🔦 At a Glance
Solex Energy Ltd, an SME rocket that’s already up100%+ YoY, claims it’ll scale4 GW solar module capacity by October 2025, backed by a₹1,500 Cr capexdream. With revenue up 81% YoY, a juicy ROE of 39%, and profit tripling in FY25 — is this a real breakout or just solar flare hype?
1. 🎣 Introduction with Hook
Solar stocks are like gym memberships in January. Everyone wants one, only a few deliver results.
Solex Energyhas quietly become a serious contender in India’s solar hardware story — a full-stack module maker + EPC player that has gone from ₹80 Cr topline (FY21) to₹660 Cr in FY25. Even better?Net profit is up 10x in 3 years.
But now it’s dreaming ofgigascale, 4 GW module + cell fab, big-boy capex, and investor meets with words like“backward integration”.
So here’s the question:
Is Solex India’s next solar manufacturing champion…or just another sunny-side bubble?
2. 🔧 Business
Model: WTF Do They Even Do?
Solex operates intwo main segments:
- Manufacturing– Solar PV modules
- Mono / Poly crystalline
- 10W to 600W range
- OEM/ODM for Indian & global clients
- EPC Turnkey Projects
- Rooftop solar for resi/commercial
- Industrial and utility-scale solar
- Solar street lighting & home systems
- Government tenders (DISCOMs, MNRE schemes)
📦Clients:Corporates, govt agencies, solar installers🏭Plant:Gujarat (with 600 MW current capacity)
3. 📈 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 80 | 72 | 161 | 366 | 660 |
| Net Profit (₹ Cr) | 2 | 1 | 3 | 9 | 40 |
| OPM (%) | 4% | 3% | 7% | 8% | 10% |
| ROE (%) | 2.7% | 1% | 2.7% | 8.7% | 38.7% 🔥 |
| ROCE (%) | 11% | 4% | 12% | 18% | 28.2% |
📈Profit CAGR (3Y): 242%📈Revenue CAGR (3Y): 109%🔥 One of the fastest-growing solar manufacturers in India
4. 💰 Valuation – Is It Cheap, Meh, or Crack?
- CMP: ₹1,316
- Market Cap: ₹1,421 Cr
- EPS (FY25): ₹36.66
- P/E: 35.9x
- P/B:
