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 ₹ 1,896 Cr.
- Current Price ₹ 1,755
- High / Low ₹ 1,826 / 631
- Stock P/E 45.1
- Book Value ₹ 149
- Dividend Yield 0.03 %
- ROCE 29.9 %
- ROE 40.6 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 11.9 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
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
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 | 337 | 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: | 132% |
| 3 Years: | 86% |
| 1 Year: | 12% |
| 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 | |
| 54 | 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 | |||
| Days Payable | |||
| Cash Conversion Cycle | 47 | 64 | |
| Working Capital Days | 23 | 57 | |
| ROCE % | 30% |
Documents
Announcements
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Press Release
29 October 2025 - MoU with ISC Konstanz; unveils TAPI Rear Contact module (24.60%, 665W); $1.5B investment, 25,000 workforce, FY27 production.
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Arrangements for strategic, technical, manufacturing, or marketing tie up
29 October 2025 - Signed 15-month MoU with ISC Konstanz (Germany) for R&D, technology transfer and process optimization in solar cell manufacturing.
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Bagging/Receiving of orders/contracts
13 October 2025 - ₹544.62 Cr order to supply N-Type TOPCon 615/620Wp G12R solar modules; completion Feb–Nov 2026.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
10 October 2025 - KFin certifies dematerialisation for quarter ended 30 Sep 2025; certificates cancelled and exchanges notified.
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Press Release
9 October 2025 - H1 FY26 revenue ₹415 crore (52% YoY); migrated to NSE Main Board Oct 8, 2025.
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.