Solex Energy Achieved 103% Revenue Growth In First 9 Months Of FY 2024

Surat based Solex Energy Limited (NSE: SOLEX), one of India’s most established solar brands, has announced its  financial performance for the year to date (YTD) or nine months ending 31 December. The company reported consolidated revenue of ₹408 crores, reflecting an impressive 103% increase from the previous year for the same period. The company is set to achieve its highest-ever revenue, driven by robust performance across all business verticals. For December 2024, the firm had announced a landmark production of 65000 modules . Detailed financials in terms of profitability and margins will follow soon.

Going forward, Solex continues to expect growth to be powered by its solar module business for the fourth quarter of FY 2024-25. Their new 800 MW production line will start commercial production this month in January, taking total capacity to 1.5 GW. Further, an additional 2.5 GW production capacity is expected to be added by June 2025, achieving a total capacity of 4 GW. This expansion will significantly boost the company’s revenue and profitability from FY26 onwards.

With the milestone of 30 years of operations nearing, Solex Energy has much to look ahead to, be it significant capacity expansions or bigger export plans.

Solex Energy has its  global factory in Tadkeshwar, Gujarat, has a 1.5 GW production PV module manufacturing capacity. Solex holds key certifications for domestic and international markets and exports to several countries. The firm has stood out for its locally focused human resources policies, wherein it has hired and trained local people, especially adivasis extensively to support their growth and livelihoods.

The high growth in 2024 underscores the strong performance of Solex as the Indian market itself, where 2024 has gone as the best year ever on record in terms of solar capacity additions. 2025 and 2026 also promise to build on that momentum, with many players looking to almost 80 GW of solar capacity additions in these two years. For Indian manufacturers, whose cumulative  capacity under ALMM has already crossed 65 GW , that should be reassuring, if the key exports market, especially the US, holds up. Otherwise, there is a real risk of margins contraction. Margins pressure in any case should be making itself felt post June 2025, as new orders are placed in a market with adequate domestic cell and module manufacturers both.