SOLEX
Solex Energy share price & financials
- Price
- ₹1,103.8
- Market cap
- ₹834 Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Solex Energy Limited Q1 FY27
What went well
- Revenue grew 1.8% YoY to ₹265.6 crore in Q1 FY27, demonstrating continued top-line growth.
- Secured a new work order of ₹42.47 crore and an LOI for ₹175 crore, contributing to a robust executable order pipeline of ₹845.84 crore by December 31, 2026.
- Successfully completed listing on BSE Limited, enhancing market presence and liquidity with over 11,000 shareholders.
What to watch
- EBITDA margin compressed to 12.7% in Q1 FY27 from 16.4% in Q1 FY26, primarily due to softer volumes and absorption of fixed costs from expanded capacity.
- PAT margin declined to 3.1% in Q1 FY27, impacted by increased depreciation (₹10.2 crore vs ₹4.3 crore YoY) and finance costs (₹12.5 crore vs ₹5.4 crore YoY).
What Solex Energy Limited does
Solex Energy designs, manufactures and deploys solar photovoltaic modules and systems from its fully automated, MES-driven production facility in Tadkeshwar, Kim (Gujarat), earning revenue from module sales as well as turnkey solar EPC (design, procurement, construction) and asset-management contracts. It sells P-Type Mono PERC and N-Type TOPCon modules under its own Tapi brand family alongside rooftop, off-grid, water-pumping and street-lighting solar products, and has begun backward integration into solar cell, wafer/ingot and battery-energy-storage (BESS) manufacturing under its Vision 2030 roadmap. Products carry BIS, UL, CEC, IEC, ISO and ALMM certifications that support both domestic government-scheme sales and export markets.
Segments
- Solar PV Module Manufacturing
- Solar EPC Services
- Solar Products & Systems
- Installed module manufacturing capacity
- 4 GW
- Cumulative modules shipped
- 3 million+
- Cumulative projects executed
- 10,000+
- Export countries served
- 7 (Europe, North America, Africa, Middle East)
- Domestic & international certifications held
- 15+
- State presence within India
- 22+ states
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 4 delivered 3 missed 9 open- PAT Margin delivered said Q4 FY25 Promised: 6% to 7% Q1 FY27: Final verdict from FY26. Promise is historical.
- FY26 Revenue missed said Q4 FY25 Promised: ₹2,200 crores to ₹2,400 crores Q1 FY27: Final verdict from FY26. Promise is historical.
- FY27 Revenue Guidance at risk said Q4 FY26 Promised: INR 2,600 crores Q1 FY27: Management reaffirmed guidance of ₹2,600 cr, but Q1 revenue of ₹265.6 cr puts them behind the required run-rate. Management cites H2-weighted business.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.1%, net profit down 68.2% 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 | 132 | 134 | 253 | 249 | 149 +13% | 318 +137% | 839 +232% | 259 +4% |
| EBITDA | 14 | 24 | 22 | 38 | 16 +8% | 25 +6% | 92 +313% | 27 −29% |
| Net profit | 9 | 14 | 12 | 22 | 3 −63% | 8 −42% | 55 +364% | 7 −68% |
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 −47.4% 1Y
1Y: ₹1,329.2 on 10 Sept 2025 → ₹698.6. High ₹1,918 (20 Nov 2025), low ₹698.6 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −10.3%
- 17 Aug
- Q4 FY26
- +4.1%
- 18 May
- Q3 FY26
- −2.9%
- 12 Feb
- Q2 FY26
- −4.4%
- 10 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.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹1.6k Cr |
| Operating profit | ₹171 Cr |
| Operating margin | 11.0% |
| Interest | ₹30 Cr |
| Depreciation | ₹25 Cr |
| Net profit | ₹89 Cr |
| Net margin | 5.7% |
| Cash from operations | ₹214 Cr |
| Free cash flow | ₹20 Cr |
| ROCE | 34.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹19 Cr | ₹27 Cr | ₹30 Cr | ₹38 Cr | ₹170 Cr | ₹233 Cr |
| Borrowings | ₹12 Cr | ₹19 Cr | ₹66 Cr | ₹96 Cr | ₹293 Cr | ₹324 Cr |
| Other liabilities | ₹40 Cr | ₹18 Cr | ₹37 Cr | ₹70 Cr | ₹268 Cr | ₹572 Cr |
| Total liabilities | ₹76 Cr | ₹73 Cr | ₹141 Cr | ₹212 Cr | ₹741 Cr | ₹1.1k Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹55 Cr | ₹54 Cr | ₹135 Cr | ₹336 Cr |
| Capital work in progress | ₹0 Cr | ₹24 Cr | ₹1 Cr | ₹0 Cr | ₹144 Cr | ₹11 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹14 Cr | ₹2 Cr | ₹1 Cr |
| Other assets | ₹75 Cr | ₹48 Cr | ₹85 Cr | ₹143 Cr | ₹461 Cr | ₹791 Cr |
| Total assets | ₹76 Cr | ₹73 Cr | ₹141 Cr | ₹212 Cr | ₹741 Cr | ₹1.1k 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 Mar 2025, DIIs trimmed −0.28 pp while the public added +0.20 pp. The shareholder count grew 256% to 10,382.
- Promoters
- 66.2%
- FIIs
- 0.1%
- DIIs
- 0.5%
- Public
- 33.3%
Since Mar 2025
- DIIs −0.28 pp
- Public +0.20 pp
- FIIs +0.06 pp
How it drifted, 12 quarters
Over this window the public fell from 56.5% to 33.3% — −23.3 pp.
Ownership split by quarter, oldest first. Sep '21: Promoters 43.5%, Public 56.5%.Mar '22: Promoters 70.7%, Public 29.4%.Sep '22: Promoters 70.7%, Public 29.4%.Mar '23: Promoters 70.7%, Public 29.4%.Sep '23: Promoters 70.7%, Public 29.4%.Mar '24: Promoters 70.7%, DIIs 1.1%, Public 28.2%.Sep '24: Promoters 66.2%, FIIs 0.0%, DIIs 0.9%, Public 32.9%.Mar '25: Promoters 66.2%, FIIs 0.0%, DIIs 0.8%, Public 33.1%.Sep '25: Promoters 66.2%, FIIs 0.1%, DIIs 1.0%, Public 32.8%.Dec '25: Promoters 66.2%, FIIs 0.3%, DIIs 1.0%, Public 32.6%.Mar '26: Promoters 66.2%, FIIs 0.1%, DIIs 0.8%, Public 32.9%.Jun '26: Promoters 66.2%, FIIs 0.1%, DIIs 0.5%, Public 33.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Solex Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anil Rathi | 7.41% | unchanged |
| Shivprakash Unkarchand Rathi | 6.90% | unchanged |
| Chetan Sureshchandra Shah | 6.83% | unchanged |
| Satyanarayan Unkarchand Rathi | 5.46% | unchanged |
| Kalpeshkumar Ramanbhai Patel | 5.18% | unchanged |
| Sapna Vipul Shah | 5.11% | unchanged |
| Krishna Patodia | 3.93% | unchanged |
| Pukhraj Ganeshilal Agrawal | 3.67% | unchanged |
| Agrawal Bhavana | 3.32% | unchanged |
| Kailashchandra Banshilal Chandak | 3.25% | unchanged |
| Shakuntala Mulchand Shah | 2.78% | unchanged |
| Paulomi Chetan Shah . | 1.78% | 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 (5)
Read the Q1 FY27 call →Learn to analyse Solex Energy Limited
Guides on how to read this kind of business and the numbers that matter.