Solex Energy Ltd. · NSE:SOLEX
Solex Energy — Q4 FY26 Earnings Presentation
52 slides from Solex Energy's earnings presentation, May 16, 2026
Slide 1: Exchange filing cover letter
May 16, 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 (Listing Obl
Slide 2: Investor Presentation: Q4 & FY26
Solex Energy Limited Investor Presentation: Q4 & FY26 May 2026
Slide 3: Contents
Contents Financial Highlights 1 Company Overview 2 Research & Development Prowess 3 Industry Tailwinds 4 Accelerating Growth Through Capex 5 Management Team 6 Appendix 7
Slide 4: Financial Highlights
1 FINANCIAL HIGHLIGHTS
Slide 5: Robust Financial Performance Driven by Execution Excellence
Robust Financial Performance Driven by Execution Excellence Commenting on the performance of Q4 & FY26, Dr. Chetan Shah, Chairman & Managing Director of Solex Energy Ltd. said, “Solex Energy has delivered a standout performance in FY26, reinforcing its position as one of India’s fastest-growing inte
Slide 6: Profit and Loss Statement – Q4 & FY26
Profit and Loss Statement – Q4 & FY26 Particulars (in INR Mn) Q4FY26 Q3FY26 Q4FY25 QoQ YoY FY26 FY25 YoY Net sales 8,855.3 3,179.0 2,544.0 178.6% 248.1% 16,180.6 6,622.2 144.3% Other Income (expenses) 2.7 9.9 4.7 (72.3%) (41.3%) 30.7 25.6 19.9% Total revenue 8,858.1 3,188.9 2,548.7 177.8% 247.6% 16,
Slide 7: Balance Sheet as on 31st March 2026
Balance Sheet as on 31st March 2026 Equity and Liabilities (INR Millions) 31th March 2026 31th March 2025 Assets (INR Millions) 31th March 2026 31th March 2025 Share Capital 108 108 Non-Current Assets Other Equity 2,453 1,476 Plant, Property and Equipment 2,739 1,101 Total Equity 2,561 1,584 Capital
Slide 8: Financial Snapshot – Q4FY26
Financial Snapshot – Q4FY26 Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 8,858 11.2% 11.1% 986 2,549 247.6% YoY 285 246.1% YoY Q4FY25 Q4FY26 Q4FY25 Q4FY26 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 6.6% 70 5.9% 589 60 53.61 50 40 30 151 289.4% YoY 13.25 304.6% YoY 20 10 0 Q
Slide 9: Financial snapshot – FY26
Financial snapshot – FY26 Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 11.5% 16,211 12.0% 1,867 6,648 796 143.9% YoY 134.6% YoY FY25 FY26 FY25 FY26 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 6.1% 88.88 983 6.4% 39.98 422 132.7% YoY 122.3% YoY FY25 FY26 FY25 FY26 8
Slide 10: Historical Financial Highlights
Historical Financial Highlights Particulars (INR Millions) FY22 FY23 FY24 FY25 FY26 Revenue 719 1,617 3,659 6,622 16,181 Other Income 4 27 21 26 31 Total Revenue 723 1,644 3,680 6,648 16,211 Cost of Goods Sold 596 1,326 2,979 5,110 13,031 Employee Expenses 24 68 141 222 436 Other Expenses 90 105 233
Slide 11: Historical Financial Snapshot (1/2)
Historical Financial Snapshot (1/2) Total Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin (%) 16,211 8.8% 8.9% 12.0% 11.5% 1.8% 1,867 6,648 3,680 796 723 1,644 145 326 13 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 PAT (INR Mn) & PAT Margin (%) Earnings Per Share (INR) 88.88 0.5% 1.3% 2.1% 6.
Slide 12: Historical Financial Snapshot (2/2)
Historical Financial Snapshot (2/2) ROE (Return On Equity) ROCE (Return on Capital Employed) 31.7% 38.4% 27.4% 26.7% 21.1% 17.7% 5.9% 9.4% 1.0% 1.6% FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Net Debt to Equity Ratio Working Capital Days 2.01 116 1.67 56 61 0.78 0.44 0.57 32 35 FY22 FY23 FY24
Slide 13: Company Overview
2 Company Overview
Slide 14: Solex in a Brief
Solex in a Brief 30+ Years 4 GW 15+ 7 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 15: 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 Portfolio Prowess Sheet Strength • Led by D
Slide 16: FY26 – A Breakthrough Year
FY26 – A Breakthrough Year Unprecedented Growth Momentum Achieved 143.9% YoY revenue growth in FY26, marking exponential expansion Delivered 16,211 Mn revenue in FY26, demonstrating strong execution momentum Manufacturing & Technology Operational & Execution Excellence Expansion ▪ Delivered 200+ EPC
Slide 17: 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 18: Manufacturing Edge: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: Research & Development Prowess
3 RESEARCH & DEVELOPMENT PROWESS
Slide 25: Prudent Investment in R&D to Reap Rewards
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 26: 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 27: Diversified Clients Across Industry
Diversified Clients Across Industry Expanded Global Footprints to US, Europe, Africa, Middle East 26
Slide 28: Industry Tailwinds
4 INDUSTRY TAILWINDS
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: Accelerating Growth Through Capex
5 ACCELERATING GROWTH THROUGH CAPEX
Slide 38: 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 39: Aspiring ~4x Topline Growth by FY27E
Aspiring ~4x Topline Growth by FY27E Aspiration Revenue Growth (in INR Mn) Aspiration PAT (in INR Mn) 1,5601,264 – 2,080^ 26,000 983 +9,819 16,181 422 6,622 FY25 FY26 FY27E FY25 FY26 FY27E Revenue Potential Aspirational PAT margin: ^FY27 – 6-8% Well positioned to address the increasing demand-supply
Slide 40: Engineering the Future with an Integrated Energy Ecosystem
Engineering the Future with an Integrated Energy Ecosystem Strategic Growth Aspirations Integrated Capacity Roadmap (By 2030) ▪ ~$1.5 Billion Investment Plan to build a fully integrated solar ecosystem ▪ 10 GW Solar Module Manufacturing ▪ Transition from module manufacturer → end-to- ▪ 10 GW Solar C
Slide 41: Management Team
6 MANAGEMENT TEAM
Slide 42: 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 43: 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 44: 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 45: Appendix
7 APPENDIX
Slide 46: 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 45
Slide 47: 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 48: 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 49: Solex Reliability Test
Solex Reliability Test Solex reliability tests ensure the durability, performance, and long-term stability of solar modules under various environmental conditions. 48
Slide 50: 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 51: 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 52: 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