Transcript of 12th Annual General Meeting
Ask the chart: “Has this stock recovered from similar drawdowns before?”
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Latest filings
NSE announcements · newest firstCopy Srutinizers report of Annual General Meeting held on September 22, 2026
Schedule of Analysts/ Institutional Investors Meet to be held on Spetember 28, 2026
Press release dated September 22, 2026, titled "Solex Energy Outlines Next Phase of Growth at 12th AGM, Targets Rupees 4,500 Crore Revenue Potential by FY28".
Proceedings of 12th Annual General Meeting held on September 22, 2026
Key MetricsFull financials →
P/E (TTM)
9.3×
EPS ₹75.73
P / Book
3.01×
BVPS ₹234
ROE
47.5%
FY26, avg equity
Net margin
6.1%
FY26
Revenue YoY
–
Q1 FY27
Net profit YoY
–
Q1 FY27
Debt / equity
1.06×
₹269 Cr debt
Div. yield
0.08%
₹0.55 in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| SALZERELEC₹957 Cr | 21.3× | 1.61× | 9.5% | 3.1% |
| KECL₹838 Cr | 112.3× | 6.36× | 6.8% | 1.4% |
| PROSTARM₹831 Cr | 22.1× | 2.90× | 16.9% | 8.6% |
| SOLEX₹762 Cr | 9.3× | 3.01× | 47.5% | 6.1% |
| MEIL₹748 Cr | 14.8× | 1.27× | 7.3% | 7.4% |
| URJA₹478 Cr | 329.5× | 2.70× | 0.8% | 2.0% |
Other Electrical Equipment: the companies closest in market value, of the 29 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q1 FY27) and the last close; hover a column for its definition.
Forensic Flags1 Watch
Receivables grew 207% against revenue growth of 144%
FY26: debtor days moved from 64 to 80.
Free cash flow was negative in 1 of the last 2 years
Operating cash flow less capital expenditure, as filed.
Debt to equity is 1.06×
As at 2026-03-31.
10 checks within their thresholds
Operating cash flow was 1.09× net profit
Cumulative over FY25–FY26 (2 years).
Inventory grew 62% against revenue growth of 144%
FY26: inventory days moved from 99 to 66.
Profit before interest and tax covers finance costs 5.3×
FY26.
Other income is 2% of profit before tax
FY26.
Exceptional items above 5% of pre-tax profit in 0 of the last 2 years
FY25–FY26.
Effective tax rate averaged 25%
Tax over pre-tax profit, last 2 years. The base corporate rate is about 25%.
Promoter holding is 66.15%, -0.00 points over a year
2026-06-30 against 2025-03-31.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 5 quarters
Slowest filing came 46 days after the period end.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice. 1 check not run for lack of data.
Formula Scores
Piotroski F-score: 6 of 9 · FY to 2026-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✓ Return on assets positive: 20.46 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 200.7 — ₹ crore
- ✓ Cash flow above profit (accruals): 102.4 — operating cash flow less profit after tax, ₹ crore
- ✓ Return on assets improved: 11.71 — change in ROA, percentage points
- Long-term borrowings to assets fell — borrowings not broken out
- ✗ Current ratio improved: -0.24 — change in current assets over current liabilities
- ✓ No new shares issued: -0 — change in share capital, %
- ✗ Gross margin improved: -9.93 — revenue less material cost over revenue, change in percentage points
- ✓ Asset turnover improved: 1.99 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹98 Cr (2026-03-31) · profit after tax ₹42 Cr (2025-03-31) · total assets ₹1,181 Cr (2026-03-31) · total assets ₹480 Cr (2025-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
8 of the nine tests could be run; the score counts the ones that passed
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 2.78 · FY to 2026-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: 0.131 × 1.2
- retained earnings / total assets: 0.205 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.137 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 0.858 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 1.37 × 1
Inputs: total assets ₹1,181 Cr (2026-03-31) · current assets ₹826 Cr (2026-03-31) · current liabilities ₹671 Cr (2026-03-31) · reserves ₹242 Cr (2026-03-31) · total equity ₹256 Cr (2026-03-31) · profit before tax ₹131 Cr (2026-03-31) · finance cost ₹31 Cr (2026-03-31) · revenue ₹1,618 Cr (2026-03-31) · market capitalisation (today) ₹794 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: 684.32 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 88.88
- book value per share: 234.17 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 88.88 (2026-03-31) · owners' equity ₹253 Cr (2026-03-31) · paid-up capital ₹11 Cr (2026-03-31) · face value 10 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: -12.33 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹98 Cr (2026-03-31) · operating cash flow ₹201 Cr (2026-03-31) · total assets ₹1,181 Cr (2026-03-31) · total assets ₹480 Cr (2025-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (consolidated); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.