Solex Energy Ltd. · NSE:SOLEX
Solex Energy — Q3 FY26 Earnings Presentation
50 slides from Solex Energy's earnings presentation, Feb 12, 2026
Slide 1: Exchange filing cover letter for Investor Presentation
February 12, 2026 To, The Manager National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra – Kurla Complex, Bandra (E), Mumbai – 400051 Symbol: SOLEX Sub.: Investor Presentation for Post Earning Conference Call Dear Sir / Madam, Pursuant to Regulation 30 of SEBI (Listin
Slide 2: Investor Presentation: Q3 & 9MFY26
Solex Energy Limited Investor Presentation: Q3 & 9MFY26 February 2026
Slide 3: Contents
Contents Company Overview 1 Research & Development Prowess 2 Industry Tailwinds 3 Accelerating Growth Through Capex 4 Management Team 5 Financial Highlights 6 Appendix 7
Slide 4: Company Overview
1 Company Overview
Slide 5: Solex in a Brief
Solex in a Brief 30+ Years 4 GW 15+ 4 Countries 10,000+ Projects 3 Million+ Legacy Domestic & Export Presence in Successful Projects Build over Rich Business Module Capacity International Europe, North Executed Modules Shipped 3 Decades Expertise Business America and Africa Certifications Ability to
Slide 6: Strong Foundation Pillars for Tapping the Sunrise Industry
Strong Foundation Pillars for Tapping the Sunrise Industry Deep Partnership State-of-the-Art Robust Financial Track Management Industry Tailwinds & Capacity & Diversified Capacity and R&D Record & Balance Expertise Strong Order Book Expansion Plans Product Portfoliov Prowess Sheet Strength • Led by
Slide 7: Our Transformation Towards a Fully Integrated Solar Company
Our Transformation Towards a Fully Integrated Solar Company Formative Years Gaining Sound Industry Footing Gearing up for Growth (1995 – 2018) (2019 – 2025) (2026 – 2030) ▪ 1995 - Founded ‘Sun Energy Systems.’ ▪ 2019 – Chetan Shah joined as a promoter ▪ 2027E – Commissioning of new 2.2 GW with 12+ y
Slide 8: Benefits of MES
Manufacturing Edge Fully automated facility compliant Solex – Pioneering MES-Driven Solar Manufacturing with global production standards • One of the few companies in the industry utilizing MES for managing its manufacturing process Runs 30% faster than traditional • MES ensures higher efficiency, b
Slide 9: Manufacturing Capabilities
Manufacturing Capabilities Technology Readiness: Strategic Location: • Accommodates next-generation technologies • Proximity to major ports like • Includes TOPCon, bifacial Hazira, Mundra, and Nhava Sheva modules, and M10/G12 wafer formats • Plans for future upgrades to BC technology Scalable and Co
Slide 10: Strategic Global Partnerships Driving Technology & Automation Excellence
Strategic Global Partnerships Driving Technology & Automation Excellence Technology & R&D Collaboration – ISC Automation & Manufacturing Excellence – TT Konstanz, Germany Vision, Malaysia ▪ Upgrade of TOPCon cell line ▪ Advanced solar automation & inspection systems ▪ Adoption of Rear Contact & Tand
Slide 11: Diversified Product Portfolio
Diversified Product Portfolio Solar PV modules (upto 700 WP) Solar rooftop and off-grid Solar water pumps (submersible) power plants AC/DC and surface DC) Solar home and street light Solar grid-connected systems systems (CFL and LED base) Custom solar solutions Diverse Products enabling the Company
Slide 12: Solex Module Brands
Solex Module Brands Tapi R (595 – 625W) Tapi RC (635 – 665W) Tapi Series (530 – 555W) India's First Rectangular Cell Module N – Type Rear Contact Cells Monocrystalline / Bi-Facial Powered by N-Type TOPcon Technology Tapi Black (400 – 420W) Ganga (120W) Tapi Trans (570 – 595W) Monocrystalline Silicon
Slide 13: EPC Projects
Solar EPC Services End to End Solar EPC Services Development Solar EPC Asset Management ▪ Project Conceptualization ▪ Optimized Designing ▪ Cost Effective O&M Solutions ▪ Land Identification ▪ Quality Engineering ▪ Dedicated Team ▪ Acquisition & Clearances ▪ Efficient Execution ▪ Project Finance Mod
Slide 14: Research & Development Prowess
2 RESEARCH & DEVELOPMENT PROWESS
Slide 15: Benefits of TOPCon Technology
Prudent Investment in R&D to Reap Rewards Functional Integration Technology Adaptation Material Evaluation Reliability Laboratory R&D drives innovation, Quickly adapts to new Ensures reliable performance Enables root cause process improvements, photovoltaic technologies. of new materials. analysis a
Slide 16: Stringent Quality Standards
Stringent Quality Standards Adherence to Standards: Raw Material Quality Assurance: • Complies with the latest IEC 2021 standards • Rigorous testing of each batch to ensure quality • Exceeding the previous industry benchmark of assurance IEC 2016 Sustainability Assurance: Testing Standards: • Testin
Slide 17: Diversified Clients Across Industry
Diversified Clients Across Industry 16
Slide 18: Industry Tailwinds
3 INDUSTRY TAILWINDS
Slide 19: India Per Capita Electricity Consumption is Low and Expected to Increase
India Per Capita Electricity Consumption is Low and Expected to Increase Global per capita electricity consumption p.a. (MWh) India per capita electricity p.a. consumption 2024 3.0 15.5 12.7 12.0 1.6 8.3 8.3 7.1 1.4 7.0 5.9 1.1 3.6 3.8 1.4 FY17 FY24 FY29E FY50E India per capita consumption (MWh) Ind
Slide 20: India Electricity Demand Expected to Increase
India Electricity Demand Expected to Increase India Installed Power Generation Capacity (GW) * 76 72 64 69 58 66 63 53 49 198 46 160 127 102 82 11 16 8 8 8 243 248 256 263 269 FY24 FY25 FY26F FY27F FY28F Thermal Nuclear Solar Wind Other RE Indian solar installed capacity expected to rise by 24.7% CA
Slide 21: India Solar Module Market
India Solar Module Market Growth drivers for India solar module demand India Solar Module Demand (GW) Government incentives PLI scheme for module manufacturing Non Trade barriers ALMM and DCR for domestic manufacturing 45 46 47 40 37 32 Industry practices Standard industry practice to pair inverters
Slide 22: India Solar Cell Market
India Solar Cell Market Growth drivers for India solar module demand India Solar Cell Demand (GW) Government incentives PLI scheme for module manufacturing Non Trade barriers 46 47 ALMM and DCR for domestic manufacturing 40 41 37 32 21 Industry practices Standard industry practice to pair inverters
Slide 23: Strong Policy Tailwinds for Solar Sector (1/3)
Strong Policy Tailwinds for Solar Sector (1/3) PM Kusum Scheme Solar Parks Schemes • Capacity increase of 34.8 GW by March 2026 • Targets 40 GW by March 2026. • Total central financial assistance of INR • Till date, 53 Solar Parks with a combined 344,220 Mn capacity of approximately 39.3 GW have bee
Slide 24: Strong Policy Tailwinds for Solar Sector (2/3)
Strong Policy Tailwinds for Solar Sector (2/3) Domestic Content Requirements (DCR) DCR mandates that a certain percentage of materials used in solar projects must be sourced from domestic manufacturers. Approved List of Models and Manufacturers (ALMM) Approved List of Cell Manufacturers (ALCM) Aimed
Slide 25: Strong Policy Tailwinds for Solar Sector (3/3)
Strong Policy Tailwinds for Solar Sector (3/3) Union Budget 2026 – 27 Key Announcements Customs Duty & Manufacturing Support Basic Customs Duty (BCD) on Sodium Antimonate Reduced to Nil ▪ Used in solar glass manufacturing ▪ BCD reduced from 7.5% to 0% ▪ Expected to lower input costs and boost domest
Slide 26: Attractive Growth Prospects Expected to Fuel Solar Industry Investment
Attractive Growth Prospects Expected to Fuel Solar Industry Investment Expected investments in the solar energy generation sector in India Solar Investment (INR Trillion) 3.0 2.2 2.0 1.5 1.3 FY26E FY27E FY28E FY29E FY30E Indian solar installed capacity expected to rise by 24.7% CAGR to 198 GW betwee
Slide 27: Accelerating Growth Through Capex
4 ACCELERATING GROWTH THROUGH CAPEX
Slide 28: Expansion Plans
Expansion Plans Solar Module Solar Cell Manufacturing Capacity (in GW) Manufacturing Capacity (in GW) 10 10 6.5 4 3 1.5 2.2 0.7 FY22 FY25 FY26 FY28E FY30 E FY27E FY28E FY30 E Solar Module Solar Cell For 2.2 GW of Solar Cell capacity in FY27: • Capex Required: Around INR 1,050 crores for the cell • M
Slide 29: Aspiring ~4x Topline Growth by FY27E
Aspiring ~4x Topline Growth by FY27E Aspiration Revenue Growth (in INR Mn) FY26: Additional Solar Module Capacity of 2.5 GW 33,000 Capacity Utilization Rate: MONO PERC Module: 54% +16,000 TOPcon Module: 68% 17,000 FY27: +10,378 Solar Module: Capacity Utilization Rate: TOPcon Module: 70% 6,622 (MONO
Slide 30: Management Team
5 MANAGEMENT TEAM
Slide 31: Board of Directors (1/2)
Board of Directors (1/2) Dr Chetan Shah - Chairman & MD Anil Rathi – Non-Executive Director A visionary leader with decades of 28+ years of diverse industry experience in the renewable energy experience including textiles, steel, and sector, driving the company's growth in recycling and renowned lea
Slide 32: Board of Directors (2/2)
Board of Directors (2/2) Jayesh Gajjar – Independent Director Rajeshbhai Patel – Independent Director The former Senior Vice President at Chartered Accountant with 14+ years of Reliance Group, he played a pivotal role experience. Specializes in GST audits, in shaping corporate strategies and assuran
Slide 33: Key Management
Key Management Chetan Shah Vipul Shah Vikash Anand Hemal Kachiwala Chairman & MD Non Executive Director Head - Sales & BD Chief Financial Officer Rajat Gupta Rajesh Varia Brijesh Khanna Azmin Chiniwala Head - Marketing & Head - Supply Chain Head - Operations CS & Compliance Officer Communications &
Slide 34: Financial Highlights
6 FINANCIAL HIGHLIGHTS
Slide 35: Management Commentary
Management Commentary Commenting on the performance of 9M FY26, Dr. Chetan Shah, Chairman & Managing Director of Solex Energy Ltd. Said, “Solex delivered steady operational progress in Q3 and 9MFY26, driven by strong demand for high-efficiency N-Type modules and disciplined execution across key proj
Slide 36: Profit and Loss Statement – Q3 & 9MFY26
Profit and Loss Statement – Q3 & 9MFY26 Particulars (in INR Mn) Q3FY26 Q2FY26 Q3FY25 QoQ YoY 9MFY26 9MFY25 YoY FY25 Net sales 3,179.0 1,550.2 1,346.6 105.1% 136.1% 7,325.3 4,078.2 79.6% 6,622.2 Other Income (expenses) 15.3 (3.8) 10.9 (502.7%) 40.5% 25.8 21.0 23.2% 36.0 Total revenue 3,194.3 1,546.4
Slide 37: Balance Sheet as on 30 September 2025 and 31 March 2025
Balance Sheet as on 30 September 2025 and 31 March 2025 Equity and Liabilities (INR Millions) 30th Sep 2025 31st March 2025 Assets (INR Millions) 30th Sep 2025 31st March 2025 Share Capital 108 108 Non-Current Assets Other Equity 1,775 1,476 Plant, Property and Equipment 1,121 1,101 Total Equity 1,8
Slide 38: Financial Snapshot – Q3FY26
Financial Snapshot – Q3FY26 Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 3,194 18.2% 8.5% 272 247 1,358 Q3FY25 Q3FY26 Q3FY25 Q3FY26 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 10.3% 13.01 140 2.8% 8.07 89 Q3FY25 Q3FY26 Q3FY25 Q3FY26 37
Slide 39: Financial Snapshot – 9MFY26
Financial snapshot – 9MFY26 Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 7,351 12.5% 12.0% 881 4,099 511 9MFY25 9MFY26 9MFY25 9MFY26 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 35.27 6.6% 5.4% 25.9 394 271 9MFY25 9MFY26 9MFY25 9MFY26 38
Slide 40: Historical Financial Highlights
Historical Financial Highlights Particulars (INR Millions) FY22 FY23 FY24 FY25 9MFY26 Revenue 719 1,617 3,659 6,622 7,325 Other Income 4 27 21 36 26 Total Revenue 723 1,644 3,680 6,658 7,351 Cost of Goods Sold 596 1,326 2,979 5,120 5,592 Employee Expenses 24 68 141 222 292 Other Expenses 90 105 233
Slide 41: Historical Financial Snapshot (1/2)
Historical Financial Snapshot (1/2) Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 6,658 7,351 8.8% 8.9% 12.0% 12.0% 1.8% 881 3,680 796 1,644 326 723 145 13 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25 9MFY26 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 39.98 0.5% 1.3% 2.1% 6
Slide 42: Historical Financial Snapshot (2/2)
Historical Financial Snapshot (2/2) ROE (Return On Equity) ROCE (Return on Capital Employed) 32.4% 26.7% 27.4% 26.1% 17.7% 21.1% 5.9% 9.4% 1.0% 1.6% FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 Net Debt to Equity Ratio Working Capital Days 2.01 116 1.67 102 1.33 56 61 0.78 0.44 32 FY22 FY23
Slide 43: Appendix
7 APPENDIX
Slide 44: Awards & Accolades
Awards & Accolades 3rd Renewable India 500 Best Brand Gujarat Solar Asia Energy Tech NSE Emerge Energy Expo 2009 Winner 2021 Leadership Award Expo 2017 Listing Imagineers NSE SMERA NSE 1 3rd Energy Emerge Credit Rating Tech Exhibition 2016 43
Slide 45: Certifications & Standards
Certifications & Standards ISO & OHSAS Certifications, BIS (Bureau of Indian UL certification, widely recognized in ensures that the company maintains Standards)Certification, North America, ensures that our PV rigorous standards in quality, confirms that solar modules modules meet the highest safet
Slide 46: ESG
ESG Environmental Social Governance • Low-carbon manufacturing: Surat facility • Community electrification through over • 12 Member Board composition runs on clean energy 10,000 solar installations in homes, schools, hospitals, and remote village • Adherence to SEBI LODR Regulations, the • Advanced
Slide 47: Solex Reliability Test
Solex Reliability Test Solex reliability tests ensure the durability, performance, and long-term stability of solar modules under various environmental conditions. 46
Slide 48: Glossary
Glossary Abbreviation Description Abbreviation Description ACC Advanced Chemistry Cell EPC Engineering, Procurement & Commissioning ALCM Approved List of Cell Manufacturers IPP Independent Power Producer ALMM Approved List of Models & Manufacturers MES Manufacturing Execution System AOI Automated Op
Slide 49: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Solex Energy Limited(the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 50: Thank You
Thank You Solex Energy Limited Company Secretary Azmin Chiniwala E: cs@solex.in Investor Relations Advisors : Mr. Hiral Keniya/ Ms. Yashvi Jain E: hiral.keniya@in.ey.com/ yashvi.jain1@in.ey.com M: +91 9029662801/ 8905954390