Solarworld Energy Solutions Ltd

The company is shifting its investment strategy, redirecting Rs 4,200 million of unutilized funds originally earmarked for the Pandhurana solar project to a new joint venture, Rays Green Energy Manufacturing Private Limited. The company will hold a 50% stake in Rays Green, which will establish a 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh. The project, located in the Mohasa-Babai Industrial Area, will require 41.30 acres of land and is estimated to cost Rs 10,000 million, with the existing unutilized funds covering a portion of the expenses. Construction is slated to begin in October 2026, with commercial production anticipated in June 2027. This change represents a move from project development to manufacturing, and detailed information will be available in the Notice of AGM’s explanatory statement.

The company is shifting its investment strategy, redirecting Rs 4,200 million of unutilized funds from a planned investment in Kartik Solarworld Private Limited’s Pandhurana Project to a new 50/50 joint venture with Rays Power Infra Limited, named Rays Green Energy Manufacturing Private Limited. The new venture will establish a 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh, requiring a total investment of Rs 10,000 million, compared to the original project’s estimated cost of Rs 5,752.99 million. Land for the facility, spanning 41.30 acres, has already been secured, and construction is underway with commercial production anticipated to begin in June 2027. The shift represents a significant increase in production capacity and a move to more advanced cell technology, with cost estimates based on an exchange rate of Rs 94.47 per USD as of September 3, 2026.

The company is redirecting Rs 4,200 million of unutilized funds originally intended for the Pandhurana solar project to a new joint venture, Rays Green Energy Manufacturing Private Limited, in partnership with Rays Power Infra Limited. The funds will finance a 2.4 gigawatt Solar PV n-type TOPCon G12R cell manufacturing plant located in Narmadapuram, Madhya Pradesh, with an estimated total project cost of Rs 10,000 million. Land for the project has already been secured, and commercial production is anticipated to begin in June 2027. The shift in investment and project location will be detailed further in the explanatory statement accompanying the Notice of AGM, and is based on an exchange rate of Rs 94.47 per USD as of September 3, 2026.

The company is proposing a significant shift in its investment strategy, diverting Rs 4,200 million of unutilized funds from the original Pandhurana solar project within Kartik Solarworld Private Limited to a new joint venture, Rays Green Energy Manufacturing Private Limited, alongside Rays Power Infra Limited. The funds will be used to establish a 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant in Narmadapuram, Madhya Pradesh, with an estimated total cost of Rs 10,000 million. This change marks a transition from a broader solar project to a specific manufacturing facility and alters the project's location. The company initially raised Rs 5,500 million through an IPO and pre-IPO placement, with Rs 4,400 million from the IPO intended for the Pandhurana Project, leaving a substantial portion unutilized.

Solarworld Energy Solutions Limited, formerly Solarworld Energy Solutions Private Limited, reported financial results for the quarter ended June 30, 2026, and the year ended March 31, 2026, following an Initial Public Offering in September 2025 that generated Rs 5,500 million in total proceeds, with Rs 5,216.78 million net. The company has fully utilized the IPO proceeds, investing Rs 4,200 million in its subsidiary, KSPL, and Rs 1,016.78 million for general corporate purposes. Simultaneously, the company is embroiled in a legal dispute with SJVN Green Energy Limited concerning suspended engineering, procurement, and construction contracts, involving bank guarantees of Rs 137.77 million, for which Solarworld anticipates recovering approximately Rs 494.86 million. The company’s auditors, M/s MM & Associates, have been re-appointed for the financial year 2026-27, and the financial statements were prepared in accordance with Indian Accounting Standards.

Solarworld Energy Solutions Limited, formerly known as Solarworld Energy Solutions Private Limited, will convene a board meeting on August 14, 2026, at 3:00 P.M. (IST) to consider and approve the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026, as per Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Trading window for securities of the company will remain closed until 48 hours after the declaration of the results, following Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.

A monitoring agency report by CRISIL Ratings Limited indicates that as of August 2026, Rs 4,140.40 million of funds raised through an initial public offering remain unutilized, primarily held in fixed deposits with HDFC Bank, Yes Bank, and Axis Bank. The remaining Rs 83.22 million from a pre-IPO round was also placed in fixed deposits with HDFC Bank and used for general corporate purposes, specifically to cover statutory dues. While the report notes no delays in project implementation, the substantial amount of unutilized IPO proceeds, coupled with the reliance on information provided by the company, warrants investor consideration. The report serves as a factual assessment of fund deployment and does not constitute investment advice.

Net profit of Solarworld Energy Solutions rose 419.70% to Rs 49.06 crore in the quarter ended March 2026 as against Rs 9.44 crore during the previous quarter ended March 2025. Sales rose 235.47% to Rs 591.81 crore in the quarter ended March 2026 as against Rs 176.41 crore during the previous quarter ended March 2025. For the full year,net profit rose 56.35% to Rs 120.47 crore in the year ended March 2026 as against Rs 77.05 crore during the previous year ended March 2025. Sales rose 152.61% to Rs 1376.16 crore in the year ended March 2026 as against Rs 544.77 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales591.81176.41 235 1376.16544.77 153 OPM %9.827.39 -10.6819.60 - PBDT66.6113.86 381 166.29106.84 56 PBT64.7613.79 370 161.05106.61 51 NP49.069.44 420 120.4777.05 56 Powered by Capital Market - Live

Solarworld Energy Solutions announced that Rini Chordia (DIN: 07285481) has tendered her resignation as a Chairperson and Independent Director of the Company with effect from close of business hours on 26 May 2026.

Solarworld Energy Solutions will hold a meeting of the Board of Directors of the Company on 26 May 2026.