ALPEXSOLAR

Alpex Solar share price & financials

Integrated Indian solar manufacturer: PV modules, cells, aluminium frames, EPC projects and power generation (IPP).

Price: ₹947.7
Market cap: ₹2.1k Cr
Sector: Capital Goods
Calls analysed: 6

Latest concall · Q1 FY27 · call held 17 Aug 2026

Alpex Solar Q1 FY27

Revenue ₹500 cr EBITDA ₹80 cr EBITDA Margin 15.5% PAT ₹40 cr

What went well

Q1 FY27 Revenue of ₹500 crores, with EBITDA of ₹80 crores and PAT of ₹40 crores.
Q1 FY27 EBITDA Margin at 15.5% and PAT Margin at 8%, demonstrating healthy profitability.
FY26 Revenue exceeded ₹2,200 crores and PAT reached ₹201 crores, with EBITDA Margin growing from 6.5% to 14.7% and PAT Margin from 2% to 9%.

What to watch

A fire incident caused approximately a one-month delay in the cell plant's production readiness.
Challenges in cost competitiveness against China due to higher raw material costs, interest rates, and electricity costs in India.

Read the full call →

What Alpex Solar does

Alpex Solar manufactures solar PV modules (G12R TOPCon, bifacial and Mono PERC types) and solar water pumps, and has backward-integrated into in-house aluminium frame manufacturing with a new solar cell plant under commissioning; it also runs an EPC (engineering, procurement and construction) business executing utility-scale and rooftop solar projects, and operates as an Independent Power Producer (IPP) developing and owning solar power assets under long-term Power Purchase Agreements. It additionally has a legacy international trading business dating to its 1993 origins. Manufacturing is concentrated in a cluster of units across Uttar Pradesh and Madhya Pradesh, serving PSUs, EPCs, corporates and global energy clients on a pan-India basis.

Segments

Solar Modules
Solar Cells
Solar Pumps
Aluminium Frames
EPC Solutions
Independent Power Production (IPP)
International Trading

Manufacturing units: 7 (across Uttar Pradesh and Madhya Pradesh)
Total manufacturing footprint: 1,000,000+ sq ft
Solar module manufacturing capacity: 2.4 GW installed
Aluminium frame manufacturing capacity: 12,000 MT
Independent Power Producer (IPP) capacity: 100 MW
Solar pump installations experience: 26,000+ installations

Founded 1993Headquarters B-79, Shivalik Enclave, Near Malviya Nagar, New Delhi 110017 Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 1 delivered 0 missed 12 open

FY26 Revenue Growth delivered said Q4 FY25 Promised: at least 100% growth for FY26 Q1 FY27: This was a target for a prior fiscal year and has been achieved. No new updates.
Cell Manufacturing Capacity (Phase 1) delayed said Q4 FY25 Promised: 500 MW commercial production before March FY26 Q1 FY27: Timeline delayed again, with production now set to commence around September 15, 2026. The delay was attributed to a fire incident.
Total Cell Capacity on track said Q1 FY26 Promised: 1.6 GW Q1 FY27: Reiterated the 2.2 GW capacity and provided a specific commissioning timeline of mid-September 2026.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 32.4%, net profit down 4.8% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	188	188	327	380	523 +178%	648 +245%	672 +106%	503 +32%
Expenses	158	151	274	318	445	558	583	429
EBITDA	31	37	54	63	78 +152%	90 +143%	89 +65%	75 +19%
Margin	16%	20%	16%	16%	15%	14%	13%	15%
Other income	1	1	1	2	2	0	4	4
Interest	1	2	2	3	3	6	10	15
Depreciation	1	3	3	4	4	7	9	10
Profit before tax	29	32	49	57	72 +148%	77 +141%	74 +51%	54 −5%
Tax rate	19%	28%	28%	26%	27%	29%	28%	26%
Net profit	24	23	35	42	53 +121%	54 +135%	53 +51%	40 −5%
EPS	9.69	9.56	14.43	17.28	20.62	21.25	20.86	15.61

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −31.1% 1Y

1Y: ₹1,356.45 on 10 Sept 2025 → ₹934.2. High ₹1,356.45 (10 Sept 2025), low ₹694.35 (2 Feb 2026).

How the price took the results

close before → close after

Q1 FY27: −0.5%; 17 Aug
Q4 FY26: +3.0%; 25 May
Q3 FY26: −3.8%; 12 Feb
Q2 FY26: −0.8%; 4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 185.0% a year over 1 year, FY25 to FY26. Operating margin narrowed to 14.4%.

Year ending	FY25	FY26
Revenue	₹780 Cr	₹2.2k Cr
Operating profit	₹126 Cr	₹320 Cr
Operating margin	16.2%	14.4%
Interest	₹7 Cr	₹22 Cr
Depreciation	₹8 Cr	₹24 Cr
Net profit	₹83 Cr	₹202 Cr
Net margin	10.6%	9.1%
Cash from operations	₹69 Cr	₹-116 Cr
Free cash flow	₹11 Cr	₹-447 Cr
ROCE	51.0%	44.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹6 Cr	₹6 Cr	₹6 Cr	₹24 Cr	₹26 Cr	₹26 Cr
Reserves	₹31 Cr	₹32 Cr	₹35 Cr	₹106 Cr	₹447 Cr	₹536 Cr
Borrowings	₹30 Cr	₹27 Cr	₹47 Cr	₹49 Cr	₹174 Cr	₹537 Cr
Other liabilities	₹32 Cr	₹36 Cr	₹37 Cr	₹50 Cr	₹288 Cr	₹286 Cr
Total liabilities	₹99 Cr	₹100 Cr	₹126 Cr	₹230 Cr	₹936 Cr	₹1.4k Cr
Fixed assets	₹20 Cr	₹17 Cr	₹17 Cr	₹31 Cr	₹96 Cr	₹168 Cr
Capital work in progress	₹1 Cr	₹2 Cr	₹4 Cr	₹0 Cr	₹81 Cr	₹175 Cr
Investments	₹4 Cr	₹4 Cr	₹3 Cr	₹2 Cr	₹2 Cr	₹1 Cr
Other assets	₹75 Cr	₹77 Cr	₹100 Cr	₹197 Cr	₹756 Cr	₹1.0k Cr
Total assets	₹99 Cr	₹100 Cr	₹126 Cr	₹230 Cr	₹936 Cr	₹1.4k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −2.86 pp while FIIs added +1.46 pp. The shareholder count grew 42% to 8,517.

Promoters: 65.9%
FIIs: 3.1%
DIIs: 0.4%
Public: 30.6%

Since Jun 2025

Promoters −2.86 pp
FIIs +1.46 pp
Public +1.29 pp

How it drifted, 8 quarters

Over this window the public went from 24.6% to 30.6% — +6.0 pp.

Mar '24Jun '25Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Zyconic Private Limited newly disclosed 9.98% held

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Alpex Solar above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Ashwani Sehgal	21.89%	unchanged
Monica Sehgal	14.05%	unchanged
Zyconic Private Limited	9.98%	newly disclosed
Vipin Sehgal	9.87%	unchanged
Ashwani Sehgal (Huf)	3.79%	unchanged
Udaya Fibers Private Limited	3.23%	unchanged
Anita Bhagwati Sikka	2.49%	unchanged
Bhagwati Charan R Sikka	2.30%	unchanged
Diwakar Bhagwati Gandhi	1.41%	unchanged
Astorne Capital Vcc - Arven FPI fund	1.17%	−0.05 pp
Venus Investments Vcc - Venus Stellar Fund FPI fund	1.17%	unchanged
Aditya Sehgal	0.29%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹934, this stock must grow earnings at 4% every year for 7 years. Our analysis caps realistic growth at ~131%. At that growth it is worth ₹175569 — upside of 18694%.

Growth the price implies: 3.5% a year; for 7 years, fading to 4%
It has actually compounded at: 139.8% a year; net profit, FY25–FY26 · EPS 131.1%
The gap: -1.3 pp; 18694% downside if it only repeats history

Price today ₹934.2 Value at the reference growth ₹1,75,569.11

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Alpex Solar

Guides on how to read this kind of business and the numbers that matter.