The shares of the leading PV module manufacturer gained up to 8 percent after the company bagged a prestigious work order for Solar PV Modules.
With a market capitalization of Rs 1,720.73 crore, the shares of Solex Energy Ltd were trading at Rs 1,592.90 per share, increasing around 6 percent as compared to the previous closing price of Rs 1,503.85 apiece.
Reason for Rise:-
Today, the shares of the company have seen bullish movement after Solex Energy Ltd bagged a prestigious work order for the Supply of a 20 MW Solex Bifacial Perc Solar Module from M/s Zodiac Energy Limited. The order should be completed within 3 months.
Financial performance:-
Analyzing the company’s financial condition, revenue ramped up by 193 percent from Rs 93 crore in H1FY24 to Rs 273 crore in H1FY25, during the same time frame net profit magnified multifold times by 1,200 percent from Rs 1 crore to Rs 13 crore.
New development:-
The company produces P-Type Mono PERC modules and plans to launch N-Type TOPCon soon. Its new Tapi-R module, with a G12R rectangular cell design, delivers 625W output. Its diverse range includes monofacial, bifacial, and black modules designed for European and U.S. markets.
Expansion Plan:-
Solex Energy’s Vision 2030 includes 15 GW modules and 5 GW cell manufacturing. The current expansion involves 1.5 GW capacity ready by December 2024 and 2.5 GW under construction. The ₹280 crore project is funded via ₹210 crore debt and ₹70 crore equity.
Market Insight:-
India’s renewable energy target may rise to 1,000 GW, boosting growth prospects for Solex, which also eyes U.S. and European markets. While cautious about overcapacity, it aims to meet global demand. Challenges include logistics issues and anti-dumping duties on solar glass and aluminum frames.
Future Outlook:-
Management is confident in meeting expansion timelines and financial targets, driven by growth in renewable energy. Solex plans to adapt production to technological advancements and market trends, ensuring high-quality standards and international certifications, strengthening its position in the competitive global market.
Company Profile:-
Solex Energy Limited is an India-based company, which is engaged in manufacturing solar photovoltaic modules. The Company provides turnkey solar solutions across different segments, such as solar power plants, solar water pumps, and utility-scale ground-mounted solar power plants.
Written by:- Abhishek Singh
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