Company Overview

Solarium Green Energy Limited is an integrated solar company that:

  • Manufactures solar modules at Ahmedabad
  • Executes large utility scale EPC contracts
  • Serves Indian households directly and through empanelled vendors
  • The company is listed on BSE SME platform since February 2025 (Security Code: 544354, ISIN: INE0W0H01017)

Key Business Segments

Residential Solar: End-to-end installation services operating in 6 states through Saarthi channel partners and city teams. The segment carries very little receivable risk as households pay against dispatch and installation.

Solarium Kits: Complete rooftop systems packed as single kits containing 25 items, sold through exclusive city distributors to independent installers. Launched in July 2026 with five-year insurance cover.

Manufacturing: 1.23 GW automated TOPCon line at Miroli, Ahmedabad, enlisted on ALMM List-I in July 2026. Output supplies company's own operations with balance sold to other contractors.

Large EPC: Focus on single-site contracts executed by specialist contractors on fixed terms with module supply retained. The company has stopped bidding for distributed rooftop tenders.

Financial Performance (Consolidated, Unaudited)

Revenue Analysis:

  • H1 FY27 Revenue from operations: ₹310.47 crore (165% increase from H1 FY26 ₹116.93 crore)
  • Revenue by segment:
  • C&I and Government projects: ₹147.91 crore (47.6%)
  • Manufacturing sales: ₹113.43 crore (36.5%)
  • Residential: ₹37.55 crore (12.1%)
  • Product sales: ₹11.58 crore (3.7%)

Profitability Metrics:

  • Gross profit: ₹67.16 crore (H1 FY27) vs ₹51.90 crore (H1 FY26)
  • Gross margin: 21.6% (H1 FY27) vs 44.4% (H1 FY26)
  • EBITDA: ₹25.63 crore (H1 FY27) vs ₹16.37 crore (H1 FY26)
  • EBITDA margin: 8.3% (H1 FY27) vs 14.0% (H1 FY26)
  • Profit after tax: ₹10.53 crore (H1 FY27) vs ₹9.21 crore (H1 FY26)
  • PAT margin: 3.4% (H1 FY27) vs 7.9% (H1 FY26)
  • Basic EPS: ₹5.04 (H1 FY27) vs ₹4.42 (H1 FY26)

Balance Sheet Position (as of 30 September 2026):

  • Net worth: ₹172.85 crore
  • Long term borrowings: ₹73.58 crore
  • Short term borrowings: ₹115.52 crore
  • Trade receivables: ₹281.85 crore
  • Cash and bank balances: ₹35.55 crore
  • Total assets: ₹501.36 crore

Cash Flow Statement:

  • Cash flow from operating activities: (₹77.51) crore (H1 FY27)
  • Cash flow from investing activities: (₹1.06) crore (H1 FY27)
  • Cash flow from financing activities: ₹23.71 crore (H1 FY27)
  • Net decrease in cash: (₹54.86) crore (H1 FY27)

Order Book and Contracts

  • Total order book: ₹720.87 crore
  • EPC component: ₹461.06 crore
  • Module supply: ₹259.81 crore
  • Two 50 MWac contracts awarded in FY27 to date worth ₹375 crore
  • ~130 MWdc of captive offtake panel supply secured

Manufacturing Facility

  • Location: Village Miroli, Daskroi, Ahmedabad, Gujarat
  • Capacity: 1.23 GW
  • Commissioned: March 2026
  • Technology: Fully automated TOPCon line (one module every 16 seconds)
  • Quality: AI-assisted inspection with RFID traceability on every module
  • Capital invested: ₹90+ crore
  • ALMM List-I enlistment: July 2026

Strategic Shift in EPC Business

The company has changed its EPC strategy from distributed rooftop tenders (executed by Solarium teams across hundreds of sites) to single-site, high-value complex projects (executed by specialist contractors on fixed terms). This shift optimizes for capital efficiency rather than execution capability.

Recognition and Certifications

  • Urja Chakra 2026: 2nd position across India in residential solar awarded by Ministry of New and Renewable Energy and International Solar Alliance
  • DRDO Technology Absorption: Certified for solar thermal system technology transfer from ARDE Pune through DIHAR, Leh. License granted January 2026 running to January 2036
  • National Portal Brand Registration: Solarium is registered on the PM Surya Ghar national portal, allowing EPC players to show Solarium brand against installations

Policy Framework Benefits

  • ALMM List-I enlistment enables supplying government supported projects
  • GST reduction to 5% on solar components (effective 22 September 2025)
  • 40% effective import duty on modules supports domestic manufacturing
  • FY2027 budget allocation of ₹22,000 crore for PM Surya Ghar scheme
  • Domestic Content Requirement for PM Surya Ghar and PM-KUSUM schemes

Market Data (as at 13 November 2026)

  • Exchange: BSE SME
  • Current Market Price: ₹110.00
  • 52-week range: ₹325.20 / ₹89.00
  • Market Capitalisation: ₹230 crore
  • Shares Outstanding: 2.09 crore
  • Face Value: ₹10

Management Commentary

Chairman & Managing Director Ankit Garg stated that revenue for the half exceeded the whole of FY2025. The margin decline to 21.6% from 44.4% is attributed to business mix change rather than pricing discipline. The module facility carries two months of manufacturing revenue against six months of fixed cost due to July ALMM enlistment, with margins expected to recover as utilization builds.