Solex Energy Ltd. (IN:SOLEX)
:SOLEX
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Solex Energy Ltd.
(SOLEX)
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Rating:69Neutral
Price Target:
₹1,404.00
▼(-2.92% Downside)
Action:DowngradedDate:04/11/26
The score is primarily supported by strong financial performance on revenue growth and improving profitability, but is held back by negative operating/free cash flow. Technicals show strong trend strength, yet overbought signals increase near-term volatility risk. Valuation is demanding (high P/E) with some support from the dividend yield, while earnings-call qualitative signals were unavailable.
Positive Factors
Improved margins and revenue growth
Solex shows durable top-line expansion with materially better gross and net margins in 2025, indicating improved cost control and pricing power. Sustained margin improvement supports reinvestment in product, scale economics across projects, and long-term profitability resilience.
Negative Factors
Negative operating and free cash flow
Operating and free cash flow shortfalls indicate the business struggles to convert accounting profits into cash. Persisting cash deficits constrain capex and working capital funding, increase reliance on external financing, and raise execution risk for multi‑year project deployments.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved margins and revenue growth
Solex shows durable top-line expansion with materially better gross and net margins in 2025, indicating improved cost control and pricing power. Sustained margin improvement supports reinvestment in product, scale economics across projects, and long-term profitability resilience.
Read all positive factors
Solex Energy Ltd. (SOLEX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹13.85B
Dividend Yield0.04%
Average Volume (3M)38.72K
Price to Earnings (P/E)38.4
Beta (1Y)0.53
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
Publicly verifiable, company-specific breakdowns of Solex Energy Ltd.’s revenue model (e.g., exact revenue mix, pricing structure, customer concentration, and named strategic partnerships) are not available in the information provided. Therefore, ...
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
974.42
Positive
1207.91
Positive
1212.53
Positive
Market Momentum
53.60
Negative
73.48
Negative
90.21
Negative
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 999.60, above the 50-day MA of 974.42, and above the 200-day MA of 1212.53, indicating a bullish trend. The MACD of 53.60 indicates Negative momentum. The RSI at 73.48 is Negative, neither overbought nor oversold. The STOCH value of 90.21 is Negative, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹13.85B | 38.37 | ― | 0.04% | 80.97% | 393.79% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹33.34B | 14.56 | ― | ― | 152.12% | ― | |
64 Neutral | ₹4.23B | 22.77 | ― | 0.25% | 64.71% | 48.65% | |
58 Neutral | ₹8.88B | 25.40 | ― | 0.47% | 39.01% | -42.51% | |
44 Neutral | ₹1.14B | 166.44 | ― | ― | ― | ― |
* Energy Sector Average
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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.