Solarium's income hit ₹368 cr. Its margin thesis rests on a new factory.
Revenue jumped 60% in FY26 as the company built a 1.2 GW plant and shifted project mix to fix working capital.
— 1 earlier story on Solarium Green Energy Ltd. →What's new
- Commissioned a 1.2 GW module manufacturing facility in FY26.
- Shifting project mix to large ground-mounted EPC to improve working-capital cycles.
- Launched residential solar kits under the PM Surya Ghar scheme.
Why this matters
The 60% top-line jump shows scale is arriving, but EBITDA of ₹35.3 cr on ₹368 cr revenue is a margin under 10%. The forward thesis hinges on whether manufacturing integration can widen that.
What we're watching
- How quickly the new 1.2 GW plant ramps to full utilization.
- Whether the EBITDA margin expands as manufacturing volume increases.
- Conversion of the ₹300 cr-plus order book into recognised revenue.
The full read
Solarium Green Energy's FY26 results are a progress report on two bets. Total income hit ₹368 cr, up 60% year-on-year. That's the scale story. The second bet is a strategic pivot to large ground-mounted EPC projects, a move designed to fix working-capital cycles. The company also commissioned a 1.2 GW module manufacturing facility and launched residential kits under PM Surya Ghar. On the bottom line, EBITDA was ₹35.3 cr and profit after tax was ₹20.5 cr, an EBITDA margin under 10%. The order book is over ₹300 cr. The forward view is that margin will follow as manufacturing integration deepens. The open question is how fast the new plant ramps.
Questions answered
- What drove the 60% revenue growth in FY26?
- The growth came from commissioning the 1.2 GW module plant and a strategic pivot toward large ground-mounted EPC projects. The launch of residential kits under PM Surya Ghar also contributed.
- How profitable is the business at this scale?
- On revenue of ₹368 cr, Solarium reported EBITDA of ₹35.3 cr and profit after tax of ₹20.5 cr for FY26. That implies an EBITDA margin under 10%.
- What is the company's current order pipeline?
- The order book stood at over ₹300 cr at the end of FY26, providing a revenue visibility base for the coming year.
- Why is the company changing its project mix?
- Management is deliberately shifting toward large ground-mounted EPC projects to improve working-capital cycles. The goal is to use manufacturing integration to reduce costs and boost margins.
Story so far
All notes on SOLARIUM →- 6 Jun 2026 · 7:15 PM IST Solarium's income hit ₹368 cr. Its margin thesis rests on a new factory.
- 8d ago Solarium's revenue jumped 60% but profit barely moved