Solex Q2 FY26 call - 4 GW live, Rs 4,000 cr orders, cell line by 2027

Solex Energy Q2 and H1 FY26 earnings call held Nov 10. Lines 3 and 4 commissioned, total 4 GW module capacity operational from October end. H1 revenue Rs 4,157 mn, up 51.8% YoY. EBITDA margin 14.7% versus 9.6% prior. PAT Rs 305 mn at 7.3% margin. Order book Rs 4,000+ crores. Extended monsoon caused Rs 153 cr finished goods inventory build-up. Management retained Rs 2,000-2,200 cr full year guidance. Plans 2.2 GW N-Type TOPCon Plus cell line by March 2027, CapEx Rs 1,500 cr funded via Rs 1,000 cr debt and Rs 500 cr QIP. Margins expected to improve further with scale.