Solex Energy Subsidiary Secures ₹180.98 Crore Order for TopCon Solar PV Modules

Key numbers

Market Cap	₹736.95 CrConsumer Durables
P/E Ratio	9.23xSector PE 45.17x
1-Year Return	-59.89%Price Performance
Order from	Prominent domestic entity operating in the power and electricity sector (name undisclosed)
Execution period	Scheduled till January 2027
Deal value	₹180.98 Cr
Share of market cap	24.6%
Share of annual revenue	11.2%

Key highlights

• Work order valued at ₹180.98 crore, including applicable taxes
• Supply of TopCon Bifacial G2G Solar PV Modules for domestic utility
• Contract represents 24.6% of the company's current market capitalization
• Execution timeline scheduled for completion by January 2027
• Order received from an undisclosed prominent domestic power sector entity

Domestic Momentum in High-Efficiency Solar Supply

Solex Energy Ltd has reached a significant milestone in its module supply business through its subsidiary, Solex Green Energy Private Limited. This ₹180.98 crore contract for TopCon Bifacial G2G Solar PV Modules underscores the company's shift toward high-efficiency technology capable of generating power from both sides of the panel. The order, which represents roughly 11.2% of the company's trailing twelve-month revenue of ₹1,619.27 crore, originates from a major domestic entity in the power and electricity sector.

This latest win follows multiple smaller domestic orders secured earlier in October 2026, totaling over ₹89 crore, reflecting a concentrated period of order book expansion for the Surat-based manufacturer.

Order Book Visibility and Operational Context

• The project execution is targeted for completion by January 2027, providing immediate revenue visibility.
• As of June 30, 2026, the company's total order book and revenue visibility stood at approximately ₹3,400 crore.
• The current order value exceeds several recent domestic wins, including a ₹75.96 crore contract on October 3, 2026.
• Operating margins for the June 2026 quarter stood at 11.11% against a consolidated TTM revenue of ₹1,619.27 crore.
• Solex Energy continues to trade at a valuation of 9.23x P/E, significantly below the industry average of 37.91x.

Strategic Expansion and Long-Term Guidance

The accumulation of utility-scale module orders is a critical component of Solex Energy's long-term roadmap. During its September 2022 AGM, the company guided toward an aspirational revenue target of ₹4,500 crore by FY28, with projected PAT margins of 5% to 6%. To facilitate this growth, Solex is investing in backward integration, with the commercial commissioning of a 2.2 GW solar cell manufacturing plant in Gujarat expected in 2027.

Despite a 70.55% sequential revenue decline in the June 2026 quarter, the consistent inflow of domestic contracts for specialized TOPCon modules suggests a scaling of operations ahead of the new capacity coming online.

What to watch next

• Completion of the ₹180.98 crore module supply project by January 2027
• Commercial commissioning of the 2.2 GW integrated solar cell plant in 2027
• Progress toward the FY28 revenue guidance target of ₹4,500 crore
• Announcement of quarterly financial results for the period ending September 30, 2026

Solex Energy · financial snapshot

Share price	₹682.2
Market capitalisation	₹736.95 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)	9.23×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.