Date: September 26, 2026

Meeting Details

The 12th Annual General Meeting of Solex Energy Limited was held through video conferencing on Tuesday, September 22, 2026, from 12:30 PM to 12:51 PM IST. The meeting was conducted in compliance with guidelines issued by the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI).

Board Attendance

The following directors were present:

  • Dr. Chetan Shah, Chairman and Managing Director (Surat)
  • Mr. Piyush Chandak, Whole Time Director (Surat)
  • Mr. Vipul Shah, Non-Executive Director (Surat)
  • Mr. Anil Rathi, Non-Executive Director and Chairman of the Stakeholder Relationship Committee (Surat)
  • Ms. Kiran Shah, Executive Director (Surat)
  • Mr. Amitkumar Trivedi, Independent Director (Vadodara)
  • Mr. Rajeshbhai Patel, Independent Director and Chairman of the Audit Committee & Nomination and Remuneration Committee (Anand)
  • Mr. Kamlesh Yagnik, Independent Director (Surat)
  • Mr. Jayesh Gajjar, Independent Director (Surat)
  • Mr. Sanjay Srivastava, Independent Director and Chairman of the Corporate Social Responsibility Committee (Ahmedabad)
  • Mr. Sanjay Punjabi, Independent Director (Surat)

Mr. Kalpeshkumar Patel, Whole-Time Director, was absent due to unforeseen circumstances.

Other attendees included Mr. Hemal Kachiwala, Chief Financial Officer (Surat), and CS Rajesh Parekh, Scrutinizer (Ahmedabad).

Voting Information

Remote e-voting was available from September 19, 2026 (9:00 AM IST) to September 21, 2026 (5:00 PM IST). Venue e-voting remained open for 15 minutes after the meeting concluded. Only members holding shares as of the cut-off date of September 15, 2026, were eligible to vote. Results will be declared within two working days and made available on the company's website, stock exchange websites, and NSDL website.

Chairman's Address Highlights

Dr. Chetan Shah reported exceptional financial performance for FY26:

  • Revenue: ₹16,211 Million (143.9% growth YoY)
  • EBITDA: ₹1,867 Million
  • Profit After Tax: ₹983 Million
  • Order visibility: Crossed ₹34,000 Million

The company outlined ambitious expansion plans:

  • Investment of approximately ₹40,000 Million between FY27 and FY30
  • 2.2 GW cell capacity by FY28, scaling to 5.2 GW by early FY29
  • First 5 GWh phase of BESS capacity by FY29, with plans for 10 GWh total
  • Targeting revenue potential of more than ₹45,000 Million by FY28

Strategic initiatives include expanding into solar cell manufacturing, Battery Energy Storage Systems (BESS), and global expansion through Solex Europe and Solex USA.

Board Meeting Outcomes

The following resolutions were presented for shareholder approval:

Ordinary Resolutions:

1. Adoption of Audited Consolidated and Standalone Financial Statements for FY ended March 31, 2026

2. Declaration of Final Dividend of ₹0.55 per equity share (face value ₹10 each)

3. Re-appointment of Dr. Chetan Shah (DIN: 02253886) who retires by rotation

4. Re-appointment of Mr. Kalpesh Patel (DIN: 01066992) who retires by rotation

Special Resolutions:

7. Re-appointment of Dr. Chetan Shah as Chairman and Managing Director

8. Re-appointment of Mr. Piyush Chandak as Whole-time Director

9. Approval of inter-corporate loans, guarantees or securities under Section 185

10. Approval of loans, investments, guarantees and securities under Section 186 to Solex Green Energy Private Limited

11. Approval of loans, investments, guarantees and securities under Section 186 to Solex New Energy Private Limited

12. Approval of material related party transaction(s) with subsidiary company

13. Increase in Borrowing Limits under Section 180(1)(c)

Dividend Declaration

Final Dividend of ₹0.55 per equity share of fully paid-up face value of ₹10 each for the financial year ended March 31, 2026.

Other Disclosures

The proceedings of the AGM will be uploaded on the company's website. Two registered speaker shareholders (Mr. Sarvjeet Singh and Mr. Manjit Singh) were not present to ask questions.