Alpex Solar Limited is a prominent solar photovoltaic module manufacturer, incorporated in 2008 and founded by promoter Ashwani Sehgal. The company ranks among North India's largest PV module manufacturers, operating from its base in Greater Noida. With over 15,000 solar pump installations completed to date, Alpex Solar has established itself as a reliable player in India's renewable energy sector.
The company's journey began in 1993 when it was originally incorporated as Alpex Exports Private Limited. It transformed into Alpex Solar Private Limited in September 2017, and subsequently converted to a public limited company in September 2023. Alpex Solar successfully listed on NSE Emerge in February 2024, marking a significant milestone in its growth trajectory.
Alpex Solar manufactures solar PV modules, solar power plants, aluminium frames, and AC/DC water pumps while also undertaking EPC projects. The company utilizes both monocrystalline and polycrystalline cell technologies in its PV module manufacturing. The product range includes bifacial, mono PERC, and half-cut modules, catering to diverse market requirements.
The company operates in the B2B space, serving as a contract manufacturer for several large companies including Luminous, Jakson, and Tata Power. Key clients include Solarworld Energy Solutions, BVG India, Tata Power, Hild Energy, and Shakti Pumps India. For solar water pumps, the company targets the B2C segment through state tender processes.
Alpex Solar currently operates one manufacturing facility in Greater Noida. The existing solar panel manufacturing facility spans 150,000 square feet with an 848 MW capacity as per MNRE notification dated March 22, 2024, which can be further expanded to 2 GW. The company employs a total of 196 people across its operations.
Alpex Solar commands a market capitalization of ₹2,746 crores as of recent trading. The company has demonstrated remarkable financial growth over recent periods.
- Sales: ₹780.15 crores (89.08% increase from FY 2024)
- Net Profit: ₹83.48 crores (186.97% increase from FY 2024)
- Q4 FY25 Sales: ₹327.39 crores (171.42% increase YoY)
- Q4 FY25 Net Profit: ₹35.32 crores (461.53% increase YoY)
- Sales: ₹187.63 crores (136.88% increase from Q3 FY24)
- Net Profit: ₹23.58 crores (422.84% increase from Q3 FY24)
The company maintains healthy financial ratios with an annual revenue growth of 89%, pre-tax margin of 14%, and exceptional ROE of 38%. The debt-to-equity ratio stands at a reasonable 7%, indicating a strong balance sheet.
- Market Capitalization: ₹2,746 crores (as of recent trading)
- P/E Ratio: 32.9 (representing a 9% discount to peers' median range of 31.00 times)
- Book Value: ₹88.4
- Dividend Yield: 0.00%
- 52-week Stock Range: ₹495 to ₹1,163
- Promoter Holding: 68.76% (as of March 2025), with no shares pledged.
The company has shown impressive market expansion with revenue growing at 50.74% yearly over the last 5 years versus an industry average of 24.58%, and market share increasing from 0.88% to 2.2%.
In May 2025, Alpex Solar secured major orders worth over ₹1,000 crores from various companies including Coal India and Haryana Renewable Energy Development Agency. The company has also secured orders from Jharkhand Renewable Energy Development Agency for 500 solar water pumping systems, further strengthening its position in the government tender market.
Alpex Solar has announced the incorporation of its new subsidiary, ALPEX GH2 Pvt Ltd, with plans for another subsidiary currently undergoing incorporation. These subsidiaries are expected to be crucial for optimizing the company's supply chain and enhancing future competitiveness.
The company has announced plans to manufacture solar cells at a new plant in Kosi Kotwan, Mathura, Uttar Pradesh, with a 1.6 GW capacity, representing a significant expansion in its manufacturing capabilities.
Alpex Solar's strong financial performance, robust order book, strategic expansion plans, and established market position make it a notable player in India's rapidly growing solar energy sector. The company's focus on both B2B and B2C segments, combined with its manufacturing capabilities and government tender participation, positions it well for continued growth in the renewable energy market.
