Solarium Green Energy Ltd

Rating actions & instruments

• ₹10 crore LT/ST bank facilities: CARE BBB-; Stable / CARE A3; assigned.
• ₹70 crore LT/ST facilities (enhanced from ₹47 crore): CARE BBB-; Stable / CARE A3; reaffirmed.
• ₹13 crore short-term facilities: CARE A3; assigned.
• ₹0 long-term facilities: Withdrawn.
• Outlook: Stable for the long-term ratings.
• Rating agency: CARE Ratings Limited (CareEdge Ratings).

Rationale

• Rationale: based on FY26 (abridged) operating and financial performance.

Facility details

• Bajaj Finance Ltd. ₹13 crore short-term revolving loan.
• Fund-based long/short-term facilities: Yes Bank ₹30 crore, Bandhan ₹25 crore, IndusInd ₹15 crore.
• Non-fund-based: IndusInd Bank ₹10 crore (Bank Guarantee).
• Total facilities: ₹93 crore.

Senior Management Resignation

• Resignation of Parin Shah from Business Head - Residential Sales, Senior Management Personnel.
• Resignation accepted July 16, 2026; reason: personal commitments and professional growth.
• Relieved from duties on July 20, 2026 after completion of notice period.
• No other material reasons stated for resignation.
• Brief profile not provided in disclosure.
• No relationships with other directors disclosed.
• Board/committee composition impact not specified.

Demat processing and listing

• Dematerialisation requests processed and confirmed to depositories; securities listed on exchanges.
• Physical certificates for dematerialisation mutilated and cancelled after verification; owner record updated.
• Ownership substituted in records by the depository within prescribed timelines.

ALMM inclusion and BIS status

• MNRE includes Solarium Green Energy in ALMM List-I for Solar PV Modules.
• Facility at Miroli, Ahmedabad enlisted with 1.23 GW per year capacity.
• Enlisted models cover Bifacial P-Type Mono c-Si PERC and Bifacial N-Type TOPCon modules.
• ALMM List-I Revision XLIX adds Solarium; last update 01 May 2026.
• Enlistment subject to BIS Registration; otherwise delisted.
• Validity: 06 July 2026 to 05 July 2030.

Order book update

• Order book at ₹852.28 crore as of 30 June 2026.
• Ground-mounted projects: ₹467.50 crore; Solar module supply: ₹310.47 crore; Others: ₹74.31 crore.
• Composition shows increasing weight of utility-scale EPC work.

Business mix and focus

• Strong position in utility-scale, government and institutional segments.
• Core business includes turnkey EPC and solar product sales (modules, inverters, ABT meters).
• Update date: 1 July 2026.

Business overview

• Solarium Green Energy provides turnkey solar EPC, residential rooftop, distribution, and module manufacturing services.
• It is expanding into complete Solar Kit solutions and vertical integration.

Operational highlights

• FY26 revenue growth was driven by larger ground-mounted EPC projects.
• Company won a 50 MW Maharashtra solar project worth over ₹185 crore.
• It commenced residential solar kit supplies during the year.
• Module manufacturing facility in Ahmedabad has 1.2 GW automated capacity.

Financial performance

• FY26 revenue from operations rose to ₹368.15 crore from ₹230.08 crore.
• FY26 EBITDA increased to ₹35.28 crore; PAT rose to ₹20.46 crore.
• FY26 EBITDA margin was 9.6%; PAT margin was 5.6%.
• H2FY26 revenue grew 70% YoY; EBITDA rose 27% YoY; PAT rose 2% YoY.
• Gross margin moderated as large EPC projects carry lower margins.

Capital structure & liquidity

• Equity share capital increased to ₹162.64 crore in FY26 from ₹141.47 crore.
• Long-term borrowings rose to ₹39.39 crore from ₹0.32 crore.
• Cash and bank balances increased to ₹90.40 crore from ₹77.00 crore.
• Trade receivables rose to ₹152.61 crore and trade payables to ₹96.88 crore.

Strategy & outlook

• Management is shifting toward larger EPC projects to improve scale and execution efficiency.
• Order book exceeds ₹300 crore, with about 65 MW captive module consumption confirmed.
• Forward pipeline exceeds 300 MW of projects under active discussion.
• Company is securing domestically manufactured cells for residential EPC and Solar Kit businesses.
• It plans a 1,000 MW automated solar module plant in Ahmedabad with ₹70 crore capex.

Risks & mitigation

• Extended receivable cycles in government-distributed projects remain a key concern.
• Higher finance costs from module manufacturing pressured profitability.
• ALMM-II changes are being managed through existing order book and domestic cell sourcing.

Governance & leadership

• Ankit Garg signed the filing as Chairman and Managing Director.
• No other board or shareholding changes were disclosed in this chunk.

Purchase Orders Received

• Order from domestic entity for BIS-certified 715/720 Wp Topcon N-type bifacial solar panels.
• Order value approximately ₹14.10 crore exclusive of GST for projects in Karnataka, Tamil Nadu, Andhra Pradesh.
• Delivery within 7 days from buyer confirmation; initial partial delivery of 10 MW.
• Payment terms: ₹5 lakh booking advance, balance 100% before dispatch.
• Order from domestic entity for Solar Panel_Non DCR_Topcon_Half Cut_132 Cell_G12 panels.
• Order value approximately ₹8.41 crore exclusive of GST for projects in Puducherry.
• Delivery by mid-May 2026 with 30% advance on PO and 70% before dispatch payment terms.
• Warranty: 12 years manufacturing defects, 30 years linear power warranty for second order.
• No promoter or related party interest involved in awarding these orders.
• Aggregate order value approximately ₹22.51 crore exclusive of GST, enhancing revenue visibility.