Solex Energy Ltd has outlined plans to expand beyond solar module manufacturing and EPC services into solar cell production and battery energy storage systems (BESS).
The company unveiled its expansion roadmap at its 12th Annual General Meeting, setting a target of 2.2 GW of solar cell manufacturing capacity by FY28 and 5.2 GW by early FY29. It also plans to develop 10 GWh of battery pack and container assembly capacity, with the first 5 GWh phase targeted for FY29.
The expansion is part of an investment program of approximately INR 4,000 crore between FY27 and FY30, representing the largest expansion programme in the company’s history.
Solex reported revenue of INR 16,211 million for FY 2026, registering a 143.9% year on year growth. EBITDA stood at INR 1,867 million, while Profit After Tax reached INR 983 million. The company also highlighted order visibility exceeding INR 34,000 million, reflecting the growing scale of its operations and market demand for its solar solutions.
“Our focus is on creating an integrated, technology driven and globally competitive energy platform from India, with the resilience to grow across cycles and the discipline to create enduring value,” said Chetan Shah, Chairman and Managing Director, Solex Energy Ltd.,
Solex expects its expansion into solar cell manufacturing to strengthen control over quality, costs and supply chain resilience, while deepening its participation in India’s evolving domestic manufacturing ecosystem. Energy storage represents another strategic pillar of the company’s growth plans.
The company sees the integration of renewable generation and storage as increasingly important as electricity demand expands across electric mobility, industrial electrification, artificial intelligence, data centres and other energy intensive sectors. It is targeting revenue potential of more than INR 4,500 crore by FY28, while maintaining a disciplined approach towards capital deployment, execution and technology investments.
Solex is also expanding its international outlook through plans for Solex Europe and Solex USA.
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