Solex Energy Ltd
Incorporated in 1995, Solex Energy Ltd manufactures solar photo-voltaic cells and modules and is also in the Engineering, Procurement and Construction in the solar energy market[1]
- Market Cap ₹ 1,559 Cr.
- Current Price ₹ 1,443
- High / Low ₹ 1,826 / 631
- Stock P/E 39.4
- Book Value ₹ 146
- Dividend Yield 0.04 %
- ROCE 28.2 %
- ROE 38.7 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 54.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.3%
- Company's median sales growth is 47.3% of last 10 years
Cons
- Stock is trading at 9.78 times its book value
- Promoter holding has decreased over last 3 years: -4.50%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
6 | 46 | 34 | 101 | 149 | 138 | 80 | 72 | 161 | 366 | 660 | |
6 | 45 | 32 | 96 | 141 | 131 | 76 | 70 | 150 | 337 | 591 | |
Operating Profit | 0 | 1 | 2 | 6 | 8 | 7 | 3 | 2 | 11 | 28 | 69 |
OPM % | 5% | 2% | 6% | 6% | 5% | 5% | 4% | 3% | 7% | 8% | 10% |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 4 | |
Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 10 | 11 |
Depreciation | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 5 | 8 | 9 |
Profit before tax | 0 | 1 | 1 | 4 | 7 | 6 | 2 | 1 | 4 | 12 | 52 |
Tax % | 29% | 31% | 33% | 28% | 27% | 29% | 29% | 20% | 30% | 24% | 24% |
0 | 0 | 1 | 3 | 5 | 4 | 2 | 1 | 3 | 9 | 40 | |
EPS in Rs | 1.00 | 2.05 | 3.25 | 5.10 | 8.02 | 7.18 | 2.71 | 0.99 | 2.71 | 8.73 | 36.66 |
Dividend Payout % | 0% | 0% | 0% | 16% | 0% | 6% | 9% | 12% | 0% | 5% | 2% |
Compounded Sales Growth | |
---|---|
10 Years: | 59% |
5 Years: | 37% |
3 Years: | 109% |
TTM: | 80% |
Compounded Profit Growth | |
---|---|
10 Years: | 82% |
5 Years: | 55% |
3 Years: | 242% |
TTM: | 354% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 125% |
3 Years: | 84% |
1 Year: | -3% |
Return on Equity | |
---|---|
10 Years: | 24% |
5 Years: | 23% |
3 Years: | 28% |
Last Year: | 39% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 0.82 | 2 | 2 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 11 |
Reserves | 0 | 0 | 1 | 9 | 13 | 17 | 19 | 27 | 30 | 38 | 147 |
4 | 4 | 1 | 6 | 6 | 5 | 12 | 19 | 66 | 96 | 148 | |
4 | 9 | 20 | 32 | 47 | 44 | 40 | 18 | 37 | 70 | 162 | |
Total Liabilities | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 |
0 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 55 | 54 | 110 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 1 | 0 | 2 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 14 | 3 |
8 | 13 | 23 | 51 | 70 | 70 | 75 | 48 | 85 | 143 | 352 | |
Total Assets | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
1 | -4 | 5 | 2 | 2 | 4 | -6 | 2 | -49 | |||
-0 | -3 | -3 | -1 | -1 | -27 | -35 | -21 | -54 | |||
-0 | 6 | -2 | -2 | -0 | 22 | 41 | 20 | 113 | |||
Net Cash Flow | 1 | -1 | 0 | -0 | 1 | -2 | -0 | 0 | 10 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 279 | 75 | 181 | 137 | 136 | 147 | 255 | 105 | 68 | 47 | 62 |
Inventory Days | |||||||||||
Days Payable | |||||||||||
Cash Conversion Cycle | 279 | 75 | 181 | 137 | 136 | 147 | 255 | 105 | 68 | 47 | 62 |
Working Capital Days | 43 | 6 | 13 | 77 | 48 | 68 | 122 | 132 | 64 | 23 | 56 |
ROCE % | 23% | 37% | 42% | 34% | 29% | 11% | 4% | 12% | 18% | 28% |
Documents
Announcements
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Bagging/Receiving of orders/contracts
13 October 2025 - ₹544.62 Cr order to supply N-Type TOPCon 615/620Wp G12R solar modules; completion Feb–Nov 2026.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
10 October 2025 - KFin certifies dematerialisation for quarter ended 30 Sep 2025; certificates cancelled and exchanges notified.
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Press Release
9 October 2025 - H1 FY26 revenue ₹415 crore (52% YoY); migrated to NSE Main Board Oct 8, 2025.
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Press Release
8 October 2025 - Migrated to NSE Main Board Oct 8, 2025; operational 1.5GW, 2.5GW testing, additional 2.5GW planned.
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General Updates
6 October 2025 - NSE approved Solex Energy's migration from NSE EMERGE to Main Board; shares to list and trade from October 8, 2025.
Annual reports
Concalls
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May 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Nov 2024TranscriptNotesPPTREC
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Jun 2024Transcript PPT REC
Business Overview:[1][2]
SEL specializes in renewable energy solutions and manufactures Solar Photovoltaic (PV) Module and solar home lighting systems in India. Its operations include turnkey projects, spanning Residential Rooftop, Commercial, Industrial, and Utility Ventures. Company is engaged in OEM and ODM partnerships with Indian and International entities for module production under their brand names.