Solex Energy Outlines INR 4,000 Crore Expansion Plan for Solar Cells and BESS

Solex Energy Limited has outlined an investment programme of approximately ₹4,000 crore between FY27 and FY30 as part of its expansion into solar cell manufacturing and battery energy storage systems (BESS). The company announced the roadmap at its 12th Annual General Meeting (AGM), held through video conferencing.

For FY26, Solex reported revenue of ₹16,211 million, representing a 143.9% year-on-year increase. EBITDA stood at ₹1,867 million, while profit after tax (PAT) reached ₹983 million. The company also reported order visibility of more than ₹34,000 million.

As part of its expansion strategy, 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 battery pack and container assembly capabilities of up to 10 GWh, with the first 5 GWh phase targeted for FY29.

The company said the move into solar cell manufacturing is intended to increase its control over quality, costs and supply chains while expanding its presence across India’s domestic solar manufacturing value chain.

Solex expects energy storage to become another key area of growth as electricity demand increases across electric mobility, industrial electrification, artificial intelligence, data centres and other energy-intensive sectors. The company plans to integrate renewable generation and storage capabilities as part of its broader business expansion.

Solex is targeting revenue potential of more than ₹4,500 crore by FY28, while stating that capital deployment and technology investments will remain focused on execution and long-term expansion.

The company is also planning to expand its international presence through proposed operations under Solex Europe and Solex USA. These initiatives are aimed at developing international customer relationships and expanding the company’s solar manufacturing presence in global markets.

The expansion roadmap marks a shift from Solex’s established solar module manufacturing and EPC operations towards a broader renewable energy platform covering solar cells, modules and energy storage.

At the AGM, Dr. Chetan Shah, Chairman and Managing Director of Solex Energy, said the company aims to build an integrated, technology-driven and globally competitive energy platform from India.

The company said the FY27-FY30 expansion programme represents its largest investment programme to date and is intended to increase its presence across the renewable energy value chain while supporting its growth in domestic and international markets.