---
title: "Solex Energy Ltd (SOLEX) — Share Price, Financials & Analysis"
symbol: "SOLEX"
company: "Solex Energy Ltd"
canonical: "https://tapetide.com/stocks/SOLEX"
isin: "INE880Y01017"
nse_symbol: "SOLEX"
bse_code: "544862"
sector: "Industrials"
industry: "Electrical Equipment"
market_cap_cr: 749.21
generated_at: "2026-09-13T18:47:49.692Z"
---

# Solex Energy Ltd (SOLEX)

Canonical page: https://tapetide.com/stocks/SOLEX

## Company

- **NSE Symbol:** SOLEX
- **BSE Code:** 544862
- **ISIN:** INE880Y01017
- **Sector:** Industrials
- **Industry:** Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-10-08
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** solex.in

## About

Incorporated in 1995, Solex Energy Ltd manufactures solar photo-voltaic cells and modules and is also in the Engineering, Procurement and Construction in the solar energy market[1]

## Latest Price

- **Price:** ₹698.6
- **Change:** -6.65 (-0.94%)
- **Open:** ₹710.9
- **Day High:** ₹710.9
- **Day Low:** ₹677.6
- **Previous Close:** ₹705.25
- **Volume:** 28447
- **As Of:** 2026-09-11T09:59:57+00:00

## Key Fundamentals

Observed at 2026-09-11T04:40:51.971410Z.

- **Market Cap:** ₹749.21 Cr
- **Classification:** Microcap
- **P/E (reported):** 9.3
- **P/E (TTM):** 10.26
- **EPS (TTM):** ₹68.12
- **Book Value:** ₹234.16
- **Price to Book:** 3.01
- **Dividend Yield:** 0.08%
- **ROE:** 26.5%
- **ROCE:** 28.86%
- **Debt to Equity:** 1.33
- **Revenue (yearly):** ₹1618.06 Cr
- **Net Income:** ₹99.33 Cr
- **EBITDA:** ₹183.65 Cr
- **52-Week High:** ₹1985
- **52-Week Low:** ₹651.2
- **RSI (14):** 24.28

## Tapetide Score

- **Score:** 47 / 100
- **Score date:** 2026-09-04
- **Archetype:** Cheap but Weak
- **What it means:** A low multiple sitting on weak financials. Worth establishing what the market is discounting before treating the low valuation as an opportunity — weak fundamentals often justify it.
- **Pillar profile:** Quality: Weak · Valuation: Cheap · Momentum: Falling
- **Percentile:** 35.6 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 20.44 | 9% |
| growth | 98.9 | 9% |
| momentum | 15 | 12% |
| ownership | 29.53 | 24% |
| quality | 49.76 | 22% |
| valuation | 68.27 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company has delivered good profit growth of 122% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 39.7%
- Company's median sales growth is 63.9% of last 10 years

### Weaknesses

- Debtor days have increased from 61.9 to 77.6 days.
- Promoter holding has decreased over last 3 years: -4.50%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| ebitda margin growth | -65.79% | -1.65% | 36.67% | — |
| net income growth | -85.91% | 132.08% | 220% | 122% |
| revenue growth | -70.02% | 143.02% | 113% | 81% |
| roce | -73.31% | 26.86% | 26.86% | — |
| roe | -85.97% | 40.29% | 22.7% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 131.75 | 134.29 | 252.6 | 249.2 | 148.61 | 317.99 | 839.48 | 259.42 |
| Expenses | 117.35 | 110.55 | 230.21 | 211.13 | 133.08 | 292.91 | 747.11 | 232.46 |
| Operating Profit | 14.4 | 23.74 | 22.39 | 38.07 | 15.53 | 25.08 | 92.37 | 26.96 |
| OPM % | 10.93 | 17.68 | 8.86 | 15.28 | 10.45 | 7.89 | 11 | 10.39 |
| Other Income | 0.96 | 1.09 | 1.65 | 1.63 | -0.48 | 1.29 | 0.45 | 4.89 |
| Interest | 2.53 | 2.89 | 4.99 | 5.41 | 5.89 | 9.18 | 9.87 | 12.17 |
| Depreciation | 1.98 | 2.51 | 3.39 | 4.26 | 4.44 | 6.08 | 10.22 | 10.14 |
| Profit before tax | 10.85 | 19.43 | 15.66 | 30.03 | 4.72 | 11.11 | 72.73 | 9.54 |
| Tax % | 15.85 | 27.38 | 24.65 | 25.17 | 28.18 | 25.92 | 24.67 | 25.16 |
| Net Profit | 9.13 | 14.11 | 11.8 | 22.47 | 3.4 | 8.23 | 54.8 | 7.15 |
| EPS in Rs | 8.45 | 13.06 | 10.92 | 20.8 | 3.15 | 7.62 | 50.73 | 6.62 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 101 | 149 | 138 | 80 | 72 | 161 | 366 | 660 | 1555 | 1566 |
| Expenses | 96 | 141 | 131 | 76 | 70 | 150 | 337 | 591 | 1385 | 1406 |
| Operating Profit | 6 | 8 | 7 | 3 | 2 | 11 | 28 | 69 | 170 | 160 |
| OPM % | 6 | 5 | 5 | 4.2 | 2.6 | 7 | 8 | 10 | 11 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 4 | 4 | 6 |
| Interest | 1 | 1 | 1 | 1 | 1 | 6 | 10 | 11 | 30 | 37 |
| Depreciation | 1 | 1 | 0 | 0 | 0 | 5 | 8 | 9 | 25 | 31 |
| Profit before tax | 4 | 7 | 6 | 2 | 1 | 4 | 12 | 52 | 119 | 98 |
| Tax % | 28 | 27 | 29 | 29 | 20 | 30 | 24 | 24 | 25 | — |
| Net Profit | 3 | 5 | 4 | 2 | 1 | 3 | 9 | 40 | 89 | 74 |
| EPS in Rs | 5.1 | 8.02 | 7.18 | 2.71 | 0.99 | 2.71 | 8.73 | 36.66 | 82.3 | 68.12 |
| Dividend Payout % | 16 | 0 | 6 | 9 | 12 | 0 | 5 | 2 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 11 | 11 |
| Reserves | 1 | 9 | 13 | 17 | 19 | 27 | 30 | 38 | 147 | 233 |
| Borrowings | 1 | 6 | 6 | 5 | 12 | 19 | 66 | 96 | 148 | 324 |
| Other Liabilities | 20 | 32 | 47 | 44 | 40 | 18 | 37 | 70 | 162 | 572 |
| Total Liabilities | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 | 1139 |
| Fixed Assets | 2 | 1 | 1 | 1 | 1 | 1 | 55 | 54 | 110 | 336 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 24 | 1 | 0 | 2 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 14 | 3 | 1 |
| Other Assets | 23 | 51 | 70 | 70 | 75 | 48 | 85 | 143 | 352 | 791 |
| Total Assets | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 | 1139 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1 | -4 | 5 | 2 | 2 | 4 | -6 | 2 | -49 | 214 |
| Cash from Investing Activity | 0 | -3 | -3 | -1 | -1 | -27 | -35 | -21 | -54 | -224 |
| Cash from Financing Activity | 0 | 6 | -2 | -2 | 0 | 22 | 41 | 20 | 113 | 74 |
| Net Cash Flow | 1 | -1 | 0 | 0 | 1 | -2 | 0 | 0 | 10 | 64 |
| Free Cash Flow | 1 | -4 | 4 | 2 | 1 | -20 | -41 | -6 | -115 | 20 |
| CFO/OP | 76 | -44 | 87 | 53 | 95 | 222 | -49 | 13 | -53 | 133 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 181 | 137 | 136 | 147 | 255 | 105 | 68 | 47 | 62 | 78 |
| Inventory Days | — | — | — | — | — | — | — | — | — | 81 |
| Days Payable | — | — | — | — | — | — | — | — | — | 131 |
| Cash Conversion Cycle | 181 | 137 | 136 | 147 | 255 | 105 | 68 | 47 | 62 | 28 |
| Working Capital Days | 13 | 77 | 48 | 68 | 122 | 132 | 64 | 23 | 56 | 5 |
| ROCE % | 37 | 42 | 34 | 29 | 11 | 4 | 12 | 18 | 28 | 34 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 43.49% | 70.65% | 70.65% | 70.65% | 70.65% | 70.66% | 66.15% | 66.15% | 66.15% | 66.15% | 66.15% | 66.15% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.25% | 0.13% | 0.07% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.98% | 0.81% | 0.51% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 54.78% | 27.22% | 26.45% | 27.18% | 26.88% | 26.58% | 26.7% | 25.47% | 25.9% | 22.54% | 22.94% | 23.7% |
| Others | 1.72% | 2.13% | 2.9% | 2.17% | 2.47% | 2.77% | 7.15% | 8.38% | 7.95% | 10.09% | 9.97% | 9.56% |
| No. of Shareholders | 245 | 302 | 303 | 567 | 917 | 1402 | 2269 | 2917 | 3007 | 5427 | 7027 | 10382 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 6 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 719.59 | Sell |
| EMA (10) | 724.99 | Sell |
| SMA (20) | 750.79 | Sell |
| EMA (20) | 760.09 | Sell |
| SMA (50) | 870.4 | Sell |
| EMA (50) | 859.03 | Sell |
| SMA (100) | 1039.95 | Sell |
| EMA (100) | 961.59 | Sell |
| SMA (200) | 1105.26 | Sell |
| EMA (200) | 1047.01 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 23.36 | Buy |
| MACD (12,26,9) | -50.35 | Buy |
| Stochastic (14,3,3) | 21.97 | Neutral |
| ADX (14) | 23.51 | Neutral |
| Williams %R (14) | -68.77 | Neutral |
| ATR (14) | 36.19 | High Volatility |
| ROC (12) | -10.6 | Sell |
| Stoch RSI (14) | 40.56 | Neutral |
| UO (7,14,28) | 44.61 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-03 | [Intimation Of Board Meeting Held On June 18 2026 Intimation Being Submitted Subsequent To Listing Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=673fe56d-22f6-4c9c-9f82-eeee13b7b4f3.pdf) |
| 2026-09-03 | [Outcome Of Board Meeting Held On June 18 2026 - Outcome Being Submitted Subsequent To Listing Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5812372c-97fc-41ee-b8d7-97a2989a2c3f.pdf) |
| 2026-09-03 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ad764f58-9582-4a22-b9ca-ef9086145bd5.pdf) |
| 2026-09-03 | [Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=157aca64-3e23-4d45-95b0-6a2898e9cfb9.pdf) |
| 2026-09-02 | [Intimation Of Board Meeting Held On August 14 2026 Intimation Being Submitted Subsequent To Listing Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8b7f2e5f-23d7-4b86-b5f1-d3ff89339381.pdf) |
| 2026-09-02 | [Outcome Of Board Meeting Held On August 14 2026 - Outcome Being Submitted Subsequent To Listing Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=890946a9-c3c6-4d09-abcf-3eba80f6f7b2.pdf) |
| 2026-09-01 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c9a43592-1194-4e72-ac31-a143af968b7b.pdf) |
| 2026-08-31 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c91ee06e-85f5-4d6e-8714-eb542edb2489.pdf) |
| 2026-08-31 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cdfbc520-6ce3-47d6-bdff-eb5a801820b1.pdf) |
| 2026-08-31 | [Notice Of 12Th Annual General Meeting Of Solex Energy Limited](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=67870e96-676d-461d-994a-6947e0ca1eb8.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-21 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7381abc0-1f15-454d-bfe8-bd7ac4e4f089.pdf) |
| 2026-05-22 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_22052026191254_Intimation_of_Transcript.pdf) |
| 2026-02-17 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_17022026160003_Intimation_of_Transcipt.pdf) |
| 2025-11-14 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_14112025170132_Transcript_Intimation.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-08-17 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=69f6848c-3caf-4a71-8529-373d061db793.pdf) |
| 2026-05-18 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_18052026125220_Intimation_of_Web_Link.pdf) |
| 2026-02-12 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_12022026182636_Intimation_of_Web_Link.pdf) |
| 2025-11-11 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_11112025113258_Revised_Intimation.pdf) |
| 2025-11-10 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLEX_10112025200330_intimation_of_web_link.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-08-17 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0e869f45-d801-413e-bbf9-148d0728bf96.pdf) |
| 2026-02-12 | [Investor Presentation](https://nsearchives.nseindia.com/corporate/SOLEX_12022026160209_Investor_Presentation.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-14 | [Unaudited Standalone And Consolidated Financial Results For Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3568b045-5e99-44dd-8422-b0cd03d788e3.pdf) |
| 2026-05-16 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLEX_16052026150901_Outcome_.pdf) |
| 2026-02-12 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLEX_12022026153744_Outcome_of_Board_Meeting.pdf) |
| 2026-02-12 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLEX_12022026153222_Outcome_of_Board_Meeting.pdf) |
| 2025-11-10 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLEX_10112025145927_Outcome_of_Board_Meeting.pdf) |
| 2025-11-10 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLEX_10112025150430_Outcome_of_Board_Meeting.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/SOLEX_13112024113231_Solex_Energy_Investor_Presentation.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/SOLEX_20112024154604_Transcript_Post_Earnings_Call.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/SOLEX_31052025192914_Submission_Transcript.pdf) |
| Jun 2024 | [Concall - Jun 2024](https://nsearchives.nseindia.com/corporate/SOLEX_07062024160611_Transcript.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28266_SOLEX_2024_2025_A_8436023_03092025145503.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25592_SOLEX_2023_2024_03092024184937.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23171_SOLEX_2022_2023_01092023105042_09012023110000.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21177_SOLEX_2021_2022_03092022111327_09032022120014.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_18692_SOLEX_2020_2021_10082021183335_10082021190002.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_16787_SOLEX_2019_2020_19082020172106_19082020180003.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15229_SOLEX_2018_2019_16082019142135_16082019150002.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_12553_SOLEX_2017_2018_20072018162928.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:47:49.692Z.