1. Solar module capacity doubling to 2 GW - The subsidiary SHPV is expanding its Coimbatore module plant from the current 1 GW to 2 GW, with management stating the facilities are set to receive fresh investments and a planned doubling of production capacity in the coming months. Doubling capacity removes the main volume bottleneck in a business that grew revenue 61% in FY25 and is already operating near full utilisation.
2. Solar cell backward integration to 1.2 GW - SHPV is setting up a 1.2 GW solar cell manufacturing facility, expected to be operational by FY 2026-27. Bringing cell production in-house secures supply and widens margins on the 2 GW module output, reducing dependence on imported cells.
3. IPP portfolio scale-up to 1 GW by FY27 - The group raised ₹290 crore through NCDs with India Infradebt, unlocking ₹260 crore of cash collaterals to reinvest in scaling the IPP portfolio to 1 GW by 2026-27. Reaching 1 GW of owned generating capacity would roughly triple the current \~309 MW portfolio, building a recurring, high-margin power-sale revenue stream.
4. BESS vertical launch with NUMERGY product range - The Board approved the NUMERGY product range in January 2026, covering residential and C&I battery energy storage systems. BESS opens an adjacent, higher-growth market beyond pure solar, positioning the company for round-the-clock clean power solutions as storage demand accelerates.
5. EPC and O&M division scaling nationally - The EPC and O&M division contributed ₹265 crore (43% of consolidated turnover) in FY25, growing 215% year-on-year, and the team is being expanded to Delhi to address the pan-India market. A fast-growing, asset-light services business diversifies earnings and generates cash that can fund the capital-heavy IPP and manufacturing build-out.
6. Incremental IPP commissioning adding contracted revenue - A 5 MW plant for Airport Authority of India was commissioned in May 2026, completing a 10 MW AAI project, and a 4.4 MW third-party plant was commissioned in July 2026. Each commissioned plant adds immediate, contracted power-sale revenue under long-term off-take, steadily building the recurring earnings base.
7. FortifyGrid JV for Solar BESS in India and ASEAN - A 50:50 joint venture with US-based FortifyGrid LLC was approved in February 2026 to develop and install Solar BESS projects in India, with a parallel Singapore JV targeting the ASEAN region. The partnership brings technical capability in energy storage and AI, giving Swelect a foothold in international BESS markets without upfront acquisition cost.