Gujarat-based solar module manufacturer Solex Energy reported a revenue of ₹2.66 billion (~$27.84 million) for the first quarter (Q1) of the financial year (FY) 2027, up 1.8% year-over-year (YoY) from ₹2.61 billion (~$27.32 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter fell 20.9% YoY to ₹337.9 million (~$3.54 million) from ₹427 million (~$4.47 million). The EBITDA margin declined to 12.7% from 16.4%.

Net profit declined 66.6% YoY to ₹82.6 million (~$863,710) from ₹247.1 million (~$2.59 million). The net profit margin fell to 3.1% from 9.5%.

Diluted earnings per share fell to ₹7.39 (~$0.08) from ₹22.37 (~$0.23).

Solex said Q1 is seasonally its softest quarter, while the market also moved into a wait-and-watch mode following clarification on the Approved List of Models and Manufacturers timeline in late May. The company said these were timing shifts rather than cancellations and that its order book of approximately ₹34 billion (~$355.91 million) remained intact.

The company plans to commission a 2.2 GW N-type TOPCon solar cell manufacturing line. The project requires capital expenditure of around ₹10.5 billion (~$109.91 million). Solex is exploring raising approximately ₹7 billion (~$73.28 million) through debt and ₹3.5 billion (~$36.64 million) through a mix of equity and debt.

Solex has 4 GW of solar module manufacturing capacity and plans to expand it to 10 GW by FY 2030.

The company also plans to expand its solar cell manufacturing capacity as part of its move toward an integrated manufacturing operation. Its longer-term roadmap targets 10 GW of solar cell manufacturing capacity by 2030.

By 2030, Solex also plans to enter ingot and wafer manufacturing with 2 GW of capacity.

The company has also proposed an integrated solar cell and battery energy storage manufacturing ecosystem in Gujarat involving an investment of ₹40 billion (~$418.72 million).

Solex secured a ₹6.28 billion (~$65.74 million) N-type TOPCon module order from a global renewable energy group in July 2026 and a ₹424.7 million (~$4.45 million) order in August.

It also received a letter of intent for a further ₹1.75 billion (~$18.32 million) order, with the master supply agreement at the signing stage. The company said orders totaling ₹8.46 billion (~$88.56 million) are targeted for execution before December 31, 2026.

In January, Solex secured a work order worth ₹2.76 billion (~$28.89 million) from an independent power producer to supply 615 Wp N-type TOPCon and 620 Wp glass-to-glass solar modules.

Solex has shipped more than 3 million modules and executed over 10,000 projects. Its export presence covers seven countries across Europe, North America, and Africa.

Solex Energy reported revenue of ₹8.86 billion (~$92.75 million) in the fourth quarter of FY 2026.