Solar module manufacturer Solex Energy shares rallied more than 13% during Wednesday's trading session, surging 13.4% to touch an intraday high of ₹770 apiece. According to NSE data, this represents a significant jump from the previous equity market close of ₹678.95 per share. After hitting the day's high, the stock retracted some gains to trade 6.1% higher at ₹720 during the session. The strong performance was driven by investor focus on the company's management guidance announced following the 12th annual general meeting on September 22.
Following the AGM, Solex Energy announced ambitious revenue targets for the financial year 2028, with management targeting a revenue potential of more than ₹4,500 crore and an aspirational PAT margin of 5% to 6%. The company also disclosed an order visibility of more than ₹3,400 crore in the upcoming period, as reported by the exchange. The management emphasized that this expansion is intended to create a more integrated and resilient business model with greater control across the value chain and the ability to serve evolving customer requirements.
Solex Energy has outlined an aggressive expansion plan with capital expenditure of ₹1,050 crore planned for the 2.2 GW solar cell manufacturing line scheduled for 2027. The company is transitioning from an assembler-focused model to an integrated clean energy provider by commencing commercial operations of a 2.2 GW module facility at Tadkeshwar, raising total capacity to 4 GW. The expansion includes establishing 2.2 GW of solar cell capacity by FY28, scaling this to 5.2 GW by early FY29, and developing capabilities for 10 GWh of battery pack and container assembly, with the first 5 GWh phase targeted for FY29.
The company's order book of ₹3,400 crore as of June 30, 2026, provides strong revenue visibility for the upcoming quarters. In early September 2026, Solex Energy secured domestic work orders worth ₹74.77 crore for solar PV modules, scheduled for execution by December 2026. This followed a Q1 FY27 update where the company outlined its ₹4,500 crore FY28 revenue target alongside the ₹3,400 crore order book. Additionally, the company secured a domestic TOPCon module supply contract valued at ₹42.47 crore in mid-August 2026 and a massive contract from Zelestra Group in July 2026.
The company is advancing from its established solar module business towards a more integrated renewable energy platform spanning solar cells, modules and Battery Energy Storage Systems (BESS). Through Solex Europe and Solex USA, the company aims to build long-term customer partnerships and establish itself as a trusted Indian solar manufacturing brand across global markets. The strategic pivot towards high-efficiency TOPCon modules could force smaller assemblers to upgrade or lose market share, accelerating consolidation in the Indian solar module space. The backward integration into cell manufacturing reduces dependency on Chinese wafer and cell imports, aligning with national self-reliance goals.
