Solarium Green Energy Limited is a vertically integrated solar solutions provider that has successfully transitioned from a distribution-led model to a manufacturing-integrated **Engineering, Procurement, and Construction (EPC)** player. The company specializes in the design, installation, and maintenance of solar power plants, with a strategic focus on residential rooftop, government institutional projects, and high-altitude specialized thermal applications. --- ### **Strategic Pivot: Vertical Integration & Manufacturing Capacity** To mitigate global supply chain volatility and capture higher margins, Solarium has aggressively pursued backward integration. By controlling **60%–70%** of total EPC project costs in-house, the company has insulated itself from third-party pricing fluctuations. * **1 GW Solar Module Plant (Ahmedabad, Gujarat):** A fully automated facility commissioned in **March 2026**. It utilizes **Jinchen** technology to produce high-efficiency **TOPCon N-type Bifacial** and **Half-Cut G12 modules** (up to **725 Wp**). This facility is expected to improve EPC gross margins by **5%–8%** and generate over **₹1,000 crore** in annual revenue at **85% utilization**. * **1,200 MTPA Structure Manufacturing:** Commissioned in **July 2025** at Bavla, Gujarat. This facility provides a **3%–5%** cost advantage on mounting structures, contributing approximately **0.3%–0.5%** to overall EPC EBITDA. --- ### **Core Business Verticals & Revenue Mix** The company’s revenue is diversified across four primary segments, with a notable shift toward high-impact institutional and high-margin residential projects. | Segment | H1 FY26 Revenue % | Key Characteristics & Clients | | :--- | :---: | :--- | | **Government / Institutional** | **36%** | High-impact projects in challenging terrains (Ladakh, Northeast); Clients include **BSF, Indian Air Force, NTPC, and MAHAGENCO**. | | **Residential Rooftop** | **32%** | B2C focus with **13,900+** projects executed; driven by the **Solarium Saarthi** partner program. | | **Commercial & Industrial (C&I)** | - | Scalable solutions for private sector clients like **Ahmedabad University** and **GAIL**. | | **Distribution & Products** | - | Regional Partner for **WattPower** inverters; distribution of **ABT meters** and solar components. | --- ### **Order Book Visibility & Project Pipeline** As of **H1 FY26**, Solarium maintains high revenue visibility through a robust bidding and execution pipeline: * **Unexecuted Order Book:** **INR 229 crores**. * **L1 (Lowest Bidder) Position:** **INR 209 crores** (work orders pending). * **Bidding Pipeline:** Over **INR 900 crores**. * **Market Dominance:** Held **L1 status** in **39 out of 45 zones** for NTPC-distributed rooftop programs as of late 2025. **Significant Recent Wins:** * **₹188.53 Crore (Apr 2026):** 50 MWac EPC and 3-year O&M for **MAHAGENCO**. * **₹140 Crore (Nov 2025):** MOUs for the supply of **100 MW** of solar modules. * **₹35.33 Crore (Jun 2025):** 11.77 MW rooftop projects for the **Ministry of Home Affairs**. --- ### **R&D and Specialized Defense Applications** Solarium distinguishes itself through technical innovation, particularly for extreme environments. * **Solar Space Heating:** Development of thermal energy systems using evacuated tube collectors and phase-change materials to replace diesel boilers in high-altitude defense shelters. * **DRDO Technology Transfer:** Holds a **10-year Transfer of Technology (ToT) license** from **DRDO** for Solar Thermal Systems designed for the Himalayan regions. * **Intellectual Property:** The R&D wing is led by experts holding **3 patents** in solar energy-based products. --- ### **Corporate Professional Services** Unique to its profile, the company offers a suite of specialized consultancy services, providing a diversified professional fee income stream. * **Corporate Secretarial:** Pre-IPO compliance, **SEBI (LODR/ICDR)** filings, and NCLT representation. * **Financial Advisory:** **Virtual CFO** services, **NBFC** registrations with RBI, and IBBI/FEMA valuations. * **Taxation & Audit:** Statutory, Internal, and GST audits; Direct Tax planning. * **Legal & IPR:** Trademark, Copyright, and Patent services; **IBC** and **FEMA** filings. --- ### **Financial Performance & Capital Structure** Following its **February 2025 IPO**, Solarium has significantly deleveraged its balance sheet and expanded its equity base. | Metric | FY25 (Audited) | FY24 (Audited) | | :--- | :--- | :--- | | **Net Profit** | **₹18.59 Cr** | **₹15.74 Cr** | | **PBILDT Margin** | **11.63%** | **13.82%** | | **Overall Gearing** | **0.48x** | **1.55x** | | **Interest Coverage** | **6.82x** | **10.9x** | | **Net Worth** | **₹141.43 Cr** | **₹35.89 Cr** | * **IPO Details:** Raised **₹105.04 crore** at **₹191 per share** on the BSE SME Platform. * **Credit Rating:** **CARE BBB-; Stable / CARE A3** (Assigned Jan 2026). * **Dividend Policy:** No dividend declared for **FY25** to conserve resources for manufacturing capex. --- ### **Risk Factors & Operational Challenges** * **Working Capital Intensity:** **Gross Current Asset (GCA) days** increased from **143 (FY24)** to **337 (FY25)**. The average collection period rose to **96 days** due to delayed receivables from government and defense projects. * **Fixed-Price Contracts:** Most EPC contracts lack price escalation clauses, exposing margins to volatility in solar cell costs. * **Regulatory Compliance:** The company is transitioning to **Domestic Content Requirement (DCR)** modules for new tenders. While it currently uses non-DCR cells for older pipelines (bidded before **Aug 31, 2025**), future projects depend on domestic cell availability. * **GST Impact:** Benefited from the **September 2025** reduction in GST on modules/inverters from **12% to 5%**. --- ### **Future Growth Catalysts** 1. **Digital Transformation:** Launch of a **B2C application** and unified portal for real-time order tracking and customer lifecycle management. 2. **Geographic Expansion:** Opening **15+ new warehouses** in Maharashtra, Madhya Pradesh, and Northern India to support the residential franchisee network. 3. **Institutional Strengthening:** Appointment of **Mr. Rohit Jindal** as **CFO** and the transition of **Mr. Himanshu Garg** to lead **International Business**, signaling intent for global expansion.