Solex Energy Ltd. (SOLEX) AI Stock Analysis

0 Followers

Solex Energy Ltd.

(NSE:SOLEX)

Select Model

Rating:74Outperform

Price Target:INR 677.00▲(12.00% Upside)

Action:reiterated

Date:11/14/26

The company's exceptional financial performance, marked by triple-digit revenue growth and margin expansion, is the primary driver of the score. A deeply discounted valuation further supports the positive outlook. These strengths are partially offset by a weak technical picture, with the stock in a clear downtrend below key moving averages, creating a tension between strong fundamentals and negative market momentum.

Positive Factors

Revenue Scale-UpThe sharp FY2026 revenue increase indicates strong demand and effective execution in the solar PV solutions market. Sustained scale can improve operating leverage, strengthen customer reach, and provide a broader base for continued investment in capacity and growth.

Negative Factors

Higher LeverageThe increase in debt relative to equity raises financial risk as the company scales. Higher leverage can increase interest and refinancing sensitivity, reduce flexibility for future investment, and make results more vulnerable if solar demand or operating growth moderates.

Solex Energy Ltd. (SOLEX) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 6.53B
Dividend Yield: 0.09%
Average Volume (3M): 66.35K
Price to Earnings (P/E): 8.2
Beta (1Y): 1.35
Revenue Growth: ―
EPS Growth: ―
Country: India
Employees: 1,406
Sector: General
Sector Strength: 55
Industry: Solar

Solex Energy Ltd. Business Overview & Revenue Model

Company Description

Solex Energy Ltd. operates within India, specializing in the production and sale of solar photovoltaic (PV) panels. The company delivers comprehensive, end-to-end solar solutions, encompassing engineering, procurement, and construction (EPC) services...

Solex Energy Ltd. Financial Statement Overview

Summary

Explosive revenue growth (+295% in FY2026) and expanding margins drive an outstanding income statement. The balance sheet is solid with strong equity growth and manageable leverage. Cash flow has turned positive, though free cash flow remains thin due to heavy reinvestment.

Income Statement

92Very Positive

Balance Sheet

85Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2022
Income Statement
Total Revenue	16.19B	16.18B	6.62B	3.66B	719.20M	1.62B
Gross Profit	3.23B	3.15B	1.21B	514.28M	63.59M	224.02M
EBITDA	1.78B	1.87B	752.09M	283.76M	20.02M	130.40M
Net Income	798.20M	960.07M	420.28M	87.35M	9.88M	27.11M
Balance Sheet
Total Assets	0	11.81B	4.80B	2.12B	727.45M	1.41B
Cash, Cash Equivalents and Short-Term Investments	1.23B	1.23B	120.47M	121.92M	3.40M	1.33M
Total Debt	0	3.39B	1.47B	961.60M	194.24M	659.41M
Total Liabilities	-2.56B	9.25B	3.19B	1.66B	377.09M	1.03B
Stockholders Equity	2.56B	2.53B	1.61B	462.42M	350.36M	376.27M
Cash Flow
Free Cash Flow	-1.16B	71.67M	-1.14B	-60.80M	-202.84M	-413.44M
Operating Cash Flow	353.15M	2.01B	-474.90M	17.06M	38.48M	-61.88M
Investing Cash Flow	-1.51B	-2.25B	-537.02M	-212.43M	-272.35M	-348.49M
Financing Cash Flow	1.08B	888.08M	1.13B	195.94M	217.04M	407.86M

Solex Energy Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price604.45

Price Trends

50DMA650.21Negative

100DMA793.97Negative

200DMA947.36Negative

Market Momentum

MACD-4.16Negative

RSI46.15Neutral

STOCH70.76Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SOLEX, the sentiment is Negative. The current price of 604.45 is above the 20-day moving average (MA) of 591.50, below the 50-day MA of 650.21, and below the 200-day MA of 947.36, indicating a neutral trend. The MACD of -4.16 indicates Negative momentum. The RSI at 46.15 is Neutral, neither overbought nor oversold. The STOCH value of 70.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SOLEX.

Solex Energy Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:SOLEX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:WEBELSOLAR	78Outperform	INR 30.90B	8.95	―	0.35%	97.39%	67.02%
IN:SOLEX	74Outperform	INR 6.53B	8.18	―	0.09%	―	―
IN:PREMIERENE	70Outperform	INR 407.15B	22.82	―	0.14%	32.46%	48.22%
IN:WAAREEENER	66Neutral	INR 731.79B	19.83	―	0.16%	75.43%	38.62%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SWELECTES	44Neutral	INR 9.37B	22.11	―	0.57%	-10.86%	55.28%
IN:SWSOLAR	39Underperform	INR 36.21B	17.65	―	―	-9.04%	―

* General Sector Average

Performance Comparison

IN:SOLEX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:SOLEX	Solex Energy Ltd.	604.45	-1130.88	-65.17%
IN:PREMIERENE	Premier Energies Limited	896.90	-117.23	-11.56%
IN:SWELECTES	Swelect Energy Systems Limited	618.40	-134.01	-17.81%
IN:SWSOLAR	Sterling And Wilson Renewable Energy Limited	155.05	-77.80	-33.41%
IN:WAAREEENER	WAAREE Energies Limited	2544.00	-756.01	-22.91%
IN:WEBELSOLAR	Websol Energy System Limited	71.16	-54.97	-43.58%

Solex Energy Ltd. Corporate Events

Solex Energy Schedules Q2 and H1 FY27 Earnings Call

Nov 7, 2026

Solex Energy Limited will hold a post-earnings investor conference call on November 14, 2026, at 11:00 a.m. IST, to discuss its standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2026. The call w...

Solex Energy Wins ₹13.16-Crore Domestic Solar Module Order

Oct 5, 2026

Solex Energy Limited has secured a domestic work order to manufacture and supply TopCon Bifacial G2G 620Wp solar PV modules worth ₹13.16 crore, including taxes. The contract, which is scheduled to be executed by November 2026 and is not a related-par...

Solex Energy Plans Investor Meet at Arihant Bharat Connect Conference

Sep 23, 2026

Solex Energy Ltd. has scheduled a virtual interaction with analysts and institutional investors on September 28, 2026, from 3:00 p.m. to 4:00 p.m., as part of the Arihant Bharat Connect Conference organized by Arihant Capital. The company emphasized...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 14, 2026

Solex Energy Ltd. AI Stock Analysis