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Swing Capital

Solex Energy Ltd

NSE: SOLEXEnergy

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]

₹1,370
52W: ₹795 — ₹1985
PE 16.7 · Book ₹225 · +509% vs book
Market Cap₹1,480 Cr
Stock P/E16.7Price to Earnings
ROCE34%Return on Capital
ROE44.1%Return on Equity
Div. Yield0.04%Face Value ₹10

Strengths

  • +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%

Shareholding Pattern

Promoters66.15%
FIIs0.13%
DIIs0.81%
Public32.91%
CategoryMar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Dec 2025Mar 2026
Promoters70.65%70.65%70.66%▲0.066.15%▼4.566.15%66.15%66.15%66.15%
FIIs0%0%0%0.03%▲0.00.01%▼0.00.09%▲0.10.25%▲0.20.13%▼0.1
DIIs0%0%1.1%▲1.10.89%▼0.20.79%▼0.11.02%▲0.20.98%▼0.00.81%▼0.2
Public29.35%29.35%28.24%▼1.132.94%▲4.733.06%▲0.132.75%▼0.332.63%▼0.132.91%▲0.3

Financial Statements

MetricSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales132134253249149318839
Expenses117111230211133293747
Operating Profit14242238162592
OPM %11%18%9%15%10%8%11%
Net Profit91412223855
EPS ₹8.4513.0610.9220.83.157.6250.73

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,555Cr, up 135.6% YoY. OPM at 11%.

Debt Position

Borrowings at ₹324Cr. Debt-to-equity ratio: 1.39x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹11Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.81% (+0.81pp change). FIIs: 0.13% (+0.13pp change). Promoters hold 66.15%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 34% (Mar 2026). Working capital days: 5.

Valuation

PE 16.7x with 34% ROCE. Price is 509% above book value of ₹225. Dividend yield: 0.04%.

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