Alpex Solar Ltd.
Revenue up by 4.6x in just 3 years!?
Here at EquityEdge Research, we make Small-Cap Investing easy for you by Backing you up with Robust & Full-Fledged Research.
Please Fill the form Below if you are interested in our Services and would like a Free Sample of our Equity Research Report covering a Small/Micro-cap Company.
Read our Previous Report here:
Table of Content:
Key Highlights.
Company Price Chart Analysis.
About the Company.
Management Analysis.
Business Breakdown.
Financial Analysis
Ratio Analysis.
Shareholding Analysis.
SWOT Analysis.
Concall Analysis (Q4FY25).
Growth Drivers & Risks.
Competitor Analysis.
Let’s go!
1. Key Highlights:
2. Company Chart Analysis:
*Comparison charts are Indexed*
Alpex Solar Ltd. Performance
Alpex Solar Ltd. vs. NSE Nifty
Alpex Solar Ltd. vs. NSE Smallcap
3. About the Company:
Alpex Limited (officially Alpex Solar Limited) is an Indian company engaged primarily in the renewable energy sector. Established in 1993 and headquartered in Greater Noida, the company initially started with trading knitting accessories but has since transformed into a solar-focused enterprise. Today, Alpex is known for manufacturing high-efficiency solar modules and offering integrated solar energy solutions across India.
Business Segments:
Solar Division (Main Segment):
Manufacturing of solar PV modules (monocrystalline, polycrystalline, bifacial, mono-PERC, half-cut).
EPC services for solar systems including both DC and AC solar water pumps.
Turnkey solutions for rooftop solar projects and ground-mounted grid-connected solar power plants.
Knitting Accessories Division (Legacy Segment):
Import and trading of circular knitting needles and related items.
A minor, legacy business line retained from the company’s early days.
3.1 COMPANY AT A GLANCE
3.2 COMPANY STRUCTURE
3.3 COMPANY JOURNEY
3.4 PRODUCTS/SERVICES
SOLAR PV MODULES (83.4% OF TOTAL REVENUES IN FY25)
EPC SERVICES OF AC/DC SOLAR PUMPS (15.2% OF TOTAL REVENUES IN FY25)
3.5 MARQUEE CLIENTELE
3.6 MANUFACTURING FACILITIES
3.7 MEGA EXPANSION PLANS
NOTE: *per year
4. Management Analysis:
4.1 KMP's Remuneration
5. Business Breakdown:
6. Company’s Financial Analysis:
6.1 REVENUE:
The company reported revenue of ₹780 crore in FY25, up from ₹413 crore in FY24, marking an 88.9% year-on-year (YoY) increase. Over the last five years, revenue has grown at a CAGR of ~51.4%.
Revenue Sources:
Solar PV Modules: Approximately 83.4% of total revenues in FY25 were derived from the manufacturing of solar PV modules. This amounts to ₹660 Cr of revenue. The company sold 450 MW of solar PV modules to realize this revenue. Alpex currently realizes ~₹17 per watt on average. However, prices are slightly declining due to market competition.
EPC Services of AC/DC Solar Pumps: The EPC services for AC/DC solar pumps contributed 15.2% of total revenues in FY25, which translates to roughly ₹120 crores. The company has installed over 21,000+ water pumps across India.
Export Revenue: Exports are currently just ~2% because the Indian market offers better pricing and faster cash flows. Exporting to markets like the US takes longer due to shipping and payment cycles. However, with upcoming capacity expansion and in-house cell production, Alpex will target exports again, particularly to the US and other past markets like Germany and Australia.
Outlook:
The company does not see any saturation in demand and anticipates wonderful growth over the next 2-3 years.
The order book within the first 50 days of the current financial year (FY26) is almost ₹1,400 crores, which the company aims to complete within this year. This significantly surpasses last year's closing revenue of ₹780 crores.
The company's expansion plans, including doubling solar module manufacturing capacity to 2.4 GW and adding a 1.6 GW solar cell manufacturing line, are expected to drive future revenue and profitability.
Backward integration into solar cell manufacturing and aluminium frames is expected to expand EBITDA margins further due to higher profitability in cell manufacturing and greater control over costs.
The goal is to grow 100% annually, and management is optimistic about sustaining this pace due to capacity expansion, strong order flow, and a favorable policy environment.
6.2 GROSS PROFIT:
The Gross Profit has grown at a CAGR of ~52.8% in the past 5 years. The gross profit margin is expected to improve due to backward integration into solar cell manufacturing and aluminium frames, which will provide greater control over costs.
6.3 EBITDA:
EBITDA has grown at a CAGR of 78% in past 5 years. EBITDA has increased mainly on account of an increase in sales volume growth. EBITDA margins are expected to improve significantly.
By manufacturing solar cells and aluminum frames in-house, Alpex will reduce reliance on external suppliers, lower input costs, and capture more of the value chain. As solar cells typically have higher profit margins than modules, this vertical integration will protect margins and enhance profitability, even in a competitive pricing environment.
6.4 Net Profit:
Net Profit has grown at a CAGR of 94.3% in the past 5 years. The increase in margin is as expected because of the increase in EBITDA Margin. Net profit is expected to increase mainly on account of increasing EBITDA margins.
6.5 Balance Sheet:
6.6 Common-Size Balance Sheet:
6.7 Cash Flow Analysis:
6.8 Cash Conversion Cycle:
7. KEY RATIOS:
8. Shareholding Pattern:
9. SWOT ANALYSIS:
10. CONCALL ANALYSIS (Q4FY25):
10.1 Order Book and Business Outlook
Current Order Book
Alpex Solar has built a robust order book of nearly ₹1,400 crore within the first 50 days of the current fiscal year.Significant Orders
The company has secured several major orders, including ₹45 crore from MSEDCL for solar water pumps, ₹210 crore from SECI for PV modules, ₹65 crore from HAREDA for pumps, ₹245 crore from CMPDIL, and ₹758 crore from the private sector.Order Execution Timeline
The company targets completing the execution of the ₹1,400 crore order book within the current financial year, ensuring a strong revenue pipeline.Demand Outlook
Management remains confident about sustained demand, with no signs of saturation anticipated for the next two to three years.
10.2 Expansion and Capacity Updates
Module Manufacturing
Alpex Solar’s current module capacity stands at 1.2 GW at Greater Noida, with plans to double capacity to 2.4 GW by the end of FY26 through an additional 1.2 GW line at Sikandrabad. The expansion at Sikandrabad is expected to be completed and production-ready by December.Solar Cell Manufacturing
The company is adding a 1.6 GW solar cell manufacturing facility, to be implemented in three phases—500 MW, 500 MW, and 600 MW over two years. This facility will produce both Mono Perc and TOPCon technology cells, with the first 500 MW phase targeted for completion and operational status by March.Aluminum Frames
Alpex Solar is adding 12,000 metric tons per annum capacity for aluminum frames at its Kosi facility to strengthen its backward integration.EPC and IPP Services
The company plans to add 150 MW of EPC projects and 100 MW of IPP projects over the next two years, expanding its service offerings.
10.3 New Initiatives and Subsidiaries
Alpex Green Energies Pvt Ltd
This wholly-owned subsidiary handles the EPC and IPP businesses and recently secured an EPC order worth ₹349 crore from Coal India.Alpex GH2
Alpex Solar has launched Alpex GH2, a subsidiary focused on research in hydrogen storage technology as part of its future-ready strategy.Chandra Energy and SPV
These entities were acquired under Alpex Green Energies to support IPP operations and growth plans.
10.4 Funding and CAPEX
CAPEX Plans
The total CAPEX plan stands at ₹642 crore for solar cell manufacturing and the Kosi factory expansion.Funding Sources
This CAPEX will be financed through internal accruals, potential equity dilution (which is under consideration but undecided), and debt, with the company maintaining a conservative stance on high leverage.FY26 CAPEX Outlook
Alpex Solar expects to incur about ₹400 crore in CAPEX during FY26, with the remaining ₹242 crore to be spent in the subsequent year.
10.5 Industry and Regulatory Environment
Favorable Regulatory Support
The industry benefits from extremely supportive regulations, providing a conducive environment for growth.Module Manufacturing Landscape
India’s module manufacturing capacity is projected to rise to around 500 GW over the next five years, creating opportunities for domestic players.ALMM and Import Policies
Under ALMM norms, IPPs are mandated to source modules made in India, and the government has imposed a ban on solar module imports.Cell Manufacturing and ALCM Norms
India’s cell manufacturing capacity is expected to increase to around 75 GW by FY26 from the current 10 GW. The MNRE’s draft ALCM norms, similar to ALMM, are set to limit solar cell imports.Anti-Dumping Measures
Anti-dumping duties have been levied on aluminum frames at $577 per ton and on solar glass, providing a competitive edge to domestic manufacturers.
10.6 Operational Aspects
Capacity Utilization
The existing facilities are operating at about 65% to 67% capacity utilization, reflecting healthy demand.New Unit Utilization Outlook
Alpex Solar is in advanced negotiations with large buyers for its new unit, and it expects to secure orders covering 50% of capacity before production begins.Product Portfolio
The company offers solar PV modules using Mono Perc, Half Cut, Bi-Facial, and TOPCon technologies, along with EPC services for solar water pumps, which contribute about 15% of revenues with over 21,000 pumps installed.
10.7 Management Guidance and Outlook
Growth Outlook
Management is targeting at least 100% year-on-year growth.Q1 FY26 Expectations
The company expects a strong Q1 FY26 with significant growth over the prior year, as indicated by the solid sales performance in the first 50 days.Module Price Trends
While module prices have seen slight declines due to competition, prices have recently begun to recover. Management does not anticipate major adverse impacts on the topline or bottom line.Export Strategy
Although export plans to the USA are in place, the domestic market currently offers better margins and faster payments. The company expects expanded capacity and in-house cell manufacturing to enhance its export competitiveness, building on past export experience to Germany, Italy, and Australia.
11. Growth Drivers & Risks:
12. Key Competitors of the Company:
1. Swelect Energy Systems Ltd
Swelect is a veteran player in the renewable energy space, known for manufacturing high-efficiency solar PV modules (including Mono-PERC and TOPCon) and electrical balance-of-system (BOS) components like inverters, PCUs, and module mounting structures. It operates an advanced automated plant in Tamil Nadu and supplies to both Indian and international markets.
2. Insolation Energy Ltd (INA Solar)
Based in Jaipur, Insolation Energy is a fast-growing solar panel manufacturer offering mono-facial, bifacial, and TOPCon solar modules. The company also provides turnkey EPC solutions and has invested in advanced automation technologies across its manufacturing units in Rajasthan and Madhya Pradesh.
3. Websol Energy System Ltd
Websol is an integrated solar cell and module manufacturer headquartered in West Bengal. It produces high-efficiency mono-PERC solar cells and modules from its facility in Falta SEZ. The company is known for being among the early Indian players in solar manufacturing and is expanding into new technologies via joint ventures.
Thank You So Much For Reading!!
Researched By- Naresh, Mayank and Vaibhav
All information is sourced from the company's annual reports, Press Release, News Articles, GoIndiastocks.in, Screener.in, industry reports, and Economy Outlook reports.
Disclaimer: We do not recommend buying or selling any stock. You should consult your financial advisor before buying or selling any financial instrument.
We are Proud to Announce Our New Launch of the Premium services where we Deep-dive into the Business and back you up with Robust Research.
We Provide services for different Level of Investors. You can Email us directly to start your journey!
If you like the hard work we put in, you can invest in us:
For our Non-Indian audience: You can donate to us through PayPal. Click here.
For our Indian audience, UPI QRs are given below:
