NSE: SOLEX · BSE: 544862
SOLEX ENERGY LIMITED
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.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 22.4 | 9 of 52 | 84% |
| P/B | 2.3 | 3.3 | 18 of 49 | 63% |
| ROCE | 25.7 | 12.4 | 11 of 55 | 82% |
| ROE | 38.4 | 12.4 | 6 of 50 | 90% |
| Debt / Equity | 1.1 | 0.3 | 46 of 50 | 8% |
| EBITDA margin | 13.0 | 12.6 | 25 of 51 | 52% |
| Revenue growth | (33.0) | 20.7 | 41 of 46 | 11% |
| Market cap | 593 | 591 | 28 of 56 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Solex to unveil N-Type quarter-cell solar module | compliance | low | — | — |
| 19 Oct 2026 · Solex subsidiary to issue Rs 150 Cr CCDs convertible into parent shares | fund raising | high | — | — |
| 16 Oct 2026 · Solex Energy: Promoter group share re-alignment agreement lapses | strategic transactions | high | — | — |
| 13 Oct 2026 · Solex Energy files RTA compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Solex Energy and subsidiary bag Rs 194.14 crore solar module orders | compliance | low | — | — |
| 6 Oct 2026 · Subsidiary Solex Green wins Rs 180.98 crore solar module order | business updates | high | — | — |
| 5 Oct 2026 · Solex Energy bags order worth Rs 13.16 Cr for solar modules | business updates | high | — | — |
| 5 Oct 2026 · Solex Energy bags Rs 75.96 Cr order for 620 Wp TOPCon solar modules | compliance | low | — | — |
| 3 Oct 2026 · Solex Energy bags Rs 75.96 Cr solar module orders | business updates | high | — | — |
| 28 Sept 2026 · Solex Energy closes trading window from Oct 1 for Q2 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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 |
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Sources, method and disclosures
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.