🌞 At a glance (a.k.a. the only part 95% of readers actually read)
Solex Energy Ltd has reported a 301% jump in EPS, a revenue of ₹182.4 crore, and an ambitious foray into solar cell manufacturing. But beyond the conference call flexes and polished decks, is this clean energy play truly electrifying—or just another panel without power?
⚡ About Solex Energy Ltd
- 🏢 Headquartered in: Surat, Gujarat
- 🔆 Core Business: EPC solutions + solar panel & inverter distribution
- 🏭 FY25 Upgrade: Setting up their own solar cell manufacturing plant in a market currently dominated by Reliance, Waaree, and Adani.
Think of them as the guy who just bought gym shoes and started calling himself a “fitness entrepreneur.”
🧑💼 Key Managerial Personnel
| Name | Designation |
|---|---|
| Mr. Chetan Shah | Chairman & Managing Director |
| Mr. Brijesh Shah | CFO |
| Mr. Naimish Thakkar | Independent Director |
Yes, the same team that’s now pitching a 2030 roadmap hotter than a black panel under peak Gujarat sun.
📊 FY25 Financials (Standalone)
| Metric | FY25 | FY24 | Change % |
|---|---|---|---|
| Revenue | ₹182.4 Cr | ₹146.7 Cr | 🔼 +24.3% |
| EBITDA | ₹19.6 Cr | ₹10.4 Cr | 🔼 +88.4% |
| PAT | ₹13.9 Cr | ₹3.46 Cr | 🔼 +301% |
| EPS | ₹11.61 | ₹2.89 | 🚀 +301.4% |
| Order Book | ₹600 Cr+ | ₹300 Cr+ | 🔼 2x |
This EPS jump? It’s the finance bro version of saying “bro I’m on a bulk” after one protein shake.
🏗️ CapEx & Solar Cell Line Ambition
“The company plans to set up a solar cell manufacturing facility with an initial capex of ₹35–₹40 crore.”
Translation: We’re entering the chat in a space where Adani Solar just built India’s largest vertically integrated factory, and we’re doing it with a budget smaller than Nykaa’s influencer payout.
Status: In-progress. Expected to go live by mid-FY26.
💼 Order Book: Who’s Buying This?
- Railways, government infra, and rooftop EPC contracts.
- New orders post-March 2025 are not included in the ₹600 Cr+ figure, so expect some future “we beat guidance” announcements.
Not bad for a midcap company, but definitely needs execution speed to match the narrative.
🧾 Balance Sheet Overview
| Item | FY25 | FY24 |
|---|---|---|
| Total Debt | ₹12.3 Cr | ₹14.8 Cr |
| Cash & Equivalents | ₹4.6 Cr | ₹2.8 Cr |
| Net Worth | ₹73.4 Cr | ₹61.1 Cr |
➡️ Debt is coming down, but not zero. With new CapEx plans, it might rise temporarily.
➡️ Receivables up, classic EPC style. At least they didn’t pretend to be D-Mart.
🔮 Forward-Looking Valuation (FV)
Let’s assume:
- FY26 Revenue: ₹260 Cr (assuming 40% CAGR)
- Net Margin: 9%
- PAT: ₹23.4 Cr
- P/E: 15x (conservative for renewable infra)
- Share Capital: ~1.2 Cr shares
🧮 FV = (23.4 Cr / 1.2 Cr) × 15 = ₹292 per share
🟢 CMP: ₹187
🟡 FV Estimate: ₹292
⚠️ Upside potential: ~56% if all goes to plan
⚠️ Downside: EPC payment cycles, CapEx execution risk, margin compression
🧠 EduInvesting Take
- Solex has grown like it’s on a solar steroid cycle — triple-digit EPS jump, 2x order book, and finally some CapEx with purpose.
- But solar cell manufacturing is no joke. Even giants like Vikram Solar needed time.
- EPC order inflow is legit, but the receivable cycle is still a headache. If they don’t scale collections, they’ll need to scale up excuses.
So what’s Solex’s positioning?
“We may not be the Tesla of solar, but we’re definitely not the Scooty Pep+ either.”
⚠️ Risks & Red Flags
- Audit commentaries not alarming but receivables and trade payables have ballooned.
- Government delay in EPC payments could throw off working capital again.
- Margin pressure is real with raw material inflation returning globally.
📌 Tags
Solex Energy, Solex FY25 Results, Solar Cell Manufacturing, Renewable Stocks India, Clean Energy India, FY25 EPS Growth, EduInvesting, Gujarat Solar Companies, Infra Stocks, CapEx Solar, India Midcap Growth
