Alpex Solar

Listed Manufacturer — per-stock model.

As of 21 Aug 2026

Manufacturer—

CMP ₹816NSE: ALPEXSOLAR

Latest concall

Q4 FY26 · 25 May 2026

FY26 revenue ₹2,223cr (2.85x YoY); EBITDA ₹327cr; PAT ₹201cr (2.41x).
Q4 revenue ₹671cr, EBITDA ₹93cr (~14% margin), PAT ₹53cr.
Module capacity 2.4GW (Greater Noida); 2.2GW G12R TopCon cell line commissioning at Kosi, UP.
26,000+ solar water pumps installed; EBITDA margin expanded ~6.5% to ~15% over four years.

Order-book execution

Sitting on ~₹1,900cr order book and deliberately slowing new intake to prioritise 3.6GW module plus cell ramp.

Management guidance

Module capacity rising 2.4GW to 3.6GW; 2.2GW cell line operational in ~90 days.
FY27 revenue target >₹3,000cr (2x); aiming ~20% blended EBITDA margin post cell integration.
5GW solar glass + 5GW ingot/wafer by FY2030; ₹10,000cr revenue vision.

Alpex Solar Q4 & FY26 Investors/Analysts Meet transcript, NSE filing dated 28-May-2026

Order book

₹1,900cr

Revenue FY26E

2,223₹ cr

EBITDA margin

14%

P/E

10.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY20	98	7	7.0%	3	—	—	—	—	—	—	—
FY21	149	9	6.0%	3	—	—	—	—	—	—	—
FY22	166	5	2.7%	0	—	—	—	—	—	—	—
FY23	195	12	6.0%	4	—	—	—	—	—	—	—
FY24	413	37	9.0%	27	—	—	—	—	—	10.9	—
FY25	780	126	16.0%	83	—	—	—	—	—	34.1	—
FY26	2,223	319	14.0%	202	—	—	—	—	—	78.9	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q3FY24	79	8	10.0%	5	6.3%
Q4FY24	121	14	12.0%	6	5.0%
Q1FY25	77	4	5.0%	1	1.3%
Q2FY25	188	31	16.0%	24	12.8%
Q3FY25	188	37	20.0%	23	12.2%
Q4FY25	327	54	16.0%	35	10.7%
Q1FY26	380	63	16.0%	42	11.1%
Q2FY26	523	78	15.0%	53	10.1%
Q3FY26	648	90	14.0%	54	8.3%
Q4FY26	672	89	13.0%	53	7.9%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

10.4×

EV / EBITDA

7.9×

P/B

3.7×

Operating metrics

What the rest of the dashboard tracks for Alpex Solar — capacity, auctions, offtake, manufacturing and returns.

3.5%

Greenfield IRR · Module

at its 14% margin

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Kosi Kotwan 2.2 GW TOPCon cell (Uttar Pradesh)	2.2 GW	Q1 FY27	Q2 FY27	+1Q	on track

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026