Alpex Solar Reports Strong FY26 Growth; PAT Surges 141% with Expansion into Solar Cells, Glass & Wafers

Key Metrics:

What Happened ?

Key Details

FY26 & Q4 FY26 Financial Performance:

• Q4 FY26 operating revenue increased 105.3% YoY to ₹671.96 crore.
• Q4 FY26 EBITDA rose 69.4% YoY to ₹92.87 crore.
• Q4 FY26 PAT increased 50.8% YoY to ₹53.27 crore.
• FY26 operating revenue increased 185.0% YoY to ₹2,223.27 crore.
• FY26 EBITDA grew 155.5% YoY to ₹327.39 crore.
• FY26 PAT increased 141.4% YoY to ₹201.51 crore.
• FY26 EPS increased to ₹80.52 from ₹34.11 in FY25.
• Growth was supported by:
  • Capacity expansion
  • Higher utilization
  • Strong order inflows
  • Operational efficiencies

Note:

• FY26 represented Alpex Solar’s strongest financial performance since inception.

Operational Highlights & Order Book Momentum:

• The company operationalized additional module manufacturing capacity during FY26.
• Alpex advanced its 2.2 GW solar cell manufacturing project.
• Aluminium frame and junction box manufacturing capabilities were added to strengthen backward integration.
• The company secured:
  • ₹215.20 crore solar module supply order in January 2026.
  • ₹40.92 crore MSEDCL solar water pump order in April 2026.
• The orders improved near-term revenue visibility.
• Demand for domestically manufactured solar products remained strong across utility-scale and commercial projects.

Note:

• Operational execution and order inflows continued supporting manufacturing scale-up and integrated solar ecosystem expansion.

2.2 GW TOPCon Solar Cell Expansion:

• The G12R TOPCon 3rd Generation solar cell facility has capacity of 2.2 GW.
• The project is expected to commence production within the next 90 days.
• The facility was developed in approximately 15 months.
• Earlier two-phase commissioning plans were merged into a single integrated commissioning phase.
• The company stated that accelerated implementation was driven by:
  • Global energy price trends
  • Domestic energy security priorities
  • Growing demand for DCR-compliant modules

Note:

• The solar cell facility materially strengthens Alpex Solar’s backward integration and technology positioning.

Future Expansion & Vertical Integration Roadmap:

• Alpex plans to expand further into:
  • Solar glass manufacturing
  • Ingot manufacturing
  • Wafer manufacturing
• Proposed capacity for both segments stands at 5 GW each.
• Expansion projects will be implemented in phases over four years.
• Existing module manufacturing capacity stands at 2.4 GW.
• Module manufacturing capacity is expected to expand to 3.6 GW.
• The company aims to create a vertically integrated solar manufacturing platform.

Note:

• The expansion roadmap reflects Alpex Solar’s ambition to deepen domestic manufacturing integration across the solar value chain.

Risk Analysis

Summary:

• Despite strong growth momentum, Alpex Solar remains exposed to execution risks related to aggressive capacity expansion, solar industry pricing volatility, and policy-driven demand cycles.

Key Risks:

• Large-scale capex execution may face timeline and cost risks.
• Solar manufacturing margins remain sensitive to module pricing volatility.
• Backward integration projects require successful commissioning and utilization ramp-up.
• Demand remains partially dependent on government renewable policies and DCR mandates.
• Working capital requirements may rise sharply with expansion.
• Competitive pressure from domestic and international manufacturers remains elevated.

Worst Case Scenario:

• If solar pricing weakens materially or utilization ramps slower than expected, returns from the integrated expansion strategy may remain under pressure in the near term.

Company Commentary