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Alpex Solar Ltd.

Alpex Solar Ltd.

ALPEXSOLAR.NS
Alpex Solar Ltd.IN flagNational Stock Exchange of India
791.00
INR
-3.65
- -
20.20BMarket Cap
Alpex Solar Ltd.
ALPEXSOLAR.NS
(National Stock Exchange of India)

Recent

price

791.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2021
2022
2023
2024
2025
2026
TTM
FRC
60.69
67.65
79.37
218.26
318.78
- -
888.36
Revenue per Share
1.29
0.08
1.53
15.47
34.11
- -
80.91
Basic EPS, GAAP
-0.57
-1
-5.14
-10.47
-6.29
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
14.82
14.89
16.43
40.71
65.36
- -
10.21
Book Value per Share
15.2
15.28
16.82
70.73
86.84
- -
222.54
Tangible Book Value per Share
24
24
24
19
24
- -
25
Basic Weighted Avg Shares
1,485
1,656
1,943
4,105
7,802
22,233
22,233
Sales/Revenue/Turnover
5.11
2.35
5.12
8.63
14.97
13.3
13.3
Operating Margin (%)
23
26
21
35
85
241
241
Depreciation Expense
32
2
37
291
835
2,015
2,025
Net Income, GAAP
9.65
38.11
29.45
14.26
25.67
27.9
27.8
Effective Tax Rate (%)
2.12
0.12
1.92
7.09
10.7
9.06
9.11
Profit Margin (%)
247
275
236
795
1,216
3,762
3,762
Working Capital
119
121
85
45
203
2,870
2,870
LT Debt
376
378
415
1,330
2,164
5,618
5,618
Total Equity
- -
3.63
9.12
21.79
34.32
29.2
29.24
Return on Invested Capital (%)
- -
3.41
8.45
31.91
48.81
54.43
54.69
Return on Capital (%)
- -
0.53
9.75
49.81
70.59
217.22
218.31
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
1,140
- -
2,495
LT Borrowings
385
- -
2,597
LT Finance Leases
218
- -
273
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
- -
- -
Market Capitalization
28,355
20,341
19,002

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
7,384
- -
9,060
Cash, Cash Equivalents & STI
1,400
- -
1,580
Accounts Receivable, Net
2,357
- -
2,547
Inventories
1,892
- -
3,589
Total Current Liabilities
3,996
- -
5,298
Payables & Accruals
- -
- -
- -
ST Debt
1,140
- -
2,495
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
90.62%
159.6%
Free Cash Flow
- -
666.68%
2,807.43%
Net Income, GAAP
- -
547.51%
141.35%
Sales/Revenue/Turnover
- -
83.03%
184.98%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
792
1,185
- -
4,105
2025
767
1,884
1,876
3,274
7,802
2026
3,803
5,229
6,481
6,720
22,233

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
1.84
- -
- -
15.47
2025
0.43
9.69
9.56
14.43
34.11
2026
17.28
21.45
21.25
20.85
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Alpex Solar Limited (NSE: ALPEXSOLAR) designs, manufactures, and sells photovoltaic (PV) modules and provides solar energy solutions primarily in India. The company produces a range of solar PV modules including bifacial, mono PERC, half-cut, Topcon, monocrystalline, and polycrystalline variants; offers engineering, procurement, and construction (EPC) services for surface- and submersible-class DC/AC solar pumps; supplies aluminum frames and junction boxes; and delivers large-scale power plants, distributed PV power plants, and household PV solutions. Alpex Solar operates from manufacturing facilities in Greater Noida with a current capacity of 1.2 GW, expanding to 2.4 GW, and maintains additional segments in import and trading of circular knitting needles and related items. Incorporated in 1993 and headquartered in Noida, India, the company targets utility-scale projects, industrial clients, government agencies, and residential customers across domestic markets. In recent developments, Alpex Solar completed its initial public offering (IPO) on NSE Emerge in February 2024 to fund expansion of its solar module manufacturing capacity by 750 MW, establishment of an aluminum frame unit, working capital, and general corporate purposes. The company secured multiple major contracts in 2025, including a ₹349.99 crore EPC order as part of a consortium with NVNR Power & Infra Ltd (holding 70% stake) from Central Mine Planning and Design Institute Ltd (CMPDIL), a Coal India subsidiary, for a 70 MW solar plant; a ₹210 crore solar module supply contract from Solar Energy Corporation of India (SECI); a ₹378 crore PV module order from a leading industry player; a ₹380.52 crore module supply deal with a major Indian manufacturer; and a ₹65.33 crore contract from Haryana Renewable Energy Development Agency (HAREDA) for 2,119 solar water pumps, totaling over ₹1,068 crore in new orders. These wins underscore Alpex Solar's growing EPC capabilities and position in India's renewable energy sector.