Solar manufacturer signs MoU for capacity expansion with Rs 700 million investment, FIIs purchased stock for the first time, hits upper circuit today!

The stock has delivered a multibagger return of around 5,800 per cent in the past five years.

Solex Energy Limited is engaged in the manufacturing of solar panels and other renewable energy devices and the installation of systems on an EPC basis. The company has announced the significant order received by the company.

Order Details:

Solex Energy India's most trusted solar brand announced the signing of a Memorandum of Understanding (MoU) with GMEE SC Solar and Wuxi Tidewinner Industrial International Co., Ltd. (ATW). This partnership will facilitate an 800 MW capacity expansion, enhancing Solex Energy's existing 700 MW production capability to 1.5 GW by the end of the second quarter of FY25. The new and advanced manufacturing line will feature state-of-the-art, end-to-end automation, from glass loading to module sorting, integrated with artificial intelligence (AI) to ensure adherence to global quality standards for photovoltaic (PV) modules. This high-speed production line will be equipped to manufacture high-efficiency N-Type TopCon modules and Heterojunction Solar Cells (HJT) technology-based modules, significantly boosting production capacity.

Share Performance:

On Friday, the company's stock rallied 5 per cent and hit the upper circuit and currently, it is at around Rs 1532.45 per share, with a market capitalisation of Rs 1,226 crore. Additionally, the stock has delivered a multibagger return of around 220 per cent in just six months.

Financial performance:

In FY23, the company reported a revenue of Rs 161 crore, representing a growth of 125 per cent, and a net profit of Rs 72 crore. As per Quarterly Results in the September quarter, the company reported a revenue of Rs 93 crore and a net profit of Rs 1 crore, compared to a net loss in September 2022.

Solex Energy Limited is an India-based company engaged in the manufacturing of solar photovoltaic modules. The company offers a diverse product range, including monofacial and bifacial modules across various power capacities. It focuses on the manufacturing of solar photovoltaic modules and provides turnkey solar solutions across different segments, such as solar power plants, solar water pumps, and utility-scale ground-mounted solar power plants. The company’s solutions include solar residential rooftops, solar industrial rooftops, solar power plants, solar water pumps, solar charging stations, and solar carports.

Investors must keep this Small-Cap stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.