Solex Energy Limited Earnings Summary — Q1 FY2027
Solex Energy Scales Solar Operations with Record Order Visibility and Strategic Integration Plan
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 70.5% sequentially in Q1 FY2027.
- Revenue of ₹261 Cr is 0.5% higher year-on-year.
- Revenue has compounded at 47.7% annualised over the last 10 quarters.
- Net profit of ₹8 Cr is 67.0% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -7.2% annualised across the period.
- Operating margin stands at 11.1% in Q1 FY2027.
- Operating margin compressed by 478 bps year-on-year.
- PBT margin is 4.3%.
- Expenses grew 6.2% against revenue growth of 0.5%.
- Operating profit of ₹29 Cr is 29.8% lower year-on-year.
- Operating leverage has been under pressure recently.
- 4 of the last 4 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 40/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2019 | Q4 FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Volatile | 261 | 886 | 318 | 155 | 260 | 254 | 135 | 132 | — | — |
| Expenses | Volatile | 232 | 787 | 292 | 136 | 218 | 226 | 111 | 117 | — | — |
| Operating Profit | Volatile | 29 | 98 | 26 | 19 | 41 | 28 | 24 | 14 | — | — |
| Operating Margin | Improving | 11.1% | 11.1% | 8.1% | 12.0% | 15.9% | 11.0% | 17.5% | 10.9% | — | — |
| Other Income | Accelerating | 5 | 0 | 2 | -0 | 1 | 0 | 1 | 1 | — | — |
| Interest | Strong Uptrend | 12 | 10 | 9 | 6 | 5 | 5 | 3 | 3 | — | — |
| Depreciation | Strong Uptrend | 10 | 10 | 6 | 4 | 4 | 3 | 3 | 2 | — | — |
| Profit Before Tax | Volatile | 11 | 78 | 12 | 8 | 33 | 20 | 19 | 11 | — | — |
| Tax | Volatile | 3 | 19 | 3 | 2 | 8 | 5 | 5 | 2 | — | — |
| Net Profit | Volatile | 8 | 58 | 9 | 5 | 24 | 14 | 14 | 9 | — | — |
| Net Margin | Volatile | 3.1% | 6.5% | 2.7% | 3.4% | 9.3% | 5.6% | 10.4% | 6.9% | — | — |
Key Takeaways
- Signed a massive ₹4,000 crore MoU with the Government of Gujarat for backward integration into solar cell and BESS manufacturing.
- Order book visibility exceeds ₹34,000 million (₹3,400 crore) across confirmed POs and signed MSAs.
- Phased expansion plan includes 5GW solar cell capacity (TOPCon/IBC) and 10GW Battery Energy Storage System (BESS) facilities.
- Successfully transitioned to TOPCon technology, with high-efficiency 615Wp-620Wp modules now driving major utility orders.
- Working capital cycle improved significantly to 35 days in FY26, though Q1 FY27 shows seasonal monsoon-related execution shifts.
- Targeting ₹26,000 million revenue for FY27 with a conservative 55% capacity utilization estimate.
Management Guidance
Management targets a FY27 top line of INR 26,000 million with a PAT margin between 6% and 8%. They plan to operationalize the first phase of the 2.2GW cell line by Q4 2027.
Sentiment Shift
Improving
The massive MoU and transition toward backward integration significantly improve the company's long-term competitive moat and supply chain security.
Outlook
Solex is shifting from a pure manufacturer to a fully integrated clean energy enterprise. While monsoon seasonality impacts short-term Q1/Q2 utilization, the robust order book and pending cell capacity provide strong visibility through 2028.
From the Annual Report (Key Quotes)
“The financial year 2026 marks a pivotal year as Solex transitioned from a manufacturing-centric firm to a fully integrated clean energy enterprise.”
“With a robust order book visibility exceeding INR 34,000 million... we are confident in our ability to sustain high growth trajectories.”
“Our target is around PAT of 15% once the cell line is operational for FY29.”
Official Quarterly Documents
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This summary is AI-generated from Solex Energy Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.