Gujarat-based Solar module maker Solex Energy reports a modest rise in first-quarter revenue amid declining profits, citing seasonal softness and regulatory delays, while pushing ahead with a major expansion to increase capacity to 10 GW by FY2030.
Solex Energy said first-quarter revenue edged higher in its latest financial results even as profit and margins came under pressure, with the Gujarat-based solar module maker pointing to seasonal softness and a pause in buying after a regulatory clarification in late May. The company reported revenue of ₹2.66 billion for the quarter, up 1.8% from a year earlier, according to Mercom India.
Profitability weakened sharply. EBITDA fell 20.9% from the same quarter a year earlier to ₹337.9 million, while the EBITDA margin slipped to 12.7% from 16.4%. Net profit dropped 66.6% to ₹82.6 million, and diluted earnings per share fell to ₹7.39 from ₹22.37.
Solex said the quarter is typically its slowest and described the market reaction to the Approved List of Models and Manufacturers timeline clarification as a timing issue rather than a cancellation of demand. The company said its order book remained about ₹34 billion. That backdrop matters because Solex only recently posted a much stronger March quarter, when Business Standard and Moneycontrol reported a sharp jump in sales and profit, underscoring how quickly results can swing in the solar manufacturing business.
The company is still pushing ahead with expansion. Solex plans to commission a 2.2 gigawatt N-type TOPCon solar cell line, a project it says will require about ₹10.5 billion in capital spending. It is also seeking roughly ₹7 billion in debt and another ₹3.5 billion through a mix of equity and debt. Solex currently has 4 gigawatts of module capacity and wants to reach 10 gigawatts by FY2030, with longer-term plans to move into ingot and wafer production and to build a broader solar and battery storage manufacturing ecosystem in Gujarat.
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