Solex Energy
Solex Energy is an India-listed solar PV module manufacturer serving independent power producers, EPC contractors, and utility-scale solar developers with N-Type TOPCon modules, including ALMM-approved capacity of roughly 4 GW and a roadmap to backward-integrated cells, BESS, and wafer production.
- Company typePublic
- Founded1995
- HeadquartersAnand, India
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Solex Energy does
Solex Energy Limited is an India-based solar photovoltaic module manufacturer headquartered in Anand, Gujarat and listed on the National Stock Exchange (NSE: SOLEX). The company produces high-efficiency N-Type TOPCon solar modules, including the Tapi R rectangular-cell module (up to 23.14% efficiency), the Tapi Series dual-glass module (23.03%), G12R-format 615 Wp and 620 Wp glass-to-glass modules, and a rear-contact module co-developed with Germany's ISC Konstanz reaching 24.6% efficiency. Current manufacturing capacity stands at roughly 4 GW across Surat and Tadkeshwar (Gujarat), with 3.78 GW approved under India's ALMM framework.
Solex Energy firmographics
Firmographics- Name
- Solex Energy
- Legal name
- Solex Energy Limited
- Website
- https://solex.in
- Company type
- Public
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Solex Energy is an India-listed solar PV module manufacturer serving independent power producers, EPC contractors, and utility-scale solar developers with N-Type TOPCon modules, including ALMM-approved capacity of roughly 4 GW and a roadmap to backward-integrated cells, BESS, and wafer production.
- Ownership category
- akta.pro rank
Solex Energy industry classification
Industry- Product category
- Solar Photovoltaic Module Manufacturing
- SIC
- Flat Glass (3211), Glass Products, Made Of Purchased Glass (3231)
- akta.pro primary industry
- Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)
Keywords
Where Solex Energy is headquartered
LocationHeadquarters
- HQ city
- Anand
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
Solex Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales
Revenue model
- Solar PV Module Sales: Sale of solar photovoltaic modules including N-Type TOPCon technology modules. Revenue from module sales is the primary revenue driver, with Q4 revenue of ₹882.95 crore representing 247.1% year-on-year growth.
- EPC Projects: Engineering, procurement, and construction services for solar projects, contributing to overall revenue growth alongside module sales.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels3 records
Solex Energy product offering
Product offeringCore offering
Solex Energy Limited manufactures and sells high-efficiency N-Type TOPCon-based solar photovoltaic modules, including the Tapi R rectangular cell module and Tapi Series dual-glass module, alongside 615 Wp and 620 Wp G12R glass-to-glass modules. The company is expanding into backward-integrated solar cell, battery energy storage (BESS), and wafer/ingot manufacturing under its Vision 2030 roadmap to become a fully integrated clean-tech manufacturer. Its products are sold primarily through direct enterprise sales to independent power producers, EPC contractors, and large solar project developers.
Product overview
Solex Energy Limited operates as a solar photovoltaic module manufacturer offering a product portfolio centered on N-Type TOPCon solar technology. The company produces Tapi R (rectangular cell module with up to 23.14% efficiency) and Tapi Series (dual-glass module at 23.03% efficiency) as its flagship consumer-facing products, alongside G12R format modules in 615 Wp and 620 Wp variants. Under Vision 2030, Solex Energy is pursuing vertical integration from module manufacturing into solar cells (5 GW planned), BESS (10 GW planned), and wafer/ingot production (2 GW planned), building toward a fully integrated solar manufacturing ecosystem with approximately 10 GW capacity each for modules, cells, and BESS.
Differentiator
Problem solved
Functional benefit
Brands
- Tapi R: India's first rectangular cell module powered by N-Type TOPCon technology with up to 23.14% efficiency, engineered for Rajasthan's extreme climate conditions.
- Tapi Series
Products and services
- Tapi R Solar Module India's first rectangular cell N-Type TOPCon solar PV module with up to 23.14% efficiency, designed and engineered for extreme climate conditions in regions such as Rajasthan. Sold to solar project developers and EPC contractors for utility-scale and commercial solar deployments.
- Tapi Series Solar Module N-Type dual-glass solar PV module achieving 23.03% efficiency, engineered for extreme climate durability in regions like Rajasthan. Sold to solar project developers, IPPs, and EPC contractors.
- N-Type TOPCon Solar PV Modules (615 Wp and 620 Wp G12R) Glass-to-glass N-Type TOPCon solar PV modules in G12R format, supplied in 615 Wp and 620 Wp variants to domestic independent power producers for utility-scale projects. Manufactured at Solex Energy's Gujarat facilities.
- Solar PV Modules Core solar photovoltaic module manufacturing product line with current capacity of approximately 4 GW, expanding toward 10 GW by 2030 under Vision 2030. Includes N-Type TOPCon-based modules sold to IPPs, EPC contractors, and project developers.
- Solar Cells Solar cell manufacturing capability being developed through backward integration, including 5 GW planned capacity (2 GW in Phase I, 3 GW in Phase II) under the Gujarat MoU, intended to reduce dependence on imported cells.
- Battery Energy Storage Systems (BESS) Battery energy storage system manufacturing with 10 GW planned capacity as part of Solex Energy's expansion into energy storage, supporting integrated renewable energy solutions.
- Wafer and Ingot Manufacturing Upstream wafer and ingot manufacturing capability with 2 GW planned capacity, intended to support Solex's fully integrated solar manufacturing ecosystem under Vision 2030.
- Solar EPC Projects Engineering, procurement, and construction services for solar projects, delivered alongside module sales to project developers and IPPs, contributing to overall revenue growth.
Quantifiable outcome
- 143.9% YoY revenue growth in FY2026
- +2 more outcomes
Companies that use Solex Energy
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Solex Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Solex Energy partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered flagship and core.
- Government of GujaratflagshipMemorandum of understanding signed with the Government of Gujarat for ₹40,000 million (₹4,000 crore) investment to expand backward integration capabilities including 5-GW solar cell and 10-GW BESS manufacturing facilities. The partnership positions Gujarat as a global clean-tech manufacturing hub.
- ISC KonstanzcoreStrategic R&D partnership with Germany's ISC Konstanz for technological advancements in solar cell manufacturing. The partnership includes setting up a dedicated R&D line in India and launching a new rear-contact solar module with up to 24.6% efficiency. The collaboration aims to upgrade Solex's cell line and adopt new solar technologies.
Scale indicators10 records
Recent moves11 records
Expansion highlights6 records
Solex Energy competitors and assessment
Company assessmentDirect peers
- Waaree Energies: India's largest solar PV module manufacturer with multi-GW capacity and ALMM approval, publicly listed. Closest direct comparable to Solex in terms of product (TOPCon/ALMM-listed modules), customer base (domestic IPPs and EPC contractors), and growth profile in the Indian market.
- Adani Solar: Subsidiary of Adani Group manufacturing solar PV modules and cells in India with multi-GW capacity. Direct peer with overlapping products, ALMM-approved status, and Indian IPP/EPC customer base, though at significantly larger scale.
- Tata Power Solar Systems: Indian solar PV module manufacturer and EPC contractor, part of the Tata Group. Direct peer serving the same domestic IPP, EPC, and rooftop customer segments with comparable module technology offerings.
- Vikram Solar: Indian solar PV module manufacturer with multiple GW of ALMM-listed capacity. Direct peer in technology (TOPCon), customer base (domestic IPPs and EPC), and growth trajectory as an Indian-listed module manufacturer.
- RenewSys India: Indian manufacturer of solar PV modules and encapsulants (EVA, backsheets). Direct peer in module manufacturing with ALMM-listed capacity and overlapping customer base of domestic IPPs and EPC contractors.
- Premier Energies: Indian solar cell and module manufacturer with vertically integrated operations. Direct peer in product portfolio (cells + modules) and Indian customer base, with similar scale and recent capacity expansions.
Broad incumbents
- LONGi Green Energy: Global leader in solar wafers, cells, and modules with vertically integrated operations. Comparable in vertical integration ambitions (Solex's Vision 2030 mirrors LONGi's stack) and TOPCon/crystalline silicon module technology, but at substantially greater scale and global footprint.
- Canadian Solar: Global vertically integrated solar manufacturer with significant TOPCon module production. Comparable as a broad incumbent offering similar crystalline silicon module technology and global utility-scale customer relationships, though with broader geographic reach and larger scale than Solex.
- JinkoSolar: One of the world's largest solar module manufacturers with TOPCon technology leadership and global scale. Comparable as a broad incumbent in crystalline silicon module manufacturing with TOPCon technology overlap, though vastly larger and globally diversified.
- First Solar: US-headquartered global solar module manufacturer with thin-film CdTe technology. Comparable as a globally scaled solar module manufacturer with utility-scale focus, but uses a different cell technology than Solex's crystalline silicon TOPCon.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Solex Energy social profiles
Digital presenceSolex Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Solex Energy leadership team
Management profileNumber of profiles
Profiles2 records
Solex Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Solex Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Solex Energy
What does Solex Energy do?
Solex Energy Limited manufactures and sells high-efficiency N-Type TOPCon-based solar photovoltaic modules, including the Tapi R rectangular cell module and Tapi Series dual-glass module, alongside 615 Wp and 620 Wp G12R glass-to-glass modules. The company is expanding into backward-integrated solar cell, battery energy storage (BESS), and wafer/ingot manufacturing under its Vision 2030 roadmap to become a fully integrated clean-tech manufacturer. Its products are sold primarily through direct enterprise sales to independent power producers, EPC contractors, and large solar project developers.
Is Solex Energy a public or private company?
Solex Energy is a public company. It is classified as public and is currently operating.
When was Solex Energy founded?
Solex Energy was founded in 1995. It employs 251 to 500 people.
Where is Solex Energy based?
Solex Energy is headquartered in Anand, India, in the Asia region.
How does Solex Energy make money?
Two revenue lines are on record. Solar PV Module Sales are the primary driver. The others are EPC Projects.
Who are Solex Energy's main competitors?
Direct peers on record are Waaree Energies, Adani Solar, Tata Power Solar Systems, Vikram Solar, RenewSys India and Premier Energies. Broad incumbents are LONGi Green Energy, Canadian Solar, JinkoSolar and First Solar.
Does Solex Energy have an API?
No public API is recorded for Solex Energy.
What industry is Solex Energy in?
Solex Energy's product category is Solar Photovoltaic Module Manufacturing. Its primary akta.pro industry code is EUAMABAD, Solar PV Module Manufacturing (Cells, Modules, Thin-Film). Its SIC code is 3211.