Solex Energy Limited, a solar photovoltaic module manufacturer and EPC services provider, outlined its expansion plans and growth strategy at its 12th Annual General Meeting, with the company targeting revenue potential of more than ₹4,500 crore by FY28. The company reported revenue of ₹16,211 million for FY26, up 143.9 per cent year on year. EBITDA stood at ₹1,867 million and Profit After Tax was ₹983 million. Solex also reported order visibility of more than ₹34,000 million.
Addressing shareholders, Dr Chetan Shah, Chairman and Managing Director, Solex Energy Limited, said, “Nearly three decades ago, Solex began with a belief in the potential of solar energy. Today, that belief has evolved into a much larger ambition. We are building Solex not merely to participate in the energy transition, but to build the capabilities that will shape the next generation of energy.”
The company is expanding beyond its solar module business into solar cell manufacturing and Battery Energy Storage Systems (BESS). Solex plans to establish 2.2 GW of solar cell capacity by FY28 and increase this to 5.2 GW by early FY29. In energy storage, the company is developing capabilities for 10 GWh of battery pack and container assembly. The first 5 GWh phase is targeted for FY29. Solex said storage will become increasingly relevant as electricity demand rises across electric mobility, industrial electrification, data centres, artificial intelligence and other energy-intensive applications.
The company has outlined an investment programme of around ₹4,000 crore between FY27 and FY30. The programme includes the planned solar cell capacity expansion and BESS manufacturing capabilities. Solex said the move into solar cells will provide greater control over quality, costs and supply chains while expanding its participation in India’s domestic solar manufacturing ecosystem. The combination of solar generation and storage is also expected to support the company’s plans to serve a broader range of energy requirements.
The company is also developing an international presence through plans for Solex Europe and Solex USA. These initiatives will focus on developing long-term customer relationships and expanding the company’s presence in international solar markets. Solex operates a 4 GW photovoltaic module manufacturing facility at Tadkeshwar, Gujarat. The Industry 4.0-enabled facility uses automated production systems, real-time quality controls and data-driven manufacturing processes. The company also provides EPC solutions for utility-scale, commercial, industrial and institutional projects.
The AGM reviewed the company’s FY26 performance and outlined its next phase of expansion across solar cells, modules, energy storage and international markets. Solex said the planned investments are aimed at building an integrated renewable energy business while maintaining focus on capital deployment, technology and execution.
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