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 ₹ 1,075 Cr.
- Current Price ₹ 995
- High / Low ₹ 1,985 / 795
- Stock P/E 11.2
- Book Value ₹ 234
- Dividend Yield 0.06 %
- ROCE 35.8 %
- ROE 46.3 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 41.1%
Cons
- Debtor days have increased from 63.7 to 80.5 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 162 | 366 | 662 | 1,618 | |
| 150 | 337 | 589 | 1,434 | |
| Operating Profit | 11 | 28 | 73 | 184 |
| OPM % | 7% | 8% | 11% | 11% |
| 3 | 2 | 4 | 3 | |
| Interest | 6 | 10 | 11 | 31 |
| Depreciation | 5 | 8 | 9 | 25 |
| Profit before tax | 4 | 12 | 57 | 131 |
| Tax % | 30% | 24% | 25% | 25% |
| 3 | 9 | 43 | 98 | |
| EPS in Rs | 2.71 | 8.73 | 38.91 | 88.88 |
| Dividend Payout % | 0% | 5% | 1% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 115% |
| TTM: | 144% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 228% |
| TTM: | 128% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 88% |
| 3 Years: | 28% |
| 1 Year: | -32% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 41% |
| Last Year: | 46% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 8 | 11 | 11 | |
| Reserves | 38 | 150 | 242 | |
| 96 | 148 | 339 | ||
| 70 | 172 | 590 | ||
| Total Liabilities | 212 | 480 | 1,181 | |
| 54 | 110 | 338 | ||
| CWIP | 0 | 2 | 11 | |
| Investments | 14 | 2 | 0 | |
| 143 | 366 | 833 | ||
| Total Assets | 212 | 480 | 1,181 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 2 | -47 | 201 | ||
| -21 | -54 | -225 | ||
| 20 | 113 | 89 | ||
| Net Cash Flow | 0 | 12 | 64 | |
| Free Cash Flow | -6 | -114 | 7 | |
| CFO/OP | 13% | -47% | 117% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 47 | 64 | 80 | |
| Inventory Days | 81 | |||
| Days Payable | 128 | |||
| Cash Conversion Cycle | 47 | 64 | 33 | |
| Working Capital Days | 23 | 57 | 7 | |
| ROCE % | 30% | 36% |
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 |
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| Order Book & Visibility INR Mn |
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| Cumulative EPC Projects Executed Number |
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| Module Capacity Utilization % |
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| Number of Export Countries Number |
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| Number of OEM/Brand Clients Number |
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| Module Sales Volume MW |
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Extracted by Screener AI
Documents
Announcements
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General Updates
13 July 2026 - Solex Energy joins Solex Foundation for CSR objectives; guarantor member liability capped at Rs 400.
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Press Release
9 July 2026 - Solex Energy secured a ₹628.37 crore order for N-Type TOPCon solar modules on July 9, 2026.
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Bagging/Receiving of orders/contracts
9 July 2026 - Solex Energy Limited has informed about Bagging/Receiving of orders/contracts
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
6 July 2026 - Regulation 74(5) certificate filed for quarter ended June 30, 2026; entire shareholding remains in electronic mode.
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General Updates
27 June 2026 - Solex Energy incorporated wholly-owned subsidiary Solex BESS Private Limited on June 22, 2026 for BESS business.
Annual reports
Concalls
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Nov 2024TranscriptPPTREC
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Nov 2024TranscriptPPT REC
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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.