Skip to content

    Alpex Solar

    ALPEXSOLAR
    Capital Goods·25 May 2026
    Management Summary

    Alpex Solar reported robust financial performance for FY26, with significant year-on-year growth across revenue, EBITDA, and PAT. The company is actively pursuing backward integration into solar glass, ingot, wafer, and cell manufacturing, with a 2.2 GW TOPCon cell line expected to be operational soon. While Q4 FY26 saw some sequential flatness due to external supply chain and geopolitical challenges, management remains optimistic about future growth driven by domestic policies and strategic expansions.

    Highlights

    5

    • FY26 Revenue grew 2.85x to ₹2,223 crores from ₹780 crores last year.

    • FY26 EBITDA scaled 2.56x to ₹327 crores from ₹128 crores last year.

    • FY26 PAT grew 2.41x to ₹201 crores from ₹83 crores last year.

    • Q4 FY26 Revenue more than doubled YoY to ₹671 crores, with PAT increasing from ₹35 crores to ₹53 crores.

    • Strategic backward integration plans for 5 GW solar glass and 5 GW ingot/wafer lines by FY2030, and a 2.2 GW TOPCon solar cell line expected operational within 90 days.

    Concerns

    2

    • Q4 FY26 revenue and EBITDA were relatively flat QoQ due to glass unavailability, raw material shortages, and increased container freight costs caused by the Iran war.

    • Shipping line disruptions and increased freight costs impacted operations.

    Key financials

    Metrics

    7

    Periods

    2

    Q4 FY26

    4
    • Revenue
      ₹671 Cr
      YoY+100%
    • EBITDA
      ₹93 Cr
    • EBITDA Margin
      14%
    • PAT
      ₹53 Cr
      YoY+51.4%

    FY26

    3
    • Revenue
      ₹2,223 Cr
      YoY+1.9%
    • EBITDA
      ₹327 Cr
      YoY+1.6%
    • PAT
      ₹201 Cr
      YoY+142.1%

    Order Book

    high confidence

    Total Value

    ₹ 1,900 crores

    as of 2026-05-25

    quantified

    "We rather are not taking more orders because we want to capitalize on the cell business as of now. So, we will have a lot of orders and whatever guidance which we are giving will be surpassed if we have the good orders and the cell line will add a lot of orders to our order book."

    Source:
    Q&A

    Capital allocation

    2
    medium confidence
    CategoryHeadline
    Capex

    Capex disclosed

    entirely through internal accruals for pilot project and aluminum frames expansion

    Liquidity

    Liquidity disclosed

    Maintained a large inventory of Rs.316 crores to manage raw material pressures.

    Guidance & targets

    14
    CategoryTargetPriority
    Revenue
    Revenue Vision
    ₹10,000 crores
    		High
    Revenue
    Revenue
    >₹3,000 crores
    		High
    Revenue
    Revenue per 1 GW Cell Capacity
    ₹1,350 crores
    		High
    Capacity
    Solar Glass Line Capacity
    5 GW
    		High
    Capacity
    Ingot and Wafer Line Capacity
    5 GW
    		High
    Capacity
    Module Capacity
    3.6 GW
    		High
    Capacity
    TOPCon Solar Cell Line Capacity
    2.2 GW
    		High
    Capacity
    TOPCon Solar Cell Line Operational
    Operational
    		High
    Capacity
    Aluminum Frames Capacity
    Double or Triple
    		Medium
    Profitability
    Cell Business EBITDA Margin
    35-36%
    		Medium
    Profitability
    Cell Business PAT Margin
    24-25%
    		Medium
    Profitability
    Company EBITDA Margin (Conservative)
    25%
    		Medium
    Profitability
    Company PAT Margin on Cells (Conservative)
    >16%
    		Medium
    Other
    Main Board Migration Eligibility
    Eligible
    		High

    TOPCon Solar Cell Line Commissioning

    within next 90 days (by August 2026)
    CurrentSetting up, 100 engineers on site
    TargetOperational / Go-live

    Why it matters

    This is a major backward integration step, crucial for future margins and revenue growth.

    we are expecting our facility to go live within the next 90-days.

    How to verify

    guidance_and_targets[metric='TOPCon Solar Cell Line Operational']

    Risks & concerns

    3
    RiskSeverity

    Raw Material Availability & Price Volatility

    Glass, EVA, Wax sheet availability issues due to Iran war and other factors, leading to increased freight costs, impacted Q4 performance. — Management acknowledged

    medium

    Industry Oversupply

    While there's talk of overcapacity, cell manufacturing is capital-intensive and technology-driven, protecting serious players. ALMM policies also insulate domestic players. — Analyst downplayed

    low

    Technology Obsolescence (Perovskite)

    Perovskite is a new technology still in experimental stage; Alpex is not immediately pursuing it for large-scale investment. — Analyst downplayed

    low

    Q&A highlights

    8

    “around 200 MW of pilot project we have already planned, and it will be operational by the month of April 2027... We will have 2.5 GW of our manufacturing of ingot and wafer which will be operational by June 2028, and after that balance expansion will be taken subsequently.”

    Clarifies the phased approach and timelines for the significant backward integration into ingot and wafer manufacturing, addressing the analyst's concern about the timeline to reach 5GW.

    asked by Shashank Jha

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Financial Performance in FY26

    Alpex Solar delivered a landmark year in FY26, with revenue soaring to ₹2,223 crores, a 2.85x increase from ₹780 crores in the previous year. EBITDA also saw a significant jump of 2.56x to ₹327 crores, while PAT grew 2.41x to ₹201 crores. The company's EBITDA margin expanded to approximately 15%, and PAT margin exceeded 9% by year-end, demonstrating consistent growth and improved profitability.

    02

    Strategic Backward Integration Initiatives

    The company is aggressively pursuing backward integration to become a fully insulated solar manufacturing entity. Plans include establishing a 5 GW solar glass line and a 5 GW ingot and wafer line by FY2030. A 2.2 GW TOPCon Solar Cell Line in Kosi, Uttar Pradesh, is currently being set up and is expected to commence full-scale production within the next 90 days, with a pilot project of 200 MW operational by April 2027.

    03

    Expansion of Manufacturing Capacities

    Alpex Solar's module capacity is expanding from 2.4 GW to 3.6 GW. The company also plans to double or triple its 12,000-ton aluminum frames manufacturing capacity within the current fiscal year, funded entirely through internal accruals. These expansions are strategically aligned with government policies promoting domestic manufacturing and reducing reliance on imports.

    04

    Impact of Government Policies (ALMM List-II)

    Management emphasized the protective role of government policies, particularly the Approved List of Modules and Manufacturers (ALMM) List-II, which will be enforced from June 1, 2026. This policy mandates domestic sourcing for solar cells, effectively insulating Alpex Solar from global price fluctuations, especially from Chinese competitors, and is expected to strengthen DCR prices and margins for domestic players.

    05

    Q4 FY26 Performance and Raw Material Challenges

    While FY26 was strong, Q4 FY26 saw revenue and EBITDA remain relatively flat compared to Q3. This was attributed to external factors such as the Iran war, which led to glass unavailability and other raw material shortages, as well as skyrocketing container freight costs. Despite these challenges, the company maintained a large inventory of ₹316 crores to mitigate supply chain disruptions.

    06

    Future Outlook and Main Board Migration

    Alpex Solar has a revenue vision of ₹10,000 crores by FY2030 and expects FY27 revenue to exceed ₹3,000 crores. The company is also preparing for its migration to the main board, with eligibility expected by February 15, 2027, after fulfilling the three-year waiting period. Management is also cautiously exploring the Battery Energy Storage System (BESS) segment, awaiting clearer government policies on domestic BESS cell manufacturing.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.