Solex Energy Q2 FY27 Revenue Surges 75.8% YoY to ₹274.3 Crore; Secures ₹628 Crore Order
Solex Energy reported Q2 FY27 consolidated revenue of ₹274.3 crore, a 75.8% YoY increase. EBITDA was ₹28.4 crore, and PAT was ₹3.9 crore. The company secured a major order of ₹628.37 crore for solar PV modules. Its subsidiary approved a ₹150 crore CCD issuance. Order book visibility exceeds ₹4,000 crore.
The substantial year-on-year revenue growth, a very large new order, and a significant order book visibility are material events that are likely to have a high impact on the company's financial performance and market perception.
The company reported strong YoY revenue growth and secured a significant new order, indicating positive business momentum. While PAT saw a YoY decline, the overall revenue surge and order book outlook are positive factors.
Solex Energy Limited announced its unaudited consolidated financial results for the second quarter and half year ended September 30th, 2026.
For Q2 FY27, the company reported a total revenue of ₹2,743 million (₹274.3 crore), marking a significant 75.8% year-on-year growth. This strong performance was attributed to robust module volumes, favorable product realizations, and consistent execution.
EBITDA for the quarter stood at ₹284 million, with an EBITDA margin of 10.4%. The company noted that this was impacted by a temporary regulatory procurement pause leading to lower capacity utilization, while fixed costs remained constant. Shifts in product mix and working capital utilization also played a role.
Profit After Tax (PAT) for the quarter was ₹39 million, with a PAT margin of 1.4%. Earnings Per Share (EPS) was ₹3.5.
In terms of business highlights, Solex Energy secured a major order worth ₹628.37 crore from a global renewable energy group for N-Type TOPCon solar PV modules, which is the largest single order secured during FY27. Additionally, the company received work orders totaling ₹42.47 crore, ₹74.77 crore, and ₹75.96 crore for solar PV modules. Solex Energy and its subsidiary also secured two work orders aggregating ₹194.14 crore for TOPCon Bifacial solar PV modules.
Dr. Chetan Shah, Chairman and Managing Director, commented on the results, stating that Q2 & H1 FY27 was a period of transition for the solar module industry due to evolving ALMM List-II regulations and changes in customer delivery schedules. He highlighted that the company deferred fresh inventory procurement from May until clarity emerged in mid-July. Solex Energy is strengthening its manufacturing capabilities with a 4 GW module manufacturing platform and progressing with a planned 2.2 GW solar cell manufacturing facility. The order book visibility stands at over ₹4,000 crore, with approximately ₹1,050 crore in confirmed orders and the remaining ₹3,000 crore at an advanced closure stage.
The company's subsidiary, Solex Green Energy Private Limited, also approved the issuance of CCDs worth ₹150 crore.
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