Alpex Solar Limited, a prominent Indian solar solutions provider, has secured a ₹345 crore order for the supply of solar modules from a leading domestic player. The project is slated for completion by March 2026, and the announcement sent the company’s shares up nearly 5%, reflecting strong investor confidence in its growth trajectory.
Project and Strategic Significance
The order will enhance Alpex Solar’s revenue pipeline and consolidate its reputation as a trusted supplier of sustainable solar solutions for residential, commercial, and utility-scale clients. This milestone underscores the company’s growing credibility in India’s renewable energy sector and positions it to meet the increasing demand for solar infrastructure.
Capex and Capacity Expansion Plans
Alpex Solar has announced a total capital expenditure of ₹642 crore to expand its solar module and cell manufacturing capabilities at its Kosi facility:
- ₹400 crore in FY26, targeting completion of module expansion by December 2025 and the first phase of the solar cell plant by March 2026.
- ₹242 crore in FY27 to further boost production capacity.
The company’s current module manufacturing capacity of 1.2 GW is set to double to 2.4 GW, while a 500 MW phase of its 1.6 GW solar cell project is expected to start commercial production in FY26. Additionally, Alpex Solar is establishing an aluminum frame facility with a 12,000 MT annual capacity, and plans to expand EPC services to 150 MW and power generation capacity to 100 MW by FY27.
Company Profile and Client Base
Founded in 1993 and headquartered in Greater Noida, Uttar Pradesh, Alpex Solar is a leading solar photovoltaic (PV) module manufacturer and integrated energy solutions provider. The company specializes in bifacial, mono PERC, and half-cut modules using advanced cell technologies.
Alpex Solar serves prominent clients including Tata Power, NTPC, Indian Oil, Godrej, HAL, Powergrid, and SECI, delivering solutions that support India’s transition to renewable energy.
Financial Performance
Alpex Solar has reported remarkable growth in recent quarters:
- Revenue surged from ₹77 crore in Q1 FY25 to ₹380 crore in Q1 FY26, a 393.5% increase.
- Net profit jumped from ₹1 crore to ₹42 crore, a 4,100% increase.
- Over the past five years, revenue and net profit have grown at CAGR of 51.4% and 94.3%, respectively.
- ROCE stands at 51.8% and ROE at 48.1%, with an EPS of ₹34.11 and a debt-to-equity ratio of 0.36x.
Outlook
The ₹345 crore order, coupled with Alpex Solar’s ongoing capacity expansions and robust financial performance, positions the company for continued leadership in India’s solar energy sector. With a growing client base and strategic investments in manufacturing and EPC capabilities, Alpex Solar is well-poised to capitalize on the accelerating adoption of renewable energy solutions.
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