Multibagger solar stock in focus after it plans to set up new solar module plant worth ₹200 Cr

This stock with core expertise in solar modules and solar solutions, including solar power plants, rooftop systems, water pumps, and ground-mounted project announced a massive expansion plan. In this article, we will look at the announcement.

Price Movement

With a market capitalization of Rs 787 crore, the shares of Solex Energy Ltd made an all-time high of Rs 1,787 per share, down by 59 percent from its current market price of Rs 728.10 per share.

About the announcement 

Solex Energy, on April 8, announced that it will launch a new 2.2 GW solar module production line worth Rs 200 crore.With this new line becoming operational, the company’s total manufacturing capacity will reach approximately 4 GW which aligns with achieving firm’s 2030 vision. The new line is expected to be completed by September 2025, and is expected to commence commercial operations by the beginning of Q3 of FY 25-26.

Chairman and managing director of Solex Energy added, “At Solex, our commitment to growth goes beyond numbers. This expansion is about increasing capacity and creating opportunities—hiring skilled talent, fostering innovation, and strengthening our partnerships. We extend our sincere gratitude to our customers and partners for their continued trust in our brand and vision”.

Also read: Transformer stock hits 5% upper circuit after reporting 129% YoY net profit growth in Q4

Financials

The company reported a revenue of Rs 273 crore in September 2024, up by 193 percent, from its September 2023 revenue of Rs 93 crore. It posted a net profit of Rs 13 crore in September 2024 as compared to its September 2023 net profit of Rs 1 crores.

About the Company

Solex Energy Limited is an India-based company engaged in manufacturing solar photovoltaic modules. It offers turnkey solar solutions including solar power plants, rooftop systems, water pumps, and ground-mounted projects. Its products include LED street lights, solar water heaters, and both polycrystalline and monocrystalline solar panels. 

The company’s solar street lights are used for highways, village roads, and industrial areas. Its solar pumps serve uses like drinking water, irrigation, and pond management. Solex also provides complete engineering, procurement, and construction (EPC) services.

Written by Satyajeet Mukherjee

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