Rs 3,400 Crore Order Book: This Solar Stock Reports Q1 FY27 Results; PAT Declines 67% as Share Price Falls 10%

On Monday, Indian equity benchmark indices traded lower, with the benchmark Nifty 50 index falling 76.15 points, or 0.31 per cent, to 24,289.85. Amid the market movement, Solex Energy share price declined 9.88 per cent to Rs 792.90. The company reported its consolidated financial results for the quarter ended June 30, 2026, with total revenue showing modest YoY growth while profitability declined during the quarter.

Solex Energy Q1 FY27 Financial Performance

Solex Energy reported consolidated total revenue of Rs 265.63 crore in Q1 FY27, compared with Rs 261.05 crore in Q1 FY26, registering a growth of 1.8 per cent YoY. Revenue from operations stood at Rs 260.82 crore. The company said Q1 is seasonally the softest quarter for the solar industry, with monsoon conditions restricting site readiness and installation activity. It also stated that customer-driven rescheduling of module deliveries following clarification on the ALMM timeline in late May 2026 resulted in timing shifts rather than cancellations, with dispatches flowing into H2 FY27.

Consolidated EBITDA stood at Rs 33.79 crore, compared with Rs 42.70 crore in Q1 FY26, marking a decline of 20.9 per cent YoY. EBITDA margin declined to 12.7 per cent from 16.4 per cent in the year-ago quarter, a contraction of 364 basis points. However, the EBITDA margin improved sequentially from 11.1 per cent in Q4 FY26.

Consolidated PAT stood at Rs 8.26 crore in Q1 FY27, compared with Rs 24.71 crore in Q1 FY26, registering a decline of 66.6 per cent YoY. PAT margin declined to 3.1 per cent from 9.5 per cent. The company attributed the profitability movement, alongside EBITDA performance, to the full-quarter impact of higher depreciation and finance costs following the commissioning of Line 3 and Line 4 in November 2025, along with higher working capital deployment during the quarter. Depreciation increased to Rs 10.19 crore from Rs 4.27 crore, while finance cost rose to Rs 12.48 crore from Rs 5.41 crore.

Order Book Stands at Around Rs 3,400 Crore

Solex Energy said its order book visibility stands at approximately Rs 3,400 crore, covering confirmed purchase orders, signed MSAs and advanced-stage discussions. The company also received a Rs 628.37 crore order in July 2026 from a global renewable energy group. In August 2026, it secured a further Rs 42.47 crore work order from a domestic private company in the power sector for the supply of N-Type TOPCon 620Wp Glass-to-Glass G12R solar PV modules.
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In addition, the company has received a Letter of Intent for another Rs 175 crore order, with the MSA currently at the signing stage. The company stated that these orders together represent an executable order pipeline of Rs 845.84 crore, targeted for execution by December 31, 2026.

Solex Energy Capacity Expansion in Focus

Solex Energy operates a 4 GW photovoltaic module manufacturing facility at Tadkeshwar, Gujarat, equipped with Industry 4.0-enabled automation and real-time quality controls. The company continues to scale its N-Type TOPCon module technologies, including 640 Wp G12R Glass-to-Glass modules.

The company has also signed a Rs 4,000 crore MoU with the Government of Gujarat for a proposed integrated renewable-energy manufacturing ecosystem, including 5 GW of solar cell manufacturing and 10 GW of BESS manufacturing capacity. The first phase of its 2.2 GW N-Type TOPCon Plus solar cell manufacturing line is targeted for commissioning by the end of calendar year 2027.

About Solex Energy

Solex Energy Limited is a solar manufacturing and EPC company headquartered in Surat, Gujarat, with nearly three decades of operating experience. The company operates a 4 GW photovoltaic module manufacturing facility at Tadkeshwar, Gujarat, and provides EPC solutions across utility-scale, commercial, industrial and institutional solar projects. Solex serves domestic and international customers and has capabilities in high-efficiency PV module manufacturing.

Solex Energy shares were trading at Rs 792.90, down 9.88 per cent, while the Nifty 50 index declined 0.31 per cent to 24,289.85. The company's approximately Rs 3,400 crore order book visibility, Rs 845.84 crore executable order pipeline, ongoing module capacity utilisation and planned solar cell manufacturing expansion remain key developments to track.

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Disclaimer: The article is for informational purposes only and not investment advice.