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 | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| SOLEX | 696.10 | 9.42 | 751.96 | 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 | 28 | 16 | 25 | 92 | 5 |
| OPM % | 10.93% | 17.68% | 8.86% | 11.40% | 10.45% | 7.74% | 11.00% | 1.79% |
| 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 |
| Profit before Tax | 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 |
| 8.85 | 13.06 | 10.92 | 20.80 | 3.15 | 7.62 | 50.73 | 6.61 |
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 | 7 | 3 | 2 | 11 | 28 | 69 | 137 |
| OPM % | 2.44% | 5.89% | 5.61% | 5.28% | 5.32% | 4.19% | 2.58% | 7.00% | 7.76% | 10.43% | 8.76% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 4 | 7 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 11 | 11 | 37 |
| Depreciation | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 5 | 8 | 9 | 31 |
| Profit before Tax | 1 | 1 | 4 | 7 | 6 | 2 | 1 | 4 | 12 | 52 | 98 |
| Tax % | 29.48% | 33.15% | 27.91% | 26.92% | 28.71% | 28.87% | 19.53% | 29.62% | 24.32% | 24.49% | 25.01% |
| Net Profit | 0 | 1 | 3 | 5 | 4 | 2 | 1 | 3 | 9 | 40 | 74 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.39 | 1.28 | 3.39 | 10.92 | 36.66 | — |
| Dividend Payout % | 0.00% | 0.00% | 15.64% | 4.97% | 5.55% | 8.84% | 12.15% | 4.43% | 5.04% | 1.50% | — |
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:
- 79%
- 3 Years:
- 14%
- 1 Year:
- -49%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 11 |
| 0 | 1 | 9 | 13 | 17 | 19 | 27 | 30 | 38 | 147 | |
| 4 | 1 | 6 | 6 | 5 | 11 | 19 | 60 | 87 | 130 | |
| Trade Payables | 7 | 11 | 27 | 42 | 35 | 32 | 13 | 28 | 54 | 86 |
| 1 | 9 | 5 | 7 | 8 | 9 | 6 | 16 | 25 | 94 | |
| Total Liabilities | 15 | 25 | 52 | 73 | 71 | 76 | 73 | 141 | 212 | 467 |
| 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 |
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 | 2 | -2 | 7 | 4 | 3 | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
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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Solex Energy Ltd.
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