Solex Energy Q1 Profit Falls 66% to Rs 8 Cr

New Delhi: Solex Energy on Monday reported 66 per cent decline in consolidated net profit to Rs 8.26 crore for June quarter FY27 due to the impact of higher depreciation, finance cost and expensive working capital.

In the year-ago period, the net profit was Rs 24.71 crore, a company statement said. Total revenue increased to Rs 265.63 crore from Rs 261.05 crore a year ago.

“Alongside the EBITDA movement, the comparison reflects the full-quarter impact of depreciation at Rs 101.9 million (Rs 42.7 million in Q1 FY26) and finance cost at Rs 124.8 million (Rs 54.1 million in Q1 FY26), following the commissioning of Line 3 and Line 4 in November 2025 and higher working capital deployment during the quarter,” the company said.

It said that the first phase of 2.2 GW N-Type TOPCon Plus solar cell manufacturing line is on track for commissioning by the end of calendar year 2027, as part of the planned 5 GW cell capacity.

Chetan Shah, Chairman and Managing Director said the Q1 is seasonally the softest quarter for the industry, and this year the quarter also saw the market move into a wait-and-watch mode following the clarification on the ALMM timeline in late May.

“…these are timing shifts and not cancellations, and our order book of approximately Rs 3,400 crore remains intact regardless of the ALMM outcome, he added.

He further stated that the company strengthened its growth platform through the Rs 4,000 crore proposed integrated solar cell and BESS manufacturing ecosystem in Gujarat and the Rs 628.37 crore N-Type TOPCon module order from a global renewable energy group in July 2026.

Headquartered in Surat, Gujarat, Solex Energy has been a pioneer in India’s solar manufacturing journey since 1995.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)