Solex has released it’s unaudited financial results today for H1 FY25.
Revenue : 274 cr. (YoY 3x) (HoH flat)
Net Profit : 13 cr. (YoY 13x) (HoH up 50%)
EPS: 15.5 (YoY 15x) (HoH up 50%)
Extrapolating these figures according to management’s 800 cr revenue guidance for full FY25, Netprofit can come out to be 40cr if margins remain same.
At today’s mcap of around 1800 cr. the FY25 PE comes out at 45
But since the incremental revenue of H2-FY25 will be coming from new ~800MW TOPCon module line (operational Q4-FY25), better margins are definately possible.
This coupled with the possibility of another 100% revenue growth next year should mean good upside for the scrip.
Despite this, it must be taken into account the effect of Trump slowing down renewable energy projects in the US. If Solex’s (or any other Indian PV manufacturer) upcoming module capacities are to be fully utilized (that too at good margins), the export market to US is very important to monitor.
| Subscribe To Our Free Newsletter |
