544354
Solarium Green financials
- Market cap
- ₹307 Cr
- Sector
- Construction
- Calls analysed
- 3
Solarium Green Q4 FY26
What went well
- Total Income grew 60% YoY to ₹368 crores in FY26, with a 3-year CAGR of 55%.
- Commissioned 1.2 GW fully automated module manufacturing facility in Ahmedabad, capable of 4000 panels/day.
- Secured a significant 50 MW AC ground-mounted solar project in Maharashtra valued at over ₹185 crores.
What to watch
- Gross margin compressed to 30% in FY26 from 34.5% in FY25 due to a strategic shift towards lower-margin large EPC projects.
- Finance costs increased significantly to ₹10.5 crores in FY26 from ₹3.5 crores in FY25, attributed to CAPEX and working capital for the new manufacturing plant.
What Solarium Green does
Solarium Green Energy is an Ahmedabad-based turnkey solar energy company that designs, engineers, procures, constructs, commissions and operates & maintains solar power plants across residential rooftop, commercial & industrial (C&I), ground-mounted and government projects. It has vertically integrated into manufacturing, commissioning a 1.2 GW fully automated module manufacturing facility in Ahmedabad along with an in-house mounting-structure manufacturing unit. The company also distributes solar products — PV modules, inverters, ABT meters and residential solar kits — through its own branded Sarathi dealer/partner network, positioning it as one of the largest EPC vendors under the government's PM Surya Ghar rooftop solar scheme.
Segments
- Residential Rooftop Solar
- Large-Scale EPC (C&I, Ground-Mounted & Government)
- Panel Manufacturing
- Distribution
- Module manufacturing capacity
- 1.2 GW (Ahmedabad line, ~4,000 panels/day, up to 725 Wp, 23.5% cell efficiency)
- In-house structure manufacturing capacity
- 1,200 MTPA
- Team size
- 400+
- Geographic presence
- ~15 states & UTs
- Sarathi distribution partner network
- 450+ partners across 25+ cities
- Residential rooftop projects executed
- 109+ MW
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 1 delivered 5 missed 8 open- Residential Rooftop Monthly Revenue delivered said Q4 FY25 Promised: Maintain this INR 10 crores run rate for the whole FY 2026 Q4 FY26: Management confirmed a monthly run rate of INR 10-12 crores for the last 3-4 months of FY26, excluding the new solar kit business.
- Overall EBITDA Margin missed said Q4 FY25 Promised: 11% to 13% is the range which we want to probably anchor at this point in time. Q4 FY26: FY26 EBITDA margin reported at 9.6%, below the target range. New guidance for FY27 is 10-12%.
- Module Manufacturing Plant Commissioning delayed said Q2 FY26 Promised: Expecting to get it commissioned by mid-January Q4 FY26: The facility was commissioned in mid-March 2026, approximately two months behind the original schedule.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 82 | 148 | 117 | 251 |
| EBITDA | 12 | 14 | 13 | 17 |
| Net profit | 8 | 11 | 9 | 11 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −60.3% 1Y
1Y: ₹370 on 10 Sept 2025 → ₹147.05. High ₹376 (11 Sept 2025), low ₹135.2 (16 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.8%
- 2 Jun
- Q2 FY26
- −0.7%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹0 Cr | ₹2 Cr | ₹18 Cr | ₹130 Cr | ₹142 Cr |
| Borrowings | ₹15 Cr | ₹27 Cr | ₹32 Cr | ₹117 Cr | ₹157 Cr |
| Other liabilities | ₹14 Cr | ₹13 Cr | ₹26 Cr | ₹29 Cr | ₹140 Cr |
| Total liabilities | ₹32 Cr | ₹44 Cr | ₹78 Cr | ₹297 Cr | ₹459 Cr |
| Fixed assets | ₹5 Cr | ₹6 Cr | ₹6 Cr | ₹10 Cr | ₹95 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹27 Cr | ₹39 Cr | ₹72 Cr | ₹288 Cr | ₹364 Cr |
| Total assets | ₹32 Cr | ₹44 Cr | ₹78 Cr | ₹297 Cr | ₹459 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public added +7.09 pp while DIIs trimmed −4.46 pp. The shareholder count grew 63% to 2,956.
- Promoters
- 58.6%
- DIIs
- 1.7%
- Public
- 39.7%
Since Mar 2025
- Public +7.09 pp
- DIIs −4.46 pp
- FIIs −2.87 pp
How it drifted, 3 quarters
Over this window the public went from 32.6% to 39.7% — +7.1 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 58.3%, FIIs 2.9%, DIIs 6.2%, Public 32.6%.Sep '25: Promoters 58.3%, FIIs 0.2%, DIIs 3.1%, Public 38.3%.Mar '26: Promoters 58.6%, DIIs 1.7%, Public 39.7%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mamta Garg +0.29 pp 0.66% held
- Aarth AIF Growth Fund AIF +0.10 pp 1.42% held
- Nitinbhai Ramshibhai Bhatia +0.09 pp 3.01% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Solarium Green above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ankit Garg | 25.16% | unchanged |
| Pankaj Vallabhbhai Gothi | 25.16% | unchanged |
| Aditya Goyal | 5.24% | unchanged |
| Nitinbhai Ramshibhai Bhatia | 3.01% | +0.09 pp |
| Mukul Mahavir Agrawal | 2.87% | unchanged |
| Amit Saxena | 2.34% | −0.11 pp |
| Nikunj Amritlal Dadhania | 1.48% | unchanged |
| Aarth AIF Growth Fund AIF | 1.42% | +0.10 pp |
| Nikhil Bansal | 1.33% | unchanged |
| Narasimareddy Manjunathareddy | 1.32% | unchanged |
| Tejal Pankajbhai Gothi | 1.26% | unchanged |
| Prateek Boob | 1.17% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Solarium Green
Guides on how to read this kind of business and the numbers that matter.