SOLEX Q3 FY26 earnings call.
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Revenue
₹319.4 Cr
verified against source
Revenue YoY
135.3%
reported change
EBITDA
₹27.2 Cr
latest reported figure
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Solex Energy reported strong Q3 FY26 revenue growth of 135% YoY to ₹319.4 crore, driven by improved execution and demand traction across IP and CNI segments. However, margins were significantly compressed—EBITDA margin dropped to ~8.5% 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 crore (including EPC), with management targeting Q4 utilization at 70% 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%), fixed-price order renegotiations, and potential customer project deferrals awaiting solar cell price corrections post-Chinese New Year.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year revenue guidance maintained despite Q3 margin compression, driven by strong order book execution in Q4 with dispatch and inspections underway.
- Management expects significant revenue recognition as dispatch approvals complete, targeting order book crossing ₹1,000 crore imminently.
- Net profit margin guidance of 6-8% for full year, implying margin recovery as incremental revenue from fixed cost base flows through in Q4.
- TOPCon cell manufacturing line on track with land finalization and technology/vendor discussions complete; announcement upon finalization.
- Battery energy storage system manufacturing planned for late FY27 (December 2026/January 2027) with peak demand expected around October 2028.
Risks flagged
- Silver prices increased 110-120% and solar cells 10-20%, requiring renegotiation of fixed-price orders. Some customers are reassessing project feasibility with bankers, potentially deferring by couple of months.
- EBITDA margin compressed to ~8.5% in Q3 due to new facility fixed costs and inventory build-up. Full-year 6-8% PAT margin guidance requires flawless Q4 execution with customer dispatch approvals.
- Initial land selection failed GPCB and environmental clearances, requiring new site selection. Management emphasizes ensuring all power, water, and pollution clearances before land purchase to avoid surprises.
- One customer has paid over ₹400 crore in advance for delayed dispatches. While non-cancellation risk is low given advance payment, execution timing remains dependent on their site readiness.
Key quotes
- All fixed cost relating to the line three and four were there. Then the interest cost depreciation and everything was there. So that has impacted profit.
- We are very much confident that this three months the all fixed expense is remaining the same the incremental jump what we are seeing in the revenue we target a 6 to 8% net profit margin.
- The kind of orders that we are having right now they are all like fixed price orders and then we have secured the raw material also. So we are not affected by the fluctuation of raw material prices.
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