By BullScreen Editorial Team 
Solar energy player Solex Energy Limited witnessed strong buying interest on Tuesday after the company received a key approval from the Government of India for its solar module manufacturing capacity. The development pushed the micro-cap stock sharply higher during the trading session as investors reacted positively to the regulatory clearance.
Shares of the company surged nearly 9 percent in intraday trade, touching a high of Rs. 913.95 compared to the previous close of Rs. 840.90. The rally lifted the company’s market capitalisation to around Rs. 956.45 crore, bringing the stock into focus among solar sector counters.
The sharp move in the stock price came after the company secured approval for capacity addition under the Approved List of Models and Manufacturers (ALMM) issued by the Ministry of New and Renewable Energy, part of the Government of India. The approval allows the company’s solar modules to qualify for government-backed solar projects and public procurement programmes.
According to the latest update from MNRE, the company’s manufacturing facility located in Tadkeshwar on Kim–Mandvi Road in Surat has been listed with a solar photovoltaic module manufacturing capacity of 3,782 MW, or 3.78 GW per year. The inclusion highlights the company’s ongoing expansion in domestic solar manufacturing and its growing presence in India’s renewable energy ecosystem.
The ALMM listing covers high-efficiency bifacial N-Type TOPCon modules with power ratings of up to 625 Wp. These modules are designed for high performance in large-scale solar installations and utility-scale projects. Inclusion under the ALMM framework also confirms that the company’s modules meet the government’s strict standards related to quality, reliability, and domestic manufacturing requirements.
Commenting on the development, Dr. Chetan Shah, Chairman and Managing Director of the company, said that the expanded manufacturing capacity under the ALMM framework reflects strong demand for the company’s high-quality solar modules. He added that the company will continue investing in advanced manufacturing technologies to deliver efficient and reliable solar solutions while supporting India’s transition towards clean energy.
On the financial front, the company reported a sharp rise in revenue. Its revenue increased by about 136.7 percent to Rs. 317.99 crore in December 2025 from Rs. 134.29 crore in December 2024. However, net profit declined to Rs. 8.87 crore from Rs. 14.02 crore during the same period.
Despite the drop in profit, the company continues to maintain strong return ratios. It reported a return on capital employed (ROCE) of 29.9 percent and return on equity (ROE) of 40.6 percent. The stock is currently trading at a price-to-earnings ratio of around 18, which is lower than the industry average of 31.2, indicating relatively attractive valuation levels.
Founded in 1995, Solex Energy has built a strong position in India’s solar manufacturing segment. The company operates an Industry 4.0-enabled manufacturing facility in Tadkeshwar, Gujarat, and currently has a module production capacity of around 4 GW.
With more than three decades of experience, the company has executed over 10,000 solar projects and shipped more than three million modules globally. It holds over 15 domestic and international certifications and exports solar products to markets across Europe, North America, and Africa. As of December 31, 2025, the company reported an order book exceeding Rs. 4,000 crore, reflecting strong demand for its solar solutions across multiple regions.
Solex Energy offers a wide portfolio of solar solutions, including high-efficiency PV modules, rooftop and off-grid power plants, solar water pumps, AC and DC solar systems, grid-connected solutions, solar lighting products, and customised solar systems for commercial, industrial, and residential users.