Solex Energy Ltd. (IN:SOLEX)
:SOLEX
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Solex Energy Ltd.
(SOLEX)
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Rating:66Neutral
Price Target:
₹1,091.00
▼(-24.57% Downside)
Action:ReiteratedDate:03/21/26
The score is driven primarily by strong revenue growth and improved profitability, partially offset by negative operating/free cash flow and moderate leverage. Technicals add caution due to negative MACD and price below longer-term averages, while valuation is balanced between a high P/E and a solid dividend yield.
Positive Factors
Revenue & Margin Expansion
Sustained high revenue growth paired with rising gross and net margins indicates the company is scaling sales while improving unit economics. This combo supports durable profitability, enables reinvestment in capacity and R&D, and strengthens competitive positioning over the next 2–6 months.
Negative Factors
Negative Cash Flow
Despite accounting profits, inability to convert earnings into positive operating and free cash flow creates liquidity pressure. This constrains capital expenditures and working capital funding, increases dependence on external financing, and risks slowing execution of growth projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Expansion
Sustained high revenue growth paired with rising gross and net margins indicates the company is scaling sales while improving unit economics. This combo supports durable profitability, enables reinvestment in capacity and R&D, and strengthens competitive positioning over the next 2–6 months.
Read all positive factors
Solex Energy Ltd. (SOLEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.67B
Dividend Yield0.04%
Average Volume (3M)38.72K
Price to Earnings (P/E)38.4
Beta (1Y)0.09
Revenue Growth80.97%
EPS Growth393.79%
CountryIN
Employees877
SectorEnergy
Sector Strength52
IndustrySolar
Share Statistics
EPS (TTM)8.07
Shares Outstanding10,802,489
10 Day Avg. Volume56,624
30 Day Avg. Volume38,716
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)3.96
Price to Sales (P/S)0.96
P/FCF Ratio-5.57
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 Limited manufactures and sells solar photovoltaic modules in India. It provides solar turnkey solutions for solar power plants, solar water pumps, and utility scale ground mounted solar power plants, as well as engineering, procuremen...
How the Company Makes Money
Solex Energy generates revenue primarily through the sale of solar panels and related equipment, installation services, and ongoing maintenance contracts. The company benefits from government incentives and subsidies for renewable energy projects,...
Solex Energy Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.09B | 6.62B | 3.66B | 1.62B | 719.20M |
| Gross Profit | 802.28M | 1.21B | 514.28M | 224.02M | 63.59M |
| EBITDA | 423.36M | 752.09M | 283.76M | 130.40M | 20.02M |
| Net Income | 201.00M | 420.28M | 87.35M | 27.11M | 9.88M |
Balance Sheet | |||||
| Total Assets | 7.53B | 4.80B | 2.12B | 1.41B | 727.45M |
| Cash, Cash Equivalents and Short-Term Investments | 168.46M | 120.47M | 121.92M | 1.33M | 3.40M |
| Total Debt | 2.93B | 1.47B | 961.60M | 659.41M | 194.24M |
| Total Liabilities | 5.65B | 3.19B | 1.66B | 1.03B | 377.09M |
| Stockholders Equity | 1.86B | 1.61B | 462.42M | 376.27M | 350.36M |
Cash Flow | |||||
| Free Cash Flow | -1.71B | -1.14B | -60.80M | -413.44M | -202.84M |
| Operating Cash Flow | 449.83M | -474.90M | 17.06M | -61.88M | 38.48M |
| Investing Cash Flow | -2.17B | -537.02M | -212.43M | -348.49M | -272.35M |
| Financing Cash Flow | 1.75B | 1.13B | 195.94M | 407.86M | 217.04M |
Solex Energy Ltd. Technical Analysis
Positive
1446.30
Price Trends
979.05
Positive
1259.96
Negative
1207.45
Negative
Market Momentum
-3.55
Negative
53.40
Neutral
62.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SOLEX, the sentiment is Positive. The current price of 1446.3 is above the 20-day moving average (MA) of 912.12, above the 50-day MA of 979.05, and above the 200-day MA of 1207.45, indicating a neutral trend. The MACD of -3.55 indicates Negative momentum. The RSI at 53.40 is Neutral, neither overbought nor oversold. The STOCH value of 62.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SOLEX.
Solex Energy Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹10.67B | 38.37 | ― | 0.04% | 80.97% | 393.79% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹31.53B | 14.56 | ― | ― | 152.12% | ― | |
63 Neutral | ₹3.65B | 22.77 | ― | 0.25% | 64.71% | 48.65% | |
58 Neutral | ₹7.95B | 25.40 | ― | 0.47% | 39.01% | -42.51% | |
45 Neutral | ₹1.07B | 166.44 | ― | ― | ― | ― |
* Energy Sector Average
IN:SOLEX
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21.75
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IN:WEBELSOLAR
Websol Energy System Limited
74.70
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IN:ZODIAC
Zodiac Energy Ltd.
241.42
-149.49
-38.24%
Solex Energy Ltd. Corporate Events
Solex Energy to Join Arihant Capital’s Bharat Connect Investor Conference
Mar 5, 2026
Solex Energy Ltd. has informed the National Stock Exchange of India that it will participate in Arihant Capital’s Bharat Connect Conference on March 10, 2026, via a virtual group interaction with investors and analysts. The company stated th...
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.