Solex Energy Limited manufactures solar photovoltaic modules and provides end‑to‑end solar EPC and asset management services, operating a fully automated PV module facility in Surat and exporting to Europe, North America and Africa while selling to large domestic IPPs and institutional clients.

The company commissioned a 2.2 GW module line at Tadkeshwar in November 2025 and reports an order book of about INR 4,000 crore with several large N‑Type TOPCon contracts, giving near‑term revenue visibility and supporting management’s FY26 revenue guidance of INR 1,700–1,800 crore.

Solex is actively integrating upstream by planning a 2.2 GW N‑Type TOPCon cell line by 2027 and future ingot/wafer initiatives, backed by targeted capex and mixed debt‑equity financing, signalling a strategic pivot to become a vertically integrated PV manufacturer.

R&D and technology partnerships with ISC Konstanz and TT Vision plus in‑house MES, AI and reliability testing underpin Solex’s product differentiation — launching the TAPI Rear Contact module and aiming for commercial Rear Contact production by 2027 to access premium high‑efficiency segments.

Financially, Solex has delivered rapid revenue scale (FY22–25: ~9x revenue CAGR) with improving ROCE/ROE metrics, but margins compressed in Q3 FY26 due to new line ramp costs and higher finance costs as net debt rose to support capacity expansion.