1. 2.2 GW cell backward integration - The 2.2 GW N-Type TOPCon Plus cell line, funded at ₹1,050 crore with term sheets received, is targeted for commissioning by December 2027. Management guides cell-line EBITDA above 20% for FY29 versus the company's current \~11% OPM, on a capacity that replaces imported cells.
2. Executable order pipeline - Confirmed order visibility includes a ₹628+ crore order received in July 2026, a ₹42.47 crore order received in August 2026, and an LOI for a further ₹175 crore order, together representing an executable pipeline of ₹845.84 crore targeted for execution by December 31, 2026. This executable pipeline of ₹845.84 crore targeted by December 2026 equals roughly half of FY26 revenue, giving near-term earnings visibility.
3. 4 GW module lines at full utilization - Lines 3 and 4 at Tadkeshwar reached full utilization by March 2026, taking total capacity to 4 GW with FY26 module sales exceeding 1 GW. FY27 guidance uses a conservative 55% utilization assumption, leaving room for volume growth even before the cell line arrives.
4. 10 GW BESS manufacturing - Solex incorporated its BESS subsidiary on June 22, 2026, with technology evaluation underway and a partner discussion in advanced stages. India has \~50 GW of BESS visibility over 24 months, and the journey is expected to start December 2026 or January 2027.
5. TAPI Rear Contact module launch - India's first rear-contact module, TAPI RC, delivers up to 24.60% efficiency and 665W output, with commercial production scheduled by FY27. This follows the ISC Konstanz partnership and positions Solex ahead of the industry's shift from TOPCon to back-contact technology.
6. Contract manufacturing for global brands - Solex already manufactures for Longi clients with an order book close to 1.2 GW, and is in discussions with other global brands. Management expects to close something for Q4 for Indian projects from global brands, adding volume without module capex.
7. EPC business scaling - FY26 EPC revenue was ₹125 crore, with FY27 expected at ₹125-150 crore at 10-12% margins. The segment delivered 200+ projects in FY26 with zero-defect metrics, providing a stable second earnings leg alongside module sales.