NSE: SOLARWORLD · BSE: 544532
SOLARWORLD ENERGY SOL LTD
Engineering, Procurement and Construction (EPC) work for solar and battery energy storage system (BESS) projects makes up 87.2% of segment revenue at ₹1,202.005 crore in FY26, earning a 14.8% segment EBIT margin. The project portfolio spans 60+ ongoing sites across Rajasthan, Gujarat, Maharashtra, Uttar Pradesh, Assam and Madhya Pradesh. NTPC is a major client, with ₹6,094 million of BESS EPC wins at Solapur and Unchahar and a ₹2,347.17 million balance-of-system package from NTPC REL. The order book reached ₹28,130.42 million as of March 2026, up from ₹17,005.51 million in FY25. The manufacturing segment accounts for the remaining 12.8% of segment revenue (₹175.975 crore) but posted a -8.6% segment EBIT margin. A 1.552 GW solar module facility began operations in July 2025, a 3.4 GW BESS facility is under trial, and a 1.2 GW solar cell line is targeting commercial operations in June 2027. Total revenue reached ₹1,376.156 crore in FY26. Materials — solar modules, cells and balance-of-system components — are the biggest cost at 81.2% of revenue, while employee costs are 1.7%. An ongoing dispute with SJVN Green Energy concerns suspended EPC contracts worth ₹4,592 million, with claims of ₹2,193 million filed before a Dispute Adjudication Board. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Engineering, procurement and construction (EPC) contracts (87%), Manufacturing (13%). Project-driven solar EPC contractor with newly commissioned in-house solar and BESS manufacturing.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,376 |
| EBITDA (ex other income) | 148 |
| margin % | 10.8 |
| Owners' profit | 120 |
| EPS, as reported (₹) | 14.95 |
| ROE % · ROCE % | 14.2 · 20.0 |
| Debt / equity (x) | 0.30 |
| Cash from operations | (48) |
| Capex | (60) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 68 | 138 | 578 | 592 | 168 |
| Profit before tax | 18 | 13 | 67 | 64 | 13 |
| Net profit | 13 | 9 | 49 | 49 | 9 |
| EPS (₹) | 1.74 | 1.24 | 5.68 | 5.66 | 1.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Engineering, procurement and construction (EPC) contracts | 1,007 | 76.9 |
| (b) Manufacturing | 164 | 12.5 |
| Engineering, procurement and construction (EPC) contracts | 127 | 9.7 |
| Manufacturing | 12 | 0.9 |
| Total, before eliminations | 1,310 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.2 | 13.5 | 30 of 101 | 71% |
| P/B | 1.1 | 1.2 | 39 of 85 | 55% |
| ROCE | 17.7 | 10.0 | 26 of 107 | 76% |
| ROE | 14.2 | 9.1 | 22 of 87 | 76% |
| Debt / Equity | 0.3 | 0.4 | 39 of 87 | 56% |
| EBITDA margin | 12.3 | 12.4 | 46 of 88 | 48% |
| Revenue growth | 146.8 | 6.2 | 3 of 86 | 98% |
| Profit growth | (26.5) | 2.7 | 54 of 84 | 36% |
| Market cap | 968 | 465 | 43 of 107 | 60% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · SEBI Regulation 74(5) certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: all 7 resolutions passed with 99.99% majority | compliance | minimal | — | — |
| 30 Sept 2026 · 13th AGM held on Sep 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Solarworld FY26 revenue up 153%, PAT up 56%; Q1 margins under pressure | results | high | — | — |
| 30 Sept 2026 · Solarworld Energy Solutions gets GST Show Cause Notice for FY 2022-23 | regulatory legal | high | — | — |
| 30 Sept 2026 · Subsidiary wins order worth Rs 78.75 cr for solar panels | business updates | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Solarworld grants 2,86,325 ESOPs to employees under ESOP 2024 | business updates | medium | — | — |
| 23 Sept 2026 · Subsidiary wins tax appeal; 1.22 crore penalty annulled | regulatory legal | high | — | — |
| 21 Sept 2026 · Subsidiary loses GST penalty order of about 1.22 crore rupees, appeal filed | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.