Solex Energy Ltd

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

Solex Energy Ltd

₹ 1,150 -5.21%
03 Jun - 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 ₹ 1,242 Cr.
  • Current Price ₹ 1,150
  • High / Low ₹ 1,985 / 795
  • Stock P/E 14.0
  • Book Value ₹ 225
  • Dividend Yield 0.05 %
  • ROCE 34.0 %
  • ROE 44.1 %
  • Face Value ₹ 10.0
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Pros

  • 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 39.7%
  • Company's median sales growth is 63.9% of last 10 years

Cons

  • Debtor days have increased from 61.9 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

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

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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
132 134 253 249 149 318 839
117 111 230 211 133 293 747
Operating Profit 14 24 22 38 16 25 92
OPM % 11% 18% 9% 15% 10% 8% 11%
1 1 2 2 -0 1 0
Interest 3 3 5 5 6 9 10
Depreciation 2 3 3 4 4 6 10
Profit before tax 11 19 16 30 5 11 73
Tax % 16% 27% 25% 25% 28% 26% 25%
9 14 12 22 3 8 55
EPS in Rs 8.45 13.06 10.92 20.80 3.15 7.62 50.73
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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
6 46 34 101 149 138 80 72 161 366 660 1,555
6 45 32 96 141 131 76 70 150 337 591 1,385
Operating Profit 0 1 2 6 8 7 3 2 11 28 69 170
OPM % 5% 2% 6% 6% 5% 5% 4% 3% 7% 8% 10% 11%
0 0 0 0 0 0 0 0 3 2 4 4
Interest 0 1 1 1 1 1 1 1 6 10 11 30
Depreciation 0 0 0 1 1 0 0 0 5 8 9 25
Profit before tax 0 1 1 4 7 6 2 1 4 12 52 119
Tax % 29% 31% 33% 28% 27% 29% 29% 20% 30% 24% 24% 25%
0 0 1 3 5 4 2 1 3 9 40 89
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 82.30
Dividend Payout % 0% 0% 0% 16% 0% 6% 9% 12% 0% 5% 2% 0%
Compounded Sales Growth
10 Years: 42%
5 Years: 81%
3 Years: 113%
TTM: 136%
Compounded Profit Growth
10 Years: 72%
5 Years: 122%
3 Years: 220%
TTM: 124%
Stock Price CAGR
10 Years: %
5 Years: 90%
3 Years: 51%
1 Year: -7%
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 38 147 233
4 4 1 6 6 5 12 19 66 96 148 324
4 9 20 32 47 44 40 18 37 70 162 572
Total Liabilities 9 15 25 52 71 71 76 73 141 212 467 1,139
0 2 2 1 1 1 1 1 55 54 110 336
CWIP 0 0 0 0 0 0 0 24 1 0 2 11
Investments 0 0 0 0 0 0 0 0 1 14 3 1
8 13 23 51 70 70 75 48 85 143 352 791
Total Assets 9 15 25 52 71 71 76 73 141 212 467 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 -49 214
-0 -3 -3 -1 -1 -27 -35 -21 -54 -224
-0 6 -2 -2 -0 22 41 20 113 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 -115 20
CFO/OP 76% -44% 87% 53% 95% 222% -49% 13% -53% 133%

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 Mar 2026
Debtor Days 279 75 181 137 136 147 255 105 68 47 62 78
Inventory Days 81
Days Payable 131
Cash Conversion Cycle 279 75 181 137 136 147 255 105 68 47 62 28
Working Capital Days 43 6 13 77 48 68 122 132 64 23 56 5
ROCE % 23% 37% 42% 34% 29% 11% 4% 12% 18% 28% 34%

Insights

In beta
Mar 2014 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2025 Mar 2027 (P) Mar 2028 (P) Mar 2030 (P)
Solar Module Manufacturing Capacity
GW

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Working Capital Days
Days
Solar Cell Manufacturing Capacity
GW
Domestic & International Business Certifications
Number
Export Presence (Countries)
Number
Modules Shipped
Million+
Order Book
INR Million
Projects Executed
Number
Total Planned Cell Capacity by FY30
GW
Total Planned Module Capacity by FY30
GW

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Shareholding Pattern

Numbers in percentages

Apr 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Dec 2025Mar 2026
70.65% 43.49% 70.65% 70.65% 70.65% 70.65% 70.66% 66.15% 66.15% 66.15% 66.15% 66.15%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.01% 0.09% 0.25% 0.13%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.10% 0.89% 0.79% 1.02% 0.98% 0.81%
29.35% 56.51% 29.36% 29.35% 29.35% 29.35% 28.24% 32.94% 33.06% 32.75% 32.63% 32.91%
No. of Shareholders 2462453083035679171,4022,2692,9173,0075,4277,027

* 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.

Click on the line-items to see the names of individual entities.

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