Solex Energy reported a 66% year-on-year decline in consolidated net profit to ₹8.26 crore for the first quarter of FY27, with higher depreciation, finance costs and working capital requirements weighing on earnings.
The company’s net profit stood at ₹24.71 crore during the same quarter last year. Despite the decline in profitability, consolidated revenue increased marginally to ₹265.63 crore from ₹261.05 crore in Q1 FY26.
Solex Energy attributed the pressure on earnings partly to the full-quarter impact of depreciation and finance costs following the commissioning of its Line 3 and Line 4 manufacturing facilities in November 2025. Depreciation increased to ₹10.19 crore from ₹4.27 crore in the year-ago quarter, while finance costs rose to ₹12.48 crore from ₹5.41 crore as the company deployed additional working capital.
The company said the first phase of its planned 2.2 GW N-Type TOPCon Plus solar cell manufacturing line remains on schedule for commissioning by the end of calendar year 2027. The facility forms part of Solex Energy’s broader plan to establish 5 GW of solar cell manufacturing capacity.
Chetan Shah, Chairman and Managing Director of Solex Energy, said the June quarter is typically the weakest period for the solar industry. He added that market activity was also affected by a wait-and-watch approach following clarification around the Approved List of Models and Manufacturers (ALMM) timeline in late May.
According to Shah, the market developments represent timing shifts rather than order cancellations. Solex Energy’s order book remains at approximately ₹3,400 crore.
The company is also expanding its presence in battery energy storage and integrated clean energy manufacturing. Shah highlighted the proposed ₹4,000 crore integrated solar cell and battery energy storage system (BESS) manufacturing ecosystem in Gujarat as part of the company’s growth strategy.
Solex Energy also secured a ₹628.37 crore order for N-Type TOPCon solar modules from a global renewable energy group in July 2026, further strengthening its manufacturing order pipeline.
The company, headquartered in Surat, Gujarat, has been active in India’s solar manufacturing sector since 1995. Its ongoing investments in solar cells, modules and BESS manufacturing are aimed at expanding its position across the renewable energy value chain.
With rising demand for energy storage alongside renewable generation, Solex Energy’s planned BESS manufacturing expansion could provide the company with an additional growth avenue as India accelerates the deployment of storage-backed clean energy projects.
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