Solex Energy earnings calls.

Solex Energy reported strong Q3 FY26 revenue growth of 135% YoY to ₹319.4 croreCurrent reported value: ₹319.4 crore. No comparable prior figure is available in the source record., driven by improved execution and demand traction across IP and CNI segments. However, margins were significantly compressed—EBITDA margin dropped to ~8.5Current 8.5 crore vs previous available quarter 11.1 crore.% due to upfront fixed costs from the newly commissioned 2.2 GW solar module facility at Keshwar (November 2025), extended monsoon impacting EPC projects by 2-3 months, and customer pre-dispatch inspections causing revenue recognition delays. The order book remains robust at over ₹4,000 croreCurrent over ₹4,000 crore. Reported change: +Strong inflow. (including EPC), with management targeting Q4 utilization at 70%Current 70%. Reported change: +Ramp-up from Q3. and expecting margin normalization as operating leverage kicks in. Full-year FY26 revenue guidance stands at ₹1,700-1,800 crore, implying Q4 revenue of ~₹965-1,065 crore. The company is advancing its 2.2 GW TOPCon cell line (FY27 target) and exploring BESS manufacturing with commercial entry targeted for late FY27. Key risks include raw material price inflation (silver +110-120%Current +110-120%. Reported change: Severe cost pressure.), fixed-price order renegotiations, and potential customer project deferrals awaiting solar cell price corrections post-Chinese New Year.