Solex Energy Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹605 Cr
- P/E
- 8.22
- ROE
- 44.37%
- PEG
- 0.04
- Price to sales
- 0.39
- Debt to equity
- 1.33
- 52W high / low
- ₹1,918 / ₹527
- Sales growth (5Y)
- 81.20%
- EBITDA margin
- 10.22%
- Net profit margin
- 5.68%
- Promoter holding
- 66.15%
- Sales (last year)
- ₹1,566 Cr
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]
Guidance scorecard · Q1 FY27 call
What Solex Energy Ltd's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ1 FY27 call
10–20%- Solex Energy expects an H2-weighted revenue execution, with significantly higher sales and shipments in the second half of the fiscal year due to seasonal and climatic factors.
- FY27 guidance is conservative with around 55% module capacity utilization despite expansion, reflecting cautious volume growth assumptions.
- The industry is fast-growing but faces challenges like grid instability and policy shifts; the company advises patience and confidence in growth trajectory.
- Expansion plans include a 5 GW cell manufacturing facility (in two phases: 2.2 GW and 3 GW) expected to boost future capacity and sales post-2028.
- The company foresees growth primarily from large IPP customers and utility-scale projects, with limited focus on retail/distribution channels presently.
2 more points from Solex Energy Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Solex Energy Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Solex Energy's immediate capex plan is INR1,050 crore focused on a 2.2 GW solar cell manufacturing line, part of a larger 5 GW cell capacity planned in two phases (2.2 GW and 3 GW) on a single site.
- Funding includes approximately INR700 crore debt and INR350 crore equity, structured as a mix of NCDs and CCDs.
- No immediate additional module capacity expansion planned; an earlier proposed INR200 crore module line capex was reduced due to expected sufficient market module capacity.
- Long-term Vision 2030 includes building 10 GW module capacity, 10 GW cell capacity, 10 GW BESS infrastructure, and 2 GW wafer and ingot capacity, aligned with India's Atmanirbhar Bharat initiative.
- BESS manufacturing expansion of 10 GW (in two phases of 5+5 GW) is in evaluation with technology partners and will be set up in a separate subsidiary.
2 more points from Solex Energy Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Solex Energy Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book stands at approximately INR 3,400 crore.
- This includes confirmed purchase orders with deliveries underway, signed MSAs (Master Service Agreements) awaiting formal PO, and MSAs at advanced discussion stages.
- Confirmed POs for execution till December stand around INR 800-900 crore.
- There is ongoing inquiry pipeline with repetitive and new orders, including an inquiry of about 2 GW with commitments of approximately 400 MW for this financial year.
- Single largest closed order is INR 600+ crore; the second largest INR 175 crore (pending signing).
2 more points from Solex Energy Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingSolex Energy Ltd announcements
All announcements →- Board / shareholder meeting outcomeNotableSolex Energy Limited announces growth targets and expansion plans at 12th AGM
Financials of Solex Energy Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Solex Energy Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 132 | 134 | 253 | 249 | 149 | 318 | 839 |
| Expenses + | 117 | 111 | 230 | 211 | 133 | 293 | 747 |
| Operating Profit | 14 | 24 | 22 | 38 | 16 | 25 | 92 |
| OPM % | 11% | 18% | 9% | 15% | 10% | 8% | 11% |
| Other Income + | 1 | 1 | 2 | 2 | -0 | 1 | 0 |
| Interest | 3 | 3 | 5 | 5 | 6 | 9 | 10 |
| Depreciation | 2 | 3 | 3 | 4 | 4 | 6 | 10 |
| Profit before tax | 11 | 19 | 16 | 30 | 5 | 11 | 73 |
| Tax % | 16% | 27% | 25% | 25% | 28% | 26% | 25% |
| Net Profit + | 9 | 14 | 12 | 22 | 3 | 8 | 55 |
| EPS in Rs | 8.45 | 13.06 | 10.92 | 20.80 | 3.15 | 7.62 | 50.73 |
Financials of Solex Energy Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 6 | 46 | 34 | 101 | 149 | 138 | 80 | 72 | 161 | 366 | 660 | 1,555 |
| Expenses + | 6 | 45 | 32 | 96 | 141 | 131 | 76 | 70 | 150 | 337 | 591 | 1,385 |
| Operating Profit | 0 | 1 | 2 | 6 | 8 | 7 | 3 | 2 | 11 | 28 | 69 | 170 |
| OPM % | 5% | 2% | 6% | 6% | 5% | 5% | 4% | 3% | 7% | 8% | 10% | 11% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 4 | 4 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 10 | 11 | 30 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 5 | 8 | 9 | 25 |
| Profit before tax | 0 | 1 | 1 | 4 | 7 | 6 | 2 | 1 | 4 | 12 | 52 | 119 |
| Tax % | 29% | 31% | 33% | 28% | 27% | 29% | 29% | 20% | 30% | 24% | 24% | 25% |
| Net Profit + | 0 | 0 | 1 | 3 | 5 | 4 | 2 | 1 | 3 | 9 | 40 | 89 |
| EPS in Rs | 1.00 | 2.05 | 3.25 | 5.10 | 8.02 | 7.18 | 2.71 | 0.99 | 2.71 | 8.73 | 36.66 | 82.30 |
| Dividend Payout % | 0% | 0% | 0% | 16% | 0% | 6% | 9% | 12% | 0% | 5% | 2% | 0% |
Financials of Solex Energy Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.82 | 2 | 2 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 11 | 11 |
| Reserves | 0 | 0 | 1 | 9 | 13 | 17 | 19 | 27 | 30 | 38 | 147 | 233 |
| Borrowings + | 4 | 4 | 1 | 6 | 6 | 5 | 12 | 19 | 66 | 96 | 148 | 324 |
| Other Liabilities + | 4 | 9 | 20 | 32 | 47 | 44 | 40 | 18 | 37 | 70 | 162 | 572 |
| Total Liabilities | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 | 1,139 |
| Fixed Assets + | 0 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 55 | 54 | 110 | 336 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 1 | 0 | 2 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 14 | 3 | 1 |
| Other Assets + | 8 | 13 | 23 | 51 | 70 | 70 | 75 | 48 | 85 | 143 | 352 | 791 |
| Total Assets | 9 | 15 | 25 | 52 | 71 | 71 | 76 | 73 | 141 | 212 | 467 | 1,139 |
Financials of Solex Energy Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | 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% |
Financials of Solex Energy Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 279 | 75 | 181 | 137 | 136 | 147 | 255 | 105 | 68 | 47 | 62 | 78 |
| Inventory Days | 81 | |||||||||||
| Days Payable | 131 | |||||||||||
| Cash Conversion Cycle | 279 | 75 | 181 | 137 | 136 | 147 | 255 | 105 | 68 | 47 | 62 | 28 |
| Working Capital Days | 43 | 6 | 13 | 77 | 48 | 68 | 122 | 132 | 64 | 23 | 56 | 5 |
| ROCE % | 23% | 37% | 42% | 34% | 29% | 11% | 4% | 12% | 18% | 28% | 34% |
Guidance history
How Solex Energy Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 40%+ | Up 0–2% | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
0 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −62.4% | 1% |
| Last 6 months | −56.6% | 0% |
| Last 3 months | −38.2% | 1% |
The price is 70.8% below its all-time high of ₹1,918 (20 Nov 2025). Stocks more than 20% below their peak have their score halved, so 1 became 0.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Solex Energy Ltd: 0.4 × 1 + 0.4 × 0 + 0.2 × 1 = 1, halved to 0 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Solex Energy Ltd's management said in earlier quarters
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