Solex Energy’s subsidiary has bagged a major ₹180.98 cr domestic order to supply high-efficiency TOPCon solar modules. Coming on the heels of the parent company's recent ₹13.16 cr contract, the dual order wins provide a substantial short-term pipeline, with execution planned over the next few months.
Market snapshot: Solex Energy Limited’s wholly-owned subsidiary, Solex Green Energy Private Limited, has secured a domestic work order worth ₹180.98 cr (rounded to ₹181 cr) for supplying TOPCon Bifacial Glass-to-Glass solar PV modules. The order, scheduled for completion by January 2027, adds significant revenue visibility for the company in the second half of fiscal year 2027. Additionally, reports of a combined ₹194 cr order represents the cumulative valuation of this win along with a separate ₹13.16 cr parent order secured on October 5, 2026.
These dual wins highlight Solex Energy's capacity to secure sizeable domestic manufacturing contracts. By utilizing its Industry 4.0 enabled manufacturing facilities in Surat, Solex is capturing high-value TOPCon equipment supply deals. This rapid accumulation of orders reinforces its positive business direction. However, the critical metric to monitor over the next two quarters will be operating margins and cash conversion efficiency, as fast-tracked delivery timelines will demand heavy working capital support.
The solar equipment manufacturing sector in India is witnessing a significant transition toward high-efficiency bifacial modules. Solex's consistent wins signal that domestic manufacturers are benefiting from government policies like the Approved List of Models and Manufacturers (ALMM) mandate, which encourages local sourcing for utility-scale solar projects.
Market Bias: Bullish
The dual domestic order wins of ₹180.98 cr and ₹13.16 cr provide a clear short-term revenue pipeline of ₹194.14 cr. This supports immediate capacity utilization of Solex's newly expanded 4 GW plant in Gujarat and suggests robust sequential growth going into the third quarter of fiscal year 2027.
Overweight: Renewable Energy, Solar PV Equipment Manufacturing
Trigger Factors:
Time Horizon: Near-term (0-3 months)
India's solar PV manufacturing capacity is scaling rapidly to meet the target of 500 GW of non-fossil energy by 2030. High-efficiency TOPCon technology has emerged as the dominant format, replacing older Mono PERC cells due to its superior power conversion efficiency and performance in challenging environmental conditions.
During its late September 2026 AGM, Solex Energy announced that consolidated revenue for FY26 expanded by 143.9% to reach ₹1,621.1 cr, with EBITDA of ₹186.7 cr and PAT of ₹98.3 cr. Outstanding order book visibility had crossed ₹3,400 cr. This builds directly upon earlier order momentum, which included a ₹74.77 cr contract in September 2026 and a massive ₹628.37 cr international order in July 2026.
With rapid order inflows and a massive 4 GW manufacturing footprint, Solex Energy is well-positioned to capitalize on India's green energy transition. Ensuring timely execution of its short-term order pipeline will be the ultimate test of its operating efficiency.
High Performance Trading with SAHI.
Disclaimer: This news section may include AI-generated or AI-assisted news, summaries, drafts, or insights. All content is subject to human review before publication. While we aim for accuracy, readers should independently verify information before relying on it.
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