Financial Performance Summary

Consolidated Financial Highlights (Figures in ₹Million):

| Period | Total Revenue | EBITDA | EBITDA Margin | PAT | PAT Margin | EPS |

| Q2 FY27 | 2,743 | 284 | 10.4% | 39 | 1.4% | 3.5 |

| Q1 FY27 | 2,656 | 338 | 13.0% | 83 | 3.2% | 7.4 |

| Q2 FY26 | 1,546 | 182 | 11.8% | 58 | 3.7% | 4.8 |

| H1 FY27 | 5,334 | 622 | 11.7% | 121 | 2.3% | 10.9 |

| H1 FY26 | 4,146 | 609 | 14.7% | 305 | 7.4% | 27.2 |

Quarter-over-Quarter Performance:

  • Revenue increased 3.3% from Q1 FY27 (₹2,656 million to ₹2,743 million)
  • EBITDA decreased 15.9% from Q1 FY27 (₹338 million to ₹284 million)
  • EBITDA Margin declined 260 basis points (13.0% to 10.4%)
  • PAT decreased 52.9% from Q1 FY27 (₹83 million to ₹39 million)
  • PAT Margin declined 180 basis points (3.2% to 1.4%)
  • EPS decreased 52.1% from Q1 FY27 (7.4 to 3.5)

Year-over-Year Performance:

  • Revenue increased 75.8% from Q2 FY26 (₹1,546 million to ₹2,743 million)
  • EBITDA increased 56.0% from Q2 FY26 (₹182 million to ₹284 million)
  • EBITDA Margin declined 140 basis points (11.8% to 10.4%)
  • PAT decreased 32.7% from Q2 FY26 (₹58 million to ₹39 million)
  • PAT Margin declined 230 basis points (3.7% to 1.4%)
  • EPS decreased 26.7% from Q2 FY26 (4.8 to 3.5)

Half-Year Performance:

  • H1 FY27 Revenue increased 28.6% from H1 FY26 (₹4,146 million to ₹5,334 million)
  • H1 FY27 EBITDA increased 2.1% from H1 FY26 (₹609 million to ₹622 million)
  • H1 FY27 EBITDA Margin declined 300 basis points (14.7% to 11.7%)
  • H1 FY27 PAT decreased 60.2% from H1 FY26 (₹305 million to ₹121 million)
  • H1 FY27 PAT Margin declined 510 basis points (7.4% to 2.3%)
  • H1 FY27 EPS decreased 60.2% from H1 FY26 (27.2 to 10.9)

Performance Drivers and Operational Highlights

Revenue Performance: Strong revenue growth was supported by robust module volumes, healthy product realizations, and steady execution of projects.

Margin Pressure Factors: The EBITDA margin contraction was attributable to:

  • Lower capacity utilization during the regulatory procurement pause while fixed costs remained unchanged
  • Shifts in product mix affecting profitability
  • Working capital utilization impacts
  • Regulatory uncertainty around ALMM List-II requirements that led the company to defer fresh inventory procurement from May until clarity emerged in mid-July

Order Book and Business Development

Order Inflows Secured:

  • ₹628.37 crore order from a global renewable energy group for supply of N-Type TOPCon 615/620 Wp Glass-to-Glass (G12R) solar PV modules (largest single order in FY27)
  • ₹42.47 crore work order for supply of N-Type TOPCon 620 Wp Glass-to-Glass (G12R) solar PV modules
  • ₹74.77 crore in domestic work orders for supply of solar PV modules
  • ₹75.96 crore work order for supply of N-Type TOPCon 620 Wp Glass-to-Glass (G12R) solar PV modules
  • ₹194.14 crore in two work orders (₹180.98 crore and ₹13.16 crore) secured by Solex Energy and subsidiary Solex Green Energy for supply of TOPCon Bifacial Glass-to-Glass solar PV modules

Total Order Book Visibility: Over ₹4,000 crore, including:

  • Approximately ₹1,050 crore in confirmed orders backed by advance payments
  • Approximately ₹3,000 crore at advanced closure stage pending finalization of pricing and production schedules

Manufacturing Capabilities and Expansion

Current Capacity: 4 GW module manufacturing platform with automated production lines and MES-enabled traceability at Tadkeshwar, Gujarat facility

Expansion Plans: Progressing with planned 2.2 GW solar cell manufacturing facility as part of backward-integration strategy

Subsidiary Development

Solex Green Energy Private Limited (subsidiary) approved ₹150 crore Compulsorily Convertible Debenture (CCD) issuance to fund the solar cell manufacturing expansion.

Management Commentary

Dr. Chetan Shah, Chairman and Managing Director, stated that Q2 & H1 FY27 marked a period of transition for the solar module industry with evolving ALMM List-II regulations and changes in customer delivery schedules impacting market visibility. The regulatory uncertainty caused the company to defer fresh inventory procurement from May until clarity emerged in mid-July, with supplies received by September.

Company Background

Solex Energy Limited, headquartered in Surat, Gujarat, has been operating since 1995 and is among India's most trusted solar module manufacturers. The company operates a state-of-the-art, Industry 4.0 enabled, fully automated 4 GW manufacturing facility at Tadkeshwar, Gujarat. Beyond manufacturing, Solex provides comprehensive EPC solutions across utility-scale, commercial, industrial, and institutional segments. The company holds globally recognized certifications and exports to multiple countries.