Solex Energy shares jump over 13% on strong FY28 revenue growth target; stock up 9% in five sessions

Solar module manufacturer Solex Energy shares rallied more than 13% during the trading session on Wednesday, September 23, as investors focused on the management’s strong revenue guidance target by the financial year 2028 amid robust order book visibility.

After the company’s 12th annual general meeting (AGM) on September 22, Solex Energy announced that the management is targeting a revenue potential of ₹4,500 crore by FY28, and an order visibility of ₹3,400 crore in the upcoming period.

NSE data showed that Solex Energy shares reacted during Wednesday’s market, surging 13.4% to touch an intraday high of ₹770 apiece, in comparison to ₹678.95 apiece at the previous equity market close.

After hitting the day’s high, the company’s stock retracted some of its morning market gains to trade 6.1% higher at ₹720 apiece during the trading session on September 23.

The trading activity, surging 17.22 times over the two-week average of 38,075 equity shares, triggered the high-volume gains in Wednesday’s market, drawing investors' attention amid the strong revenue guidance.

Solex’s FY28 target

Solex Energy is targeting revenue potential of more than ₹4,500 crore by the financial year 2028 by focusing on capital deployment, execution and technology investments.

“The expansion is intended to create a more integrated and resilient business model, with greater control across the value chain and the ability to serve evolving customer requirements,” Solex informed the stock exchanges.

The company also informed shareholders that they are looking at order visibility of more than ₹3,400 crore with the rising scale of operations and the demand for solar solutions in the market.

The management also highlighted that the company is advancing from its established solar module business towards a more integrated renewable energy platform spanning solar cells, modules and Battery Energy Storage Systems (BESS).

The company also expects that the new solar cell manufacturing expansion move will strengthen control over quality, costs and supply chain resilience, while deepening participation in India’s domestic manufacturing system.

“Solex is developing capabilities for 10 GWh of battery pack and container assembly, with the first 5 GWh phase targeted for FY29,” the company informed the exchanges.

Investment plan

Focusing on the next phase of growth, Solex Energy has proposed an investment plan of ₹4,000 crore between the financial years 2027 and 2030.

“The roadmap includes establishing 2.2 GW of solar cell capacity by FY28, scaling this to 5.2 GW by early FY29, and establishing the first 5 GWh phase of BESS capacity by FY29, followed by further expansion,” the company said.

On the global business front, the company said that through Solex Europe and Solex USA, the company aims to build long-term customer partnerships and establish itself as a trusted Indian solar manufacturing brand across global markets.

Stock up 9% in five days

NSE data showed that Solex Energy shares have delivered more than 9% returns to investors in the last five market sessions.

However, the stock has lost 55% in the past one year, down 46% on a year-to-date (YTD) basis, and has declined 6.7% in the last one month, as per the exchange data.

On a longer-term basis, Solex Energy shares have gained 1,777% in the last five years and delivered more than 52% returns to investors in the last three years.

The company’s market capitalisation (m-cap) was at ₹786 crore as of the trading session on Wednesday, September 23, 2026.