Solex Energy has achieved a significant operational milestone by reaching 3.78 GW solar module production capacity while securing its position in the Ministry of New and Renewable Energy's (MNRE) Approved List of Models and Manufacturers (ALMM) directory.

Production Capacity Achievement

The company has successfully established 3.78 GW of solar module production capacity, representing a substantial manufacturing capability in the renewable energy sector. This capacity enhancement positions Solex Energy among the notable solar module manufacturers in India's growing photovoltaic industry.

MNRE ALMM Directory Listing

Solex Energy's inclusion in the MNRE's ALMM directory marks a crucial regulatory achievement. The ALMM listing is mandatory for solar module manufacturers seeking to participate in government solar projects and tenders across India. This certification validates the company's manufacturing standards and product quality according to government specifications.

Strategic Market Position

The combination of substantial production capacity and MNRE approval creates opportunities for Solex Energy to compete in India's expanding solar market. The ALMM listing enables the company to bid for government solar installations and projects under various renewable energy schemes.

This development aligns with India's renewable energy targets and the government's push for domestic solar manufacturing capabilities. The achievement demonstrates Solex Energy's commitment to meeting regulatory standards while scaling its manufacturing operations in the competitive solar energy sector.

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.

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.

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.

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.