Solex Energy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Solex Energy Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Solex Energy reported Q1 FY27 revenue of Rs 265.6 crore, up 1.8% year-on-year, with EBITDA margin declining to 12.7% from 16.4% a year earlier due to higher depreciation and finance costs tied to the newly commissioned Line 3 and Line 4. Management attributed the weaker quarter to seasonal H1 softness and delays caused by uncertainty around the ALMM-2 cell mandate, which shifted customer module off-take into the second half. The company also disclosed new order wins totaling over Rs 845 crore for execution by December 2026, and gave updates on its planned 2.2 GW cell manufacturing line, land acquisition, and funding structure.
Numbers mentioned
Total revenue: INR265.6 crore (Q1 FY27)
p. 6
“For Q1 FY27, total revenue stood at INR265.6 crore as compared to INR261 crore in Q1 FY26, a growth of 1.8% year-on-year.”
Hemal Kachiwala, page 6 of the filed PDF · View the filing
EBITDA: INR33.8 crore (Q1 FY27)
p. 6
“EBITDA for the quarter stood at INR33.8 crore as against the INR42.7 crore in Q1 FY26, translating into an EBITDA margin of 12.7% for the quarter as compared to 16.4% in Q1 FY26.”
Hemal Kachiwala, page 6 of the filed PDF · View the filing
Depreciation and amortization: INR10.2 crore (Q1 FY27)
p. 6
“Depreciation and amortization for the quarter was INR10.2 crore as against INR4.3 crore in Q1 FY26, reflecting the full quarter impact of Line 3 and Line 4, which were commissioned only in November '25.”
Hemal Kachiwala, page 6 of the filed PDF · View the filing
Finance cost: INR12.5 crore (Q1 FY27)
p. 6
“Finance cost for the quarter was INR12.5 crore as against INR5.4 crore in quarter FY26, reflecting the higher working capital deployment during the quarter and the fact that a larger share of our working capital requirement was met through fund-based limits rather than non-fund-based facility.”
Hemal Kachiwala, page 6 of the filed PDF · View the filing
Profit before tax: INR11.1 crore (Q1 FY27)
p. 6
“Profit before tax for the quarter stood at INR11.1 crore and PAT stood at INR8.3 crore in Q1 FY27 with a PAT margin of 3.1%.”
Hemal Kachiwala, page 6 of the filed PDF · View the filing
Earnings per share: INR 7.39 (Q1 FY27)
p. 6
“Earnings per share for the quarter was at INR 7.39.”
Hemal Kachiwala, page 6 of the filed PDF · View the filing
Order book visibility: approximately INR3,400 crore
p. 4
“On order book visibility, currently stands at approximately INR3,400 crore.”
Chetan Shah, page 4 of the filed PDF · View the filing
Executable order pipeline: INR845.84 crore (by December 31, 2026)
p. 3
“Together, these orders represent an executable order pipeline of INR845.84 crore targeted for the execution by the December 31st, 2026.”
Chetan Shah, page 3 of the filed PDF · View the filing
New work order from domestic power sector company: INR42.47 crore (August 2026)
p. 3
“in August 26 secured INR42.47 crore new work order from a domestic private limited company in the power sector for the supply of N-type TOPCon 620-watt peak glass-to-glass solar PV modules, with execution scheduled to commence in October 2026.”
Chetan Shah, page 3 of the filed PDF · View the filing
Order received in July: INR628+ crore (July 2026)
p. 3
“Following a INR628+ crore order received in July 26”
Chetan Shah, page 3 of the filed PDF · View the filing
LOI order pending signing: INR175 crore
p. 3
“In addition, the company has received LOI for further INR175 crore order with an MSA currently at the signing stage.”
Chetan Shah, page 3 of the filed PDF · View the filing
Shareholder base: over 11,000+ shareholders
p. 3
“As of today, Solex Energy is supported by a growing community of over 11,000+ shareholders.”
Chetan Shah, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 revenue and PAT margin — PAT margin in the range of 5% to 6% · FY27
stated firmly by Chetan Shah
p. 4
“We remain aligned with the FY27 revenue guidance and PAT margin in the range of 5% to 6%.”
Chetan Shah, page 4 of the filed PDF · View the filing
Module capacity utilization — around 55% across the year · FY27
stated firmly by Chetan Shah
p. 4
“For FY27, we are working with an average utilization assumption of around 55% across the year.”
Chetan Shah, page 4 of the filed PDF · View the filing
Cell manufacturing line commissioning — 2.2 GW N-type TOPCon+ cell line · end of calendar year 2027
stated firmly by Chetan Shah
p. 5
“The 2.2 GW N-type TOPCon+ cell line, which is the first phase of our planned 5 GW cell capacity, is on track for commissioning by end of calendar year 2027.”
Chetan Shah, page 5 of the filed PDF · View the filing
Vision 2030 capacity targets — 10 GW module, 10 GW solar cell, 10 GW BESS, 2 GW wafer/ingot capacity · 2030
stated as an aspiration by Chetan Shah
p. 5
“under which we intend to build 10 GW of module capacity, 10 gigawatt of solar cell capacity, 10 gigawatt of BESS infrastructure, and 2 gigawatt of wafer and ingot capacity, while exploring further integration across the solar value chain.”
Chetan Shah, page 5 of the filed PDF · View the filing
DCR cell supply availability — sufficient DCR cell supply of about 2.5 gigawatt per annum · next financial year
stated conditionally by Chetan Shah
p. 10
“Next year, we will have a sufficient supply where there will be a majority of these projects will have a DCR mandate and we'll have a sufficient supply from those with whom we have signed the MOUs and with the quantity of almost about 2.5 gigawatt of cells per annum.”
Chetan Shah, page 10 of the filed PDF · View the filing
Contract manufacturing for global brands — Q4 FY27 / next financial year
stated conditionally by Chetan Shah
p. 12
“Quarter 4, we will evaluate if we are able to close complete capacity available capacity with the domestic orders then we'll focus on the contract manufacturing in the next financial year.”
Chetan Shah, page 12 of the filed PDF · View the filing
Distribution channel development — post 2028
stated as an aspiration by Chetan Shah
p. 18
“Once we have our cell line up and running and then based on that, maybe post 2028, we will give it a thought on this.”
Chetan Shah, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained the company dropped the additional 2.5 GW module capacity expansion due to market dynamics, reducing the plan to INR1,050 crore focused on the 2.2 GW cell line.
Answered by Vipul Shah
Asked by Rishi: Why did the capex plan change from INR1,500 crore to INR1,050 crore and which figure should investors use?
p. 7
“At present, INR1,050 crore, out of which INR700 crore from the principal lenders and INR350 crore will be our margin.”
Vipul Shah, page 7 of the filed PDF · View the filing
Management said the inventory build is a seasonal pattern, not a technology risk, since they manufacture the latest generation modules.
Answered by Vipul Shah
Asked by Rishi: Is there a risk of inventory obsolescence given the finished goods pile-up and pace of technology change?
p. 7
“It is like, as I said, it's a seasonal impact, but the technological change is not having an impact because we have the latest generation of modules manufactured by us, mainly the G12R.”
Vipul Shah, page 7 of the filed PDF · View the filing
Management said they are evaluating technology partners and will enter BESS manufacturing in a calibrated manner similar to their approach with modules.
Answered by Vipul Shah
Asked by Mandira: What gives Solex the right to win in BESS despite no manufacturing track record?
p. 8
“We are in the advanced stage of discussions as to what technological partner we have to onboard and how the entire setup is to be done.”
Vipul Shah, page 8 of the filed PDF · View the filing
Management attributed it to the ALMM mandate creating uncertainty, causing customers to delay deliveries into H2, plus the absence of prior-year EPC government revenue.
Answered by Vipul Shah
Asked by Manan Shah: What caused the weak Q1 performance despite available capacity?
p. 9
“What people have done, they feel that 1st June was a very tight schedule for people to implement.”
Vipul Shah, page 9 of the filed PDF · View the filing
Management estimated about 20% of orders had vulnerability from ALMM-2 but said this is now resolved due to extensions granted.
Answered by Chetan Shah
Asked by Manan Shah: How much of the order book/pipeline could be impacted by ALMM-2?
p. 10
“Majority of our grandfathered projects and almost about you can say 20% of orders which are having the vulnerability from this segment.”
Chetan Shah, page 10 of the filed PDF · View the filing
Management said land has been procured with electricity connection approval pending, and funding has shifted from equity QIP to structured debt now at final evaluation stage.
Answered by Chetan Shah
Asked by Manan Shah: What is the status of the cell line land and funding closure?
p. 11
“We have applied for 30 megawatts of connection, we have the verbal approval and we are waiting for the government to give us the written approval.”
Chetan Shah, page 11 of the filed PDF · View the filing
Management said EPC is a minor focus targeting INR100-150 crore with margins of 10-12%.
Answered by Vipul Shah
Asked by Bhavya Aggarwal: How is EPC order book trending versus module order book and what is the margin differential?
p. 13
“We have a target of almost around INR100 crore, INR150 crore coming from the EPC business andmargin, I think it's around 10% to 12%.”
Vipul Shah, page 13 of the filed PDF · View the filing
Management cited industry-wide disruption from ALMM uncertainty and a generally conservative approach given the larger capacity base.
Answered by Vipul Shah
Asked by Bhavya Aggarwal: Why is FY27 utilization guidance more conservative at 55% versus FY26's 70% despite larger capacity?
p. 13
“This is the reason we have been a little bit conservative and this is the what we have target for the current year.”
Vipul Shah, page 13 of the filed PDF · View the filing
Management said they are bringing on an experienced TOPCon cell manufacturer to handle design, construction and operations to de-risk the ramp-up.
Answered by Chetan Shah
Asked by Ashish Golechha: How is Solex managing execution risk in cell manufacturing given peers' struggles with availability of power, water and technology?
p. 15
“It's not only operate the lines, the designing, they are involved into the right from the phase of designing, the construction, and the operational part.”
Chetan Shah, page 15 of the filed PDF · View the filing
Management confirmed grid stability issues in Gujarat due to concentrated generation, expected to ease as new grid infrastructure and BESS come online.
Answered by Chetan Shah
Asked by Krunal Patel: Are IPPs facing delays due to DISCOM approvals and grid instability?
p. 16
“In Gujarat, yes, there is a situation majorly because the lot of generation which is happening in Gujarat and it is to be consumed in Gujarat.”
Chetan Shah, page 16 of the filed PDF · View the filing
Risks flagged
ALMM-2 policy uncertainty causing delivery delays and customer wait-and-watch behavior
p. 4
“This slowed down the fresh decision-making and led to some customer-driven rescheduling of module deliveries during the quarter.”
Chetan Shah, page 4 of the filed PDF · View the filing
Fixed costs and depreciation/interest absorbed over a smaller seasonal revenue base
p. 4
“With softer volumes in seasonally weak quarter, our fixed costs and the full quarter impact of depreciation and interest on our 4 GW capacity are absorbed over a smaller revenue base.”
Chetan Shah, page 4 of the filed PDF · View the filing
Grid connectivity and load curtailment issues in Gujarat affecting project execution
p. 16
“That's the reason there is some load curtailment issue is going on and then there are connectivity challenges are also going in some part of the country, not everywhere, this is a temporary, these are the challenges.”
Chetan Shah, page 16 of the filed PDF · View the filing
Domestic cell manufacturing execution and ramp-up challenges including infrastructure availability
p. 15
“We have seen people struggling with water, almost 150, 200 tankers being delivered daily for water.”
Vipul Shah, page 15 of the filed PDF · View the filing
Higher cost of domestically manufactured cells compared to imported cells
p. 16
“The Indian cell cost will be higher compared to the imported right now.”
Chetan Shah, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.