Solex Energy
SOLEX · NSE · Small Cap
Solex Energy
Solar module manufacturer scaling capacity to ~6 GW. Surat-based.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Solex Energy: scale + integration + ALMM/PLI tailwind drive multi-year module margin expansion.
Bull case for Solex Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Solex Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Realization per watt vs cost per watt (EBITDA/watt)
- 06Imported BOM dependence and ALMM/PLI compliance
- 07Cell sourcing in light of ALMM List-II
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 27.0x | — |
| Forward P/E | — | — |
| EV/EBITDA | 21.7x | — |
| EV/Sales | 2.4x | — |
| P/B | 7.7x | — |
| FCF Yield | -7.0% | — |
| EV / GW (Module) | ₹632 cr | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker SOLEX · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 3 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Sales | 162 | 366 | 662 |
| Operating Profit | 11 | 28 | 73 |
| OPM % | 7% | 8% | 11% |
| Net Profit | 3 | 9 | 43 |
| EPS (₹) | 2.71 | 8.73 | 38.91 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 132 | 135 | 260 | 155 |
| OPM % | 11% | 18% | 16% | 12% |
| Net Profit | 9 | 14 | 25 | 6 |
Balance sheet · 2 years
₹ Crore.
| Item | Mar 2024 | Mar 2025 |
|---|---|---|
| Equity Capital | 8 | 11 |
| Reserves | 38 | 150 |
| Borrowings | 96 | 148 |
| Fixed Assets | 54 | 110 |
| Total Assets | 212 | 480 |
Cash flow · 2 years
₹ Crore.
| Activity | Mar 2023 | Mar 2024 |
|---|---|---|
| Operating | 2 | -47 |
| Investing | -21 | -54 |
| Financing | 20 | 113 |
| Net Cash Flow | 1 | 12 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary