General information about company | ||
| Scrip code* | 544532 | |
| NSE Symbol* | SOLARWORLD | |
| MSEI Symbol* | NOTLISTED | |
| ISIN* | INE0TY101024 | |
| Name of company | SOLARWORLD ENERGY SOLUTIONS LIMITED | |
| Type of company | Main Board | |
| Class of security | Equity | |
| Date of start of financial year | 01-04-2025 | |
| Date of end of financial year | 31-03-2026 | |
| Date of board meeting when results were approved | 28-01-2026 | |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 22-01-2026 | |
| Description of presentation currency | INR | |
| Level of rounding | Millions | |
| Reporting Type | Quarterly | |
| Reporting Quarter | Third quarter | |
| Nature of report standalone or consolidated | Standalone | |
| Whether results are audited or unaudited for the quarter ended | Unaudited | |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited | |
| Segment Reporting | Single segment | |
| Description of single segment | Engineering, Procurement and Construction (EPC) services | |
| Start date and time of board meeting | 28-01-2026 12:00 | |
| End date and time of board meeting | 28-01-2026 14:00 | |
| Whether cash flow statement is applicable on company | ||
| Type of cash flow statement | ||
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable | |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | Yes | |
| No. of times funds raised during the quarter | 2 | |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | Yes | |
Financial Results – Ind-AS | ||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | ||
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | ||
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | ||
| Whether results are audited or unaudited | Unaudited | Unaudited | ||
| Nature of report standalone or consolidated | Standalone | Standalone | ||
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | |||
| 1 | Income | |||
| Revenue from operations | 4953.83 | 6905.05 | ||
| Other income | 111.66 | 306.22 | ||
| Total income | 5065.49 | 7211.27 | ||
| 2 | Expenses | |||
| (a) | Cost of materials consumed | 3987.36 | 5193.22 | |
| (b) | Purchases of stock-in-trade | 0 | 305.34 | |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0 | 0 | |
| (d) | Employee benefit expense | 38.09 | 97.07 | |
| (e) | Finance costs | 33.67 | 68.6 | |
| (f) | Depreciation, depletion and amortisation expense | 0.58 | 2.5 | |
| (g) | Other Expenses | |||
| 1 | Engineering, procurement and construction project expenses | 303.94 | 383.04 | |
| 2 | Other Expenses | 20.33 | 51.71 | |
| Total other expenses | 324.27 | 434.75 | ||
| Total expenses | 4383.97 | 6101.48 | ||
| 3 | Total profit before exceptional items and tax | 681.52 | 1109.79 | |
| 4 | Exceptional items | 0 | 0 | |
| 5 | Total profit before tax | 681.52 | 1109.79 | |
| 6 | Tax expense | |||
| 7 | Current tax | 173.88 | 257.18 | |
| 8 | Deferred tax | -0.1 | 26.77 | |
| 9 | Total tax expenses | 173.78 | 283.95 | |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0 | 0 | |
| 11 | Net Profit Loss for the period from continuing operations | 507.74 | 825.84 | |
| 12 | Profit (loss) from discontinued operations before tax | 0 | 0 | |
| 13 | Tax expense of discontinued operations | 0 | 0 | |
| 14 | Net profit (loss) from discontinued operation after tax | 0 | 0 | |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0 | 0 | |
| 16 | Total profit (loss) for period | 507.74 | 825.84 | |
| 17 | Other comprehensive income net of taxes | -1.03 | -3.09 | |
| 18 | Total Comprehensive Income for the period | 506.71 | 822.75 | |
| 19 | Total profit or loss, attributable to | |||
| Profit or loss, attributable to owners of parent | ||||
| Total profit or loss, attributable to non-controlling interests | ||||
| 20 | Total Comprehensive income for the period attributable to | |||
| Comprehensive income for the period attributable to owners of parent | ||||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | ||||
| 21 | Details of equity share capital | |||
| Paid-up equity share capital | 433.37 | 433.37 | ||
| Face value of equity share capital | 5 | 5 | ||
| 22 | Reserves excluding revaluation reserve | |||
| 23 | Earnings per share | |||
| i | Earnings per equity share for continuing operations | |||
| Basic earnings (loss) per share from continuing operations | 5.86 | 10.51 | ||
| Diluted earnings (loss) per share from continuing operations | 5.86 | 10.51 | ||
| ii | Earnings per equity share for discontinued operations | |||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | ||
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | ||
| iii | Earnings per equity share (for continuing and discontinued operations) | |||
| Basic earnings (loss) per share from continuing and discontinued operations | 5.86 | 10.51 | ||
| Diluted earnings (loss) per share from continuing and discontinued operations | 5.86 | 10.51 | ||
| 24 | Debt equity ratio | Textual Information( 1) | ||
| 25 | Debt service coverage ratio | Textual Information( 2) | ||
| 26 | Interest service coverage ratio | Textual Information( 3) | ||
| 27 | Disclosure of notes on financial results | Textual Information(4) | ||
Text Block | |
| Textual Information(4) | 1 The above standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 28, 2026. The statutory auditors of the Company have carried out a limited review of these results. 2 The unaudited standalone financial results of the Company for the quarter and nine months period ended December 31, 2025 have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended. 3 The equity shares of the Company were listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange on September 30, 2025. The comparative figures of the quarter and nine months period ended December 31, 2024 have not been subjected to audit or review by statutory auditors. However, the management has exercised due care and diligence to ensure that the standalone unaudited financial results for the said period present a true and fair view of the Company's financial performance. 4 The figures for the year ended March 31, 2025 have been extracted from the standalone audited general-purpose financial statements of the Company. 5 The Company has completed its initial public offer (IPO) of Rs. 4,900.00 million which included 1,39,60,113 equity shares of face value of Rs. 5/- each at an issue price of Rs. 351 per equity share (including share premium of Rs. 346 per share). Out of the above, offer for sale by promoter selling 14,24,501 equity shares (at an issue price of Rs. 351 per equity ) valued at Rs. 500.00 million and fresh issue of 1,25,35,612 equity shares (at an issue price of Rs. 351 per equity ) valued at Rs. 4,400.00. The shares of the Company are listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange on September 30, 2025. 6 The total proceeds from issue of shares consisted of IPO proceeds of Rs. 4,400 million (excluding offer for sale by promoters) and pre-IPO proceeds of Rs. 1,100 million aggregating to Rs. 5,500 million. The offer expenses (estimated) amounted to Rs. 283.22 million leaving a net proceeds Rs. 5,216.78 millions. The details of objects of issue and its utilised/unutilised portion is as follows: Objects of the issue as per prospectus Amount to be utilised as per prospectus (net proceeds) Utilised amount upto December 31, 2025 Unutilised amount upto December 31, 2025 Investment in our Subsidiary, KSPL for part-financing the establishment of the Pandhurana Project 4,200.00 - 4,200.00 General Corporate Purpose 1,016.78 998.58 18.20 Total 5,216.78 998.58 4,218.20 7 During the previous year ended March 31, 2025, the Company had received a notice from SJVN Green Energy Limited ("SJVN") regarding its Engineering, Procurement, and Construction (EPC) contracts for the 100 MW and 260 MW projects, having an aggregate EPC contract value of Rs. 4,592.19 million, suspending all project-related activities until September 15, 2025 or until further instructions are received from SJVN. The suspension was issued by SJVN citing land-related issues. The said suspension was further extended till December 31, 2025. The Company towards this project, had issued bank guarantees favouring SJVN valued at Rs. 137.77 million having validity till January 31, 2026. In view of the suspension of the project SJVN requested for extension of the bank guarantee issued by the Company. As no extension was granted by the Company, SJVN gave intimation of invocation of bank guarantee subsequent to the quarter ending December 31, 2025 with the condition that if the Company extends the bank guarantee it will call back the invocation. The Company instead of extending the bank guarantee has in the interim filed a petition under section 9 of the Arbitration and Conciliation Act, 1996 with Hon’ble High Court of Delhi on January 24, 2026 against the invocation of bank guarantee as the delay is on account of failure of SJVN to provide the land for the project. The Company has also further sought release of Retention amount of Rs 363.75 million and other recoverable(including trade receivables) of Rs. 356.78 million aggregating to Rs. 720.53 million (excluding interest). Based on the assessment and technical evaluation of the terms of the contract and considering that the failure is on the part of SJVN, the management is confident of getting favourable order and that all amounts due as above from SJVN are considered as good and fully recoverable and no provision is considered necessary at this stage. 8 The Government of India vide notification w.e.f November 21, 2025 has consolidated multiple existing legislations into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes'. As per Ind AS 19 ‘Employees Benefit’, changes to employee benefit plans arising from legislative amendments constitute a planned amendment, requiring recognition of past service cost immediately in the statement of profit and Loss. The calculated financial impact due to introduction of new labour codes is not considered material and therefore has not been taken in these financial results. 9 Since the segment information as per Ind AS 108-Operating Segments is provided in the consolidated financial results, the same is not provided seperately for the standalone financial results. |
Other Comprehensive Income | |||
| Date of start of reporting period | 01-10-2025 | 01-04-2025 | |
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Standalone | Standalone | |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | -Re-measurement of defined benefit plans | -1.38 | -4.13 |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.35 | 1.04 |
| Total Amount of items that will not be reclassified to profit and loss | -1.03 | -3.09 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | ||
| 5 | Total Other comprehensive income | -1.03 | -3.09 |
Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1) | |
| Mode of Fund Raising | Preferential Issues |
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 21-11-2024 |
| Amount Raised | 1100 |
| Report filed for Quarter ended | 31-12-2025 |
| Monitoring Agency | Applicable |
| Monitoring Agency Name, if applicable | CRISIL Ratings Limited |
| Is there a Deviation / Variation in use of funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | |
| If Yes, Date of shareholder Approval | |
| Explanation for the Deviation / Variation | NA |
| Comments of the Audit Committee after review | No Comments |
| Comments of the auditors, if any | No Comments |
| Sr. | Original Object | Modified Object, if any | Original Allocation | Modified allocation, if any | Funds Utilised | Amount of Deviation/Variation for the quarter according to applicable object | Remarks if any |
| 1 | Investment in the Subsidiary, Kartik Solarworld Private Limited for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh, India (the Pandhurana Project) | NA | 83.22 | 0 | 0 | 0 | No utilization during the reported quarter |
| 2 | General Corporate Purposes | NA | 1016.78 | 0 | 998.58 | 0 | Proceeds utilized towards payment to vendors, statutory dues and employee’s salary |
Signatory Details | |
| Name of signatory | Kartik Teltia |
| Designation of person | Managing Director |
| Place | Noida |
| Date | 28-01-2026 |
Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (2) | |
| Mode of Fund Raising | Public Issues |
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 26-09-2025 |
| Amount Raised | 4400 |
| Report filed for Quarter ended | 31-12-2025 |
| Monitoring Agency | Applicable |
| Monitoring Agency Name, if applicable | CRISIL Ratings Limited |
| Is there a Deviation / Variation in use of funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | |
| If Yes, Date of shareholder Approval | |
| Explanation for the Deviation / Variation | NA |
| Comments of the Audit Committee after review | No Comments |
| Comments of the auditors, if any | No Comments |
| Sr. | Original Object | Modified Object, if any | Original Allocation | Modified allocation, if any | Funds Utilised | Amount of Deviation/Variation for the quarter according to applicable object | Remarks if any |
| 1 | Investment in the Subsidiary, Kartik Solarworld Private Limited for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Pandhurana, Madhya Pradesh, India (the Pandhurana Project) | NA | 4116.78 | 0 | 0 | 0 | No utilization during the reported quarter |
Format for Disclosing Outstanding Default on Loans and Debt Securities | |||
| Sr. No. | Particulars | Amount | Remarks |
| 1. | Loans / revolving facilities like cash credit from banks / financial institutions | ||
| A | Total amount outstanding as on date | 664.96 | |
| B | Of the total amount outstanding, amount of default as on date | 0 | |
| 2. | Unlisted debt securities i.e. NCDs and NCRPS | ||
| A | Total amount outstanding as on date | 0 | |
| B | Of the total amount outstanding, amount of default as on date | 0 | |
| 3. | Total financial indebtedness of the listed entity including short-term and long-term debt | 1068.83 | |