Solex Energy Q1 FY27 Post-Earnings Conference Call Transcript

Event Type: Q1 FY27 Post Results Earnings Conference Call with Investors/Analysts.
Event Date and Time: Held on August 17, 2026. Specific time not mentioned in the transcript.
Purpose of Event: Discussion of Q1 FY27 financial results, operational updates, order book status, strategic initiatives including cell manufacturing and BESS plans, and addressing analyst questions.
Earnings Announcement Timing: The call was held after the earnings announcement for Q1 FY27.
Management Participants: Dr. Chetan Shah (Chairman and Managing Director), Mr. Vipul Shah (Non-Executive Director), Mr. Hemal Kachiwala (Chief Financial Officer). The call was moderated by Mr. Rushabh Shah from ADFACTORS PR.
Availability of Materials: The transcript of the call is the enclosed document submitted to the exchanges. No mention of presentation decks or recordings being hosted elsewhere.
UPSI Statement: The moderator's opening remarks included a standard caution that forward-looking statements involve risks and uncertainties, but there was no explicit statement that no UPSI would be shared.

Financial Highlights Discussed:

Q1 FY27 Revenue: INR 265.6 crore, up 1.8% YoY from INR 261 crore in Q1 FY26.
Q1 FY27 EBITDA: INR 33.8 crore (Margin: 12.7%), down from INR 42.7 crore (Margin: 16.4%) in Q1 FY26.
Q1 FY27 Depreciation: INR 10.2 crore, up from INR 4.3 crore in Q1 FY26.
Q1 FY27 Finance Cost: INR 12.5 crore, up from INR 5.4 crore in Q1 FY26.
Q1 FY27 PBT: INR 11.1 crore.
Q1 FY27 PAT: INR 8.3 crore (PAT Margin: 3.1%).
Q1 FY27 EPS: INR 7.39.
FY27 Guidance Reaffirmed: Revenue guidance and PAT margin in the range of 5% to 6% maintained.

Operational and Strategic Updates:

BSE Listing: Completed listing on BSE Limited (existing shares, no fresh capital raised). Company now listed on both NSE and BSE with over 11,000 shareholders.
Order Book: Total visibility stands at approximately INR 3,400 crore across confirmed POs, signed MSAs, and advanced discussions. New orders worth INR 845.84 crore secured for execution by December 31, 2026.
Manufacturing Capacity: 4 GW module manufacturing capacity in Tadkeshwar, Gujarat is operational. FY27 average utilization assumption is around 55%.
Cell Manufacturing Project: 2.2 GW N-type TOPCon+ cell line (first phase of 5 GW plan) on track for commissioning by end of calendar year 2027. Land parcel in closing stage. Funding: ~INR 700 crore debt at advanced discussion stage; ~INR 350 crore equity via NCDs/CCDs in due diligence. Partnering with an experienced TOPCon cell manufacturer for de-risking.
BESS Plans: Evaluation ongoing with technology partners for containerized Battery Energy Storage System manufacturing, to be housed in a separate subsidiary.
Vision 2030: Long-term plan to build 10 GW module capacity, 10 GW cell capacity, 10 GW BESS infrastructure, and 2 GW wafer/ingot capacity. Aligned with an INR 4,000 crore MoU signed with the Government of Gujarat.
ALMM Impact: Addressed the impact of ALMM-2 (ALCM) policy clarification on May 25, 2026, causing temporary delays but no order cancellations. Company is prepared for both ALMM compliant and non-compliant scenarios.

The document submitted is the transcript of the conference call, enclosed with the regulatory filing.
The transcript contains detailed financial figures for Q1 FY27, as summarized above.
The call included a Q&A session where management addressed queries on capex, inventory, ALMM, BESS strategy, exports, cell manufacturing challenges, and market dynamics.