Solex Energy Ltd

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Solex Energy Ltd

₹ 555 -2.56%
22 Oct - close price
solex.in BSE: 544862 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 BSE NSE
  • Market Cap ₹ 599 Cr.
  • Current Price ₹ 555
  • High / Low ₹ 1,985 / 550
  • Stock P/E 8.14
  • Book Value ₹ 225
  • Dividend Yield 0.10 %
  • ROCE 33.2 %
  • ROE 44.4 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 122% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 39.8%
  • Company's median sales growth is 63.9% of last 10 years

Cons

  • Debtor days have increased from 61.6 to 77.6 days.
  • 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
131.75 134.29 252.60 249.20 148.61 317.99 839.48 259.42
117.35 110.55 230.21 211.13 133.08 292.91 747.11 232.46
Operating Profit 14.40 23.74 22.39 38.07 15.53 25.08 92.37 26.96
OPM % 10.93% 17.68% 8.86% 15.28% 10.45% 7.89% 11.00% 10.39%
0.96 1.09 1.65 1.63 -0.48 1.29 0.45 4.89
Interest 2.53 2.89 4.99 5.41 5.89 9.18 9.87 12.17
Depreciation 1.98 2.51 3.39 4.26 4.44 6.08 10.22 10.14
Profit before tax 10.85 19.43 15.66 30.03 4.72 11.11 72.73 9.54
Tax % 15.85% 27.38% 24.65% 25.17% 28.18% 25.92% 24.67% 25.16%
9.13 14.11 11.80 22.47 3.40 8.23 54.80 7.15
EPS in Rs 8.45 13.06 10.92 20.80 3.15 7.62 50.73 6.62
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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 Mar 2026 TTM
6 46 34 101 149 138 80 72 161 366 660 1,555 1,566
6 45 32 96 141 131 76 70 150 337 587 1,386 1,406
Operating Profit 0 1 2 6 8 7 3 2 11 28 73 170 160
OPM % 5% 2.4% 6% 6% 5% 5% 4.2% 2.6% 7% 8% 11% 11% 10%
0 0 0 0 0 0 0 0 3 2 3 4 6
Interest 0 1 1 1 1 1 1 1 6 10 13 30 37
Depreciation 0 0 0 1 1 0 0 0 5 8 10 25 31
Profit before tax 0 1 1 4 7 6 2 1 4 12 52 119 98
Tax % 29% 31% 33% 28% 27% 29% 29% 20% 30% 24% 25% 25%
0 0 1 3 5 4 2 1 3 9 39 89 74
EPS in Rs 0.62 1.30 2.02 5.10 8.02 7.18 2.71 0.99 2.71 8.73 36.13 82.30 68.12
Dividend Payout % 0% 0% 0% 16% 0% 6% 9% 12% 0% 5% 2% 1%
Compounded Sales Growth
10 Years: 42%
5 Years: 81%
3 Years: 113%
TTM: 104%
Compounded Profit Growth
10 Years: 72%
5 Years: 122%
3 Years: 220%
TTM: 28%
Stock Price CAGR
10 Years: %
5 Years: 69%
3 Years: 6%
1 Year: -63%
Return on Equity
10 Years: 32%
5 Years: 34%
3 Years: 40%
Last Year: 44%

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 Mar 2026
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 38 144 233
4 4 1 6 6 5 12 19 66 96 174 324
4 9 20 32 47 44 40 18 37 70 156 572
Total Liabilities 9 15 25 52 71 71 76 73 141 212 485 1,139
0 2 2 1 1 1 1 1 55 54 134 336
CWIP 0 0 0 0 0 0 0 24 1 0 3 11
Investments 0 0 0 0 0 0 0 0 1 14 2 1
8 13 23 51 70 70 75 48 85 143 347 791
Total Assets 9 15 25 52 71 71 76 73 141 212 485 1,139

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 Mar 2026
1 -4 5 2 2 4 -6 2 -42 214
-0 -3 -3 -1 -1 -27 -35 -21 -59 -224
-0 6 -2 -2 -0 22 41 20 110 74
Net Cash Flow 1 -1 0 -0 1 -2 -0 0 10 64
Free Cash Flow 1 -4 4 2 1 -20 -41 -6 -108 20
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 76% -44% 87% 53% 95% 222% -49% 13% -50% 133%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 279 75 181 137 136 147 255 105 68 47 61 78
Inventory Days
Days Payable
Cash Conversion Cycle 279 75 181 137 136 147 255 105 68 47 61 78
Working Capital Days 43 6 13 77 48 68 122 132 64 23 47 5
ROCE % 23% 37% 42% 34% 29% 11% 4% 12% 18% 28% 33%

Insights

In beta
Feb 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Solar Module Manufacturing Capacity
GW

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Cumulative Modules Shipped
Million modules
Order Book & Visibility
INR Mn
Module Capacity Utilization
%
Number of Export Countries
Number
Number of OEM/Brand Clients
Number
Module Sales Volume
MW

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Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
70.65% 70.65% 70.65% 70.65% 70.66% 66.15% 66.15% 66.15% 66.15% 66.15% 66.15% 66.15%
0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.01% 0.09% 0.25% 0.13% 0.07% 0.32%
0.00% 0.00% 0.00% 0.00% 1.10% 0.89% 0.79% 1.02% 0.98% 0.81% 0.51% 0.28%
29.36% 29.35% 29.35% 29.35% 28.24% 32.94% 33.06% 32.75% 32.63% 32.91% 33.26% 33.24%
No. of Shareholders 3083035679171,4022,2692,9173,0075,4277,02710,38213,263

* 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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