Solex Energy Q1 Profit Falls 66%To ₹8 Cr

Solex Energy on Monday reported 66% decline in consolidated net profit to ₹8.26 crore for June quarter FY27 due to the impact of higher depreciation, finance cost and expensive working capital.

In the year-ago period, the net profit was ₹24.71 crore, a company statement said. Total revenue increased to ₹265.63 crore from ₹261.05 crore a year ago.

"Alongside the EBITDA movement, the comparison reflects the full-quarter impact of depreciation at ₹101.9 million (Rs 42.7 million in Q1 FY26) and finance cost at ₹124.8 million (Rs 54.1 million in Q1 FY26), following the commissioning of Line 3 and Line 4 in November 2025 and higher working capital deployment during the quarter," the company said.

It said that the first phase of 2.2 GW N-Type TOPCon Plus solar cell manufacturing line is on track for commissioning by the end of calendar year 2027, as part of the planned 5 GW cell capacity.

Chetan Shah, Chairman and Managing Director said the Q1 is seasonally the softest quarter for the industry, and this year the quarter also saw the market move into a wait-and-watch mode following the clarification on the ALMM timeline in late May.

"...these are timing shifts and not cancellations, and our order book of approximately ₹3,400 crore remains intact regardless of the ALMM outcome, he added.

He further stated that the company strengthened its growth platform through the ₹4,000 crore proposed integrated solar cell and BESS manufacturing ecosystem in Gujarat and the ₹628.37 crore N-Type TOPCon module order from a global renewable energy group in July 2026.

Headquartered in Surat, Gujarat, Solex Energy has been a pioneer in India’s solar manufacturing journey since 1995.

Solex Energy on Monday reported 66% decline in consolidated net profit to ₹8.26 crore for June quarter FY27 due to the impact of higher depreciation, finance cost and expensive working capital.

In the year-ago period, the net profit was ₹24.71 crore, a company statement said. Total revenue increased to ₹265.63 crore from ₹261.05 crore a year ago.

"Alongside the EBITDA movement, the comparison reflects the full-quarter impact of depreciation at ₹101.9 million (Rs 42.7 million in Q1 FY26) and finance cost at ₹124.8 million (Rs 54.1 million in Q1 FY26), following the commissioning of Line 3 and Line 4 in November 2025 and higher working capital deployment during the quarter," the company said.

It said that the first phase of 2.2 GW N-Type TOPCon Plus solar cell manufacturing line is on track for commissioning by the end of calendar year 2027, as part of the planned 5 GW cell capacity.

Chetan Shah, Chairman and Managing Director said the Q1 is seasonally the softest quarter for the industry, and this year the quarter also saw the market move into a wait-and-watch mode following the clarification on the ALMM timeline in late May.

"...these are timing shifts and not cancellations, and our order book of approximately ₹3,400 crore remains intact regardless of the ALMM outcome, he added.

He further stated that the company strengthened its growth platform through the ₹4,000 crore proposed integrated solar cell and BESS manufacturing ecosystem in Gujarat and the ₹628.37 crore N-Type TOPCon module order from a global renewable energy group in July 2026.

Headquartered in Surat, Gujarat, Solex Energy has been a pioneer in India’s solar manufacturing journey since 1995.