Solex Energy Limited (SOLEX) fair value: what the stock is really worth
As of Oct 8, 2026: fair value of Solex Energy Limited ₹1,877, price ₹653, upside +187.4%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range ₹42.43 – ₹1,918 · fair‑value band ₹604.35 – ₹3,111 · the ₹653.15 price screens below the ₹1,877 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Solex Energy Limited manufactures and sells solar photovoltaic modules in India. It provides solar turnkey solutions for solar power plants, solar water pumps, and utility scale ground mounted solar power plants, as well as engineering, procurement, and construction services for the solar energy market.
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Solex Energy Limited manufactures and sells solar photovoltaic modules in India. It provides solar turnkey solutions for solar power plants, solar water pumps, and utility scale ground mounted solar power plants, as well as engineering, procurement, and construction services for the solar energy market. The company also offers solar residential and industrial rooftop systems, off-grid power plants, solar grid-connected systems, solar home and street light systems, solar water pumps, and custom solar solutions. It serves government, real estate, agriculture, manufacturing, healthcare, hospitality, residential societies, banking institutions, educational institutes, transport and logistics, media and entertainment, and telecom and communications industries. Solex Energy Limited was founded in 1995 and is based in Surat, India.
Stock analysis
Solex Energy Limited (SOLEX) currently trades at ₹653.15, while our model-based Fair Value estimate is ₹1,877, implying the stock looks roughly 65.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹4,069 per share, and 19 of the 24 models we run sit above the ₹653.15 price.
Bear case: the Growth DCF group reads lowest at ₹416.39, and 5 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹604.35 (bear) to ₹3,111 (bull), the price of ₹653.15 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Solex Energy Limited reported revenue of ₹16.2B in FY2026 versus ₹719M in FY2022, a compound +117.8%/yr. Reported net income was ₹960M in FY2026, compounding +214.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹7.1B (≈ $72.9M) · P/E ratio 8.8 · P/S ratio 0.52 · EPS (TTM) ₹73.87 · Dividend yield 0.1% · Net margin 5.9% · Return on equity 47.1% · Return on assets (EBIT) 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 187%, SOLEX screens cheaper than that median.
Fair Value models
Bear ₹604.35Fair Value ₹1,877Bull ₹3,111
Price ₹653.15 · Upside +187.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹38.86 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+144.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+115.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+82.6%
Start year 2021 (pandemic). Over 10 years: +42.7% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+42.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.4% (2022) → 9.8% (2026)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+61.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +55.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Solar · 102 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Top 25%
Fair Value upside+187.4% · Top 25%
Profitability
Return on equity (TTM)47.1% · Top 25%
Return on assets11.9% · Top 25%
Net margin (TTM)4.9% · Above median
Operating margin (TTM)7.2% · Above median
Growth and dividend
Revenue growth0.5% · Above median
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.76× · Above median
Valuation Multiplesvs Solar median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Solex Energy Limited Fair Value". https://www.fairvalue-calculator.com/stock/SOLEX
Frequently asked questions
Is Solex Energy Limited (SOLEX) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹1,877 versus a price of ₹653.15, about +187% upside (undervalued).
What is the fair value of SOLEX?
Our model-based fair value for Solex Energy Limited is ₹1,877 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹653.15.
What is the quality score of SOLEX?
Solex Energy Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Solex Energy Limited (SOLEX)?
Our model-based price target is the fair value of ₹1,877 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario ₹604.35, optimistic scenario ₹3,111. It is a calculation from audited fundamentals, not an analyst target.
What is the Solex Energy Limited stock forecast for 2026?
Our models put fair value at ₹1,877, about +187% upside versus a price of ₹653.15 (undervalued). Cautious scenario ₹604.35, optimistic scenario ₹3,111. The calculation is refreshed regularly with new filings.
What is the revenue of Solex Energy Limited (SOLEX)?
Solex Energy Limited reported trailing-twelve-month revenue of about ₹16.2B (latest available figure, as of Oct 3, 2026).
Does Solex Energy Limited pay a dividend?
Solex Energy Limited currently shows a dividend yield of about 0.08% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Solex Energy Limited (SOLEX)?
For today's price to be fair in a discounted-cash-flow model, Solex Energy Limited would have to grow free cash flow by +61.8 % per year for five years (discount rate 15.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +82.6 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of SOLEX use?
Our models discount Solex Energy Limited at 15.4 %: a base by market capitalisation (micro), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Solex Energy Limited that is +61.8 % per year a year over ten years, using the same discount rate (15.4 %) and the same formula as our fair value.
How much growth has Solex Energy Limited (SOLEX) delivered so far?
Over the past 5 years revenue at Solex Energy Limited grew +82.6 % a year. The price currently implies +61.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Solex Energy Limited (SOLEX) growing?
The median revenue growth in the sector is +15.6 % a year. That is the yardstick for the growth priced into Solex Energy Limited (+61.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Solex Energy Limited (SOLEX)?
The free-cash-flow yield on the price is 1.02 %: that much free cash flow Solex Energy Limited produces per unit of market value. When it exceeds the discount rate of our models (15.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Solex Energy Limited (SOLEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Solex Energy Limited it is ₹1,877 per share (as of Oct 3, 2026), against a price of ₹653.15. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Solex Energy Limited stock overvalued or undervalued in 2026?
As of Oct 3, 2026, SOLEX trades below its calculated fair value: price ₹653.15, fair value ₹1,877, a gap of about +187% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SOLEX?
No. The price is what the market pays today (₹653.15); the fair value is what the company's own numbers justify (₹1,877). For Solex Energy Limited the two are ₹1,224 per share apart. That gap is exactly why we show both numbers side by side.
How much is Solex Energy Limited worth?
The market values Solex Energy Limited at about ₹7.1B (market capitalisation, as of Oct 3, 2026). Per share that is ₹653.15; our models calculate a fair value of ₹1,877 per share.
What do the bullish and bearish scenarios say about SOLEX?
Our models span a range for Solex Energy Limited: cautious scenario ₹604.35, base ₹1,877, optimistic ₹3,111 per share (as of Oct 3, 2026, price ₹653.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SOLEX?
Solex Energy Limited trades at a price-to-earnings ratio of 8.8 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,877 is built from several models across several years. Other multiples: P/B 2.8, P/S 0.4, EV/EBITDA 4.9.
How solid is the balance sheet of Solex Energy Limited (SOLEX)?
Balance-sheet figures for Solex Energy Limited (as of Oct 3, 2026): return on equity 47.1%, debt of 0.76 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is SOLEX from its 52-week high?
Solex Energy Limited trades at ₹653.15, about 66% below its 52-week high of ₹1,918 and at the low of ₹653.15 (as of Oct 8, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,877 is for.
Which stocks are comparable to Solex Energy Limited?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Solex Energy Limited stock attractive at the current price?
The data as of Oct 3, 2026: price ₹653.15, calculated fair value ₹1,877 (+187%), Quality Score 52/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SOLEX calculated?
We run Solex Energy Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,877, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Solex Energy Limited currently trades 65 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Solex Energy Limited (SOLEX)?
The closing price on Oct 8, 2026 was ₹653.15. Our model-based fair value is ₹1,877, about +187% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Solex Energy Limited right now?
The model range is unusually wide (₹604.35 to ₹3,111). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Solex Energy Limited (SOLEX) come from?
Earnings per share at Solex Energy Limited grew +42.0 % a year from 2016 to 2026. Broken into its drivers: revenue per share +22.8 %, EBIT margin +2.9 %, tax rate +1.3 %, residual (interest, one-offs) +11.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Solex Energy Limited
How large is the market capitalisation of Solex Energy Limited (SOLEX)?
The market capitalisation of Solex Energy Limited is ₹7.1B (≈ $72.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Solex Energy Limited (SOLEX)?
The price-to-sales ratio of Solex Energy Limited is 0.52 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Solex Energy Limited (SOLEX)?
Earnings per share at Solex Energy Limited are ₹73.87 (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Solex Energy Limited (SOLEX)?
The dividend yield of Solex Energy Limited is 0.1% (payout 0.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Solex Energy Limited (SOLEX)?
The net margin of Solex Energy Limited is 5.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Solex Energy Limited (SOLEX)?
The return on equity (ROE) of Solex Energy Limited is 47.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Solex Energy Limited (SOLEX)?
On an EBIT basis the return on assets of Solex Energy Limited is 9.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Solex Energy Limited (SOLEX)?
The operating margin of Solex Energy Limited is 7.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Solex Energy Limited (SOLEX)?
Revenue at Solex Energy Limited is growing +0.5% versus a year earlier (3y avg +115%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Solex Energy Limited (SOLEX)?
Earnings per share at Solex Energy Limited are growing −67.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Solex Energy Limited (SOLEX) carry?
The net debt of Solex Energy Limited is ₹2.6B (fiscal year 2026, ≈ 36.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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