Multibagger stock Solex Energy, a trusted name in India’s solar energy sector, has taken a significant leap forward. The company has officially announced plans to migrate from the NSE Emerge platform. This move is being hailed as a key milestone in Solex’s 30-year history, highlighting its strong growth, impressive financial trajectory, and readiness to tap into larger market opportunities.
Solex Energy Migration – Details and Expected Benefits
The transition has already begun and should be completed in about 90 days, depending on regulatory approval and completion of all paperwork. By moving to the Main Board, Solex Energy expects to boost its visibility, solidify its standing in the market, and tap into a wider investor base. Chetan Shah, the Chairman and Managing Director, shared his excitement, saying, ” This migration marks a major milestone in our journey as we celebrate three decades of excellence in the solar industry. Moving to the NSE Main Board will allow us to connect with a larger investor base, boost our market credibility, and accelerate our mission to deliver clean, sustainable energy solutions on a global scale. Our focus remains steadfast on creating long-term value for our stakeholders while contributing to India’s renewable energy goals.”
Financial Performance
Solex Energy’s financials have been nothing short of impressive. The company has positive cash flows from operations for three straight years before this move, with a profit after tax in the last fiscal year. Here’s a snapshot:
- In the first nine months of FY2024, the company earned a consolidated revenue of INR 408 crore, a 103% increase from last year.
- In FY2024, net sales increased by 126% to INR 365.92 crore, while net profit grew significantly by 222% to INR 8.73 crore.
- The first half of FY2025 was remarkable, with net sales increasing by 194% to INR 273.09 crore and net profit soaring by 1,698% to INR 13.08 crore.
Capacity Expansion Plans
Under their Vision 2030, Solex Energy is planning big:
- Aiming to increase module manufacturing capacity from 1.5 GW to 15 GW by 2025, with an investment of about INR 8,000 crore.
- An additional 2.5 GW by June 2025, bringing the total to 4 GW.
- Starting commercial production on a new 800 MW line this month.
Key Development
Solex Energy’s achievements aren’t limited to its growth plans. The company has been bagging major contracts that reinforce its position in the renewable energy sector:
- A hefty INR 150 crore order from Sprng Energy for 100 MW of N-type TOPCON solar modules, is due by June 2025.
- Another deal with Zodiac Energy for 20 MW of bifacial PERC modules worth INR 29.01 crore, is to be completed in three months.
These moves not only show Solex’s capability but also its commitment to innovation and quality in the solar sector.
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About Solex Energy
Founded in 1995 in Surat, Gujarat, Solex has been a trailblazer in renewable energy. As the first Indian solar brand listed on NSE Emerge, the company has made a name with high-quality PV modules and comprehensive EPC services. Their manufacturing base in Tadkeshwar, with a current capacity of 1.5 GW, supports both local and international markets.
Future Outlook
With its legacy and ambitious plans, Solex Energy is set to be a major player in India’s solar expansion. As the country targets an 80 GW increase in solar capacity in the next couple of years, Solex’s growth plans and financial muscle make it a key contributor. This move to the NSE Main Board reflects their confidence in a sustainable future, strong fundamentals, and readiness to seize new opportunities in the clean energy sector. Investors and stakeholders are watching closely, hopeful about Solex’s role in powering India’s green ambitions.
Solex Energy made its stock market debut on 5 February 2018, with an issue size of INR 7.18 crore, which was oversubscribed 19.15 times. On the day of listing, the stock opened 1.53% below its allotment price of INR 52 per share. However, it soon gained momentum and transformed into a multibagger, delivering an impressive 1,800% return on investment. As of 24 January 2025, the stock was trading at approximately INR 1,008 per share.
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