Solex Energy shares gain 8% on ALMM capacity addition approval

Shares of Solex Energy Ltd. rose over 8 per cent on Tuesday after it received approval for capacity addition under the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.

 

The company's stock rose as much as 8.6 per cent during the day to ₹913.9 per share, the biggest intraday gain since February 16 this year. The stock pared gains to trade 5 per cent higher at ₹883 apiece, compared to a 0.40 per cent advance in Nifty 50 as of 10:06 AM. 

 

Shares of the company snapped a two-day losing streak and currently trade at 1.8 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 28 per cent this year, compared to a 7.6 per cent decline in the benchmark Nifty 50. Solex Energy has a total market capitalisation of ₹953.86 crore.  

 

Why are Solex Energy shares rallying?

Solex Energy received approval for capacity addition under the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy, according to an exchange filing. 

 

According to the update from the ministry, the company's solar photovoltaic module manufacturing facility at Tadkeshwar on the Kim-Mandvi Road in Surat, Gujarat, has been enlisted with a manufacturing capacity of 3,782 megawatts (3.78 gigawatts) per year.

 

The company said the listing reflects its ongoing expansion and efforts to strengthen domestic solar manufacturing. The Approved List of Models and Manufacturers entry includes several high-efficiency bifacial N-Type TOPCon solar modules with power ratings of up to 625 watt-peak, designed for use in large-scale solar power projects.

 

Solex Energy is engaged in renewable energy solutions. The company manufactures, distributes, and installs solar photovoltaic modules, home and street lights, lanterns, power plants, solar inverters, water heating systems, and wood-fired water heaters. Solex Energy also provides solutions for solar rooftop systems. 

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In October last year, the company's stock received NSE’s approval to migrate equity shares from the NSE EMERGE Platform to the main board platform of NSE.

 

Solex Energy reported a 106.6 per cent quarter-on-quarter (Q-o-Q) increase in consolidated revenue for the quarter ended December. The company’s expenses rose 109.7 per cent Q-o-Q during the same period. Net profit increased 53.2 per cent sequentially, while earnings per share stood at ₹8.07 in Q3FY26.