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Solex Energy Ltd.
(SOLEX)
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Rating:64Neutral
Price Target:
₹787.00
▼(-16.10% Downside)
Action:Reiterated
Date:09/24/26
The score is driven primarily by strong operating performance (rapid revenue scaling and improved profitability) but held back by weak cash-flow quality and higher leverage. Technicals are a secondary drag due to a broader downtrend (below key longer-term moving averages and negative MACD), while valuation provides meaningful support through a low P/E and high dividend yield.
Positive Factors
Rapid Revenue Scaling
The sharp increase in annual revenue indicates strong demand and effective execution as Solex expands its solar PV business. Sustained scale growth can improve operating leverage, strengthen customer reach, and provide a broader base for future investment and earnings development.
Negative Factors
Higher Leverage
Rising debt and leverage increase Solex's financial risk as the company expands. A debt-to-equity ratio of about 1.34x leaves less flexibility if growth slows or working-capital requirements remain high, while interest and refinancing obligations could constrain future investment and resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Scaling
The sharp increase in annual revenue indicates strong demand and effective execution as Solex expands its solar PV business. Sustained scale growth can improve operating leverage, strengthen customer reach, and provide a broader base for future investment and earnings development.
Read all positive factors
Solex Energy Ltd. (SOLEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹7.44B
Dividend Yield0.08%
Average Volume (3M)78.75K
Price to Earnings (P/E)9.2
Beta (1Y)0.75
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees1,406
SectorGeneral
Sector StrengthN/A
IndustrySolar
Share Statistics
EPS (TTM)73.90
Shares Outstanding10,802,489
10 Day Avg. Volume160,306
30 Day Avg. Volume78,749
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)4.31
Price to Sales (P/S)0.67
P/FCF Ratio152.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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) servi...
Solex Energy Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
58
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.19B | 16.18B | 6.62B | 3.66B | 1.62B | 719.20M |
| Gross Profit | 3.23B | 3.15B | 1.21B | 514.28M | 224.02M | 63.59M |
| EBITDA | 1.78B | 1.87B | 752.09M | 283.76M | 130.40M | 20.02M |
| Net Income | 798.20M | 960.07M | 420.28M | 87.35M | 27.11M | 9.88M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 11.81B | 4.80B | 2.12B | 1.41B | 727.45M |
| Cash, Cash Equivalents and Short-Term Investments | 1.23B | 1.23B | 120.47M | 121.92M | 1.33M | 3.40M |
| Total Debt | 0.00 | 3.39B | 1.47B | 961.60M | 659.41M | 194.24M |
| Total Liabilities | -2.56B | 9.25B | 3.19B | 1.66B | 1.03B | 377.09M |
| Stockholders Equity | 2.56B | 2.53B | 1.61B | 462.42M | 376.27M | 350.36M |
Cash Flow | ||||||
| Free Cash Flow | -1.16B | 71.67M | -1.14B | -60.80M | -413.44M | -202.84M |
| Operating Cash Flow | 353.15M | 2.01B | -474.90M | 17.06M | -61.88M | 38.48M |
| Investing Cash Flow | -1.51B | -2.25B | -537.02M | -212.43M | -348.49M | -272.35M |
| Financing Cash Flow | 1.08B | 888.08M | 1.13B | 195.94M | 407.86M | 217.04M |
Solex Energy Ltd. Technical Analysis
Negative
938.00
Price Trends
795.95
Negative
964.80
Negative
1047.15
Negative
Market Momentum
-28.89
Negative
36.48
Neutral
24.29
Neutral
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 938 is above the 20-day moving average (MA) of 701.22, above the 50-day MA of 795.95, and below the 200-day MA of 1047.15, indicating a bearish trend. The MACD of -28.89 indicates Negative momentum. The RSI at 36.48 is Neutral, neither overbought nor oversold. The STOCH value of 24.29 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹30.68B | 4.14 | ― | 0.36% | 76.28% | 54.75% | |
64 Neutral | ₹7.44B | 9.19 | ― | 0.08% | ― | ― | |
62 Neutral | ₹396.75B | 23.56 | ― | 0.17% | 26.70% | 58.85% | |
61 Neutral | ₹688.92B | 17.89 | ― | 0.17% | 94.31% | 74.80% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹8.81B | 21.39 | ― | 0.59% | -10.86% | 55.28% | |
44 Neutral | ₹39.95B | -13.91 | ― | 3.25% | 3.19% | -362.93% |
* General Sector Average
IN:SOLEX
Solex Energy Ltd.
678.85
-1,014.37
-59.91%
IN:PREMIERENE
Premier Energies Limited
873.25
-144.45
-14.19%
IN:SWELECTES
Swelect Energy Systems Limited
596.65
-294.55
-33.05%
IN:SWSOLAR
Sterling And Wilson Renewable Energy Limited
171.00
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-30.19%
IN:WAAREEENER
WAAREE Energies Limited
2,370.00
-956.32
-28.75%
IN:WEBELSOLAR
Websol Energy System Limited
70.48
-51.24
-42.10%
Solex Energy Ltd. Corporate Events
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 emphasiz...
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.