| Market Cap | ₹741.54 CrConsumer Durables |
|---|---|
| P/E Ratio | 9.29Sector PE 45.17 |
| Promoter Holding | 66.15%Zero Pledging |
| Deal value | ₹194.14 Cr |
| Share of market cap | 26.2% |
| Share of annual revenue | 12.0% |
Key highlights
- Combined order value of ₹194.14 crore includes all applicable taxes
- Solex Green Energy Private Limited secured ₹180.98 crore of the total value
- Parent company Solex Energy Limited bagged a separate order worth ₹13.16 crore
- Contract scope covers TOPCon Bifacial Glass to Glass solar PV modules
- Total deal value represents approximately 26.2% of the company's market capitalization
Domestic Power Sector Contract Breakdown
Solex Energy and its subsidiary have collectively bolstered their order pipeline with domestic contracts for advanced TOPCon solar modules. The subsidiary, Solex Green Energy Private Limited, received a work order for TOPCon Bifacial Glass to Glass modules valued at ₹180.98 crore. Concurrently, the parent entity secured a separate ₹13.16 crore order for similar high-efficiency modules.
These wins follow a series of recent domestic orders, including a ₹75.96 crore contract on October 3, 2026, and a ₹13.16 crore order on October 5, 2026, targeting the power and electricity utility segments.
Manufacturing Scale and Operational Visibility
- Operates a 4 GW fully automated Industry 4.0 manufacturing facility at Tadkeshwar, Gujarat
- Order book visibility stood at ₹3,400 crore as of June 30, 2026, according to recent AGM disclosures
- Solar modules are certified to global standards including IEC, CE, UL, CEC, BIS, EPD, and Kiwa PVEL 2026
- Listed under the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers
- Vision 2030 roadmap targets revenue potential exceeding ₹4,500 crore by FY28
Financial Performance and Sector Comparison
The ₹194.14 crore deal represents 12% of the company's trailing twelve-month revenue of ₹1,619.27 crore. Despite a significant 70.5% sequential revenue decline in the June 2026 quarter compared to the March quarter, the company maintained an operating profit margin of 11.11%. The current valuation shows a P/E ratio of 9.29, which is notably lower than the industry average of 37.91.
This latest domestic win complements a major ₹628.37 crore international contract secured from a global renewable energy group in July 2026, further diversifying the company's geographical revenue mix.
| Date | Announcement | Amount |
|---|---|---|
| 05 Oct 2026 | Receipt of work order from a domestic entity for supply of TopCon Bifacial G2G 620Wp solar PV modulesSource: BSE filing | ₹13.16 Cr |
| 03 Oct 2026 | Receipt of work orders from domestic power/electricity sector entities for N-Type TOPCon 620Wp Glass-to-Glass (G12R) solar PV modulesSource: BSE filing | ₹75.96 Cr |
| 03 Sep 2026 | Receipt of work orders from domestic entities for supply of solar PV modulesSource: ptinews.com | ₹74.77 Cr |
| 13 Aug 2026 | Receipt of work order from a domestic power/electricity sector entity for N-Type TOPCon 620Wp Glass-to-Glass (G12R) solar PV modulesSource: cdequi.com | ₹42.47 Cr |
| 09 Jul 2026 | Receipt of work order from a global renewable energy group for supply of N-Type TOPCon G12R Glass-to-Glass solar PV modulesSource: indiaadvantage.co.in | ₹628.37 Cr |
What to watch next
- Completion of the 2.2 GW N-Type TOPCon Plus solar cell manufacturing line by end of 2027
- Execution of the ₹4,000 crore multi-year capex plan through FY30
- Upcoming quarterly financial results announcement scheduled for November 2026
| Share price | ₹686.45 |
|---|---|
| Market capitalisation | ₹741.54 Cr |
| Revenue (annual) | ₹1,618.06 Cr |
| Net profit (annual) | ₹96.01 Cr |
| Revenue (latest quarter) | ₹260.82 Cr-70.55% vs previous quarter |
| Net profit (latest quarter) | ₹7.98 Cr-86.21% vs previous quarter |
| P/E (TTM) | 9.29×Sector 45.17× |
| Promoter holding | 66.15%0.00% QoQ |
| FII holding | 0.07%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Solex Energy Limited announcing combined work orders worth ₹194.14 crore for TOPCon solar PV modules. Market figures from a third-party data provider.
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