Solex Energy targets over Rs 4,500 cr revenue by FY28, bets on solar expansion

New Delhi: Solex Energy is targeting over two-fold growth in revenue to Rs 4,500 crore by FY28, betting on growth plans across solar verticals, the company's Chairman Chetan Shah said on Tuesday.

FY26 marked a strong year for the company with revenue crossing Rs 1,620 crore, while Ebitda stood at Rs 186.7 crore and net profit Rs 98.3 crore, Shah said addressing the company's 12th Annual General Meeting (AGM).

The company is targeting revenue potential of more than Rs 4,500 crore by FY28, while maintaining a disciplined approach towards capital deployment, execution and technology investments, he said.


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Shah said, "The 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."

Sharing the details of the Rs 4,000 crore growth plan, he said 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).

The move into solar cell manufacturing is expected to strengthen control over quality, costs and supply chain resilience, while deepening Solex's participation in India's evolving domestic manufacturing ecosystem.

To support this next phase of growth, Solex has outlined an investment programme of about Rs 4,000 crore between FY27 and FY30. The solar energy solutions provider is developing capabilities for 10 GWh of battery pack and container assembly, with the first 5 GWh phase targeted for FY29.

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The roadmap also includes establishing 2.2 GW of solar cell capacity by FY28, scaling this to 5.2 GW by early FY29, and establishing the first 5 GWh phase of BESS capacity by FY29, followed by further expansion.

Solex is also expanding its international outlook through plans for Solex Europe and Solex USA.