Solex Energy Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 54.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 22.3%
- Company has delivered good sales growth of 36.7% CAGR over last 5 years
- Operating margins have improved to 10.4% from 3.1%
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -4.5pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.04x)
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 53.4% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7439.00 | 52.76 | 157638.64 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| POWERINDIA | 32200.00 | 124.76 | 143523.01 | 0.02 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| SIEMENS | 4025.00 | 43.76 | 143338.50 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| CGPOWER | 878.80 | 110.76 | 138450.55 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| ENRIN | 3119.50 | 74.66 | 111091.79 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| GVT&D | 4230.00 | 579.99 | 108307.68 | 0.24 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| HAVELLS | 1195.00 | 45.92 | 74993.62 | 0.84 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| WAAREEENER | 2583.00 | 19.47 | 74300.34 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 39.73 | 18.15 |
| APARINDS | 16805.15 | 59.56 | 70367.09 | 0.36 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| SUZLON | 45.50 | 19.89 | 62542.65 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1167.70 | 151.94 | 27920.18 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| SOLEX | 713.70 | 9.66 | 770.97 | 0.00 | 82.56 | 234.14 | 2608.24 | 904.67 | 29.96 | 11.11 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 132 | 134 | 253 | 249 | 149 | 318 | 839 | 259 | |
| 117 | 111 | 230 | 221 | 133 | 293 | 747 | 255 | |
| Operating Profit | 14 | 24 | 22 | 38 | 16 | 25 | 93 | 27 |
| OPM % | 10.93% | 17.68% | 8.86% | 15.28% | 10.45% | 7.89% | 11.04% | 10.39% |
| Other Income | 1 | 1 | 2 | 2 | -0 | 2 | 0 | 5 |
| Interest | 3 | 3 | 5 | 5 | 6 | 9 | 10 | 12 |
| Depreciation | 2 | 3 | 3 | 4 | 4 | 6 | 10 | 10 |
| 11 | 19 | 16 | 30 | 5 | 11 | 73 | 10 | |
| Tax % | 15.85% | 27.38% | 24.65% | 25.17% | 27.97% | 25.92% | 24.66% | 25.13% |
| Net Profit | 9 | 14 | 12 | 22 | 3 | 8 | 55 | 7 |
| 9 | 13 | 11 | 2 | 3 | 8 | 51 | 1 | |
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 34 | 101 | 149 | 138 | 80 | 72 | 162 | 366 | 660 | 1,565 | |
| 45 | 32 | 96 | 141 | 131 | 76 | 70 | 150 | 338 | 591 | 1,428 | |
| Operating Profit | 1 | 2 | 6 | 8 | 8 | 4 | 2 | 14 | 31 | 72 | — |
| OPM % | 3 | 7 | 6 | 5 | 6 | 5 | 3 | 9 | 8 | 11 | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 4 | 6 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 11 | 11 | 37 |
| Depreciation | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 5 | 8 | 9 | 31 |
| 1 | 1 | 4 | 7 | 6 | 2 | 1 | 4 | 12 | 52 | 98 | |
| Tax % | 29 | 33 | 28 | 27 | 29 | 29 | 20 | 30 | 24 | 24 | 25 |
| Net Profit | 0 | 1 | 3 | 5 | 4 | 2 | 1 | 3 | 9 | 40 | 74 |
| EPS | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 3 | 11 | 37 | — |
| Dividend Payout % | 0 | 0 | 16 | 5 | 6 | 9 | 12 | 4 | 5 | 2 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 2 | 5 | 8 | 7 | 3 | 1 | 3 | 9 | 37 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 59%
- 5 Years:
- 37%
- 3 Years:
- 109%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 83%
- 5 Years:
- 55%
- 3 Years:
- 242%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 80%
- 3 Years:
- 10%
- 1 Year:
- -23%
RETURN ON EQUITY
- 10 Years:
- 23%
- 5 Years:
- 16%
- 3 Years:
- 22%
- Last Year:
- 39%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 2 | 2 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 11 |
| 0 | 1 | 9 | 13 | 17 | 19 | 27 | 30 | 38 | 147 | |
| 3 | 1 | 6 | 6 | 5 | 10 | 6 | 15 | 40 | 61 | |
| Trade Payables | 7 | 11 | 27 | 42 | 35 | 32 | 13 | 28 | 54 | 86 |
| 2 | 10 | 5 | 7 | 8 | 10 | 19 | 60 | 72 | 162 | |
| Total Liabilities | 15 | 25 | 52 | 73 | 71 | 76 | 73 | 141 | 212 | 467 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 2 | 2 | 1 | 1 | 1 | 1 | 1 | 55 | 54 | 110 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 1 | 0 | 2 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 14 | 3 | |
| 0 | 3 | 7 | 6 | 5 | 8 | 14 | 30 | 66 | 174 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47 | 111 | |
| Cash & Bank | 1 | 2 | 0 | 1 | 1 | 2 | 0 | 0 | 0 | 10 |
| 12 | 19 | 44 | 65 | 64 | 65 | 33 | 54 | 30 | 57 | |
| Total Assets | 15 | 25 | 52 | 73 | 71 | 76 | 73 | 141 | 212 | 467 |
| Total Debt | 4 | 1 | 6 | 6 | 5 | 12 | 19 | 66 | 96 | 147 |
| Net Working Capital | 1 | 3 | 16 | 20 | 26 | 29 | 26 | 28 | 36 | 112 |
| Contingent Liabilities | 5 | 2 | 7 | 8 | 9 | 9 | 22 | 11 | 3 | 0 |
| Book Value per Share | 13.17 | 16.16 | 27.51 | 36.39 | 44.84 | 47.73 | 43.80 | 47.03 | 57.80 | 146.45 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | -4 | 5 | 2 | 2 | 4 | -6 | 2 | -49 | |
| Cash from Investing | -1 | -0 | -3 | -3 | -1 | -1 | -27 | -35 | -21 | -54 |
| Cash from Financing | 0 | -0 | 6 | -2 | -2 | -0 | 22 | 41 | 20 | 113 |
| 1 | 1 | -1 | 0 | -0 | 1 | -2 | -0 | 0 | 10 | |
| Free Cash Flow | -0 | 1 | -4 | 4 | 2 | 2 | -20 | -41 | -6 | -116 |
| OCF / Net Profit | 3.80 | 1.36 | -1.21 | 1.01 | 0.48 | 1.47 | 3.90 | -2.28 | 0.20 | -1.23 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 3 | 6 | -16 | -53 | -63 | -181 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.42 | 4.10 | 6.39 | 10.07 | 9.01 | 3.39 | 1.23 | 3.39 | 10.92 | 36.66 |
| Book Value (₹) | 13.17 | 16.16 | 27.51 | 36.39 | 44.84 | 47.73 | 43.80 | 47.03 | 57.80 | 146.45 |
| Dividend per Share (₹) | 0.00 | 0.00 | 1.00 | 0.50 | 0.50 | 0.30 | 0.15 | 0.15 | 0.55 | 0.55 |
| Cash EPS (₹) | 2.00 | 2.96 | 6.17 | 9.00 | 7.74 | 3.13 | 1.24 | 7.25 | 17.20 | 45.20 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 2.98% | 6.97% | 5.76% | 5.49% | 5.59% | 4.55% | 3.10% | 8.66% | 7.76% | 10.43% |
| Net Margin % | 0.78% | 2.67% | 3.12% | 3.34% | 3.22% | 2.11% | 1.37% | 1.68% | 2.39% | 6.00% |
| ROE % | 25.13% | 32.71% | 36.76% | 31.51% | 22.19% | 7.33% | 3.37% | 7.46% | 20.83% | 38.74% |
| ROCE % | 21.65% | 37.04% | 42.02% | 34.35% | 28.63% | 10.93% | 4.39% | 11.98% | 17.93% | 28.21% |
| 3.12% | 4.62% | 8.20% | 7.96% | 6.20% | 2.28% | 1.33% | 2.54% | 4.95% | 11.66% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 57 | 141 | 99 | 115 | 147 | 255 | 194 | 58 | 38 | 44 |
| Inventory Days | 6 | 17 | 18 | 16 | 14 | 30 | 56 | 50 | 48 | 66 |
| Payable Days | 37 | 111 | 77 | 98 | 121 | 210 | 134 | 56 | 50 | 49 |
| 26 | 47 | 40 | 32 | 41 | 75 | 116 | 52 | 37 | 61 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.96x | 0.33x | 0.46x | 0.36x | 0.23x | 0.51x | 0.55x | 1.75x | 2.08x | 0.93x |
| Interest Coverage (x) | 1.82x | 3.24x | 6.50x | 9.50x | 6.42x | 3.18x | 2.64x | 1.69x | 2.10x | 5.87x |
| 1.12x | 1.14x | 1.44x | 1.40x | 1.60x | 1.64x | 2.34x | 1.52x | 1.31x | 1.47x | |
| GROWTH | ||||||||||
| Revenue Growth % | 628.95% | -26.38% | 196.69% | 47.22% | -7.39% | -42.32% | -9.67% | 124.85% | 126.28% | 80.38% |
| Operating Profit Growth % | 291.92% | 72.06% | 145.31% | 40.37% | -5.70% | -53.11% | -38.41% | 527.77% | 117.93% | 137.46% |
| Net Profit Growth % | 281.22% | 150.85% | 246.57% | 57.43% | -10.49% | -62.34% | -41.06% | 174.39% | 222.23% | 353.38% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 222.23% | 235.76% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 59.35x | 17.22x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 14.01x | 4.31x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.07% | 0.09% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 24.39x | 11.31x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Solex Energy Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Solex Energy Receives Work Orders Worth Rs. 74.77 Crore for Solar PV Modules".
2026-09-03 - Solex Energy Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-09-01 - Solex Energy Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Solex Energy Limited has informed the Exchange that Record date for the purpose of Dividend is 15-Sep-2026.
2026-08-31 - Solex Energy Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-31 - Solex Energy Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-21 - Solex Energy Limited has informed the Exchange about Transcript
2026-08-17 - Solex Energy Limited has informed the Exchange about Link of Recording of Post Earnings' Concall held on August 17, 2026
2026-08-17 - Solex Energy Limited has informed the Exchange regarding a press release dated August 17, 2026, titled "Solex Energy Reports Q1 FY27 Results with Continued Focus on Growth and Capacity Expansion".
News
Recent coverage and analyst commentary for SOLEX
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