results in the first half comparison.

Financial Metrics:	H1 FY25	H1 FY26	Growth (%)
Revenue:	₹131.75 crore	₹155.02 crore	+17.66%
Net Profit:	₹9.08 crore	₹5.79 crore	-36.23%

Despite the recent decline in net profit, the company has achieved remarkable growth over the past two years, with revenue and net profit growing at a CAGR of 102.15% and 278.59% respectively.

Ambitious Revenue Projections and Expansion Plans

The management has outlined aggressive growth targets, aiming to nearly quadruple revenue by FY27. The company expects substantial revenue expansion supported by capacity additions and improved utilization rates.

Revenue Projections:	Amount
FY25 (Expected):	₹662.20 crore
FY26 (Target):	₹2,000.00 crore
FY27 (Target):	₹3,300.00 crore

Profitability improvements are also projected, with PAT expected to increase from ₹42.80 crore in FY25 to ₹120-160 crore in FY26, and further to ₹264-330 crore by FY27. PAT margins are anticipated to improve to 6-8% in FY26 and 8-10% in FY27.

Strong Market Position and Diversified Client Base

Solex Energy Limited has established a robust market presence with a 4 GW module manufacturing capacity and over 15 domestic and international certifications. The company maintains a strong order book exceeding ₹4,000 crore as of September 30, 2025, and has successfully shipped more than 3 million solar modules across over 10,000 projects.

The company serves a diversified client portfolio including:

Industrial clients: Amul, Banco Aluminium, Tata Group entities
Energy sector: Adani Group entities, Torrent Power, ONGC, GAIL
Government bodies: Indian Railways, NPCIL, various state electricity boards
Renewable energy agencies: GEDA, SPRERI, CREDA

Company Fundamentals and Market Metrics

With a market capitalization of ₹1,228.89 crore, Solex Energy Limited demonstrates strong return ratios with ROCE at 29.90% and ROE at 40.60%. The company reports an earnings per share of ₹54.00 and maintains a debt-to-equity ratio of 1.57x. Founded in 1995 and headquartered in Surat, Gujarat, the company operates a 1.5 GW manufacturing facility and aims to scale up to 10 GW each of solar module and solar cell capacity under its Vision 2030 growth plan.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.30%	-13.46%	-22.32%	-4.51%	-20.40%	+3,163.53%

Solex Energy Limited has secured a substantial ₹276 crore work order from a domestic independent power producer, providing significant visibility to its order book. The order encompasses the manufacture and supply of advanced N-type TOPCon solar PV modules, marking a major business win for the solar energy company.

Order Specifications and Timeline

The comprehensive order involves the supply of high-efficiency solar modules in two variants - 615 Wp and 620 Wp glass-to-glass (G12R) solar modules. The execution timeline spans four months, scheduled between February and May 2026, allowing the company adequate time for production planning and delivery.

Parameter:	Details
Order Value:	₹276 crores
Module Types:	615 Wp and 620 Wp G12R
Technology:	N-type TOPCon solar PV
Execution Period:	February - May 2026
Customer:	Domestic Independent Power Producer

According to the regulatory filing, the order value is inclusive of all applicable duties and taxes. The company has clarified that this transaction does not fall under related-party dealings, ensuring transparency in the business arrangement.

Recent Financial Performance

For the quarter ended September 2025, Solex Energy reported mixed financial results. While the company demonstrated revenue growth, profitability faced challenges during the period.

Financial Metric:	Q2 FY26	Q2 FY25	Change (%)
Net Sales:	₹148.61 cr	₹131.75 cr	+12.79%
Net Profit:	₹3.40 cr	₹9.13 cr	-62.75%
EBITDA:	₹15.05 cr	-	Marginally lower YoY

The company achieved net sales of ₹148.61 crore, representing a healthy 12.79% year-on-year growth. However, net profit declined significantly by 62.75% to ₹3.40 crore, compared with ₹9.13 crore in the corresponding period of the previous year. EBITDA stood at ₹15.05 crore, showing a marginal decline on a year-on-year basis.

Market Performance

On Monday, shares of Solex Energy closed 0.87% lower at ₹1,110 on the NSE, reflecting typical market fluctuations. The substantial order win is expected to strengthen the company's order book and provide revenue visibility for the upcoming fiscal periods, particularly given the execution timeline extending into 2026.