Solarworld Energy Solutions Ltd

Solarworld Energy Solutions Ltd has made the first tranche payment of ₹26,82,16,200 (₹26.82 Crore) to Rays Green Energy Manufacturing Private Limited as part of its equity subscription. In return, Rays Green has allotted 12,600 equity shares to Solarworld, giving it a 50% stake in the joint venture. Rays Power Infra Limited holds the remaining 50%. The company plans to make further payments up to ₹73,17,83,800 (₹73.18 Crore) as per the agreement. This transaction solidifies the joint venture aimed at expanding operations in the green energy manufacturing sector.

Solarworld Energy Solutions Ltd has made the first tranche payment of ₹26,82,16,200 (₹26.82 Crore) to Rays Green Energy Manufacturing Private Limited as part of its acquisition agreement. Consequently, Rays Green has allotted 12,600 equity shares to Solarworld, granting it a 50% stake in the company. Rays Power Infra Limited holds the remaining 50%. The balance equity subscription of up to ₹73,17,83,800 (₹73.18 Crore) will be made as per the terms of the Securities Subscription Agreement and Joint Venture Agreement. The terms of the transaction remain unchanged from the previous intimation.

Solarworld Energy Solutions Limited reported a significant financial and business update for FY26, with revenue from operations soaring by 152.6% year-on-year to ₹13,762 million. Total income reached ₹14,161 million, EBITDA stood at ₹1,879 million, and profit after tax was ₹1,205 million, marking a 56.4% increase. Basic EPS was ₹14.95. The company's balance sheet as of March 31, 2026, shows a net worth of ₹8,478 million, a debt-to-equity ratio of 0.30x, and net cash of ₹3,165 million. Q1 FY27 performance saw revenue from operations at ₹1,684 million (up 146.8% YoY) and profit after tax of ₹95 million, though margins were impacted by higher input costs and rupee depreciation. The order book stands at ₹31,548 million as of September 30, 2026, with bids totaling ₹200,180 million. Expansion plans include a 2.4 GW solar cell line under execution and a proposed 50:50 joint venture with Rays Power Infra Limited for solar cell manufacturing.

Solarworld Energy Solutions Limited has received a Show Cause Notice (SCN) dated September 29, 2026, from the Office of the Deputy Commissioner, State Tax, Noida, Uttar Pradesh, under the GST laws. The notice pertains to alleged discrepancies in GST returns filed for FY 2022-23, including differences in GSTR-9 and GSTR-9C, unreconciled ITC, and issues related to e-way bills and trade payables. The potential liability proposed in the SCN is ₹5,39,39,622 (₹2,95,71,123 tax, ₹2,13,05,792 interest, and ₹30,62,707 penalty). The company is examining the notice and will file a detailed reply within the prescribed time. Solarworld believes it has a strong case on merits and does not anticipate any material impact on its financial position or operations.

Solarworld Energy Solutions Ltd announced that its wholly owned subsidiary, ZNShine Solarworld Private Limited, has received a significant purchase order from a leading renewable energy player. The order is for the supply of 96,000 units of Solar Panel G12R 625 Wp. The basic order value is ₹75.00 crore, with a total order value of ₹78.75 crore, inclusive of 5% IGST. The order is for a domestic entity and is subject to the terms and conditions specified in the Purchase Order. The execution timeline is as per the purchase order's stipulations. This marks a substantial business win for the subsidiary.

Solarworld Energy Solutions Ltd has announced the closure of its trading window for all designated persons and their immediate relatives. This restriction will be in effect from October 1, 2026, until 48 hours after the declaration of the company's unaudited financial results for the quarter ended September 30, 2026. The company has advised all concerned individuals not to trade in its securities during this period, adhering to SEBI (Prohibition of Insider Trading) Regulations, 2015 and its internal code of conduct. The date for the board meeting to approve these financial results will be communicated separately.

Solarworld Energy Solutions Ltd announced that its Nomination and Remuneration Committee has approved the grant of 2,86,325 Employee Stock Options (ESOPs) under the Solarworld Employee Stock Option Plan 2024 to eligible employees. These options are exercisable at a fixed price of Rs. 5 per equity share and will vest on March 31, 2028. The company believes that equity-based compensation aligns employee interests with long-term growth and shareholder value, aiming to attract, motivate, and retain key talent by fostering a sense of ownership. The ESOPs are governed by SEBI (SBEB) Regulations, 2021, and have received in-principle approval from BSE and NSE.

Solarworld Energy Solutions Ltd announced that its wholly-owned subsidiary, ZNShine Solarworld Private Limited, has won a significant tax appeal. The appeal was filed against an order by the Assistant Commissioner, State Tax, Uttarakhand, which had imposed a penalty of ₹1,22,12,498/-. The appellate authority has set aside the impugned order, annulled the penalty, and held the imported goods as genuine. The failure to select the multi-vehicle option on the E-Way Bill portal was deemed a procedural lapse, not tax evasion. Any deposited amounts will be refunded or adjusted, and the goods/vehicles are to be released. The company stated there is no adverse financial impact.

Solarworld Energy Solutions Ltd's wholly-owned subsidiary, ZNShine Solarworld Private Limited, has been issued an Order-in-Original confirming a penalty of ₹1,22,12,498 under Section 129 of the CGST/UKGST Act, 2017. This order, passed by the State Tax Officer/Assistant Commissioner, Uttarakhand, rejected the subsidiary's detailed written reply. In response, the subsidiary filed an appeal on September 21, 2026, before the Joint Commissioner (Appeals), seeking to set aside the order and quash the penalty in its entirety. A pre-deposit of ₹12,21,250 was paid. The appeal is pending adjudication, with a personal hearing scheduled for September 22, 2026. The company states that this development is not expected to have any material impact on its financial, operational, or other activities, as the confirmed penalty is not an admitted liability and remains under dispute.

Solarworld Energy Solutions Ltd has received favorable awards from a Dispute Adjudication Board (DAB) concerning two EPC contracts with SJVN Green Energy Limited (SGEL). For the 100 MW project, the company was awarded ₹13.77 Cr, comprising ₹5.79 Cr in cash and ₹7.98 Cr in retention release. For the 260 MW project, the award amounts to ₹26.50 Cr, with ₹2.09 Cr in cash and ₹24.41 Cr in retention release. These awards stem from contractual disputes related to claims such as retention monies, financing interest, and loss of profit. The company has made this information available on its website.