Financial Performance Summary

Consolidated Financial Highlights (Figures in ₹Million):

| Metric | Q1 FY27 | Q1 FY26 | Change | Q4 FY26 |

| Total Revenue | 2,656.3 | 2,610.5 | +1.8% | 8,858.0 |

| Revenue from Operations | 2,608.2 | - | - | - |

| EBITDA | 337.9 | 427.0 | -20.9% | 986.2 |

| EBITDA Margin (%) | 12.7% | 16.4% | -364 bps | 11.1% |

| PAT | 82.6 | 247.1 | -66.6% | 588.9 |

| PAT Margin (%) | 3.1% | 9.5% | -636 bps | 6.6% |

| EPS (₹) | 7.39 | 22.36 | - | 53.6 |

Performance Analysis

Revenue Performance:

  • Total revenue stood at ₹2,656.3 million, growing 1.8% year-over-year (YoY)
  • Revenue from operations specifically was ₹2,608.2 million
  • Q1 is seasonally the softest quarter for the industry due to monsoon conditions restricting site readiness and installation activity
  • Customer-driven rescheduling of module deliveries occurred following clarification on ALMM timeline in late May 2026
  • These are timing shifts, not cancellations, with dispatches expected to flow into H2 FY27

Profitability Metrics:

  • EBITDA declined 20.9% YoY to ₹337.9 million
  • EBITDA margin contracted 364 basis points YoY to 12.7% from 16.4% in Q1 FY26
  • However, EBITDA margin improved sequentially from 11.1% in Q4 FY26
  • PAT declined 66.6% YoY to ₹82.6 million
  • PAT margin contracted 636 basis points YoY to 3.1% from 9.5% in Q1 FY26

Cost Structure:

  • Depreciation increased significantly to ₹101.9 million (from ₹42.7 million in Q1 FY26) due to commissioning of Line 3 and Line 4 in November 2025
  • Finance cost increased to ₹124.8 million (from ₹54.1 million in Q1 FY26) due to higher working capital deployment

Business Highlights and Strategic Developments

Listing and Market Position:

  • Listed on Bombay Stock Exchange (Scrip Code: 544862) in August 2026, making Solex dual-listed on NSE and BSE
  • Company continues to expand domestic and international customer base
  • Strengthening position across utility-scale, commercial, industrial and institutional solar applications

Manufacturing Capacity:

  • 4 GW photovoltaic module capacity at Tadkeshwar, Gujarat
  • Industry 4.0-enabled automation and real-time quality controls
  • Continued scaling of N-Type TOPCon module technologies, including 640 Wp G12R Glass-to-Glass modules

Expansion Projects:

  • Signed ₹4,000 crore MoU with Government of Gujarat in May 2026 for proposed integrated renewable-energy manufacturing ecosystem
  • Planned capacity includes 5 GW of solar cell manufacturing and 10 GW of BESS manufacturing capacity
  • First phase of 2.2 GW N-Type TOPCon Plus solar cell manufacturing line on track for commissioning by end of calendar year 2027

Order Book and Pipeline

Recent Order Wins:

  • ₹628.37 crore order received in July 2026 from a global renewable energy group
  • ₹42.47 crore new work order secured in August 2026 from domestic private limited company in power sector for supply of N-Type TOPCon 620Wp Glass-to-Glass (G12R) solar PV modules
  • Execution scheduled to commence in October 2026
  • Received LOI for further ₹175 crore order, with MSA currently at signing stage

Order Pipeline Status:

  • Total executable order pipeline of ₹845.84 crore
  • Targeted for execution by December 31, 2026
  • Order book visibility of approximately ₹3,400 crore across confirmed purchase orders, signed MSA and advanced-stage discussions

Management Commentary

Dr. Chetan Shah, Chairman and Managing Director commented:

  • Q1 is seasonally the softest quarter for the industry
  • Market moved into wait-and-watch mode following clarification on ALMM timeline in late May
  • Emphasized that order rescheduling represents timing shifts, not cancellations
  • Order book of approximately ₹3,400 crore remains intact regardless of ALMM outcome
  • Business is inherently H2-weighted
  • Priority for rest of the year: ramp utilization across all four module lines, convert pipeline into confirmed orders, progress cell manufacturing project on schedule
  • Focus on building resilient, technology-led clean-energy platform for the long term

Company Background

  • Headquartered in Surat, Gujarat
  • Pioneer in India's solar manufacturing since 1995
  • Among India's most trusted solar module manufacturers
  • First Indian solar brands listed on NSE (SOLEX) and BSE (544862)
  • State-of-the-art, Industry 4.0 enabled, fully automated manufacturing facility at Tadkeshwar, Gujarat
  • Globally recognized certifications and exports to multiple countries
  • Preferred OEM partner to internationally recognized brands
  • Provides comprehensive EPC solutions across utility-scale, commercial, industrial, and institutional segments