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 ₹ 1,392 Cr.
- Current Price ₹ 1,289
- High / Low ₹ 1,787 / 631
- Stock P/E 33.1
- Book Value ₹ 149
- Dividend Yield 0.04 %
- ROCE 29.9 %
- ROE 40.6 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 8.83 times its book value
- 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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Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 162 | 366 | 662 | |
| 150 | 338 | 589 | |
| Operating Profit | 11 | 28 | 73 |
| OPM % | 7% | 8% | 11% |
| 3 | 2 | 4 | |
| Interest | 6 | 10 | 11 |
| Depreciation | 5 | 8 | 9 |
| Profit before tax | 4 | 12 | 57 |
| Tax % | 30% | 24% | 25% |
| 3 | 9 | 43 | |
| EPS in Rs | 2.71 | 8.73 | 38.91 |
| Dividend Payout % | 0% | 5% | 1% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 81% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 381% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 126% |
| 3 Years: | 124% |
| 1 Year: | 11% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 41% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Equity Capital | 8 | 11 | |
| Reserves | 38 | 150 | |
| 96 | 148 | ||
| 70 | 172 | ||
| Total Liabilities | 212 | 480 | |
| 55 | 110 | ||
| CWIP | 0 | 2 | |
| Investments | 14 | 2 | |
| 143 | 366 | ||
| Total Assets | 212 | 480 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 2 | -47 | ||
| -21 | -54 | ||
| 20 | 113 | ||
| Net Cash Flow | 0 | 12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Debtor Days | 47 | 64 | |
| Inventory Days | 81 | 128 | |
| Days Payable | 66 | 65 | |
| Cash Conversion Cycle | 62 | 127 | |
| Working Capital Days | 84 | 101 | |
| ROCE % | 30% |
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
31 May 2025 - Solex reports 81% revenue growth, plans 4 GW capacity by Oct 2025, INR1500 Cr capex for cell/module expansion.
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Analysts/Institutional Investor Meet/Con. Call Updates
28 May 2025 - Submission of audio/video link for May 27, 2025 post-earnings conference call.
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Analysts/Institutional Investor Meet/Con. Call Updates
27 May 2025 - Submission of Solex Energy's post earnings conference call recording as per SEBI regulations.
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Credit Rating- New
27 May 2025 - CRISIL reaffirms Solex Energy's Rs. 620.59 Cr bank loan ratings at BBB/Stable and A3+.
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Investor Presentation
27 May 2025 - Solex Energy's FY2025 earnings presentation highlights 1.5 GW capacity, new N-Type TOPcon modules, and expansion plans.
Annual reports
Concalls
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May 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Nov 2024TranscriptNotesPPTREC
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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