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Solex Sees Upward Pressure On Solar Module Prices, Cites Multiple Factors Photograph: (AI)
Indian solar module manufacturer Solex Energy expects solar module prices in India to move higher in the coming months as geopolitical tensions, rising logistics expenses, currency fluctuations and tighter domestic solar cell availability continue to pressure the supply chain, the company’s management led by Founder Chetan Shah said during its FY26 earnings call.
Responding to investor concerns around margins and rising input costs, the company said the solar manufacturing industry is currently operating in a highly volatile environment shaped by global trade disruptions and imported raw material dependence. “Prices are going up for sure,” the management said during the call.
According to the company, non-DCR solar modules are currently being sold in India at around ₹13-14 per watt peak, although prices could rise further if current market conditions persist. “Currently the modules are being sold at 13-14 rupees per watt peak in India, non-DCR, which can go up to 16 rupees considering the current situation,” the management said.
Solex attributed the expected rise mainly to increasing logistics costs and higher prices of crude oil-linked raw materials such as EVA and plastic-based components used in solar modules. “So basically, it is logistic cost which has increased… there are some raw materials dependent on crude oil,” the company said.
The management also highlighted continued volatility in the rupee against the US dollar, which is adding pressure on import-linked procurement costs across the solar value chain.
At the same time, the company flagged concerns around domestic solar cell availability ahead of tighter ALMM implementation timelines. According to the management, India currently does not have enough domestically manufactured solar cell capacity as several planned facilities are still under construction. “There is a constraint in terms of the supply for the domestically manufactured cells,” the management said.
Against this backdrop, Solex said it is accelerating its backward integration plans to reduce supply chain dependence and strengthen manufacturing control. During the quarter, the company signed a ₹4,000 crore MoU with the Gujarat government for setting up solar cell and Battery Energy Storage System (BESS) manufacturing facilities.
The proposed expansion includes: 5 GW solar cell manufacturing, 10 GW BESS manufacturing, along with future wafer and ingot capacity additions. The company expects the first 2 GW phase of its solar cell manufacturing facility to become operational by December 2027.
Apart from manufacturing expansion, Solex said renewable energy demand remained strong during FY26. The company executed more than 200 EPC projects during the year and currently has an order book of around ₹3,400 crore. Solex reported FY26 revenue growth of 144 per cent year-on-year, while EBITDA and profit after tax rose 135 per cent and 133 per cent respectively.
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