Solex Energy’s Q2 Profit Slumps 76% QoQ, Revenue Up 17.6% YoY

Indian solar module manufacturing and EPC firm Solex Energy today published its financial results for the second quarter (Q2) of the financial year 2025-26. As per the latest data released by the Gujarat-based firm, the company reported positive growth in revenue on a yearly and half-yearly basis but saw a decline in revenues on a quarter-on-quarter (QoQ) basis.

The firm reported a total revenue of Rs 155.02 crore in Q2 FY26. This was against revenue of Rs 259.61 crore in Q1 FY26 and Rs 131.75 crore in Q2 FY25. Thus, on a year-on-year (YoY) basis, the firm recorded total revenue growth of 17.6%, but on a QoQ basis, it reported a decline of 40% in revenue.

Half-Yearly Result

On a half-yearly (H1) basis, the firm reported total revenue of Rs 414.62 crore in FY26 against Rs 273.16 crore in H1 FY25, registering a growth of 51.7%.

On the profit front, while the company had earlier reported strong growth, it saw a decline in both YoY and QoQ profit this quarter. The firm reported a total Profit After Tax (PAT) of Rs 5.78 crore, compared with Rs 24.71 crore in Q1 FY26 and Rs 9.08 crore in Q2 FY25. Thus, on a QoQ basis, its PAT dropped by 76%, and on a YoY basis, it fell by 36.3%.

Dip In PAT 

One of the major factors that appeared to have affected the PAT levels was the increased losses under “changes in inventories of finished goods, stock-in-trade, and work-in-progress,” which rose significantly during this quarter.

Commenting on the performance of H1 FY26, Chetan Shah, Chairman and Managing Director of 
Solex Energy Limited, said, “We are pleased to report a robust performance in H1 FY26, reflecting the fundamental strength of our operating model and our disciplined execution strategy. Despite sector wide challenges arising from an extended monsoon period, we continued to deliver healthy growth, supported by strong demand from marquee IPPs and CCI customers, steady capacity utilization, and our focus on operational excellence. We also maintained the margin trajectory we had guided earlier, with both EBITDA and PAT margins expanding meaningfully year-on-year, driven by economies of scale and improved cost efficiencies."