Solex Energy Ltd

Solex Energy Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Solex Energy Ltd

₹ 1,854 -3.12%
24 Nov - close price
solex.in NSE: SOLEX
About

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]

Key Points

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.

Website NSE
  • Market Cap ₹ 2,003 Cr.
  • Current Price ₹ 1,854
  • High / Low ₹ 1,985 / 631
  • Stock P/E 38.2
  • Book Value ₹ 167
  • Dividend Yield 0.03 %
  • ROCE 28.2 %
  • ROE 38.7 %
  • Face Value ₹ 10.0
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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 11.1 times its book value
  • 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2024 Jun 2025 Sep 2025
131.75 249.20 148.61
117.35 211.13 133.09
Operating Profit 14.40 38.07 15.52
OPM % 10.93% 15.28% 10.44%
0.96 1.63 -0.48
Interest 2.53 5.41 5.88
Depreciation 1.98 4.26 4.44
Profit before tax 10.85 30.03 4.72
Tax % 15.85% 25.14% 28.18%
9.13 22.47 3.40
EPS in Rs 8.45 20.80 3.15
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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: 128%
3 Years: 94%
1 Year: 21%
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%

Shareholding Pattern

Numbers in percentages

3 Recently
Sep 2020Mar 2021Apr 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025
70.43% 70.43% 70.65% 43.49% 70.65% 70.65% 70.65% 70.65% 70.66% 66.15% 66.15% 66.15%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.01% 0.09%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.10% 0.89% 0.79% 1.02%
29.57% 29.57% 29.35% 56.51% 29.36% 29.35% 29.35% 29.35% 28.24% 32.94% 33.06% 32.75%
No. of Shareholders 2202142462453083035679171,4022,2692,9173,007

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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