Manufactures N-type TOPCon solar PV modules and executes solar EPC projects, primarily supplying independent power producers and renewable energy developers in India and overseas. Operates a 4 GW Industry 4.0-enabled automated module manufacturing facility at Tadkeshwar, Gujarat, and has been in solar manufacturing since 1995. The main product line is N-type 615-620 Wp glass-to-glass G12R modules, recognised as a 'Top Performer' in the Kiwa PVEL 2026 PV Module Reliability Scorecard. Beyond modules, it runs an EPC business that has executed over 200 projects across solar parks, industrial, textile and infrastructure segments, with FY27 EPC revenue guided at INR 125-150 crore. The company reports its business as a single segment combining solar module manufacturing and EPC, generating ₹1,618.063 crore in FY26 revenue. To move up the value chain, it has signed a ₹4,000 crore MoU with the Government of Gujarat for 5 GW of solar cell (TOPCon+IBC) and 10 GW of battery energy storage system (BESS) manufacturing; the first 2.2 GW cell line is targeted for Q4 FY27 commissioning. Materials account for 82.5% of revenue, making raw material costs the dominant input. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar PV module manufacturing, Solar EPC services. Asset-heavy solar module manufacturer with an EPC arm and planned backward integration into cells and BESS.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 662 | 1,618 |
| EBITDA (ex other income) | — | 184 |
| margin % | — | 11.4 |
| Owners' profit | — | 96 |
| EPS, as reported (₹) | 43.82 | 88.88 |
| ROE % · ROCE % | — · 28.9 | 38.4 · 31.7 |
| Debt / equity (x) | — | 1.05 |
| Cash from operations | (47) | 201 |
| Capex | (67) | (194) |
| ₹ crore | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 389 | 155 | 318 | 886 | 261 |
| Profit before tax | 40 | 8 | 12 | 78 | 11 |
| Net profit | — | 6 | 9 | 59 | 8 |
| EPS (₹) | 26.84 | 27.20 | 8.07 | 53.61 | 7.39 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 | 27.39 | 120.2 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Solex Energy secures 74.77 crore solar PV module orders | compliance | low | — | — |
| 3 Sept 2026 · Solex Energy board recommends Rs 0.55 dividend, approves BSE listing | corporate actions | high | — | — |
| 3 Sept 2026 · Board Meeting on June 18, 2026 to Consider Dividend for FY26 | corporate actions | medium | — | — |
| 3 Sept 2026 · Solex Energy secures orders worth Rs 74.77 Cr for solar modules | business updates | high | — | — |
| 2 Sept 2026 · Q1 FY27 Results: PAT Down 66% YoY, Revenue Flat, New BESS Subsidiary Formed | results | high | — | — |
| 2 Sept 2026 · Board meeting on Aug 14, 2026 to consider Q1 FY27 results | results | low | — | — |
| 1 Sept 2026 · Solex Energy 12th AGM Notice and E-Voting Details Published | compliance | minimal | — | — |
| 31 Aug 2026 · Solex Energy fixes record date 15-Sep-2026 for final dividend of Rs 0.55 | corporate actions | medium | — | — |
| 31 Aug 2026 · Solex Energy AGM on Sep 22, 2026; dividend, director re-appointments on agenda | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper notice of 12th AGM to be held on September 22 via video conferencing | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| (26.2) |
| 8.6 |
| — |
| 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 26.2 | 9 of 53 | 85% |
| P/B | 3.0 | 3.6 | 22 of 49 | 56% |
| ROCE | 25.7 | 12.3 | 11 of 56 | 82% |
| ROE | 38.4 | 11.5 | 6 of 53 | 90% |
| Debt / Equity | 1.1 | 0.2 | 49 of 53 | 8% |
| EBITDA margin | 13.0 | 12.6 | 25 of 51 | 52% |
| Revenue growth | (33.0) | 20.7 | 41 of 46 | 11% |
| Market cap | 761 | 641 | 25 of 56 | 56% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
