Green Energy stock engaged in manufacturing solar photovoltaic modules and providing turnkey solar solutions jumps upto 9 percent in the day’s trade following plans of investing more than Rs. 8,000 Crores to set up a new solar cell and module manufacturing plant.
Price Action
With a market capitalization of Rs. 1,554.48 Crores, the shares of Solex Energy Limited closed at Rs. 1,439 per equity share, up 8 percent from its previous day’s close price of Rs. 1,328.80.
What Happened
Solex Energy Limited has announced investments exceeding Rs. 8,000 Crores as part of its Vision 2030 strategy for advancing towards solar technology and scaling operations, positioning the company as a fully integrated solar player.
As part of this ambitious plan, Solex is exploring the development of a new cell manufacturing facility with an initial capacity of 2 GW, with a scaling capacity of up to 5 GW. Its module manufacturing capacity will also be increased from 1.5 GW to 15 GW. Solex Energy also aims to expand its workforce to over 25,000 to support this growth.
It is Launching India’s First Rectangular Cell-Based Solar Modules with N-Type TOPcon Technology. A major component of its Vision 2030 is the launch of the Tapi-R series. This revolutionary solar module incorporates N-Type TOPcon Technology and a rectangular cell design, setting a new standard for solar energy generation in India.
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It is particularly suited for large-scale solar projects in challenging environments, such as deserts and barren lands, with a bifacial rate of approximately 80 percent and a power temperature coefficient of -0.28%/°C. The series also includes a comprehensive 12-year product warranty and a 30-year linear performance guarantee, with the lowest annual degradation.
Management Comments
Chetan Shah, Chairman & Managing Director of Solex Energy Limited, stated, “Vision 2030 represents a key milestone in our journey to becoming a fully integrated solar company. With the introduction of N-Type TOPcon Technology featuring Rectangular Cells, Solex Energy is raising the bar for efficiency and reliability.”
“With the launch of the Tapi-R series, we are proud to be the first Indian manufacturer to offer modules with such advanced technology. We recently became the first Indian PV module manufacturer to secure the prestigious MCS 005 certification under the BSI Kitemark, accredited by the United Kingdom Accreditation Service (UKAS). This achievement reaffirms our dedication to quality, trust, and excellence.”
About the Company
Solex Energy Limited is engaged in the manufacturing of solar photovoltaic modules and providing turnkey solar solutions across different segments, such as solar power plants, solar water pumps, utility-scale ground-mounted solar power plants, and many others. It has a 1.5 GW solar module manufacturing capacity.
It has a strong clientele base with well-known players like Indian Oil Corporation Limited, Torrent Power, Oil & Natural Gas Limited, Amul, Taj, Indian Post, Indian Institute of Management, NPCIL, and many others.
It undergoing Brownfield expansion to achieve a target capacity of 4.0-4.5 GW for Solar Module Manufacturing & exploring expansion into cell manufacturing for 2 GW.
Financials and Ratios
Its revenue from operations grew by 127 percent from Rs. 161 Crores in FY23 to Rs. 366 Crores in FY24, accompanied by profits of Rs. 3 Crores to Rs. 9 Crores.
In terms of Return ratios, it has delivered a return on equity(ROE) of 20.8 percent and a return on capital employed (ROCE) of 17.9 percent. It has maintained a debt-to-equity ratio of 2.08
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Written by: Bharath K.S
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