Multibagger stock jumps 6% after receiving order worth ₹276 Cr for solar PV modules

Synopsis: Solex Energy secured a ₹276 crore work order for supplying 615 Wp and 620 Wp TOPCon solar PV modules, boosting its order book, revenue visibility, and growth prospects in India’s rapidly expanding renewable energy market.

This Multibagger solar stock, engaged in manufacturing high-efficiency solar PV modules and providing EPC services for residential, industrial, and off-grid solar projects across India, jumped 6.09 percent after receiving an order worth Rs. 276 crore for solar PV modules.

With a market capitalization of Rs. 1,228.89 crores, the share of Solex Energy Limited has reached an intraday high of Rs. 1,187.90 per equity share, rising nearly 6.09 percent from its previous day’s close price of Rs. 1,119.70. 

Since then, the stock has retreated and is currently trading at Rs. 1,162.50 per equity share. Over the past 5 years, Solex Energy Limited has provided impressive returns of more than 4,104.55 percent. 

Reason Behind the Surge

Solex Energy Limited has received a significant work order worth Rs. 276 crore from a reputed domestic independent power producer for the manufacture and supply of high-efficiency N-Type TOPCon solar PV modules. 

The order includes 615 Wp and 620 Wp glass-to-glass (G12R) modules, which are known for better performance and durability. This order reflects strong demand for advanced solar technology in India’s renewable energy market.

The execution of the order is scheduled between February and May 2026. This development strengthens Solex Energy’s order book, improves revenue visibility for the coming months, and supports the company’s growth strategy in the fast-expanding solar power sector.

Management Guidance

The company is targeting strong top-line growth, aiming to nearly four times its revenue by FY27. Revenue is expected to rise from about Rs. 662.2 crore in FY25 to around Rs. 2,000 crore in FY26 and further to nearly Rs. 3,300 crore in FY27. This growth is supported by capacity expansion, including an additional 2.5 GW of solar module capacity and higher utilisation rates for advanced TOPCon modules.

On the profitability front, the company expects steady improvement in profit after tax (PAT). PAT is projected to increase from Rs. 42.8 crore in FY25 to about Rs. 120-160 crore in FY26, and further to Rs. 264-330 crore by FY27. PAT margins are expected to improve to around 6-8 percent in FY26 and 8-10 percent in FY27.

Business Development

Solex Energy Limited has built strong business development capabilities supported by a 4 GW module manufacturing capacity and over 15 domestic and international certifications. It has established an export presence across Europe, North America, and Africa, successfully executing over 10,000 projects. 

The company has a strong order book of over Rs. 4,000 crore as of 30 September 2025. With more than 3 million solar modules shipped, the company continues to strengthen its market position and expand its global footprint in the renewable energy sector.

Client Base

Solex Energy Limited has a diversified client base across multiple industries. Its key customers include Amul, Adani Group entities, Torrent Power, Indian Railways, NDDB, NPCIL, ONGC, GAIL, GEDA, UGVCL, PGVCL, SPRERI, Banco Aluminium, Tata Group entities, CREDA, and various state and central government bodies, highlighting a strong presence across energy, utilities, infrastructure, and public-sector segments.

Company Overview

Solex Energy Limited was founded in 1995 and is headquartered in Surat, Gujarat. The company is an India-based renewable energy company engaged in manufacturing high-efficiency solar photovoltaic (PV) modules and providing EPC services for solar projects across the country.

The company operates a 1.5 GW Giga Factory dedicated to solar photovoltaic (PV) modules and aims to scale up to 10 GW each of solar module and solar cell capacity under its Vision 2030 growth plan.

Recent Quarter Results

Coming into financial highlights, Solex Energy Limited’s revenue has increased from Rs. 131.75 crore in H1 FY25 to Rs. 155.02 crore in H1 FY26, which has grown by 17.66 percent. The net profit has decreased by 36.23 percent from Rs. 9.08 crore in H1 FY25 to Rs. 5.79 crore in H1 FY26. Solex Energy Limited’s revenue and net profit have grown at a CAGR of 102.15 percent and 278.59 percent, respectively, over the last two years.

In terms of return ratios, the company’s ROCE and ROE stand at 29.9 percent and 40.6 percent, respectively. Solex Energy Limited has an earnings per share (EPS) of Rs. 54, and its debt-to-equity ratio is 1.57x.

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