By BullScreen Editorial Team 
Solex Energy Limited delivered a strong set of Q4 results 2026, reporting sharp growth in revenue and profitability as the company accelerated project execution and expanded its solar manufacturing business.
For the quarter ended March 2026, the company’s total revenue surged 247.6% year-on-year to ₹8,858.1 million, compared with ₹2,548.7 million in the corresponding period last year. Net sales jumped 248.1% to ₹8,855.3 million, highlighting robust demand across its solar EPC and manufacturing operations.
Profitability improved significantly during the quarter. EBITDA rose 246.1% year-on-year to ₹986.2 million, while profit after tax (PAT) climbed 289.4% to ₹588.9 million from ₹151.3 million a year earlier. Earnings per share (EPS) increased 304.6% to ₹53.61, reflecting strong operational momentum and higher project deliveries.
The company also recorded substantial sequential growth. Compared with Q3 FY26, revenue advanced nearly 178%, while PAT surged more than 563%, indicating a strong year-end execution cycle. Net profit margin improved to 6.6% from 5.9% in Q4 FY25.
For the full fiscal year, Solex Energy reported revenue of ₹16,211 million, up 143.9% year-on-year. EBITDA increased 134.6% to ₹1,867 million, while annual PAT rose 132.7% to ₹983 million. Diluted EPS climbed 122.3% to ₹88.88 per share.
The company’s balance sheet remained healthy, with ROE at 38.4%, ROCE at 31.7%, and net debt-to-equity improving to 0.57x from 0.78x a year ago. Operating cash flow stood at ₹2,007 million, while the working capital cycle reduced to 35 days.
Looking ahead, Solex Energy enters FY27 with an order book exceeding ₹34 billion and has set an aspirational revenue target of ₹26 billion. The company is also planning a ₹1,050 crore investment to establish a 2.2 GW N-Type TOPCon solar cell manufacturing line, supporting its long-term vision of becoming a fully integrated solar energy ecosystem player by 2030.
| Metric | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹16,211 Mn | ₹6,648 Mn | ▲ 143.9% |
| EBITDA | ₹1,867 Mn | ₹796 Mn | ▲ 134.6% |
| EBITDA Margin | 11.5% | 12.0% | ▼ 45 bps |
| Net Profit (PAT) | ₹983 Mn | ₹422 Mn | ▲ 132.7% |
| PAT Margin | 6.1% | 6.4% | ▼ 30 bps |
| Diluted EPS | ₹88.88 | ₹39.98 | ▲ 122.3% |
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Total Revenue | ₹8,858.1 Mn | ₹2,548.7 Mn | ▲ 247.6% |
| Net Sales | ₹8,855.3 Mn | ₹2,544.0 Mn | ▲ 248.1% |
| EBITDA | ₹986.2 Mn | ₹285.0 Mn | ▲ 246.1% |
| EBITDA Margin | 11.1% | 11.2% | ▼ 5 bps |
| Profit Before Tax | ₹782.2 Mn | ₹201.1 Mn | ▲ 289.1% |
| Net Profit (PAT) | ₹588.9 Mn | ₹151.3 Mn | ▲ 289.4% |
| Net Margin | 6.6% | 5.9% | ▲ 71 bps |
| EPS | ₹53.61 | ₹13.25 | ▲ 304.6% |
| Key Indicator | Details |
|---|---|
| Order Book | ₹34,000+ Mn |
| Solar EPC Projects Executed | 200+ Projects |
| Solar Module Capacity | 4 GW |
| Operating Cash Flow | ₹2,007 Mn |
| ROE | 38.4% |
| ROCE | 31.7% |
| Net Debt-to-Equity | 0.57x |
| Working Capital Cycle | 35 Days |
| FY27 Revenue Target | ₹26,000 Mn |
| Planned Cell Manufacturing Capex | ₹1,050 Crore |
| New Cell Line Capacity | 2.2 GW N-Type TOPCon |
| Vision 2030 Investment Plan | $1.5 Billion |
Source: https://nsearchives.nseindia.com/corporate/SOLEX_16052026183552_Investor_Presentation.pdf