The company says its projected IPP growth is on track and hopes to contribute to better utilisation of its module manufacturing capacity
| Photo Credit:
K_Ananthan
Chennai-based energy-solutions company Swelect Energy Systems reported a consolidated net profit of ₹7.6 crore for the quarter ended June 2026, against ₹21 crore it posted in the same quarter last year. Revenue from operations declined to ₹131 crore from ₹177 crore in the year-ago period.“Our consolidated financial performance has been impacted by the uncertainty surrounding the implementation of ALMM (Approved List of Models and Manufacturers) 2 from May to July, during which customers deferred placing orders,” a statement from the company said. The ALMM is a regulatory framework that mandates domestically manufactured solar cells for key projects.“Swelect has tie-ups for domestic cells for up to 1 GW per year. However, policy uncertainty and the pricing gap between DCR (Domestic Content Requirement) and NDCR (Non-Domestic Content Requirement) modules led to a slowdown. This situation is now showing signs of correction, with demand picking up,” the statement added. During the first quarter, the company announced investments in 110 MW of IPP (Independent Power Producer) projects alongside the completion of the acquisition of two solar parks in Rajasthan, which can aggregate to 140 MW. “Our projected IPP growth remains on track and is expected to contribute to better utilisation of our module manufacturing capacity,” it added.Shares of Swelect Energy Systems on NSE closed at ₹627.55 on Friday, down 7.88 per cent.Published on August 14, 2026
