Solarium Green Energy reports 60% rise in FY26 revenue

Solarium Green Energy Limited reported a 60% increase in revenue from operations to Rs 368 crore for the financial year ended March 31, 2026, driven by its strategic shift towards large-scale Engineering, Procurement, and Construction (EPC) projects.  

The company reported profit after tax (PAT) of Rs 20 crore and earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 35 crore for FY26. Total income increased to Rs 373.01 crore from Rs 231.09 crore in FY25, representing year-on-year growth of 61.41%.

EBITDA rose to Rs 35.28 crore in FY26 from Rs 26.92 crore in FY25, while PAT increased to Rs 20.46 crore from Rs 18.60 crore. This represented growth of 31.05% and 10.00%, respectively.

During the second half of FY26 (H2FY26), revenue increased by 70% year-on-year to Rs 251 crore from Rs 148 crore in H2FY25. EBITDA rose 27% to Rs 19 crore, while PAT remained unchanged at Rs 11 crore. The company said profitability was affected by additional finance costs following the commencement of operations at its solar module manufacturing facility.

Shift towards larger EPC projects

A key development during FY26 was the award of a 50 MW solar project in Maharashtra with a contract value exceeding Rs 185 crore. According to the company, the move towards larger ground-mounted EPC projects is intended to reduce the impact of prolonged receivable cycles associated with government-distributed projects.

The change in project mix contributed to a decline in gross margins to 30.2% in FY26 from 34.5% in FY25, as large-scale EPC projects generally operate at lower margins.

Order book and manufacturing

The company reported an unexecuted order book of more than Rs 300 crore and operations across around 15 states and union territories. Its workforce has expanded to over 400 employees.

Solarium operates a 1.2 GW fully automated solar module manufacturing line in Ahmedabad with the capability to produce panels up to 725 Wp. The company said the facility supports cost efficiencies across its operations.

ALMM-II and project pipeline

Commenting on the performance, Ankit Garg, Chairman and Managing Director of Solarium, said the company remains well-positioned in relation to regulatory developments concerning Approved List of Models and Manufacturers (ALMM)-II. He noted that a substantial portion of the current order book relates to module supplies for projects bid before August 31, 2025, where the use of non-Domestic Content Requirement (DCR) cells remains permissible.

According to the company, its EPC order book includes around 65 MW of confirmed captive module consumption, while discussions are underway for a project pipeline exceeding 300 MW. Solarium added that it is in advanced stages of securing domestically manufactured cells to support its Residential EPC and Solar Kit businesses.

Residential solar kits

The company commenced supplies of solar kits for the residential market during FY26. Revenues from this business are recorded under the Distribution segment. Solarium said the resulting reclassification led to changes in reported revenues between the Residential Rooftop and Distribution verticals. 

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