Solex Energy has unveiled an ambitious growth roadmap targeting nearly 400% revenue expansion by FY27, positioning itself as a key player in India's rapidly expanding solar sector. The Surat-based solar photovoltaic module manufacturer plans to scale revenues from ₹662.20 crore in FY25 to ₹3,300.00 crore by FY27, capitalizing on the government's ambitious 500 GW renewable energy target by 2030.

Revenue Growth Strategy

The company has outlined a phased approach to achieve its revenue targets, with significant growth expected in the near term:

The company expects to add approximately ₹1,337.80 crore in revenue during the second half of FY26, demonstrating the accelerated pace of its expansion plans.

Manufacturing Expansion and Backward Integration

Solex Energy is aggressively scaling its production capabilities to meet growing domestic and international demand. The company's current 4 GW module manufacturing facility in Gujarat is set to expand to 10 GW by 2030. This expansion includes backward integration into ingot and wafer manufacturing, which will reduce reliance on Chinese imports and protect margins while ensuring cost-competitive module delivery to both domestic and export markets.

Strong Historical Financial Performance

The company has demonstrated impressive financial growth over the past five years, establishing a solid foundation for its ambitious expansion plans:

Technology Innovation and Product Development

At the Renewable Energy India Expo (REI 2025), Solex unveiled its TaPi – RC series Back Contact (BC) module, scheduled for commercial production in the second half of 2026. Developed in partnership with Germany's ISC Konstanz, the module features:

• 132 half-cut BC cells with no front grid lines
• Power output of 635–665 W
• Efficiency of up to 24.60%
• Designed for independent power producers and solar developers

Profitability Projections

The company has provided detailed guidance for future profitability, indicating strong earnings growth alongside revenue expansion:

Global Market Strategy

Beyond domestic growth, Solex Energy is targeting the U.S. solar market, which accounts for 90% of India's solar module exports. High anti-dumping duties on Chinese products create opportunities for Indian manufacturers. The company is positioning itself as a cost-effective, fully non-Chinese supplier for U.S. developers by producing critical components domestically. To support its expansion and global ambitions, the company is raising capital in stages, including a ₹5.00 billion institutional fundraise.

Risk Considerations

Investors should note several risk factors, including quarterly earnings volatility due to seasonality and monsoon-related project delays. The company's supply chain still depends on globally concentrated raw materials such as wafers and silver. Additionally, U.S. tariffs and policy changes could affect export potential. The company's long-term borrowing has increased from ₹5.00 crore in 2020 to ₹293.00 crore in September 2025.

Solex Energy has announced a strategic partnership with Malaysia's TT Vision, marking a significant development in the renewable energy sector. This collaboration focuses on enhancing next-generation solar automation technologies and promoting talent growth within India's expanding solar energy market.

Strategic Partnership Overview

The partnership between Solex Energy and TT Vision represents a cross-border collaboration aimed at leveraging technological expertise and market knowledge. The alliance is designed to strengthen solar automation capabilities while simultaneously developing a skilled workforce in the renewable energy sector.

Focus Areas

The collaboration encompasses two primary areas of development:

Next-Generation Solar Automation

• Advanced technological solutions for solar energy systems
• Enhanced automation capabilities for improved efficiency

Talent Growth Initiatives

• Human resource development programs for the Indian renewable energy sector
• Skill development programs to address workforce demands

Market Implications

This partnership positions both companies to capitalize on India's growing renewable energy market. The collaboration with Malaysia's TT Vision brings international expertise to support domestic solar energy advancement and workforce development initiatives.

The strategic alliance reflects the increasing trend of international partnerships in the renewable energy sector, particularly in solar automation technologies and skill development programs. Through this collaboration, Solex Energy aims to enhance its capabilities in solar automation and contribute to the development of skilled professionals in India's renewable energy sector.