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Solex Energy Ltd

SOLEX

NSE

₹608.10-2.72%19 Oct 2026

Reports

Capital Goods Solar

Solex Energy Ltd

SOLEX

NSE

₹608.10

-2.72%

19 Oct 2026

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Capital Goods Solar

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Solex Energy began not as a solar panel maker but as 'Sun Energy Systems' in 1995, and that practical, build-from-demand instinct still defines it three decades later. It has since grown into an integrated solar manufacturer that makes its own high-efficiency modules and installs complete solar systems for customers ranging from village homes to airports, all from a single automated factory in Gujarat. The recurring approach is a flexible factory model - running the same lines for its own brand and as a contract manufacturer for global players - which keeps its plant full and its costs down while it steadily climbs the value chain toward making its own cells and batteries.

Business segments

A single integrated solar platform with two faces - manufacturing modules at scale for its own brand and for global OEMs, and building turnkey solar projects that pull those modules through to real-world installations.

1. Solar module manufacturing: the factory that works for everyone

A 4 GW automated plant in Gujarat makes advanced solar panels under the Solex brand and for some of the world's largest module companies, keeping utilisation high by serving both channels.

Dual-channel model keeps the lines full - the company manufactures modules for its own 'Solex' brand and as an OEM (original equipment manufacturer) for roughly 20 international companies, which lets it run at 80-90% utilisation while competitors who only make their own brand run lower. The revenue mix has flipped from 20% branded to 80% branded supply over recent years, which management expects to improve margins.
Speed and scale in one facility - the Tadkeshwar plant runs 30% faster than traditional Indian production lines and houses India's largest chamber laminators, producing 60,000 modules in one month with a workforce where over 60% are from local tribal communities trained to operate the robotic plant.
Technology that upgrades, not replaces - the first production line operates on PERC technology, while the second, third, and fourth lines are based on TopCon technology, with planned upgradability to Back Contact (BC) and HJT (heterojunction) technologies without scrapping the existing setup. The R&D team has already cut cell-to-module power loss from roughly 3.5-4% down to 2.3%, adding 6-9 watts per panel.
Certified for the world's toughest markets - Solex was the first Indian PV module manufacturer to earn the MCS 005 BSI Kitemark, which unlocks sales in the UK, Europe, and the US, and it holds the highest number of models (249) on India's government-approved ALMM list.
A global factory with Chinese roots - the company is the only non-Chinese OEM for a leading Chinese player outside China, which qualified Solex to produce to its standards, and key machinery comes from Chinese suppliers like Yingku Jinchen and Wuxi Autowell.

2. Solar EPC and turnkey projects: building what the factory makes

The company designs, builds and maintains complete solar power plants - over 10,000 projects so far - which creates a captive channel for its own modules while earning fees across the full project lifecycle.

Full lifecycle, not just installation - the EPC (Engineering, Procurement, and Construction) business covers three phases: development (land, clearances, financing), construction (design and execution), and ongoing asset management with dedicated operations teams. This means revenue from a single client can span years.
Projects pull modules through - EPC contracts for clients like Torrent Power (3 MW), Amul, ONGC, and the Airport Authority of India specify Solex-branded modules, so the project business acts as a demand anchor for the factory.
Contracts that protect against input swings - every EPC contract includes clauses that pass through changes in government law, raw material prices, and currency fluctuations to the customer, insulating Solex from cost shocks during project execution.
Routed through a dedicated subsidiary - the EPC business now operates under Solex Green Energy Private Limited, a wholly-owned subsidiary incorporated in mid-2024, separating project execution from manufacturing on the balance sheet.

Group structure and partners

A promoter-led company with a 12-member board, three wholly-owned subsidiaries for EPC, new energy and battery storage, and technology partnerships that reach into German R&D and Malaysian automation.

The listed parent, Solex Energy Limited, migrated from the NSE Emerge SME platform to the NSE Main Board in November 2025 and is led by Dr. Chetan Shah (Chairman and MD), who previously founded Goldi Solar and joined as a promoter in 2019.
Three wholly-owned subsidiaries house distinct future engines: Solex Green Energy Private Limited for the EPC business, Solex New Energy Private Limited for power generation and additional manufacturing, and Solex BESS Private Limited (incorporated June 2026) for battery energy storage systems.
Technology partnerships include ISC Konstanz of Germany for next-generation cell R&D - including a concept launch of India's first Rear Contact solar module - and TT Vision Holdings of Malaysia for automation and manufacturing excellence, with engineer training at TT Vision's Penang facility.
The company holds a CRISIL BBB 'Stable' long-term credit rating and counts State Bank of India, Bank of Baroda, and Union Bank of India among its bankers, with SBI also serving as a financing partner to offer solar loans of up to ₹10 crore to Solex's commercial and industrial customers.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹651Cr

Close Price

₹603.00

Industry

Capital Goods Solar

Price To Earnings

8.16

Price To Sales

0.40

Revenue

₹1,619Cr

Rev Gr TTM

Revenue Growth TTM

107.49%

PAT Gr TTM

PAT Growth TTM

29.97%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	132	135	254	260	155	318	886	261
Growth YoY Revenue Growth YoY%					17.7	136.1	248.1	0.5
Expenses ExpensesCr	117	111	226	218	136	292	787	232
Operating Profit Operating ProfitCr	14	24	28	41	19	26	98	29
OPM OPM%	10.9	17.6	11.0	15.9	12.0	8.1	11.1	11.1
Other Income Other IncomeCr	1	1	0	1	0	2	0	5
Interest Expense Interest ExpenseCr	3	3	5	5	6	9	10	12
Depreciation DepreciationCr	2	3	3	4	4	6	10	10
PBT PBTCr	11	19	20	33	8	12	78	11
Tax TaxCr	2	5	5	8	2	3	19	3
PAT PATCr	9	14	15	25	6	9	59	8
Growth YoY PAT Growth YoY%					-36.3	-36.7	289.2	-66.6
NPM NPM%	6.9	10.4	6.0	9.5	3.7	2.8	6.7	3.2
EPS EPS₹	8.8	13.0	13.3	22.4	4.8	8.1	53.6	7.4

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	132	135	254	260	155	318	886	261
Growth YoY Revenue Growth YoY%					17.7	136.1	248.1	0.5
Expenses ExpensesCr	117	111	226	218	136	292	787	232
Operating Profit Operating ProfitCr	14	24	28	41	19	26	98	29
OPM OPM%	10.9	17.6	11.0	15.9	12.0	8.1	11.1	11.1
Other Income Other IncomeCr	1	1	0	1	0	2	0	5
Interest Expense Interest ExpenseCr	3	3	5	5	6	9	10	12
Depreciation DepreciationCr	2	3	3	4	4	6	10	10
PBT PBTCr	11	19	20	33	8	12	78	11
Tax TaxCr	2	5	5	8	2	3	19	3
PAT PATCr	9	14	15	25	6	9	59	8
Growth YoY PAT Growth YoY%					-36.3	-36.7	289.2	-66.6
NPM NPM%	6.9	10.4	6.0	9.5	3.7	2.8	6.7	3.2
EPS EPS₹	8.8	13.0	13.3	22.4	4.8	8.1	53.6	7.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	162	366	662	1,618	1,619
Growth Revenue Growth%		126.3	81.0	144.3	107.5
Expenses ExpensesCr	150	338	585	1,435	1,447
Operating Profit Operating ProfitCr	11	28	77	183	172
OPM OPM%	7.0	7.8	11.6	11.3	10.6
Other Income Other IncomeCr	3	2	3	4	6
Interest Expense Interest ExpenseCr	6	11	13	31	38
Depreciation DepreciationCr	5	8	10	25	31
PBT PBTCr	4	12	56	131	109
Tax TaxCr	1	3	14	33	27
PAT PATCr	3	9	42	98	82
Growth PAT Growth%		222.3	383.4	132.7	30.0
NPM NPM%	1.7	2.4	6.4	6.1	5.0
EPS EPS₹	3.4	8.7	40.0	88.9	73.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	162	366	662	1,618	1,619
Growth Revenue Growth%		126.3	81.0	144.3	107.5
Expenses ExpensesCr	150	338	585	1,435	1,447
Operating Profit Operating ProfitCr	11	28	77	183	172
OPM OPM%	7.0	7.8	11.6	11.3	10.6
Other Income Other IncomeCr	3	2	3	4	6
Interest Expense Interest ExpenseCr	6	11	13	31	38
Depreciation DepreciationCr	5	8	10	25	31
PBT PBTCr	4	12	56	131	109
Tax TaxCr	1	3	14	33	27
PAT PATCr	3	9	42	98	82
Growth PAT Growth%		222.3	383.4	132.7	30.0
NPM NPM%	1.7	2.4	6.4	6.1	5.0
EPS EPS₹	3.4	8.7	40.0	88.9	73.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	11	11
Reserves ReservesCr	38	147	242
Current Liabilities Current LiabilitiesCr	115	245	671
Non Current Liabilities Non Current LiabilitiesCr	51	94	254
Total Liabilities Total LiabilitiesCr	212	498	1,181
Current Assets Current AssetsCr	151	356	826
Non Current Assets Non Current AssetsCr	61	141	355
Total Assets Total AssetsCr	212	498	1,181

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	11	11
Reserves ReservesCr	38	147	242
Current Liabilities Current LiabilitiesCr	115	245	671
Non Current Liabilities Non Current LiabilitiesCr	51	94	254
Total Liabilities Total LiabilitiesCr	212	498	1,181
Current Assets Current AssetsCr	151	356	826
Non Current Assets Non Current AssetsCr	61	141	355
Total Assets Total AssetsCr	212	498	1,181

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	-40	201
Investing Cash Flow Investing Cash FlowCr	-21	-58	-225
Financing Cash Flow Financing Cash FlowCr	20	111	89
Net Cash Flow Net Cash FlowCr	0	12	64
Free Cash Flow Free Cash FlowCr	-6	-40	201
CFO To PAT CFO To PAT%	19.5	-95.8	204.3
CFO To EBITDA CFO To EBITDA%	6.0	-52.5	109.7

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	-40	201
Investing Cash Flow Investing Cash FlowCr	-21	-58	-225
Financing Cash Flow Financing Cash FlowCr	20	111	89
Net Cash Flow Net Cash FlowCr	0	12	64
Free Cash Flow Free Cash FlowCr	-6	-40	201
CFO To PAT CFO To PAT%	19.5	-95.8	204.3
CFO To EBITDA CFO To EBITDA%	6.0	-52.5	109.7

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		648	682	995	651
Price To Earnings Price To Earnings		74.2	16.4	10.4	8.2
Price To Sales Price To Sales		1.8	1.0	0.6	0.4
Price To Book Price To Book		14.0	4.3	3.9	2.6
EV To EBITDA EV To EBITDA		26.2	10.8	6.6	5.2
Profitability Ratios Profitability Ratios
GPM GPM%		14.8	19.1	16.4	16.4
OPM OPM%	7.0	7.8	11.6	11.3	10.6
NPM NPM%	1.7	2.4	6.4	6.1	5.0
ROCE ROCE%		15.5	20.9	27.4	27.4
ROE ROE%		18.9	26.8	38.8	38.8
ROA ROA%		4.1	8.5	8.3	8.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		648	682	995	651
Price To Earnings Price To Earnings		74.2	16.4	10.4	8.2
Price To Sales Price To Sales		1.8	1.0	0.6	0.4
Price To Book Price To Book		14.0	4.3	3.9	2.6
EV To EBITDA EV To EBITDA		26.2	10.8	6.6	5.2
Profitability Ratios Profitability Ratios
GPM GPM%		14.8	19.1	16.4	16.4
OPM OPM%	7.0	7.8	11.6	11.3	10.6
NPM NPM%	1.7	2.4	6.4	6.1	5.0
ROCE ROCE%		15.5	20.9	27.4	27.4
ROE ROE%		18.9	26.8	38.8	38.8
ROA ROA%		4.1	8.5	8.3	8.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	WAAREEENER	PREMIERENE	VIKRAMSOLR	WEBELSOLAR	SOLEX	APS
Market CapitalizationMkt CapCr	72,344	40,810	5,102	2,848	651	451
Close PriceClose₹	2,515.00	899.00	140.80	65.59	603.00	223.50
IndustryIndustry	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar
Price To EarningsPE	18.95	24.17	13.89	10.60	8.16	7.78
Price To SalesPS	2.41	4.82	0.98	2.37	0.40	0.64
RevenueRevenueCr	30,043	8,466	5,232	1,203	1,619	708
Revenue Growth TTMRev Gr TTM%	94.3%	26.7%	33.3%		107.5%	61.3%
PAT Growth TTMPAT Gr TTM%	74.1%	59.9%	42.5%		30.0%	44.9%

	WAAREEENER	PREMIERENE	VIKRAMSOLR	WEBELSOLAR	SOLEX	APS
Market CapitalizationMkt CapCr	72,344	40,810	5,102	2,848	651	451
Close PriceClose₹	2,515.00	899.00	140.80	65.59	603.00	223.50
IndustryIndustry	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar	Capital Goods Solar
Price To EarningsPE	18.95	24.17	13.89	10.60	8.16	7.78
Price To SalesPS	2.41	4.82	0.98	2.37	0.40	0.64
RevenueRevenueCr	30,043	8,466	5,232	1,203	1,619	708
Revenue Growth TTMRev Gr TTM%	94.3%	26.7%	33.3%		107.5%	61.3%
PAT Growth TTMPAT Gr TTM%	74.1%	59.9%	42.5%		30.0%	44.9%