Gujarat’s solar company Solex Energy is riding a growth wave. On April 3, 2025, the company posted a FY25 revenue of Rs 665 crore. This is an increase of over 80% from the corresponding period in the last year. This is while India’s renewable energy space booms. Here is what is fueling Solex’s success and what can be expected next.
A Big Revenue Boost
Solex Energy numbers are staggering. The company topline increased to Rs 665 crore in FY25, increasing by more than 80% from FY24. This has come after an 800 MW line was commissioned at the plant in March 2024, pushing production upward. “Solex Energy has put out a press note today reporting FY25 revenue of 665 cr,” Moneycontrol reported in a confirmation.
Ambitious Growth Plans
Solex isn’t resting its laurels. It intends doubling its module-making capacity from 1.5 GW to 15 GW in 2030 at a cost of about Rs 8,000 crore. This is aligned with its Vision 2030 plan aimed at India’s rising solar market. “The firm is optimistic on the expanding renewables market in India and has announced already a multi-crore investment proposal as part of its vision 2030 strategy,” Business Standard had quoted. Solex is emphasizing leadership in solar technology through this expansion.
Key Points
- Topline Growth: Rs 665 crore in FY25, up by more than 80% from FY24.
- Expansion Target: Capacity from 1.5 GW to 15 GW by 2030.
- Investment Commitment: Rs 8,000 crore under the Vision 2030 plan.
- Tech Focus: High-end solar technology such as Mono PERC and Bi-facial modules.
Why It’s Happening
India’s solar market is on a roll. In 2024, India installed 25.2 GW of solar capacity, according to a report by Mercom. Solex is surfing the tide on this demand with high-performing panels. Its processes are top-notch like anywhere else in the world, guaranteeing evidence of quality products. The company also provides end-to-end EPC services, from conceptualization to handover. This makes it versatile enough to cater to anyone—from residential buildings to industrial-sized solar farms.
Challenges Ahead
Scaling up to 15 GW will not be smooth. Finance, land, and supply chain limitations can delay it. Competition is also cutthroat, with players like Adani Solar fighting in the race. But its previous performance gives it a boost. Its chairman Chetan Shah has more than 30 years of industry experience under his belt, out of which 16 years have been in the PV module manufacturing segment, states solex.in.
Solex’s expansion is reflecting India’s transition to renewable energy. The nation’s goal of achieving 500 GW non-fossil fuel capacity by 2030 relies greatly on the likes of Solex. Its innovative approach—such as Mono PERC and Bi-facial modules—guarantees optimal energy efficiency. And, its Rs 8,000 crore project has the potential to generate employment and provide a much-needed fillip to Gujarat’s economy.
Solex Energy’s Rs 665 crore milestone is only the beginning. With humongous plans and a booming market, the company is burning the mid-night oil in India’s solar universe. The journey to 15 GW is long, but Solex is poised to power ahead.
