Alpex Solar Ltd(ALPEXSOLAR)

NSE: ALPEXSOLAR

₹ 680+0.81%refreshed 26 Oct, 10:01 am ISTMarket cap: ₹ 1,737 crWebsite: www.alpexsolar.com/Updated: 24 Oct 2026

About

Alpex Solar Ltd is an Indian manufacturer of solar modules, EPC solutions, and solar-powered water pumps (Kusum scheme), with integrated aluminium frame production. In FY26 the company reported revenue of Rs. 2,223 cr, a 2.85x increase over FY25, with PAT of Rs. 201 cr. It operates manufacturing facilities in Greater Noida and Kosi Kotwan (Uttar Pradesh) with 2.4 GW of installed solar module capacity and is commissioning a 2.2 GW G12R TOPCon solar cell line that would make it one of India's first fully integrated cell-to-module producers.^[1][2][3]

Business segments

Solar modules (B2B and DCR) are the dominant revenue segment, complemented by EPC project execution (guided at 12 - 13% of full-year revenue) and Kusum solar pump supply; aluminium frames are produced for internal use and third-party sale.^[4][3]
EPC contributed 11.21% of Q2 FY26 revenue; management guided a full-year mix of 12 - 13% for FY26, with EPC completions skewed to the second half.^[4]
Kusum solar pump segment did Rs. 223 cr in FY26; FY27 target is Rs. 500 cr, with Rs. 350 cr of orders already received as of Q1 FY27.^[3]

Manufacturing capacity

Solar module capacity stands at 2.4 GW as of Q1 FY27, spread across units in Greater Noida (Eco-tech) and Kosi Kotwan; Unit V (1.2 GW) commenced trial production in Q3 FY26.^[5][3]
2.2 GW G12R TOPCon solar cell line at Kosi Kotwan (9 lakh sq. ft.) has incurred capex of Rs. 890 cr as of Q1 FY27; production start targeted around September 15, 2026 after a ~one-month delay caused by a July 21, 2026 fire incident.^[3]
Aluminium frame capacity at Unit VII (Kosi Kotwan) reached 12,000 MT/yr in Q1 FY27; utilisation ran above 75 - 80% in Q3 FY26.^[3][5]
Total debt on the cell project stands at Rs. 341 cr as of Q1 FY27; the project was funded via Rs. ~400 cr term loan and the remainder from internal accruals.^[3][5]

Key operating numbers

Order book was ~Rs. 1,900 cr in Q4 FY26, with an execution horizon of six to seven months; it stood at ~Rs. 1,900 cr in Q3 FY26 as well.^[2][5]
Blended module realization was ~Rs. 17.5/Wp in Q3 FY26; TOPCon cell realization was guided at Rs. 13 - 14/Wp in Q4 FY26.^[5][2]
Module capacity utilisation was 75 - 80% in Q3 FY26; management targets 90 - 95% cell line utilisation within 45 days of first cell production.^[5]
Cumulative solar pumps deployed exceeded 26,000 units as of Q1 FY27.^[3]
Q1 FY27 revenue was Rs. 503 cr (1.32x YoY); EBITDA was Rs. 78.43 cr (15.58% margin); PAT was Rs. 39.86 cr (7.92% margin).^[3]

Customers and distribution

Alpex signed a DCR cell supply contract with Tata - described as the only company to do so as of Q2 FY26 - providing a dedicated pipeline insulated from non-DCR pricing.^[4]
80 - 85% of the 2.2 GW cell output is intended for internal module consumption; the remaining ~20% is targeted for external sale, partly via a barter arrangement for other cell sizes.^[2]

Expansion and capex

Solar module capacity to expand from 2.4 GW to 3.6 GW by FY27 via Unit IV at Kosi and machine upgrades adding 300 - 400 MW at existing Greater Noida units.^[2][3]
Aluminium frame capacity to expand from 12,000 MT/yr to 18,000 MT/yr; announcement described as imminent as of Q1 FY27, funded from internal accruals.^[3]
100 MW ingot/wafer pilot plant targeting production by end of Q1 FY28 (June 2027); building is near-ready and technology partner selection is 70 - 80% complete as of Q1 FY27.^[3]
2.5 GW ingot/wafer manufacturing capacity targeted by June 2028, aligned with anticipated ALMM List-III requirements; full 5 GW wafer/ingot and 5 GW solar glass capacity planned by FY2030.^[3][2]
Ingot/wafer expansion to be funded via internal accruals with minimal debt, mirroring the cell-line funding strategy; no equity raise planned as of Q1 FY27.^[3]

Regulatory and competitive context

ALMM List-II enforcement from June 1, 2026 prohibits use of imported (including Chinese) solar cells in DCR-compliant modules, structurally protecting domestic cell producers such as Alpex.^[2]
Management attributes margin outperformance vs peers to selective order-taking, avoiding low-margin or highly competitive orders, aided by the EPC and Kusum pump mix.^[3]

Recent developments

A fire incident on July 21, 2026 at the Kosi cell facility damaged critical areas and delayed commissioning by approximately one month; production start revised to around September 15, 2026.^[3]
SAP S/4HANA fully implemented at the start of FY27, covering procurement, inventory, manufacturing, and finance across all operations.^[2]
Alpex becomes eligible to migrate from NSE Emerge to the main boards of NSE and BSE on February 15, 2027; documents to be filed on that date with approval expected within two to three months.^[3][2]
H2 FY27 revenue guided at ~Rs. 1,700 cr from ~1 GW of cell output (assuming 65% DCR conversion at ~Rs. 2,300 - 2,400 cr/GW); full-year FY28 revenue guided at ~Rs. 4,000 cr.^[3]

Market Cap

₹1,737 Cr

High / Low

₹1,319 / 660

Stock P/E

10.0

Price / Book

3.6

Book Value

₹220

EPS

₹78.9

No. of Shares

2.55 Cr

ROCE

43.8%

ROE

51.8%

OPM

13.6%

Debt / Equity

0.90

Sales

₹2,223 Cr

Net Profit

₹202 Cr

Promoter holding

65.9%

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