Solex Energy Targets Over ₹4,500 Crore Revenue by FY28

Solex Energy is targeting more than two-fold growth in revenue to over ₹4,500 crore by FY28, backed by expansion across solar cells, modules and Battery Energy Storage Systems (BESS).

Chairman and Managing Director Chetan Shah said the company expects its revenue potential to cross ₹4,500 crore by FY28 while maintaining a disciplined approach to capital deployment, execution and technology investments.

Solex Energy reported revenue of more than ₹1,620 crore in FY26. EBITDA stood at ₹186.7 crore, while net profit was ₹98.3 crore, Shah said at the company’s 12th Annual General Meeting.

The company has outlined an investment programme of around ₹4,000 crore between FY27 and FY30. The plan will take Solex beyond its established solar module business and towards a more integrated renewable energy platform covering solar cells, modules and battery energy storage.

Solar cell manufacturing is a key part of the expansion. Solex plans to establish 2.2 GW of solar cell manufacturing capacity by FY28 and scale this to 5.2 GW by early FY29.

The company is also developing capabilities for 10 GWh of battery pack and container assembly. The first 5 GWh phase is targeted for FY29, followed by further expansion.

Solex expects the expansion into solar cells to provide greater control over quality, costs and supply chains while increasing its participation in India’s domestic renewable energy manufacturing ecosystem.

The company is also expanding its international presence through plans for Solex Europe and Solex USA, as it looks to build a wider market for its solar and clean energy offerings.

Solex’s FY26 performance provides the base for its expansion plans, with revenue growing 143.9% year-on-year to ₹1,621.1 crore. The company has also been scaling its solar module manufacturing operations in Gujarat.

The ₹4,000-crore investment programme and planned additions in solar cells and BESS are expected to expand Solex Energy’s manufacturing footprint over the next three years as the company works towards its FY28 revenue target.