Solex Energy Limited has reported consolidated revenue of ₹2,656.3 million for the first quarter of FY27, registering a 1.8% year-on-year increase, as the solar PV module manufacturer and EPC provider continued to expand its manufacturing capacity and order pipeline.

Revenue from operations stood at ₹2,608.2 million during Q1 FY27. The company said the first quarter is typically the softest period for the solar industry due to monsoon conditions, which can delay site readiness and project installation activities. Customer-driven rescheduling of module deliveries following clarification of the ALMM timeline in May 2026 also affected the quarter, although the company said these were timing shifts rather than order cancellations.

Solex Energy’s EBITDA stood at ₹337.9 million, compared with ₹427 million in Q1 FY26, while the EBITDA margin declined to 12.7% from 16.4%. However, the margin improved sequentially from 11.1% in Q4 FY26.

Profit after tax (PAT) declined 66.6% year-on-year to ₹82.6 million, compared with ₹247.1 million in Q1 FY26. The company attributed the decline partly to higher depreciation and finance costs following the commissioning of its third and fourth production lines in November 2025, as well as increased working capital deployment.

Solex Energy has continued to strengthen its solar manufacturing and order pipeline during FY27. The company operates 4 GW of photovoltaic module manufacturing capacity at Tadkeshwar, Gujarat, with Industry 4.0-enabled automation and real-time quality controls. It is also scaling its N-Type TOPCon module portfolio, including 640 Wp G12R glass-to-glass modules.

In May 2026, Solex signed a ₹4,000 crore MoU with the Government of Gujarat for a proposed integrated renewable energy manufacturing ecosystem, including 5 GW of solar cell manufacturing and 10 GW of battery energy storage system (BESS) manufacturing capacity.

The company has also secured new orders during the current financial year. These include a ₹628.37 crore order received in July 2026 and a ₹42.47 crore order secured in August 2026 for the supply of N-Type TOPCon 620 Wp G12R glass-to-glass solar PV modules. It has additionally received a Letter of Intent (LOI) for a further ₹175 crore order, with the Master Supply Agreement currently under signing.

Together, these contracts represent an executable order pipeline of approximately ₹845.84 crore, targeted for execution by December 31, 2026. Solex Energy’s overall order book visibility stands at approximately ₹3,400 crore, including confirmed purchase orders, signed agreements and advanced-stage discussions.

The company is also progressing with its solar cell manufacturing plans. The first phase of its 2.2 GW N-Type TOPCon Plus solar cell manufacturing line is on track for commissioning by the end of calendar year 2027, forming part of its planned 5 GW cell manufacturing capacity.

Solex Energy also became dual-listed on the NSE and BSE in August 2026, following its listing on the Bombay Stock Exchange under scrip code 544862.

Dr. Chetan Shah, Chairman and Managing Director of Solex Energy, said the company remains focused on ramping up utilisation across its four module lines, converting its order pipeline into confirmed orders and progressing its solar cell manufacturing project.

The company expects the business to remain H2-weighted, with the second half of FY27 expected to benefit from the rescheduling of module deliveries and continued order execution.