| P/E TTM | 7.51Sector 42.05 |
|---|---|
| Market Cap | ₹599.38 CrSmall Cap |
| Revenue TTM | ₹1619.27 Cr143% Annual Growth |
| Day RSI | 20.53Oversold Zone |
Key highlights
- TAPI RQ module delivers up to 670 Wp power output with a peak efficiency of 24.80%
- Features advanced Quarter Cell architecture and N-Type TOPCon technology for utility-scale projects
- Vision 2030 roadmap proposes ₹14,300 crore investment for solar cells, BESS, and wafer manufacturing
- Signed ₹4,000 crore MoU with Gujarat Government for 5 GW solar cell and 10 GWh BESS facilities
- Company currently operates a 4 GW automated manufacturing facility at Tadkeshwar, Gujarat
Advancing Efficiency with TAPI RQ Technology
Solex Energy has introduced the TAPI RQ solar module, representing India’s first N-Type Quarter Cell technology. This module is engineered for high-capacity solar projects, delivering a power output of up to 670 Wp and a peak efficiency of 24.80%. By combining advanced Quarter Cell architecture with N-Type TOPCon technology, the company aims to provide superior energy generation and long-term reliability for utility-scale installations.
The module includes an IP68-rated junction box, ensuring durability against environmental factors like dust and water. This launch marks Solex's third consecutive year of introducing differentiated solar innovations at the Renewable Energy India Expo, following earlier launches of rectangular and rear-contact modules.
Strategic Expansion Under Vision 2030
The launch aligns with the company’s ambitious Vision 2030 roadmap, which targets the establishment of a fully integrated renewable energy ecosystem. This plan includes a proposed investment of ₹14,300 crore to develop 10 GW of solar cell manufacturing capacity, 10 GWh of Battery Energy Storage Systems (BESS), and 2 GW of wafer and ingot capacity. As a critical step, Solex has signed a Memorandum of Understanding with the Government of Gujarat for a ₹4,000 crore investment.
This will fund a 5 GW solar cell facility, to be built in phases of 2 GW and 3 GW, alongside a 10 GWh BESS plant, strengthening the domestic supply chain for renewable energy.
A Track Record of Product Innovation
- REI 2024: Introduced India’s first solar module powered by rectangular cells
- REI 2025: Unveiled TAPI Rear Contact, India’s first N-Type Rear Contact Solar Module
- REI 2026: Launched TAPI RQ, focusing on Quarter Cell architecture for enhanced energy generation
- Targeting global markets including the United States and Europe for distribution expansion
- Developing a confirmed short-term project pipeline of ₹845.84 crore for execution by late 2026
Financial Context and Operational Footprint
On the financial front, Solex Energy currently operates an Industry 4.0 enabled 4 GW manufacturing facility in Tadkeshwar, Gujarat. For the quarter ended June 30, 2026, the company reported operating revenue of ₹260.82 crore, which reflects a 70.55% decrease compared to the previous quarter but a slight 0.47% increase year-on-year. Despite recent quarterly fluctuations, the company has shown strong trailing twelve-month performance with a net profit of ₹79.82 crore.
Trading at a TTM P/E of 7.51, significantly lower than the sector average of 42.05, the stock currently shows an RSI of 20.53, indicating oversold market conditions while the company pursues its FY28 revenue target of ₹4,500 crore.
Management Perspective on Innovation
Innovation has always been central to Solex’s growth journey. For three consecutive years at REI, we have introduced technologies that reflect our ambition to push the boundaries of solar manufacturing in India. With TAPI RQ, we are taking another step towards delivering higher efficiency, greater reliability and long-term value to our customers.
| Date | Announcement | Amount |
|---|---|---|
| 22 Oct 2026 | Tapi RQ (India's first N-Type TOPCon Quarter Cell Solar Module, up to 670 Wp and 24.8% efficiency) unveiled at REI Expo 2026Source: bioenergytimes.com | – |
| 29 Oct 2025 | Tapi Rear Contact (TRC) Solar Module (India's first N-Type Rear Contact Module, up to 665 Wp and 24.6% efficiency, developed with ISC Konstanz) unveiled at REI Expo 2025Source: NSE filing | – |
| 23 Jul 2025 | Tapi R Rectangular Cell N-Type TOPCon Solar PV Module (595–625 Wp, 132 half-cut cells) launched in RajasthanSource: themachinemaker.com | – |
What to watch next
- Execution of short-term order pipeline worth ₹845.84 crore by December 31, 2026
- Development of the first 2 GW phase of the solar cell manufacturing facility in Gujarat
- Commissioning of 2.2 GW N-Type TOPCon+ solar cell capacity targeted for late 2027
- Next quarterly financial results announcement expected in November 2026
| Share price | ₹554.85 |
|---|---|
| Market capitalisation | ₹599.38 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) | 7.51×Sector 42.05× |
| Promoter holding | 66.15%0.00% QoQ |
| FII holding | 0.32%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 the launch of India's first N-Type Quarter Cell Solar Module. Market figures from a third-party data provider.
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