Indian solar PV module maker (4 GW capacity) and EPC contractor, expanding into cells and battery storage.
Price
Market Cap
Sector
Industrials
Rank
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 8 | 8 | 8 | 11 | 11 | 11 |
| Reserves | 17 | 19 | 27 | 30 | 38 | 147 | 170 | 233 |
| Borrowings | 5 | 12 | 19 | 66 | 96 | 148 | 293 | 324 |
| Other Liabilities | 44 | 40 | 18 | 37 | 70 | 162 | 268 | 572 |
| Total Liabilities | 71 | 76 | 73 | 141 | 212 | 467 | 741 | 1.1k |
| AssetsFixed Assets | 1 | 1 | 1 | 55 | 54 | 110 | 135 | 336 |
| CWIP | 0 | 0 | 24 | 1 | 0 | 2 | 144 | 11 |
| Investments | 0 | 0 | 0 | 1 | 14 | 3 | 2 | 1 |
| Other Assets | 70 | 75 | 48 | 85 | 143 | 352 | 461 | 791 |
| Total Assets | 71 | 76 | 73 | 141 | 212 | 467 | 741 | 1.1k |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | 2 | 2 | 4 | -6 | 2 | -49 | 214 |
| Cash from Investing | -3 | -1 | -1 | -27 | -35 | -21 | -54 | -224 |
| Cash from Financing | -2 | -2 | 0 | 22 | 41 | 20 | 113 | 74 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 4 | 2 | 1 | -20 | -41 | -6 | -115 | 20 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
SOLEX · CYCLICAL_UNMODELABLE
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