Solex Energy Unveils Vision 2030 with ₹8,000 Cr Investment

1) Elpro International Limited

• Business Overview – Elpro International Limited is engaged in manufacturing surge arresters, construction and development of real estate properties, equity investment in third parties and windmill operations. Company also holds 12.7 equity shareholding in PNB Met Life, and has other business segments  which are having good growth prospects and provide reasonable returns to the Company.
• Recent Filings – Company has acquired 72,843 Compulsorily Convertible Cumulative Preference Shares in CXIO Technologies Private Limited for ₹49.99 crores. CXIO, operating in the IT services sector, reported a turnover of ₹243.23 crores for FY 2023-24. This acquisition is in line with Elpro’s strategic intent to expand its presence in the IT services domain, offering potential synergies and diversification into global markets, strengthening its overall business portfolio.
• Outlook –
  • Low levels of insurance penetration compared to other developing and developed markets indicate significant scope for strong growth potential.
  • Favorable macro prospects and improved outlook for capital markets and households’ saving invested in financial assets.
  • Elpro is the only company outside the United States to manufacture surge arresters and zinc oxide discs with GE technology.
• 2Y Price Chart –

2) Solex Energy Limited

• Business Overview – Founded in 1995, Solex Energy Limited is a prominent leader in renewable energy solutions. SOLEX is renowned for producing high-end photovoltaic modules at competitive prices and offering comprehensive EPC services.
• Recent Filings – Solex reveals Vision 2030 with an ₹ 8,000 crore investment, launching India’s first rectangular cell solar modules with N-Type TOPcon technology, securing a first-mover advantage.(Source)
• The company plans a new cell manufacturing facility with an initial 2 GW capacity, scalable to 5 GW, and aims to boost total module capacity from 1.5 GW to 15 GW while expanding its workforce to 25,000.
• Solex has also received a work order of ₹ 51.96 Cr. From M/s Zodiac Energy Ltd., Ahmedabad for 40 MWp Solex Mono Perc Bifacial Solar Modules to be completed within 6 months.(Source)
• The groundbreaking investment and large work orders can drive revenue and EPS growth, but the company must carefully manage borrowings and cash flow to ensure sustainable financial success.
• Outlook –
  • Expansion in existing infrastructure by installing an additional manufacturing line capable of producing 800 MW of Solar PV Modules, effectively scaling the capacity to 1.5 GW by H1’FY25.
  • Expansion with additional infrastructure, aiming to reach a total production capacity of 4.0-4.5 GW, which involves ramping up the Manufacturing Facility by an additional 2.5 GW.
• Price Chart since listing –

3) Avantel Limited

• Business Overview – Avantel Limited specializes in designing, developing, and maintaining wireless and satellite communication products, defense electronics, radar systems, and network management software, primarily serving clients in the aerospace and defense sectors.
• Recent Filings – The company has secured an order worth ₹44.49 Cr. from Larsen & Toubro Ltd. for the supply of Satcom Systems, set for completion by March 2025. This order accounts for 18% of the total orders received this financial year to date, contributing to the company’s revenue growth and growth potential of the company in the near future.
• Outlook –
  • The company has a strong order or FY 2024-25, suggesting continued growth potential.
  • The company is establishing a new R&D and Production center (30,000 sq. ft. on 2 acres), expected to be operational by Q3 FY2024-25.
  • Avantel has proposed GSAAS and SATCOM as a Service, pending approval from IN-SPACe, ISRO, and the Government of India under the new space policy.
• 2Y Price Chart –

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