PETALING JAYA : Solarvest Holdings Bhd is on track to deliver another year of exceptional performance, with its financial year 2025 (FY25) results laying the groundwork for further growth in FY26. Analysts are optimistic that the solar energy specialist will capitalise on a substantial expansion in its unbilled order book, which soared fivefold from RM242 million in Q4 FY24 to RM1.2 billion in Q4 FY25.
Hong Leong Investment Bank Research (HLIB Research) noted that the company’s prospects remain robust, citing the momentum in new contract wins and the commissioning of solar assets expected towards the latter part of FY26.
“We expect another record year for Solarvest going into FY26, backed by strong order book growth and commissioning of assets towards the later part of FY26,” the research house stated.
HLIB Research believes that the execution of Corporate Green Power Programme (CGPP) contracts will intensify in FY26, supporting the company’s topline expansion. In addition, the firm highlighted the anticipated rollout of projects under the government’s Large Scale Solar Phase 5 (LSS5), which could further boost Solarvest’s revenue from engineering, procurement, construction, and commissioning (EPCC) activities in the second half of 2026.
Solarvest’s management has also indicated that additional contract wins under LSS5 are expected in the near term. Historically, the group has maintained a consistent 30% market share across previous LSS phases, reinforcing confidence in its execution capabilities.
Meanwhile, the sixth round of LSS (LSS6) is slated to commence in the second and third quarters of this year. HLIB Research estimates the bidding quota will range between two gigawatts and four gigawatts—significantly expanding opportunities for players like Solarvest.
In light of this, the research house views the company’s internal guidance of exceeding RM2 billion in unbilled orders in FY26 as conservative, given its strong project pipeline and proven track record.
HLIB Research has reiterated its “Buy” recommendation on Solarvest, setting a target price of RM2.25 per share.
-The Star
