Solex Energy

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• DebtModerate safety, with cautionRated BBB+ by CRISIL.
• ResultsProfit fallingIn the Jun 2026 quarter, sales rose 4.1% and profit fell 68% from a year earlier.
• DilutionRaise plannedNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 66% of the company, about the same as in Mar 2025.
• ValuationCheap vs its pastThe share trades at 7.2 times its yearly earnings (P/E), cheaper than 100% of the time in the last 3 years. Its usual P/E is about 49.

Solex Energy against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)7.2 against a typical 25.2: cheaper than most peers (1st = cheapest).7th of 80
• Sales growth+4.1% against a typical +32% from a year earlier.49th of 69
• Profit growth−68.2% against a typical +15.9% from a year earlier.52nd of 64
• Share price, 3 months−41% against a typical −9.9%.72nd of 74
• Size₹ 574.7 Cr. market value against a typical ₹ 553.8 Cr. (1st = largest).37th of 77

Exchange filings and their impact on the company.

• 23 Oct 2026Press ReleaseLow impactPositivePrice −3.9% that day
  Solex unveiled India's first N-Type quarter-cell 670Wp module, a modest near-term sales driver that reinforces its technology leadership.

  Solex Energy unveiled India's first N-Type quarter-cell solar module, TAPI RQ, at REI Expo 2026 in Greater Noida. The module offers up to 670 Wp output and up to 24.80% efficiency with IP68 protection for utility-scale projects. It marks Solex's third straight year of technology launches at REI and supports its 4 GW module business and Vision 2030 integration plans.

  Full analysisFiling
• 19 Oct 2026General UpdatesHigh impactPositivePrice −6.4% on 21 Oct
  Subsidiary to raise Rs 150 cr via CCDs convertible into Solex Energy shares to fund expansion.

  Solex Energy said its wholly owned subsidiary Solex New Energy approved issue of compulsorily convertible debentures worth Rs 150 crore in one or more tranches. The investor will have an option to convert these debentures into equity shares of listed parent Solex Energy, subject to parent board approval and regulatory formalities. The money will fund expansion in the subsidiary, with future conversion implying fresh equity and dilution for existing shareholders.

  Full analysisFiling
• 6 Oct 2026Press ReleaseMedium impactPositivePrice +1.3% that day
  Solex group won Rs 194.14 crore TOPCon module orders, adding ~11% to annual revenue.

  Solex Energy and its wholly owned subsidiary Solex Green Energy won two combined work orders worth Rs 194.14 crore including taxes for supply of TOPCon Bifacial Glass-to-Glass solar PV modules. This includes Rs 180.98 crore to the subsidiary and Rs 13.16 crore to the parent from domestic power sector customers. The orders add about 11-12% to annual revenue and strengthen near-term growth visibility as Solex scales its 4 GW Surat module capacity.

  Full analysisFiling
• 6 Oct 2026Bagging/Receiving of orders/contractsMedium impactPositivePrice +1.3% that day
  Subsidiary wins Rs181 crore solar module order for delivery by January 2027.

  Solex Energy said its subsidiary Solex Green Energy has won a domestic work order to supply TopCon Bifacial glass-to-glass solar PV modules worth Rs180.98 crore including taxes. The order is from a domestic power sector entity and is scheduled for execution till January 2027. At about 11% of last year's Rs1,555 crore sales, it adds meaningful near-term revenue visibility.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Kalpeshkumar Ramanbhai Patel

Chairman of the Board, Managing Director

Azmin Chiniwala

Compliance Officer, Company Secretary

Sankar Ray

Whole-time Director