Solex Energy Ltd. has officially detailed its strategic business expansion plan, extending its business scope from solar module manufacturing and EPC (engineering, procurement and construction) services to solar cell production and battery energy storage systems (BESS), backed by a record-breaking investment of approximately INR 40 billion (USD 418.2 million).
Scheduled for implementation across fiscal 2027 to fiscal 2030, the landmark investment marks the largest capital expenditure program in the company’s history. As a key preliminary step, the firm inked a memorandum of understanding with Gujarat’s government in May to build 5 GW of solar cell manufacturing capacity and 10 GWh of battery energy storage capacity.
The company has set clear phased capacity targets at its 12th Annual General Meeting. It aims to achieve 2.2 GW of solar cell manufacturing capacity by fiscal 2028 and scale up to 5.2 GW by early fiscal 2029. For battery storage business, Solex Energy plans to build 10 GWh of battery pack and container assembly capacity, with the first 5 GWh phase slated for completion in fiscal 2029.
Strong financial performance in fiscal 2026 lays a solid foundation for the ambitious expansion. The company recorded a year-on-year revenue surge of 143.9% to INR 16.21 billion, with an EBITDA of INR 1.87 billion and a post-tax profit of INR 983 million. Its current order book has surpassed INR 34 billion, demonstrating robust market demand for its services.
Chetan Shah, Chairman and Managing Director of Solex Energy, stated that the company is committed to building an integrated, technology-driven and globally competitive Indian energy platform, capable of sustainable cyclic growth and long-term value creation. The foray into in-house solar cell manufacturing will strengthen the company’s control over product quality, cost optimization and supply chain stability, while deepening its footprint in India’s domestic solar manufacturing industry.
Battery energy storage is highlighted as a core growth pillar. Driven by rising power consumption from electric mobility, industrial electrification, artificial intelligence and data center operations, market demand for renewable energy paired with energy storage solutions is poised for substantial growth, creating vast market potential for the company’s new business layout.
Looking ahead, Solex Energy targets to exceed INR 45 billion in revenue by fiscal 2028. Beyond domestic expansion, the company is advancing global layout plans via establishing Solex Europe and Solex USA to tap international markets.
Technological innovation remains a key driver for the company’s development. In a bid to upgrade its technical roadmap, Solex Energy has partnered with Germany’s ISC Konstanz to advance high-efficiency solar cell technologies. The cooperation covers the upgrading of TOPCon cell production lines and the research and development of next-generation back-contact and tandem solar technologies.
