Alpex Solar Ltd
Alpex Solar Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
The company targets a 2x growth trajectory, aiming to double revenue from around Rs. The company targets a doubling of revenues from approximately Rs.
From Alpex Solar Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The company targets a 2x growth trajectory, aiming to double revenue from around Rs. 780 crores initially to approximately Rs. 3200 crores by FY’27.
- FY’26 revenue is estimated around Rs. 1800 to Rs. 2000 crores, with expectations of reaching Rs. 3600 to Rs. 4000 crores in FY’27.
- A 2.2 GW solar cell manufacturing capacity will be operational by FY’27, providing significant growth impetus and insulating business from competition.
- Module capacity will increase to 3.6 GW by FY’27, supporting scaling volume production.
- The firm plans to sustain 2x growth year-on-year and expand capacities further if market demand favors.
- Emphasis on vertical integration, including in-house cell production with upcoming G12R cell technology to boost efficiency and margins.
- Conservative and prudent management approach prioritizes safe and sustainable rapid growth.
Profitability & Margins
See what Alpex Solar Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- The company is undertaking a significant capacity expansion, including a 2.2 GW solar cell manufacturing line coming up in two phases (1.4 GW and 0.8 GW), with the first phase expected to be operational from February-March.
- An additional 1.2 GW solar module capacity line is expected to be fully operational by December.
- Another 1.2 GW module capacity adjacent to the cell factory in Kosi is planned for the next financial year.
- The total upcoming capacity will be 3.6 GW for modules and 2.2 GW for cells by the next financial year.
- CAPEX is being funded largely from internal accruals, with EBITDA of approximately Rs. 25 crores monthly.
- Peak debt related to expansion is estimated around Rs. 325-350 crores.
- The company is also investing in aluminum frame manufacturing and forming joint ventures for junction boxes to insulate profits.
- No current plans for backward integration into ingots or wafers due to policy and capital intensity constraints; decisions will follow favorable policy changes.
Top-ranked in Electrical Equipment
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
- As of September 30, the announced order book position is approximately Rs. 1800 crore.
- The current order book, including open orders yet to be executed in the second half, is estimated around Rs. 1600 to Rs. 1700 crore.
- The company has already received Rs. 1800 crore in new orders in the first half of the financial year.
- Management indicates confidence in securing a strong order book for the next year with several orders expected to be announced soon.
- The running order inflow suggests the company is on track to exceed earlier guidance of Rs. 1500 crore for the year by a substantial margin.
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 Q2 FY26 results?
The company targets a 2x growth trajectory, aiming to double revenue from around Rs. The company targets a doubling of revenues from approximately Rs.
What is Alpex Solar Ltd share price analysis?
Alpex Solar Ltd currently shows a neutral. 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?
The company is undertaking a significant capacity expansion, including a 2.2 GW solar cell manufacturing line coming up in two phases (1.4 GW and 0.8 GW), with the first phase expected to be operational from February-March. - An additional 1.2 GW solar module capacity line is expected to be fully operational by December. - Another 1.2 GW module capacity adjacent to the cell factory in Kosi is planned for the next financial year. - The total upcoming capacity will be 3.6 GW for modules and 2.2 GW for cells by the next financial year. - CAPEX is being funded largely from internal accruals, with EBITDA of 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.