Solex Energy targets ₹4,500 cr revenue by FY28

The headline target and why it matters

Solex Energy has set a revenue target of more than ₹4,500 crore by FY28, signalling a push to scale across multiple solar manufacturing and adjacent energy storage verticals. The target was reiterated by Chairman Chetan Shah while addressing shareholders. It comes after a sharp step-up in FY26, when the company reported triple-digit year-on-year growth in revenue. The company has linked the FY28 ambition to disciplined capital deployment, execution focus and technology investments. The roadmap also outlines specific capacity milestones for solar cells and battery energy storage systems.

AGM updates: dividend approval and leadership continuity

Solex Energy Limited held its 12th Annual General Meeting (AGM) on September 22, 2026. Shareholders approved a final dividend of ₹0.55 per share. The AGM also included the re-appointment of Dr. Chetan Shah as Chairman and Managing Director (CMD). Alongside the statutory agenda, the company used the forum to outline its medium-term growth plan and discuss FY26 performance indicators.

FY26 performance: sharp revenue growth and profitability

FY26 was positioned as a strong year, with revenue crossing ₹1,620 crore. Disclosures around the AGM cited FY26 revenue of ₹1,621.1 crore, reflecting 143.9% year-on-year growth. EBITDA for the year was reported at ₹186.7 crore. Profit after tax (PAT) was reported at about ₹98.2-₹98.3 crore, with one disclosure citing 132.7% growth and another indicating net income growth of 132.08%. The company also reported order visibility of more than ₹3,400 crore.

FY28 revenue goal: more than two-fold growth plan

Management’s stated revenue potential of more than ₹4,500 crore by FY28 implies over two-fold growth versus the FY26 base. The company attributed the plan to expansion across solar verticals, supported by capacity build-outs and integration efforts. The target is framed as an outcome of both volume growth and a broader product and manufacturing footprint. While the company emphasised disciplined execution, the statement also underlines the need for timely commissioning of new capacity and sustained demand for solar products.

Capex programme: ₹4,000 crore between FY27 and FY30

To support the next phase of growth, Solex has outlined an investment programme of about ₹4,000 crore between FY27 and FY30. The company described this as the largest expansion programme in its history. Separately, the company also detailed an investment of ₹1,050 crore for a new 2.2 GW solar cell manufacturing line as part of vertical integration. That facility is planned to be funded through a mix of ₹700 crore in debt and ₹350 crore in equity or debt.

Solar cell manufacturing: 2.2 GW by FY28, 5.2 GW by early FY29

A key element of the strategic roadmap is solar cell manufacturing capacity. Solex has outlined plans to establish 2.2 GW of solar cell capacity by FY28. This is slated to scale to 5.2 GW by early FY29. In another project update, Solex said it is advancing backward integration with a 2.2 GW N-type TOPCon+ cell manufacturing line targeted for commissioning by end-2027. These timelines, as stated, sit at the core of the company’s integration strategy.

Battery Energy Storage Systems: 10 GWh plan, first phase by FY29

The roadmap also includes Battery Energy Storage Systems (BESS) manufacturing plans. Solex has said it is developing capabilities for 10 GWh of battery pack and container assembly. The first 5 GWh phase is targeted for FY29, followed by further expansion. The company’s disclosures position BESS as an additional manufacturing vertical aligned with the broader energy transition theme.

Near-term context: board meeting, FY27 guidance and Q1FY27 update

Solex Energy had scheduled a meeting of its Board of Directors for Thursday, June 18, 2026, with an agenda that included considering and recommending a dividend for the year ended March 31, 2026. On quarterly performance, the company reported results for the quarter ended June 2026 with sales of ₹261 crore. That sales figure was reported as up 0.5% from ₹260 crore a year earlier. Net profit for the same quarter was reported at ₹8.25 crore, with another disclosure citing about ₹8.3 crore and describing a year-on-year decline in net profit; one report pegged the decline at 66.6%.

Key disclosed numbers at a glance

Capacity and investment milestones mentioned

Market impact and what investors will track

The FY28 revenue target and the stated multi-year capex plan place execution and funding at the centre of the investment narrative. Investors are likely to track commissioning timelines for the cell line and whether integration improves the stability of margins, especially as the company has also indicated FY27 PAT margins in the range of 5% to 6% contingent on higher utilisation in the latter half. Order visibility of more than ₹3,400 crore provides a reference point for near-term demand, but the scale-up plan extends beyond the current order pipeline. The dividend approval and CMD re-appointment also signal continuity in strategy at a time when the company is planning larger, more capital-intensive projects.

Conclusion

Solex Energy’s stated goal of exceeding ₹4,500 crore in revenue by FY28 follows a FY26 performance in which revenue reached ₹1,621.1 crore and key profitability metrics improved. The company has paired the target with a ₹4,000 crore capex programme for FY27-FY30 and specific capacity milestones across solar cells and BESS. The next set of milestones for investors will be progress on commissioning timelines, funding plans for expansion projects, and the company’s execution against its stated FY27 profitability expectations.