Solar stock skyrockets 9% after securing ALMM approval from the Government of India

Synopsis: Micro-Cap stock rises 9% after MNRE ALMM approval for 3.78 GW/year at Tadkeshwar, Surat, with high-efficiency bifacial N-Type TOPCon modules up to 625 Wp meeting India’s quality and domestic manufacturing standards.

The shares of the Micro-Cap company, specializing in manufacturing solar photovoltaic cells and modules, and offering EPC in the solar energy market, are in focus upon securing ALMM Approval for its Solar Module Capacity by the Ministry of New and Renewable Energy (MNRE), Government of India.

With a market capitalization of Rs. 956.45 Crores on the Day’s Trade, the shares of Solex Energy Limited rose by 8.6 percent, reaching a high of Rs. 913.95 compared to its previous close of Rs. 840.90.

News

Solex Energy Limited, engaged in manufacturing solar photovoltaic cells and modules, also in the EPC in the solar energy market, has received approval for capacity addition under the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy (MNRE), Government of India.

Solex Energy Limited’s manufacturing facility in Tadkeshwar, on Kim–Mandvi Road, Surat, has been listed under the latest MNRE update with a solar PV module manufacturing capacity of 3,782 MW (3.78 GW) per year. This highlights the company’s ongoing expansion and commitment to strengthening domestic solar manufacturing.

The ALMM listing covers high-efficiency bifacial N-Type TOPCon modules with power ratings up to 625 Wp, engineered for superior performance in large-scale solar projects. Being included under the ALMM framework confirms that Solex’s modules meet the Government of India’s strict quality, reliability, and domestic manufacturing standards for public procurement and government-supported solar initiatives.

Commenting on the development, Dr. Chetan Shah, Chairman and Managing Director of Solex Energy Limited, stated that the expanded manufacturing capacity under MNRE’s ALMM framework reflects strong market demand for their high-quality solar modules. He emphasized that Solex continues to invest in advanced manufacturing to deliver reliable, high-efficiency solar solutions, reinforcing their commitment to India’s domestic solar manufacturing and the transition to clean, sustainable energy.

Financials

The company’s revenue rose by 136.7 percent from Rs. 134.29 crores in December 2024 to Rs. 317.99 crores in December 2025. Meanwhile, Net profit declined from Rs. 14.02 crores to Rs. 8.87 crores in the same period.

Solex Energy demonstrates strong financial performance, with a ROCE of 29.9% and ROE of 40.6%. Its stock trades at a P/E of 18.0, significantly lower than the industry average of 31.2, indicating an attractive valuation relative to its peers.

Solex Energy Limited has been a pioneer in India’s solar journey since 1995, earning a reputation as one of the country’s most trusted solar module manufacturers. The company operates a state-of-the-art, Industry 4.0-enabled manufacturing facility in Tadkeshwar, Gujarat. 

With over 30 years of business expertise, Solex Energy Limited boasts a 4 GW module production capacity and has executed more than 10,000 projects, shipping over 3 million modules. The company holds 15+ domestic and international certifications, maintains an export presence across Europe, North America, and Africa, and has an order book exceeding Rs.  40,000 million as of 31 December 2025, reflecting its robust global footprint and industry leadership.

Solex Energy Limited offers a diversified solar portfolio, including high-efficiency PV modules (up to 700 WP), rooftop and off-grid power plants, submersible solar water pumps, AC/DC and surface-mounted systems, grid-connected solutions, home and street lighting (CFL and LED-based), and customized solar solutions tailored to varied commercial, industrial, and residential needs.

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