The renewable energy market in India is going beyond the manufacture of solar modules as the need for domestic supply chains increases and demand for better efficient solar cells and energy storage rises. Companies are keen to include stages in the entire renewable energy value chain to control costs, quality, and supply.
The share price of Solex Energy Limited closed at Rs.678.95 on September 22, 2026, down by 2.46 % from the previous closing price of Rs.692.05. The stock opened at Rs.699.80 today and traded between Rs.712.90 and Rs.671.40 today. The company has a market capitalization of Rs.733.43 crore.
Financial Performance
Solex Energy published its FY26 financials that showed revenues of Rs. 1,621.1 crore, representing a year-on-year increase of 143.9%. The company reported an EBITDA of Rs. 186.7 crore and a profit after tax of Rs. 98.3 crore. Furthermore, the company is known to have order visibility of over Rs. 3,400 crore, which shows that the company has a good business line-up.
The most recent roadmap for the business was presented during its 12th Annual General Meeting which took place on September 22, 2026. The emphasis now appears to be moving away from the solar module production and towards a more all-encompassing renewable energy platform that brings into play the solar energy cells, modules and Battery Energy Storage Systems.
Expansion of Integrated Manufacturing
One of the key parts of the strategy centres around entering the solar cell production business. Solex will set up a capacity of 2.2 GW of solar cell production by FY28 and increase it to 5.2 GW in early FY29. The objective is to gain better control over the quality of products, cost of production and supply chain viability.
Expansion will be made as part of the investment programme worth around Rs. 4,000 crore during FY27–FY30, which is the largest expansion programme ever undertaken by the company. The plan aims to create a more integrated business model, which enables the company to be involved in more stages of solar production and not only manufacture solar modules.
Battery Storage Becomes Key Growth Area
Energy storage is another major component of the company’s expansion plans. Solex is developing capabilities for 10 GWh of battery pack and container assembly, with the first 5 GWh phase targeted for FY29.
Battery storage can help address the intermittent nature of renewable generation by storing electricity when supply is available and making it available when required. The company expects the combination of solar generation and storage to become increasingly important as electricity demand grows across electric mobility, industrial electrification, artificial intelligence, data centres and other energy-intensive sectors.
Revenue Target and Global Expansion
Solex is targeting revenue potential of more than Rs. 4,500 crore by FY28. This represents a significant increase from its FY26 revenue of Rs. 1,621.1 crore. However, the figure is a stated revenue potential or target and should not be treated as guaranteed future revenue.
Alongside domestic capacity expansion, the company is planning to strengthen its international presence through Solex Europe and Solex USA. The company aims to build long-term customer relationships and establish itself as an Indian solar manufacturing brand across global markets.
What Comes Next
The immediate focus will be on executing the planned capacity expansion while maintaining discipline around capital deployment and technology investments. The company is expected to work towards its 2.2 GW solar cell capacity target by FY28 and the first 5 GWh BESS phase by FY29.
Successful execution of the expansion programme will be important for converting the planned capacities into actual production and revenue. The company will also need to manage the capital requirements, technology transition and execution timelines associated with its move into newer segments.
About the Company
Solex Energy Limited is based in Surat, Gujarat and started solar manufacturing in the year 1995. It has an automated Industry 4.0 enabled manufacturing plant in Tadkeshwar, Gujarat, having the capacity of 4 GW for PV module production. Produces highly efficient PV modules, exports to several countries and serves as an OEM partner to overseas brands. Solex not only produces but offers EPC solutions for utility-scale, commercial, industrial and institutional projects. Its newest efforts are in the direction of solar cells and battery energy storage systems.