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 ₹ 1,058 Cr.
- Current Price ₹ 980
- High / Low ₹ 1,985 / 631
- Stock P/E 20.2
- Book Value ₹ 167
- Dividend Yield 0.06 %
- 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
- Company might be capitalizing the interest cost
- 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
Quarterly 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: | 44% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 82% |
| 5 Years: | 55% |
| 3 Years: | 242% |
| TTM: | 148% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 103% |
| 3 Years: | 53% |
| 1 Year: | 0% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.82 | 2 | 2 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 11 | 11 |
| Reserves | 0 | 0 | 1 | 9 | 13 | 17 | 19 | 27 | 30 | 38 | 147 | 170 |
| 4 | 4 | 1 | 6 | 6 | 5 | 12 | 19 | 66 | 96 | 148 | 293 | |
| 4 | 9 | 20 | 32 | 47 | 44 | 40 | 18 | 37 | 70 | 162 | 268 | |
| Total Liabilities | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 | 741 |
| 0 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 55 | 54 | 110 | 135 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 1 | 0 | 2 | 144 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 14 | 3 | 2 |
| 8 | 13 | 23 | 51 | 70 | 70 | 75 | 48 | 85 | 143 | 352 | 461 | |
| Total Assets | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 | 741 |
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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Reply to Clarification- Financial results
22 January 2026 - Corrected consolidated EPS in XBRL due to clerical error; underlying financials unchanged; revised filing submitted Jan 17, 2026. checklist: - Identify the nature of the …
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Bagging/Receiving of orders/contracts
12 January 2026 - Work order to supply N‑Type TOPCon 615/620Wp G12R modules; value ₹289.84 Crore inclusive of taxes.
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Bagging/Receiving of orders/contracts
12 January 2026 - Received ₹276 Cr work order to supply 615/620Wp G12R TOPCon modules, Feb–May 2026.
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Clarification - Financial Results
12 January 2026 - Exchange has sought clarification from Solex Energy Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. On …
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
8 January 2026 - RTA's Regulation 74(5) certificate for quarter ended Dec 31, 2025 submitted (KFin Technologies).
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Nov 2024TranscriptAI SummaryPPTREC
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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.