Q1 FY27 earnings callSolex Energy Limited

Q1 results were seasonally soft, impacted by ALMM policy uncertainty and timing shifts, but management maintains FY27 guidance, highlighting a strong H2-weighted order book and progress on cell manufacturing plans.

Cautious tone4 min readPublished 4 days after the call

Numbers

Metric	This quarter	Change
Total Revenue	INR265.6 crore	1.8%
EBITDA	INR33.8 crore	—
EBITDA Margin	12.7%	—
PAT	INR8.3 crore	—
PAT Margin	3.1%	—
Earnings Per Share	INR 7.39	—
Order Book Visibility	Approximately INR3,400 crore	—

TL;DR

Revenue grew slightly to INR265.6 crore, but PAT declined to INR8.3 crore due to seasonally softer volumes and full depreciation/interest on new capacity.
Order book visibility is approximately INR3,400 crore, with an executable pipeline of INR845.84 crore targeted for completion by December 31, 2026.
Maintains FY27 revenue guidance and PAT margin in the range of 5% to 6%, based on an average module capacity utilization assumption of around 55%.
2.2 GW N-type TOPCon+ cell line commissioning is on track for end of calendar year 2027, with funding and land approvals in advanced stages.
Business remains H2-weighted, with policy clarity on ALMM extensions expected to drive execution post-monsoon.

Said on the call

“Q1 FY27 sits at the start of the H1-H2 curve we have consistently spoken about.”

From the Q&A

Topic	What management said
Capex Plan Revision	Management clarified the total capex for the 2.2 GW cell line is now INR1,050 crore (INR700 crore debt, INR350 crore equity), reduced from an earlier INR1,500 crore figure due to scrapping additional module capacity plans and vendor negotiations.
Inventory Obsolescence Risk	Stated there is no risk of obsolescence from technology change as inventory consists of latest generation G12R modules, and the pile-up is seasonal, expected to clear in H2.
BESS Strategy and Credibility	Admitted India's BESS market is import-dependent; Solex plans to follow a calibrated approach with technological partners, similar to its module strategy, and will house BESS in a separate subsidiary.
Competitiveness vs Chinese Modules	Said Solex focuses on export markets with a preference for Indian modules, and while Chinese pricing is aggressive, Indian modules are at par on quality; export revenue for FY27 is projected to be on a very lower side.
Weak Q1 Module Performance	Attributed weakness to ALMM-related confusion leading to delivery deferrals (not cancellations), the full-quarter impact of new line depreciation/interest, and the seasonal H1 lull, with clarity now emerging post-government extension.
Cell Manufacturing Execution Risks	Acknowledged industry challenges with infrastructure and ramp-up; detailed strategy involves onboarding an experienced TOPCon cell manufacturer for line design/operations and securing infrastructure approvals to de-risk the project.
Utilization Guidance	Explained the conservative 55% utilization assumption for FY27 (vs 70% in FY26) is due to increased 4 GW capacity base, industry-wide ALMM disruption, and dependency on grandfathered projects amid domestic cell shortage.
Customer Concentration	Revealed the single largest order is INR600+ crore, followed by a INR175 crore order; stated customer profile includes several large IPPs, which is a strength, and there are many repetitive orders.

Guidance

Maintains FY27 revenue guidance and PAT margin in the range of 5% to 6%.
Working with an average module capacity utilization assumption of around 55% for FY27.
2.2 GW N-type TOPCon+ cell line on track for commissioning by end of calendar year 2027.
Targeting an executable order pipeline of INR845.84 crore for completion by December 31, 2026.
EPC business target is around INR100 crore to INR150 crore with margins of 10% to 12%.

Source

Summary written from the transcript filed by Solex Energy Limited for the call held on 17 Aug 2026; published 21 Aug 2026, 23:37 IST.