by | May 4, 2026 2:29 pm
Synopsis: Solex Energy plans a major expansion through a government-backed agreement to strengthen its renewable energy presence, focusing on manufacturing and storage, aiming to scale operations and support future energy demand.
The shares of this small cap company majorly engaged in manufacturing solar photo-voltaic cells and modules and is also in the Engineering, Procurement and Construction in the solar energy market, were in focus after signing an MOU with the Government of Gujarat to set up a renewable energy project.
With the market capitalization of Rs. 1,439 Crores, the shares of Solex Energy Ltd reached an intraday high of Rs. 1333 per share raising nearly 3.5 percent from its previous day closing of Rs. 1288 per share and is trading at a P/E of 30.8 whereas industry P/E stands at 37.9
Solex Energy has signed an agreement with the Government of Gujarat to set up a large renewable energy project. Under this MoU, Solex Energy plans to set up two major facilities. First is a 5 GW solar photovoltaic (PV) cell manufacturing plant, which will be developed in two phases: 2 GW in Phase I and 3 GW in Phase II. This phased approach helps the company scale gradually rather than investing everything at once.
Second, the company will build a 10 GW Battery Energy Storage System (BESS) facility, which is important for storing electricity and supplying it when needed, especially when solar generation is not available.The total estimated investment for the entire project is around Rs. 4,000 crore, including land and building costs. This makes it a significant expansion plan for the company in the renewable energy sector.
From a governance and financial standpoint, the MoU is simple, with the Government of Gujarat acting only as a facilitator and holding no stake in Solex Energy. It does not alter management or ownership and carries no financial obligations. The arrangement is independent, with no related party involvement, share issuance, or governance changes.
Solex Energy Ltd manufactures solar photovoltaic cells and modules and also operates in the engineering, procurement and construction (EPC) segment of the solar energy market. The company has a total capacity of 4 GW and brings over 30 years of industry experience. It has an export presence across four countries in Europe, North America and Africa. Solex has executed more than 10,000 projects and shipped over 3 million modules. As of December 31, its order book stands at around ₹4,000 crore.
Year on Year analysis: Revenue from operations has increased from Rs. 134.3 Crores to Rs. 318 Crores, up 136.7 percent. Operating profit has increased from Rs. 23.74 Crores to Rs. 25.08 Crores, up 5.6 percent and net profit has decreased from Rs. 14.11 Crores to Rs. 8.23 Crores, down 41.6 percent
Quarter on Quarter analysis: Revenue from operations has increased from Rs. 148.61 Crores to Rs. 318 Crores, up 114 percent. Operating profit has increased from Rs. 15.53 Crores to Rs. 25.08 Crores, up 61.4 percent and net profit has increased from Rs. 3.40 Crores to Rs. 8.23 Crores, up 142 percent.
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Vachan is a Financial Analyst at Trade Brains with a PGDM in Finance. He is passionate about capital markets and equity research, with expertise in analysing financial statements, market trends, and business fundamentals to support informed investment decisions
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