SOLEX Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹885.53 Cr
verified against source
Revenue YoY
144%
reported change
EBITDA
₹1,867 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Solex Energy delivered exceptional FY26 results with revenue of INR 16,211 million (up 144% YoY) and PAT of INR 983 million (up 132.7% YoY). Q4 was particularly strong with 247.6% revenue growth to INR 8,858 million. The company transitioned from manufacturing-centric to fully integrated clean energy enterprise, with working capital cycle improving sharply to 35 days from 61 days. Balance sheet strength is evident with net debt/equity at 0.57 and ROE at 38.4%. Key strategic milestone includes signing INR 4,000 crore MOU with Gujarat government for 5 GW cell and 10 GW BESS manufacturing. Management targets FY27 revenue of INR 26,000 million with 6-8% EBITDA margin. Key risks include raw material inflation from geopolitical conditions, uncertain ALCM June 2026 implementation timeline affecting DCR module supply, and TOPCon technology ramp-up complexity.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided topline of INR 26,000 million for FY27, based on conservative 55% capacity utilization assumption. Order book of INR 3,400 crore provides strong base visibility.
- Company targets EBITDA margin in range of 6-8% for FY27, reflecting expected operating leverage as capacity utilization improves.
- First phase of 2.3 GW TOPCon cell line expected to be operational by December 2027. Company has partnered with experienced cell manufacturer for technology transfer and process optimization.
- Once fully stabilized (FY29), cell manufacturing targeted to deliver EBITDA margin of 15%+, improving overall portfolio profitability.
Risks flagged
- Logistics costs and crude-linked materials (EVA, plastic granules) facing price pressure. Dollar/INR volatility at INR 96+ creating input cost uncertainty. Management has vendor price swap arrangements but cannot fully hedge uncontrollable increases.
- June 2026 deadline for ALCM on DCR modules may be enforced despite insufficient domestic cell capacity (most lines still under construction). Industry has requested extension. Company prepared with import arrangements and domestic cell supplier partnerships.
- Cell manufacturing technology complexity and utility infrastructure challenges acknowledged. Indian conditions differ from large-scale manufacturers abroad. Water security secured but ramp-up to full efficiency will take time through FY28.
- Analyst questioned whether Q4's 247.6% growth represented sustainable performance or year-end bunching. Management acknowledged Q3-Q4 are historically stronger quarters due to monsoon cycle and ground readiness. FY27 guidance of INR 2,600 crore implies moderation from Q4 run-rate.
Key quotes
- Financial year 26 marks a pivotal year as we transition from manufacturing centric firm to a fully integrated clean energy enterprise with global ambitions.
- We are targeting a topline of INR 26,000 million for financial year 27 with an EBITDA margin in the range of 6 to 8%.
- The current situation is so uncertain. It is too difficult to case any numbers. Prices are going up for sure.
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