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 ₹ 1,837 Cr.
- Current Price ₹ 1,701
- High / Low ₹ 1,787 / 631
- Stock P/E 46.4
- Book Value ₹ 146
- Dividend Yield 0.03 %
- 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 11.6 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: | 134% |
3 Years: | 82% |
1 Year: | 5% |
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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General Updates
1 October 2025 - Signed Oct 1, 2025 agreement with Havas Worldwide India for comprehensive digital marketing and branding services.
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Shareholders meeting
30 September 2025 - All resolutions passed at Solex Energy's 11th AGM on Sep 29, 2025; scrutinizer report attached.
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Shareholders meeting
29 September 2025 - AGM on 29 Sep 2025; final dividend Re.0.55/share; director appointments and approvals.
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Trading Window
25 September 2025 - Trading window closed from Oct 1, 2025 until 48 hours after H1 results (Sep 30, 2025).
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Registrar & Share Transfer Agent Update
17 September 2025 - Tripartite agreement dated 11 Sep 2025: KFin incoming RTA, Skyline erstwhile RTA.
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.