SOLARWORLD
Solarworld Energy Solutions share price & financials
- Price
- ₹206.46
- Market cap
- ₹1.2k Cr
- Sector
- Construction
- Calls analysed
- 3
SOLARWORLD Q4 FY26
What went well
- FY26 Total income of INR 1416 crores, representing a 157% YoY growth.
- FY26 PAT of INR 120.4 crores, translating into a Net Margin of 8.5%.
- Q4 FY26 Revenue from operations of INR 591 crores, up 235% YoY.
What to watch
- Q4 FY26 EBITDA margin at 12.1% (FY26 at 13.3%) was impacted by significant raw material price increases and exchange rate fluctuations.
- Potential for short-term solar cell shortage for 6-12 months due to ALCM2 implementation, which might delay some projects.
What Solarworld Energy Solutions Limited does
Solarworld Energy Solutions is an EPC (engineering, procurement and construction) contractor for utility-scale and rooftop solar power projects in India, working mainly on a turnkey CAPEX basis where the customer owns the asset, with a small RESCO (build-own-operate) portion routed through a joint venture. It has expanded into Battery Energy Storage System (BESS) EPC for PSU customers such as NTPC, and has backward-integrated into manufacturing, operating a 1.552 GW TOPCon solar module facility in Roorkee, Uttarakhand alongside a 3.4 GW BESS manufacturing line and a 1.2 GW solar cell facility under development. The company has executed 60+ solar EPC projects across 9 Indian states since its 2013 incorporation.
Segments
- Solar EPC (CAPEX model)
- RESCO
- BESS EPC
- Manufacturing
- O&M
- Completed EPC capacity
- 264 MW AC / 348 MW DC across 47 completed projects
- Ongoing EPC project capacity
- 1,405 MW AC / 1,809 MW DC
- Ongoing BESS project capacity
- 582 MW / 1,184 MWh
- Solar module manufacturing capacity
- 1.552 GW TOPCon module line at Roorkee, Uttarakhand (ALMM-listed)
- BESS manufacturing facility
- 3.4 GW fully automated line with KUKA robotics; trials underway
- Solar cell manufacturing facility (under development)
- 1.2 GW TopCon cell line, targeted for commercial operations by June 2027
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 1 delivered 4 missed 8 open- EPC EBITDA Margin delivered said Q3 FY26 Promised: 9% to 11% Q4 FY26: The company reported a full-year FY26 EBITDA margin of 13.3%, which is above the guided range for the EPC business. This indicates the target was met.
- FY26 Revenue missed said Q1 FY26 Promised: ₹1,500 crores Q4 FY26: Company reported full-year FY26 total income of ₹1,416 crores, missing the original ₹1,500 crore target despite the optimistic revision in the previous quarter.
- BESS Line Operationalization delayed said Q1 FY26 Promised: January 2026 Q4 FY26: As of the May 26 call, the 3.4 GW BESS facility is 'ready, with trials currently underway,' indicating it was not fully operational by the revised 'end of March' deadline.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 111.8%, net profit down 5.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 142 | 204 | 178 | 68 | 127 −11% | 495 +143% | 512 +188% | 144 +112% |
| EBITDA | 30 | 59 | 14 | 10 | 17 −43% | 60 +2% | 54 +286% | 12 +20% |
| Net profit | 23 | 44 | 12 | 17 | 15 −35% | 51 +16% | 50 +317% | 16 −6% |
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 −56.3% 1Y
1Y: ₹323.5 on 30 Sept 2025 → ₹141.48. High ₹338.4 (29 Oct 2025), low ₹140.98 (10 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.0%
- 26 May
- Q3 FY26
- −2.6%
- 2 Feb
- Q1 FY26
- −3.0%
- 17 Oct
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.
Financials, as filed
Revenue grew 119.7% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.7%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹547 Cr | ₹1.2k Cr |
| Operating profit | ₹110 Cr | ₹141 Cr |
| Operating margin | 20.1% | 11.7% |
| Interest | ₹6 Cr | ₹14 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr |
| Net profit | ₹87 Cr | ₹133 Cr |
| Net margin | 15.9% | 11.1% |
| Cash from operations | ₹49 Cr | ₹75 Cr |
| Free cash flow | ₹17 Cr | ₹48 Cr |
| ROCE | 49.0% | 28.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹43 Cr | ₹43 Cr |
| Reserves | ₹7 Cr | ₹22 Cr | ₹67 Cr | ₹706 Cr | ₹821 Cr |
| Borrowings | ₹52 Cr | ₹65 Cr | ₹61 Cr | ₹204 Cr | ₹120 Cr |
| Other liabilities | ₹8 Cr | ₹34 Cr | ₹20 Cr | ₹344 Cr | ₹497 Cr |
| Total liabilities | ₹67 Cr | ₹120 Cr | ₹148 Cr | ₹1.3k Cr | ₹1.5k Cr |
| Fixed assets | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹150 Cr | ₹16 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹13 Cr | ₹39 Cr |
| Investments | ₹6 Cr | ₹7 Cr | ₹3 Cr | ₹0 Cr | ₹8 Cr |
| Other assets | ₹61 Cr | ₹112 Cr | ₹145 Cr | ₹1.1k Cr | ₹1.4k Cr |
| Total assets | ₹67 Cr | ₹120 Cr | ₹148 Cr | ₹1.3k Cr | ₹1.5k 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 Jun 2026
Since Sep 2025, the public added +5.07 pp while FIIs trimmed −2.63 pp. The shareholder count grew 16% to 42,850.
- Promoters
- 65.8%
- FIIs
- 0.8%
- DIIs
- 9.3%
- Public
- 24.2%
Since Sep 2025
- Public +5.07 pp
- FIIs −2.63 pp
- DIIs −2.55 pp
How it drifted, 4 quarters
Over this window the public went from 19.1% to 24.2% — +5.1 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 65.7%, FIIs 3.4%, DIIs 11.8%, Public 19.1%.Dec '25: Promoters 65.7%, FIIs 1.5%, DIIs 11.2%, Public 21.6%.Mar '26: Promoters 65.8%, FIIs 1.2%, DIIs 11.4%, Public 21.6%.Jun '26: Promoters 65.8%, FIIs 0.8%, DIIs 9.3%, Public 24.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Large Cap Fund Mutual fund +0.23 pp 1.96% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Solarworld Energy Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pioneer Facor IT Infradevelopers Private Limited | 32.01% | unchanged |
| Kartik Teltia | 29.66% | unchanged |
| Valuequest S C A L E Fund AIF | 4.83% | unchanged |
| Mangal Chand Teltia | 4.10% | unchanged |
| Manohar Lal Agarwal | 3.93% | unchanged |
| Peeyush Salwan | 2.22% | unchanged |
| Ashutosh Mishra | 2.22% | unchanged |
| Motilal Oswal Large Cap Fund Mutual fund | 1.96% | +0.23 pp |
| Vq Fastercap Fund Ii AIF | 1.73% | −0.37 pp |
| Vanaja Sundar Iyer | 1.53% | unchanged |
| Siddharth Iyer | 1.31% | unchanged |
| Sarabpreet Kaur | 1.09% | 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 Solarworld Energy Solutions Limited
Guides on how to read this kind of business and the numbers that matter.