Alpex Solar Limited (ALPEXSOLAR)
Snapshot
Alpex Solar Limited closed at ₹713.00 on 23 Oct 2026, with a P/E of 9.11. In the quarter ended June 2026, revenue grew 32.5% and net profit fell 5.1% from a year earlier. Data as of 23 Oct 2026.
Price
- Market Cap
- ₹1,821 Cr
Financials23 Oct 2026
- P/E
- 9.11
- P/B
- 3.24
- ROE
- 35.6%
- ROCE
- 44.0%
- Debt to Equity
- 0.96
- OPM
- 14.1%
- YoY qtr sales growth
- 32.5%
- YoY qtr profit growth
- -5.1%
- Dividend Yield
- 0.00%
Latest quarter Jun 2026 · Consolidated
Exchange activity23 Oct 2026
- Delivery
- 81.85% vs 71.57% average
- Volume vs its average
- 1.9×
Events
- Latest results
- Q1 FY27, filed 15 Aug 2026
- Board meeting filing
- 5 Sep 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Alpex Solar's revenue was ₹503 Cr (+32.5% year on year, -25.1% on the previous quarter), and net profit ₹39.9 Cr (-5.1% year on year); the operating margin was 14.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹503 | +32.5% | -25.1% |
| Operating profit | ₹74.5 | +18.3% | -16.3% |
| Net profit | ₹39.9 | -5.1% | -24.8% |
| EPS (₹) | 15.61 | -9.7% | -25.2% |
| Operating margin | 14.8% | — | — |
ALPEXSOLAR delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 81.85% of the ALPEXSOLAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.57%. The price fell 5.39% on that unusually high delivery, the pattern the delivery dashboard labels distribution.
Delivery in the last 5 sessions: 90.0% · 87.0% · 76.8% · 70.3% · 81.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CRISIL has upgraded Alpex Solar Limited's long-term bank facilities rating from 'CRISIL BBB+/Stable' to 'CRISIL A-/Stable' and short-term rating from 'CRISIL A2' to 'CRISIL A2+'. Simultaneously, the total bank loan facilities rated increased significantly from Rs 573 crore to Rs 1,078 crore, representing about 46% of TTM revenue (Rs 2,346 crore). The upgrade follows the recent September 2026 inauguration of the company's 2.2 GW G-12 TOPCon solar cell plant in Kosi Kotwan, Uttar Pradesh, which enhances its backward integration.
- Long-term bank facility credit rating upgraded to CRISIL A-/Stable from CRISIL BBB+/Stable
- Short-term credit rating upgraded to CRISIL A2+ from CRISIL A2
- Total bank loan facilities rated expanded to Rs 1,078 crore from Rs 573 crore
- Inaugurated a 2.2 GW G-12 TOPCon solar cell manufacturing facility at Kosi Kotwan in September 2026
CRISIL Ratings has upgraded Alpex Solar Limited's long-term bank facilities rating to 'CRISIL A-/Stable' from 'CRISIL BBB+/Stable' and short-term facilities to 'CRISIL A2+' from 'CRISIL A2'. The total rated bank loan facilities have been significantly enhanced from Rs 573 Crore to Rs 1,078 Crore. The upgraded facilities support the company's ongoing capacity expansion and working capital needs against its Rs 535 Cr existing debt base and Rs 2,346 Cr TTM revenue. The rating letter remains valid until March 31, 2027.
- Long-term bank facility rating upgraded to 'CRISIL A-/Stable' from 'CRISIL BBB+/Stable'
- Short-term bank facility rating upgraded to 'CRISIL A2+' from 'CRISIL A2'
- Total bank loan facilities rated enhanced to Rs 1,078 Crore from Rs 573 Crore
- Rating letter validity established through March 31, 2027
Alpex Solar Limited has declared the voting results and submitted the scrutinizer's report for its 33rd Annual General Meeting held on September 29, 2026. A total of 16,734,128 votes were polled, representing 65.51% of total outstanding shares, with promoter participation at 96.22%. All five ordinary resolutions—including the adoption of FY26 financial statements and auditor appointments—were approved with over 99.9% majority. The proceedings were standard and administrative in nature.
- All 5 ordinary resolutions approved with requisite majority (>99.9% in favor)
- 65.5136% total votes polled (16,734,128 votes out of 25,543,000 shares)
- Promoter group polled 16,196,928 votes (96.2241% of their holding), all 100% in favor
- M/s Seth and Seth re-appointed as Statutory Auditors for a second 5-year term
Alpex Solar has inaugurated its 2.2 GW G12R TOPCon PV solar cell manufacturing facility spanning 9 lakh sq. ft. in Kosi-Kotwan Industrial Area, Mathura, Uttar Pradesh. This represents the company's major backward integration from solar module assembly into cell manufacturing, marking the first integrated TOPCon giga line in Uttar Pradesh. The new capacity is aimed at supplying captive module operations and catering to growing domestic solar demand. The scale of the 2.2 GW facility is massive relative to the company's existing manufacturing footprint and supports its TTM revenue base of Rs 2,346 Cr.
- Inaugurated a 2.2 GW G12R TOPCon PV solar cell manufacturing facility
- Facility spans 9 lakh sq. ft. at Kosi Kotwan Industrial Area, Mathura, Uttar Pradesh
- Marks the first integrated TOPCon giga manufacturing line in Uttar Pradesh
- Supports backward integration from solar modules and EPC into cell production
Alpex Solar Limited has issued a communication informing shareholders that physical letters containing web-links to access the FY2025-26 Annual Report and 33rd AGM Notice were dispatched to members without registered email addresses. The 33rd Annual General Meeting is scheduled for September 29, 2026, via Video Conferencing. The cut-off date for e-voting eligibility is set for September 22, 2026, with remote e-voting running from September 25 to September 28, 2026.
- 33rd Annual General Meeting scheduled for September 29, 2026 at 03:00 P.M. IST
- Record/beneficial ownership date for sending electronic notices was September 04, 2026
- Remote e-voting window open from September 25, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
- Voting eligibility cut-off date set as Tuesday, September 22, 2026
Alpex Solar Limited has issued a notice convening its 33rd Annual General Meeting (AGM) for shareholders. The meeting is scheduled to take place on Tuesday, September 29, 2026, at 03:00 P.M. IST via video conferencing and other audio-visual means. The notice forms part of the company's Annual Report for the financial year 2025-26. This is a procedural statutory compliance filing under SEBI LODR Regulations 30 and 34(1).
- 33rd Annual General Meeting scheduled for September 29, 2026
- Meeting time fixed at 03:00 P.M. IST via video conference/OAVM
- Notice forms part of the Annual Report for financial year 2025-26
- Disclosed under Regulations 30 and 34(1) of SEBI LODR
Alpex Solar Limited's Board of Directors has approved the reappointment of M/s. Seth & Seth, Chartered Accountants, as Statutory Auditor for a second consecutive 5-year term (from the 33rd AGM to the 38th AGM). The Board also approved the appointment of Narendra Rahalkar & Co., Company Secretaries, as Secretarial Auditor for a 5-year tenure starting FY 2026-27. Both appointments are subject to shareholder approval at the company's 33rd Annual General Meeting, which has been scheduled for September 29, 2026, via video conferencing.
- Reappointment of M/s. Seth & Seth as Statutory Auditor for a 5-year term (FY 2026 to FY 2031)
- Appointment of Narendra Rahalkar & Co. as Secretarial Auditor for a 5-year term starting FY 2026-27
- 33rd Annual General Meeting scheduled for September 29, 2026 at 03:00 PM IST
Alpex Solar Limited has announced the inauguration of its 2.2 GW G12R TOPCon Solar Cell Manufacturing facility at Kosi Kotwan, Mathura, Uttar Pradesh. This represents a significant backward integration milestone for the solar PV module manufacturer, reducing dependency on imported/external solar cells. The commissioning of this cell capacity is critical to support the company's existing module operations and its TTM revenue base of ₹2,346 Cr. Investors should track subsequent commercial ramp-up and output stabilization timelines.
- Inaugurated 2.2 GW G12R TOPCon Solar Cell Manufacturing facility
- Facility located at Kosi Kotwan, Mathura, Uttar Pradesh
- Backward integration into solar cell manufacturing to support module expansion
- Utilizes advanced G12R TOPCon cell technology
Alpex Solar released its Q1 FY27 earnings call transcript, reiterating Q1 revenue of ~Rs 500 Cr and PAT of ~Rs 40 Cr. The company highlighted that its new 2.2 GW TOPCon G12R solar cell manufacturing line is scheduled to commence production around September 15, 2026, with first invoicing expected by September 19-20, 2026. This backward integration is planned to feed into its existing 2.4 GW (expanding to 3.6 GW) module lines to sustain margins amid rising domestic competition.
- 2.2 GW TOPCon solar cell line scheduled for production commencement by September 15, 2026, with first billing by September 19-20, 2026
- Module manufacturing capacity stands at 2.4 GW, with expansion underway toward 3.6 GW supported by 12,000 MT/year in-house aluminum frame capacity
- Reported Q1 FY27 revenue of ~Rs 500 Cr with EBITDA of ~Rs 80 Cr (15.5% margin) and PAT of ~Rs 40 Cr (8% margin)
- Planning backward integration into 2.5 GW wafer and ingot manufacturing ahead of ALMM List-III enforcement
Alpex Solar Limited announced the passing of all four postal ballot resolutions by shareholders with requisite majorities. Key approvals include raising the company's borrowing limit under Section 180(1)(c) up to ₹2,000 Crore, enabling creation of security/charges on undertakings under Section 180(1)(a). Additionally, shareholders approved the appointment of Mrs. Sangeeta Bhatia as an Independent Director and material related-party transactions with the Alpex NVNR Consortium (ANC) joint venture.
- Approved increase in borrowing powers under Section 180(1)(c) up to ₹2,000 Crore with 99.98% votes in favour
- Approved creation of mortgages/charges on company assets under Section 180(1)(a) with 99.98% approval
- Approved material related party transactions with Alpex NVNR Consortium (ANC) with 97.79% approval
- Approved appointment of Mrs. Sangeeta Bhatia as Independent Director with 99.996% approval
Alpex Solar Limited has made available the audio recording of its Earnings Conference Call held on August 17, 2026. The call discussed the company's unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27), where the company posted revenue of Rs 503.42 Cr and net profit of Rs 39.87 Cr. The management confirmed that all discussions were based on publicly available information without disclosure of unpublished price-sensitive information. The recording is accessible on the company's website.
- Audio recording uploaded for the Earnings Conference Call conducted on August 17, 2026
- Call covered financial results for the quarter ended June 30, 2026
- Prior intimation for the conference call was filed on August 14, 2026
- No unpublished price sensitive information (UPSI) was discussed during the interaction
Alpex Solar reported a 32.37% YoY increase in consolidated operating revenue to ₹503.42 crore in Q1FY27 compared to ₹380.32 crore in Q1FY26. EBITDA grew 20.92% YoY to ₹78.43 crore, while Profit After Tax (PAT) declined 5.75% YoY to ₹39.86 crore, resulting in an EPS of ₹15.61. On the operational front, the company announced that its 2.2 GW G12R TOPCon solar cell plant at Mathura is ready to commence production as a single integrated phase. The company has also applied for MNRE ALMM List-II inclusion for the new cell capacity.
- Operating revenue rose 32.37% YoY to ₹503.42 crore in Q1FY27 from ₹380.32 crore in Q1FY26.
- EBITDA increased 20.92% YoY to ₹78.43 crore compared to ₹64.86 crore in Q1FY26.
- PAT fell 5.75% YoY to ₹39.86 crore from ₹42.29 crore in Q1FY26.
- 2.2 GW G12R TOPCon solar cell facility ready to switch on production in a single integrated phase.
- Submitted application to MNRE for ALMM List-II inclusion for the 2.2 GW solar cell plant.
Alpex Solar released its Q1 FY27 investor presentation highlighting its roadmap to scale solar PV module capacity to 3.6 GW and G12R TOPCon solar cell capacity to 2.2 GW by FY27. The company disclosed that commercial production at its solar cell plant is delayed by approximately one month due to a minor fire incident on July 21, 2026, and imported equipment logistics disruptions. Long-term goals for FY30 include 5 GW of solar glass and 5 GW of wafers and ingots capacity. This backward integration roadmap aims to expand margins beyond its TTM revenue base of Rs 2,223 Cr.
- Targeting 3.6 GW module manufacturing capacity and 2.2 GW G12R TOPCon solar cell capacity by FY27
- Commercial production of 2.2 GW cell plant delayed by ~1 month due to a minor fire incident on July 21, 2026, and logistics disruptions
- Long-term FY30 targets include 5 GW solar glass manufacturing capacity and 5 GW wafer & ingot manufacturing capacity
- Expanding across 1 Million+ sq ft of manufacturing area with 6 units functional by FY27
Alpex Solar has scheduled its Q1 FY27 earnings conference call for August 17, 2026, to discuss financial performance with analysts and institutional investors. The company enters the new fiscal year following a strong FY26 where TTM revenue reached Rs 2,223 Cr with an OPM of 14.4%. Investors will likely seek updates on the execution of the Rs 1,400 Cr unexecuted order book and the progress of the 100% capacity expansion project. The management team, led by MD Mr. Ashwani Sehgal, will also likely address the status of the Rs 282 Cr capex commercialization.
- Earnings conference call scheduled for August 17, 2026, at 16:00 IST.
- Interaction regarding financial results for the quarter ended June 30, 2026 (Q1 FY27).
- Company is currently executing an unexecuted order book of Rs 1,400 Cr.
- TTM revenue stands at Rs 2,223 Cr with a PAT of Rs 202 Cr as of FY26.
- Capacity expansion of over 100% is underway to meet existing demand.
Company profilewritten 13 Dec 2025
Financial Performance
Revenue Growth by Segment
Overall business volume grew by approximately 270% to 300% YoY. Segment-specific growth percentages for solar modules versus EPC services are not explicitly broken down, but the consolidated turnover for the subsidiary Alpex Green Energies Private Limited was INR 11.09 Cr for the period ending March 2025.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates primarily in the Indian market with a focus on government-aided growth measures.
Profitability Margins
Operating Profit Margin (OPM) is currently at 16%. Management targets a steady-state OPM of 16-18% for FY26. A decline in profitability to 7-8% is identified as a significant downward risk factor for credit ratings.
EBITDA Margin
EBITDA margins are expected to see a slight improvement from the current 16% level as under-implementation EPC projects are completed. Current margins were slightly impacted by higher interest costs and additional manpower expenses related to a 100% capacity expansion phase.
Capital Expenditure
The company is undertaking a significant debt-funded capital expenditure of INR 282 Cr spanning fiscals 2025 to 2027 to expand production capacity for solar modules.
Credit Rating & Borrowing
Credit rating was upgraded to CRISIL BBB+/Stable and CRISIL A2 from CRISIL BBB/Positive and CRISIL A3+. Interest coverage is expected to remain healthy at 12-13 times in fiscal 2026 despite the debt-funded expansion.
Operational Drivers
Raw Materials
Solar cells, glass, and aluminum frames are the primary components, though specific percentage breakdowns per material are not disclosed. The company is susceptible to volatility in commodity prices which impacts the 16% operating margin.
Import Sources
Not disclosed in available documents, though the company notes that its products remain competitive against imported solar modules.
Capacity Expansion
Current capacity is being expanded by more than 100% to meet the INR 1,400 Cr order book. The expansion is funded by a mix of a INR 260 Cr preferential allotment and debt.
Raw Material Costs
Raw material costs are subject to global commodity price volatility. Management uses a conservative procurement approach to mitigate price swings that could otherwise compress the 16% OPM.
Manufacturing Efficiency
The company employs 232 total personnel, with 143 (61.6%) dedicated to production and 15 (6.5%) to quality control, indicating a high focus on manufacturing output and standards.
Logistics & Distribution
Store and Logistics department consists of 11 employees (4.7% of total workforce) to manage the distribution of solar modules.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be achieved through a 100% capacity expansion of solar module manufacturing, execution of the INR 1,400 Cr unexecuted order book, and potential backward integration into solar cell manufacturing. The company is also exploring green hydrogen through its subsidiary Alpex GH2 Private Limited.
Products & Services
Solar PV modules and Solar EPC (Engineering, Procurement, and Construction) services for solar power plants.
Brand Portfolio
Alpex Solar.
New Products/Services
The company is evaluating backward integration into solar cells, ingots, and wafers. It has also incorporated Alpex GH2 Private Limited to enter the Green Hydrogen sector.
Market Expansion
Expansion is focused on scaling existing solar module capacity and increasing the footprint of EPC projects across India, supported by government renewable energy mandates.
External Factors
Industry Trends
The solar industry is shifting toward deeper backward integration (ingots/wafers). The market is growing rapidly due to government measures, and Alpex is positioning itself by doubling capacity to capture this demand.
Competitive Landscape
Intense competition from large-scale players like Waaree, who are moving deeper into the value chain with ingot and wafer manufacturing.
Competitive Moat
Moat is based on the long-standing presence of promoters in the industry and established technical expertise. Sustainability depends on the timely execution of the INR 282 Cr capex to maintain cost competitiveness.
Macro Economic Sensitivity
Highly sensitive to government renewable energy policies and PLI (Production Linked Incentive) benefits which drive the demand for the INR 1,400 Cr order book.
Consumer Behavior
Increasing shift toward renewable energy by industrial and government sectors is driving the 270-300% growth in business volume.
Geopolitical Risks
Trade barriers on imported solar cells or modules could impact input costs or competitive positioning against foreign manufacturers.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI regulations, and Ministry of New and Renewable Energy (MNRE) standards for solar module manufacturing.
Taxation Policy Impact
The subsidiary Alpex Green Energies Private Limited had a tax provision of INR 23.93 Lakhs on a profit before tax of INR 94.89 Lakhs (approx. 25.2% effective rate).
Legal Contingencies
No significant or material orders were passed by any regulator, court, or tribunal during the year that would impact the going concern status.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timely completion of the INR 282 Cr capex without cost overruns, which is a key monitorable for maintaining the BBB+ credit rating.
Third Party Dependencies
Dependency on external vendors for solar cells and specialized manufacturing equipment for the capacity expansion.
Technology Obsolescence Risk
The solar industry faces rapid technology shifts (e.g., from Mono-PERC to TOPCon cells); Alpex's decision to backward integrate will depend on technology tie-ups and scale.
Credit & Counterparty Risk
Receivables have increased due to the >100% expansion in business volume, though liquidity is supported by INR 43 Cr in unencumbered cash.
