Alpex Solar Ltd
Alpex Solar Ltd Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Q1 FY27 earnings call: what management guided on revenue, margins and order book.
What the Q1 FY27 call signalled
3 of 4 strong
Not discussed on this call: fundraise.
The short version
FY '27: Expect around 1 GW of solar cell sales in H2, generating approximately Rs. EBITDA margins for the cell business are expected to be around 35%-40%, with PAT margins at 20%-25% for at least the next year; some decline might occur by the following year.
From Alpex Solar Ltd's Q1 FY27 earnings-call transcript · updated 26 Aug 2026.
Revenue & Sales Performance
- FY '27: Expect around 1 GW of solar cell sales in H2, generating approximately Rs. 1,700 crore revenue from cells alone.
- FY '28: With full capacity of 2.2 GW solar cells, projected revenue from cells around Rs. 4,000 crore; module revenue is additional.
- Market demand: India needs 65-70 GW of solar panels annually, expanding at 8%-9% annually; strong demand outlook for cells and modules.
- Cell EBITDA margins expected to remain at 35%-40%, PAT at 20%-25% for at least one year.
- Plans to expand wafer and ingot manufacturing capacity to 5 GW by FY '30, with production likely starting after solar cell operations stabilize.
- Cell capacity utilization expected around 95%-96%; module utilization around 65%-70%.
- The company aims to maintain competitive edge and expand capacity aligned with market demand and policy support.
Profitability & Margins
See what Alpex Solar Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Alpex Solar has recently spent approximately Rs. 890 crore on the 2.2 gigawatt TOPCon solar cell manufacturing facility, which is about to commence production.
- There are plans to expand aluminum frame manufacturing capacity to 18,000 tons per annum soon.
- The company targets a long-term solar glass, wafer, and ingot manufacturing capacity of 5 gigawatts by FY '30, though no immediate plans to increase module capacity beyond the current 3.6 gigawatts until demand warrants.
- Financial closure for the cell line project has been innovatively structured, keeping peak debt low (around Rs. 350-360 crore).
- Future decisions on expanding module capacity will be made around FY '27-'28 based on market demand.
- The company is investing in advanced, competitive Generation 3 TOPCon cell technology to maintain margins and market position.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Alpex Solar Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- For Kusum tenders, Alpex Solar has already received orders worth Rs. 350 crores which are currently being executed.
- Last year's Kusum revenue was Rs. 223 crores; the target for the current year was Rs. 500 crores, and they expect to surpass it once new tenders commence.
- The company highlighted that tenders related to Kusum are expected soon as the new policy has been announced.
- No specific details about total order book beyond Kusum were given, but ongoing execution and optimism about upcoming tenders were expressed.
Alpex Solar Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹672 Cr, net profit ₹53 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Alpex Solar Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Alpex Solar Ltd Q1 FY27 results?
FY '27: Expect around 1 GW of solar cell sales in H2, generating approximately Rs. EBITDA margins for the cell business are expected to be around 35%-40%, with PAT margins at 20%-25% for at least the next year; some decline might occur by the following year.
What is Alpex Solar Ltd share price analysis?
Alpex Solar Ltd currently shows a strong growth signal based on ranking data. The stock trades at a P/E of 9.9 with a market cap of ₹1,985 Cr. Investors should review the full earnings analysis for detailed insights.
Is Alpex Solar Ltd planning capital expenditure?
Alpex Solar has recently spent approximately Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.