Solex Energy Ltd. (SOLEX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-30616.0%

-₹176,458.79

vs ₹578.25 price

Levered DCF

-₹124,926.87

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.36×	15.12×	63.74×	126.79×	89.57×	10.3×	2.17×	2.88×
P/B	4.31×	3.96×	12.04×	9.13×	2.52×	0.73×	0.44×	0.8×
P/S	0.67×	0.96×	1.52×	2.12×	1.23×	0.22×	0.07×	0.1×
EV / EBITDA	7.23×	10.25×	23×	31.38×	53.57×	8.17×	1.93×	2.55×
Gross margin	19.5%	18.3%	14.1%	13.9%	8.8%	23.1%	14.6%	12.9%
Operating margin	9.8%	9.8%	5.7%	5.5%	2.4%	20.4%	13.4%	11.8%
Net margin	5.9%	6.3%	2.4%	1.7%	1.4%	2.1%	3.2%	3.3%
Current ratio	1.23×	1.47×	1.31×	1.52×	2.34×	1.64×	1.6×	1.41×
Debt / equity	1.34×	0.92×	2.08×	1.75×	0.55×	0.51×	0.23×	0.36×
Interest coverage	5.14×	7.01×	2.5×	1.92×	3.33×	0×	0×	0×
Dividend yield	0.1%	0.1%	0.0%	0.0%	0.3%	1.4%	3.1%	4.1%
Payout ratio	0.6%	1.1%	1.4%	4.4%	24.3%	14.7%	6.7%	11.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	38.0%	26.2%	18.9%	7.2%	2.8%	7.1%	20.1%	27.7%
Return on invested capital	19.9%	15.7%	10.8%	5.8%	2.4%	27.4%	40.7%	45.7%
Return on assets	8.1%	8.8%	4.1%	1.9%	1.4%	2.2%	6.3%	7.0%
Free cash flow yield	0.7%	-18.0%	-1.1%	-12.0%	-23.0%	7.9%	20.0%	28.8%
Earnings yield	8.8%	6.6%	1.6%	0.8%	1.1%	9.7%	46.0%	34.7%
Enterprise value	₹13.5B	₹7.7B	₹6.5B	₹4.1B	₹1.1B	₹272.9M	₹141.9M	₹201.4M
Net debt / EBITDA	1.4×	1.8×	3.38×	5.05×	9.53×	3×	0.61×	0.74×
Cash conversion cycle (days)	36	126	66	80	115	115	57	38