This micro-cap company, specialising in solar power solutions, joined the race to fulfill India’s 2030 vision of having 500 MW renewable energy by the end of 2030, by launching India’s fastest 800 MW Solar Manufacturing Line.
Price movement
With a market capitalization of Rs. 797 Crores, the shares of Solex Energy Ltd. made a day high of Rs. 738.60, up by 5 percent from its previous day’s close price of Rs. 703.45.
What Happened
Solex Energy Ltd. announced on 5 March, 2025, that the company commenced full-scale operations/productions for the manufacturing of solar photovoltaic modules with an 800 MW capacity at Gujarat
In addition to it the company earlier declared that it commissioned a 800-megawatt high-speed production line for N-type TOPCon rectangular cell-based modules, marking a significant advancement in the country’s solar module manufacturing industry.
The management said that the new line operates 30 percent faster than the existing production lines in India. It also said that the new production line is equipped with advanced artificial intelligence (AI) and automated optical inspection (AOI), which will help in enhancing the quality control and reducing manual intervention.
The facility will also manufacture the Tapi-R series modules, which range from 585 Wp to 625 Wp and achieve a module efficiency of up to 23.14 percent. These modules are designed for high performance in challenging environments, with a bifacial rate of approximately 80 percent and a power temperature coefficient of -0.28 percent °C.
Valuation
It has a PE of 37x, much lower than its industry PE of 45.62x and its median PE of 64.5x, signaling undervaluation. It has an Average ROE (3 years) of 6.94% and an average ROCE (3 years) of 5.84%
Financial Overview
It posted a revenue of Rs. 273 crores in September 2024, which is up by 193 percent from its same quarter of the previous year’s revenue of ₹93 crores, accompanied by profits of ₹13 Crores and ₹1 Crores in September 2024 and September, 2023 respectively
Future Plans
Solex Energy’s Vision 2030 outlines an ambitious expansion strategy. The company plans to establish a new solar cell manufacturing facility with an initial capacity of 2 gigawatts, scalable to 5 GW, while ramping up module manufacturing capacity from 1.5 GW to 15 GW.
About the Company
Solex Energy Limited manufactures and sells solar photovoltaic modules in India. It provides solar 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 residential and industrial rooftop systems, solar power plants, solar charging stations, solar PV modules, and bi-facial and monofacial monocrystalline PV modules.
It serves the government, real estate, agriculture, manufacturing, healthcare, hospitality, residential societies, banking institutions, educational institutes, transport and logistics, media and entertainment, and telecom and communications industries.
Written by Satyajeet Mukherjee
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