Solarium Green Energy Ltd Q2 FY26: The Solar Prince Who Turned Power Cuts Into Profits (And IPO Dreams Into Crore Dreams)

1. At a Glance

Ladies and gentlemen, behold Solarium Green Energy Ltd — the Gujarati solar crusader that sells rays of sunshine for ₹268 a share. With amarket cap of ₹558 crore, this 2018-born solar upstart is turning rooftops into mini money-generators and government orders into solar gold. In the latest half-year endedSeptember 2025 (H1 FY26), Solarium postedsales of ₹117 croreandPAT of ₹9.22 crore, a42.6% jump in revenueand22.4% rise in profitcompared to last quarter.

While most renewable companies are still learning to plug their inverters, Solarium’s already signing₹100+ crore MOUsand bagging government tenders faster than you can say “net metering.” It trades at aP/E of 27.5, sports anROE of 23%, and boasts aROCE of 20.1%— numbers bright enough to make any auditor wear sunglasses.

Of course, there’s drama too — themanufacturing unit was once shutbecause it wasn’t on the government’s approved list. But like every Bollywood comeback, they’re now re-entering the game with a1,000 MW plantworth₹70 crore. Will this solar saga end in glory or glare? Keep reading, sunshine.

2. Introduction

Solar stocks are the new religion of Dalal Street — worshipped by retail investors, sermonized by analysts, and occasionally struck by lightning (of regulation). Solarium Green Energy Ltd has quickly become the poster child for this craze —IPO in Feb 2025, instant listing buzz, and an army of rooftop projects stretching across India like Wi-Fi signals in a Tier-2 café.

The company’s secret sauce? They don’t just sell solar panels. They sell“turnkey solutions”— a phrase that sounds corporate but basically means, “Hum sab kar denge bhai.” Fromdesigning,procurement, andconstruction, tocommissioning and O&M, Solarium has positioned itself as the one-stop shop for everything that needs a photovoltaic blessing.

Their growth story, though, reads like a Netflix series:

• 2018– Born in Gujarat (naturally).
• 2023– Ouch! Manufacturing halted because the government didn’t approve their model list.
• 2024– Still bagged 11,195 residential rooftop projects.
• 2025– Made an IPO, raised ₹105 crore, spent ₹49 crore, and held ₹55 crore for the sequel.
• 2026 (H1)– Back with new orders worth ₹185 crore and government bids worth ₹885 crore.

Now, that’s what you call sunny side up with a side of audacity.

3. Business Model – WTF Do They Even Do?

Solarium Green Energy is what happens when you mix Gujarat’s entrepreneurial DNA with the government’s renewable subsidies. The company operates throughtwo main verticals:(a)Turnkey Solutions— where they build entire solar power systems forresidential, government, commercial, and industrial clients, and(b)Product Sales— selling the solar goodies: PV modules, inverters, meters, and more.

They also provideO&M (Operations and Maintenance)services — basically cleaning panels, fixing faults, and pretending to enjoy the sun while doing it.

Their manufacturing facility inBhamsara-Bavla, Gujarat, once produced polycrystalline panels with a70 MW capacity, but operations were halted after the Approved List fiasco in 2023. Still, Solarium didn’t go dark. They continued to sell modules, execute EPC projects, and — like a true desi entrepreneur — found “alternative revenue streams.”

Revenue sources in FY24 were delightfully diversified:

• Residential rooftops:23%
• Government projects:34%
• Solar PV modules:32%
• Everything else (including inverters and accessories):11%

So, in short — Solarium sells sunshine, installs sunshine, and sometimes fixes sunshine.

4. Financials Overview (Quarterly Figures in ₹ crore)

(Data Type: Half-Yearly Results, Standalone)

Note:Since these arehalf-yearlynumbers, annualized EPS = 4.42 × 2 = ₹8.84.At a CMP of ₹268, that’s aP/E of ~30.3x— slightly higher than the industry average (19.4x).

Commentary:The topline is shining bright, but QoQ moderation hints at project timing. TheEBITDA margin of