* Solex Energy Limited submitted the transcript of its Post Earnings Conference Call held on November 10, 2025, discussing Q2 and H1 FY26 financial results. * The company reported a total revenue of ₹415.7 crore (₹4,157 million) for H1 FY26, marking a 51.8% year-on-year growth. * EBITDA margin improved to 14.7% from 9.6% in H1 FY25, and Profit After Tax (PAT) strengthened to ₹30.5 crore (₹305 million), with a PAT margin of 7.3%. * On October 8, 2025, Solex Energy successfully migrated from the NSE Emerge platform to the NSE main board. * The company's manufacturing capacity increased to 4 GW with Line-3 and Line-4 becoming operational from October end, following Line-1 and Line-2 operating at 1.5 GW in H1 FY26. * Working capital days increased temporarily to 102 (from 61 in FY25) due to an extended monsoon season impacting customer site readiness and leading to higher finished goods inventory (₹153 crore as of September 30, 2025). * Management expects this inventory to convert into revenue in H2 FY26, maintaining the full-year revenue guidance of ₹2,000 crore to ₹2,200 crore. * The order book stands at over ₹4,000 crore as of September 30, 2025, including ₹100 crore from EPC orders, with approximately ₹1,300 crore to be delivered before March 31, 2026. * Solex Energy is progressing towards becoming a fully integrated module-to-cell manufacturer, targeting the commissioning of a 2 GW N-Type TOPCon Plus solar cell manufacturing facility by March 2027. * The company plans a CapEx of ₹1,500 crore for the cell line, proposed module expansion, and working capital, to be funded by ₹1,000 crore in bank debt and ₹500 crore in equity (via QIP). * There is a clear shift in customer preference towards N-Type modules, and Solex Energy plans to migrate its existing Line-1 (Mono-PERC) to TOPCon technology. * Management expressed confidence in India's strong solar demand and growing export opportunities, supported by strategic partnerships and technological advancements.
