Solex Energy Ltd. has provided further details of plans to expand beyond solar module manufacturing and engineering, procurement and construction (EPC) services into solar cell production and battery energy storage systems (BESS).
In May, the company signed a memorandum of understanding with the Gujarat government to develop 5 GW of solar cell manufacturing capacity and 10 GWh of battery energy storage capacity. At its 12th Annual General Meeting, Solex outlined a timeline for the expansion, targeting 2.2 GW of solar cell capacity by fiscal 2028 and 5.2 GW by early fiscal 2029.
The company also plans to establish 10 GWh of battery pack and container assembly capacity, with the first 5 GWh phase targeted for fiscal 2029.
The expansion is part of an investment program of approximately INR 40 billion ($418.2 million) between fiscal 2027 and fiscal 2030, which Solex described as the largest in its history.
Solex reported revenue of INR 16.21 billion for fiscal 2026, up 143.9% year on year. Ebitda stood at INR 1.87 billion, while profit after tax reached INR 983 million.
The company said its order book exceeds INR 34 billion.
“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 of Solex Energy.
Solex said the planned move into solar cell manufacturing will give it greater control over quality, costs and supply chains while increasing its participation in India’s domestic solar manufacturing sector.
Energy storage is another focus of the expansion. The company expects demand for renewable generation paired with storage to increase alongside electricity consumption from electric mobility, industrial electrification, artificial intelligence and data centers.
Solex is targeting revenue of more than INR 45 billion by fiscal 2028.
The company is also pursuing international expansion through plans for Solex Europe and Solex USA.
Solex has also recently expanded its technology roadmap through a partnership with Germany’s ISC Konstanz, focused on advancing high-efficiency solar cell technologies. The collaboration includes work on upgrading TOPCon cell lines and developing next-generation back-contact and tandem technologies.
In October 2025, the partners unveiled a rear-contact solar module concept based on n-type technology, offering up to 24.6% efficiency and 665 W output, with commercial production targeted for fiscal year 2027.
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