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As of 6 Nov 2026, Solex Energy trades at 8.9× trailing earnings, below the industry P/E of 15.5×, and the shares are 67% below their 52-week high. Sales grew 115% a year over 3 years; its ROCE of 30% is the second-highest among the 7 largest Solar peers. Debt is 1.32× equity, and its dividend yield is 0.1%. It is a small-cap company with a market cap of ₹709 Cr, ranked 18th of 27 Solar companies by market cap; the shares fell 65% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹618.10
Day high
₹687.20
Day low
₹602.00
Prev. close
₹609.95
Volume
3.1 L

Health check

3 good · 3 to check
  • ReturnsBehind

    −65.2% over a year, better than 0 of 7 peers.

  • Price tagCheaper

    P/E 8.9 vs industry 15.5.

  • GrowthStrong

    Sales +115.4%, profit +228.3% a year over 3 years.

  • ProfitabilityStrong

    ROCE 30.5% vs peer median 27.4%.

  • Balance sheetStretched

    Debt 1.32× equity, interest covered 6.4×, Piotroski 3 of 9.

  • Red flags2 to check

    Quarterly profit down 67.0% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Small cap

₹709 Cr, #18 of 27 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Jun 2026: sales ₹1,619 Cr · profit ₹80 Cr
Market cap
₹709 Cr
Small cap
P/E
8.9
Industry 15.5
Price to book
2.80
Peers 4.38
Dividend yield
0.08%
ROE
46.8%
Peers 29.9%
ROCE
30.5%
Peers 27.4%
Debt to equity
1.32
Debt ₹339 Cr
EPS (TTM)
₹73.90
Face value ₹10
OPM (TTM)
10.6%
Net margin 4.9%
Sales growth
+0.5%
Latest quarter vs a year ago
Profit growth
−67.0%
Latest quarter vs a year ago
Price to sales
0.44
EV/EBITDA 5.5

Strengths and risks

Strengths

  • Return on equity of 46.8%.
  • Return on capital employed of 30.5%.
  • P/E of 8.9 against an industry P/E of 15.5.

Risks to check

  • Quarterly profit down 67.0% on a year ago.
  • 67% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Solex Energy

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, procurement, and construction services for the solar energy market. The company also offers solar rooftop systems, off-grid power plants, solar grid-connected systems, solar home and street light systems, solar water…

Headquarters
Surat
Employees
1,400
Sector
Technology
ISIN
INE880Y01017
Website
solex.in

Price range

52 weeks

₹522.00₹1,985.00

Today

₹602.00₹687.20
Avg volume (3M)
65K
1-year return
minus 65.2%
From 52-week high
minus 66.9%

Peers · Solar

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
WAAREEENERWaaree Energies2,438.00minus 0.46%70,12919.012.030.1%19.9%0.3157.8%minus 27.3%
PREMIERENEPremier Energies890.00plus 0.85%40,31622.517.427.4%29.9%0.8676.2%minus 15.3%
EMMVEEEmmvee Photovoltaic Power251.31minus 0.28%17,39912.19.734.5%34.7%0.25102.7%plus 14.5%
KARAMTARAKaramtara Engineering375.70minus 0.96%12,09152.827.718.1%9.0%0.9140.4%plus 6.7%
UTLSOLARFujiyama Power Systems351.80minus 9.21%10,81135.722.528.9%18.8%0.4158.7%plus 68.8%
BORORENEWBOROSIL RENEWABLES403.20minus 2.55%5,93413.412.19.5%30.1%0.0720.2%minus 37.6%
VIKRAMSOLRVikram Solar142.39plus 1.95%5,16014.16.020.5%15.4%0.2032.3%minus 56.6%
SOLEXSolex Energy656.45plus 7.62%7098.95.230.5%10.6%1.32115.4%minus 65.2%
Median of 7 peers–−0.46%12,09119.012.127.4%19.9%0.3157.8%−15.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
260155318886261
218136292787232
41.318.625.798.329
15.9%12.0%8.1%11.1%11.1%
1.4−0.41.50.34.8
5.45.99.410.212.5
4.34.46.110.410.2
––0.20.1–
337.91278.211.1
25.2%26.7%26.0%24.7%25.8%
24.25.28.757.98
22.374.838.0753.617.39

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+115.4%
Profit CAGR 3Y
+228.3%
EPS CAGR 3Y
+219.9%
ROE
46.8%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1623666621,618
–+126.3%+81.0%+144.3%
1483375841,433
13.529.478.3186
8.3%8.0%11.8%11.5%
−0.4−10−4.3
4.78.411.424.3
4.58.510.525.2
––−0.2−0.7
3.911.556.2131
29.6%24.3%24.9%25.1%
2.78.741.596
–+222.2%+374.7%+131.6%
2.7110.9239.9888.88

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
8810.810.8
29.638.2147242
65.996.2174339
37.269.6166590
1412124981,181
55.354.4136348
0.80.12.510.9
0.82.41.60.1
0.112.21276.4
83.7143346746
1412124981,181

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−6.21.7−40.5201
−34.8−21.2−58.2−225
40.819.611188.8
−0.30.111.964.3
−35.2−7.8−66.6−194
−41.3−6.1−1077.2
−0.1−0.1−0.5−0.6

Shareholding pattern

Source: NSE filings
66.2%
promoters
  • Promoters66.15%
  • Public33.85%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202666.15%33.85%0.00
30 Jun 202666.15%33.85%0.00
31 Mar 202666.15%33.85%0.00
31 Dec 202566.15%33.85%0.00
30 Sep 202566.15%33.85%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you