Gujarat-based solar module manufacturer Solex Energy reported a revenue of ₹8.86 billion (~$92.39 million) for the fourth quarter (Q4) of the financial year (FY) 2026, up 247.6% year-over-year (YoY) from ₹2.55 billion (~$26.58 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter rose 246.1% YoY to ₹986.2 million (~$10.29 million) from ₹285 million (~$2.97 million).

Net profit increased 289.4% YoY to ₹588.9 million (~$6.14 million) from ₹151.3 million (~$1.58 million).

Diluted earnings per share rose to ₹53.61 (~$0.56) from ₹13.25 (~$0.14).

Solex said it plans to commission a 2.2 GW N-type TOPCon solar cell line in 2027. The company estimated a capital expenditure of about ₹10.5 billion (~$109.51 million). It said it is exploring about ₹7 billion (~$73.01 million) through debt and about ₹3.5 billion (~$36.50 million) through a mix of equity and debt.

The company plans to expand module capacity to 6.5 GW by FY 2028 and 10 GW by FY 2030.

It plans to increase solar cell capacity to 3 GW by FY 2028 and 10 GW by FY 2030.

By FY2030, the company plans to enter ingot and wafer manufacturing with a 2 GW capacity and battery energy storage system manufacturing with a 10 GW capacity.

Solex outlined a Vision 2030 plan involving an investment of about $1.5 billion to build an integrated solar ecosystem.

FY 2026

The company reported a revenue of ₹16.21 billion (~$169.08 million) in FY 2026, a 143.9% YoY increase from ₹6.65 billion (~$69.33 million).

EBITDA stood at ₹1.87 billion (~$19.47 million), up 134.6% YoY from ₹795.8 million (~$8.30 million).

Net profit after tax increased 132.7% YoY to ₹982.5 million (~$10.25 million) from ₹422.3 million (~$4.40 million). Net margin narrowed to 6.1% from 6.4%.

Diluted earnings per share rose to ₹88.88 (~$0.93) from ₹39.98 (~$0.42).

The company said FY 2026 revenue growth was supported by higher execution and expansion of its solar module manufacturing operations. Its module manufacturing capacity stood at 4 GW, up from about 2.5 GW at the end of the year.

Solex delivered over 200 EPC projects during the year. The company also said it had shipped more than 3 million modules and executed over 10,000 projects. It noted that its export presence covered seven countries across Europe, North America, and Africa.

In January, Solex Energy secured a work order worth ₹2.76 billion (~$30.5 million) from an independent power producer to supply 615 Wp N-type TOPCon and 620 Wp glass-to-glass solar modules.

In October 2025, Solex received a work order worth over ₹5.44 billion (~$61.33 million) from the Spain-based renewable energy project developer Zelestra Group to manufacture and supply N-Type TOPCon 615/620Wp glass-to-glass solar modules.