Solex Energy Q3 Revenue Surges 135% YoY; Nine-Month PAT Rises 45%

Surat-based Solex Energy, a solar photovoltaic (PV) module manufacturer and EPC services provider, earned total revenue of Rs. 319.4 Cr, marking a 135.3% year-on-year (YoY) increase from Rs. 135.747 Cr earned as of December 31, 2024.

In its financial results for the third quarter (Q3) and nine-month period ending December 31, 2025 (FY26), the company reported that its total income for the nine months of FY26 reached Rs.735.1 Cr, up 79.3% YoY from Rs. 409.916 Cr earned as of December 31, 2024.

Solex Energy’s EBITDA for Q3 FY26 grew 10.0% YoY to Rs. 27.2 Cr, while EBITDA for the nine-month FY26 period rose 72.5% YoY to Rs. 88.1 Cr. The company’s profit after tax (PAT) for Q3 FY26 stood at Rs. 8.9 Cr, while PAT for the nine-month FY26 period increased 45.3% YoY to Rs. 39.4 Cr.

QoQ & 9 Months Growth

Revenue from operations also increased to Rs. 3,17.994 Cr, compared with Rs. 148.605 Cr in the previous quarter, leading to quarter-on-quarter (QoQ) growth of 114.0%. 

Similarly, the company recorded a surge in income on a year-on-year (YoY) basis, reaching Rs. 775.796 Cr in December 2025, compared with Rs. 407.448 Cr achieved in December 2024, resulting in a YoY increase of 90.4%.

On the other hand, Solex reported quarterly growth in profit, which reached Rs. 8.228 Cr, up from Rs. 3.401 Cr in the September quarter, reflecting growth of 141.9%. 

Leadership View

Commenting on the performance of Q3 & 9M FY26, Chairman and Managing Director of Solex Energy, Dr. Chetan Shah 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 projects. A defining milestone during the quarter was the commencement of commercial production at our 2.2 GW solar PV module facility at Tadkeshwar in November 2025, a transformational step that significantly strengthens our manufacturing backbone and positions us for higher scale and accelerated growth. 

With the new facility now operational and ramping up steadily, we are confident of improving utilization levels and leveraging operating efficiencies in the coming quarters. Backed by strong order inflows, advanced technology portfolio, and expanding capacity, we remain firmly on track to achieve our annual targets and create long-term value for all our stakeholders. In addition, our 2.2 GW solar cell manufacturing project is progressing as planned and remains on track by 2027. 

Orderbook

During the latest quarter, Solex Energy secured a significant ₹544.62 Crore order from group entities of the Spain headquartered Zelestra Group for the supply of N-Type TOPCon 615/620Wp Glass-to-Glass (G12R) modules, with execution scheduled during February to November 2026.

In addition, Solex received a ₹289.84 Crore order from an IPP for N-Type TOPCon 615 Wp and 620 Wp Glass-to-Glass modules. These orders reflects the growing acceptance of Solex’s advanced N-Type product portfolio and significantly enhance medium-term execution visibility. The overall diversified order book and visibility exceeding ₹4,000 Crores, including EPC orders, provides strong revenue clarity for the remainder of the year.

Solex through focused investments through global collaborations entered into a technology partnership with ISC Konstanz, Germany, to accelerate the development of advanced Rear Contact solar cell technology.

In addition to the TRC module, Solex also introduced its advanced TOPCon Plus technology platform, further strengthening its high-efficiency product portfolio, with commercial production targeted by 2027.

With the new facility up & running during the ongoing quarter coupled with strong execution momentum, Solex is swiftly marching towards achieving ₹1,000 Crores revenue and is targeting ₹1,700–1,800 Crores revenue for FY26.

Backed by expanded manufacturing capacity, robust order inflows, increasing share of high-efficiency N-Type modules, and global technology collaborations, the Company remains well positioned for sustainable growth and long-term value creation while contributing meaningfully to India’s clean energy transition.”