BSE: 544354
SOLARIUM GREEN ENERGY LIMITED
Executes solar power projects on an EPC basis and manufactures solar modules and mounting structures for its own projects and for sale. FY26 revenue was ₹368.151 crore, up 60% YoY, with materials at 77.7% of revenue. The company runs a 1.2 GW fully automated solar module plant in Ahmedabad, commissioned mid-March 2026, producing G12 TOPCon bifacial panels up to 725 Wp at 4,000 panels/day, and a 1,200 MTPA solar mounting structure plant commissioned July 2025. EPC work spans large ground-mounted utility projects (e.g. a ₹185+ crore, 50 MW Maharashtra MAHAGENCO sub-contract awarded April 2026) and distributed rooftop work for government and residential customers under PM Surya Ghar Muft Bijli Yojana, where it is recognised by MNRE as the 2nd largest vendor. A Sarathi partner network of 450+ channel partners across 25+ cities distributes residential solar kits. The order book stood at ₹852.28 crore as of 30 June 2026 — ground-mounted EPC ₹467.50 crore, module supply ₹310.47 crore, other ₹74.31 crore. The module plant is ALMM-listed at 1.23 GW annual capacity; 50–60% of module output is targeted for captive EPC consumption. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ground-mounted utility-scale solar EPC, Distributed/residential and government solar EPC, Solar module manufacturing and supply, Solar mounting structure manufacturing. Vertically integrating solar EPC contractor with module and structure manufacturing
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 230 | 368 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 11.65 | 9.81 |
| ROE % · ROCE % | — · 18.3 | — · 17.9 |
| Debt / equity (x) | — | — |
| Cash from operations | (62) | 18 |
| Capex | (1) | (90) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 148 | 117 | 251 |
| Profit before tax | 12 | 11 | 15 |
| Net profit | — | — | — |
| EPS (₹) | 6.93 | 4.42 | 5.39 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.9 | 13.5 | 18 of 101 | 83% |
| ROCE | 12.8 | 10.0 | 41 of 107 | 62% |
| Market cap | 206 | 465 | 63 of 107 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: Mrs. Aditi Goyal appointed Non-Executive Director | management changes | medium | — | — |
| 1 Oct 2026 · AGM voting results: all 3 resolutions passed with strong majority | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Solarium Green Energy 4th AGM: 3 Resolutions Passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed for half-yearly results, Sept 2026 | compliance | minimal | — | — |
| 19 Sept 2026 · Solarium to meet analysts at Bharat Connect Conference on 25 Sept | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Notice of 4th Annual General Meeting published in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Solarium Green Energy: Annual Report FY26 and AGM notice shared with shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Solarium files FY26 annual report; AGM set for September 29 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Notice of 4th AGM on Sep 29, 2026; director reappointment and remuneration hike | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.