Solex Energy Ltd
Solex Energy Ltd is engaged in manufacturing of solar panels and other renewable energy devices and installation of system on EPC basis.[1]
- Market Cap ₹ 339 Cr.
- Current Price ₹ 424
- High / Low ₹ 486 / 113
- Stock P/E 125
- Book Value ₹ 47.0
- Dividend Yield 0.04 %
- ROCE 16.8 %
- ROE 7.73 %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 136 to 46.8 days.
- Company's working capital requirements have reduced from 137 days to 73.3 days
Cons
- Stock is trading at 9.21 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.83% over past five years.
- Company has a low return on equity of 6.11% over last 3 years.
- Promoters have pledged 26.2% of their holding.
* 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
Sector: Power Generation & Distribution Industry: Power Generation And Supply
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| 6 | 46 | 34 | 101 | 149 | 138 | 80 | 72 | 162 | |
| 6 | 45 | 32 | 96 | 141 | 131 | 76 | 70 | 150 | |
| Operating Profit | 0 | 1 | 2 | 6 | 8 | 7 | 3 | 2 | 11 |
| OPM % | 5% | 2% | 6% | 6% | 5% | 5% | 4% | 3% | 7% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 5 |
| Profit before tax | 0 | 1 | 1 | 4 | 7 | 6 | 2 | 1 | 4 |
| Tax % | 29% | 31% | 33% | 28% | 27% | 29% | 29% | 20% | 30% |
| Net Profit | 0 | 0 | 1 | 3 | 5 | 4 | 2 | 1 | 3 |
| EPS in Rs | 1.22 | 2.60 | 4.09 | 6.40 | 10.06 | 9.01 | 3.40 | 1.24 | 3.39 |
| Dividend Payout % | 0% | 0% | 0% | 16% | 0% | 6% | 9% | 12% | 4% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 5% |
| TTM: | 124% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -3% |
| 3 Years: | -15% |
| TTM: | 174% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 58% |
| 3 Years: | 144% |
| 1 Year: | 172% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 6% |
| Last Year: | 8% |
Balance Sheet
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 2 | 5 | 5 | 5 | 5 | 8 | 8 | |
| Reserves | 0 | 0 | 1 | 9 | 13 | 17 | 19 | 27 | 30 |
| 4 | 4 | 1 | 6 | 6 | 5 | 12 | 21 | 66 | |
| 4 | 9 | 20 | 32 | 47 | 44 | 40 | 18 | 37 | |
| Total Liabilities | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 75 | 141 |
| 0 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 55 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | 13 | 23 | 51 | 70 | 70 | 75 | 50 | 85 | |
| Total Assets | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 75 | 141 |
Cash Flows
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | -4 | 5 | 2 | 2 | 6 | 21 | |||
| -0 | -3 | -3 | -1 | -1 | -27 | -47 | |||
| -0 | 6 | -2 | -2 | -0 | 22 | 26 | |||
| Net Cash Flow | 1 | -1 | 0 | -0 | 1 | 0 | -0 |
Ratios
Figures in Rs. Crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 279 | 75 | 181 | 137 | 136 | 147 | 255 | 105 | |
| Inventory Days | |||||||||
| Days Payable | |||||||||
| Cash Conversion Cycle | 279 | 75 | 181 | 137 | 136 | 147 | 255 | 105 | |
| Working Capital Days | 248 | 29 | 20 | 77 | 64 | 81 | 172 | 164 | |
| ROCE % | 23% | 37% | 42% | 34% | 29% | 11% | 4% |
Product Portfolio
The company's products include mono/ multi-crystalline solar photovoltaic modules, solar lanterns, solar street lights, solar water pumps and solar inverters.[1][2]