Solex Energy has announced a ₹4,000 crore expansion plan that will take the company beyond solar modules into solar cell manufacturing and battery energy storage systems, with a target of generating more than ₹4,500 crore in revenue by FY28.
Chairman Chetan Shah outlined the roadmap at the company’s 12th Annual General Meeting. He said Solex’s revenue had crossed ₹1,620 crore in FY26, while earnings before interest, taxes, depreciation and amortisation stood at ₹186.7 crore and net profit reached ₹98.3 crore.
The company plans to deploy about ₹4,000 crore between FY27 and FY30. Its stated objective is to build a more integrated renewable-energy business covering solar cells, modules and Battery Energy Storage Systems, or BESS.
Solex is targeting 2.2 GW of solar cell manufacturing capacity by FY28. The planned capacity is expected to rise to 5.2 GW by early FY29. The company said the move into cells would give it greater control over quality, costs and supply-chain resilience while increasing its participation in India’s domestic solar manufacturing ecosystem.
The expansion also includes battery-pack and container assembly capabilities of 10 GWh. The first 5 GWh phase is targeted for FY29. Solex has separately stated that it plans to establish its first 5 GWh phase of BESS capacity by FY29, followed by additional expansion.
Shah said the expansion was intended to create a more integrated and resilient business model, with greater control across the value chain and the ability to respond to changing customer requirements. The company’s existing solar module business will therefore form the base for a broader manufacturing platform rather than remain its only major operating focus.
The capacity targets place solar cells and battery storage at the centre of Solex’s next phase of growth. Solar cell production is a more upstream activity than module assembly, while BESS manufacturing and assembly support the storage infrastructure needed to integrate renewable power into energy systems. The company has not disclosed further project-level details, including the locations, financing structure or implementation schedule for the planned facilities in the material supplied.
Solex is also planning an international expansion through proposed entities named Solex Europe and Solex USA. The company did not provide further details on the scope or timing of these overseas operations in the announcement.
The investment programme will run from FY27 to FY30, with the solar cell capacity milestones scheduled for FY28 and early FY29 and the first 5 GWh BESS phase targeted for FY29. These milestones will determine how quickly the company moves from its established module business towards the integrated renewable-energy platform described by its management.
