Alpex Solar Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹648Cr
- +244.7% YoY
- +23.9% QoQ
- Net profit
- ₹54Cr
- +134.8% YoY
- +1.9% QoQ
- Margin
- 14%
- −6 pp YoY
- −1 pp QoQ
Guidance rank: #13 of 58 in Electrical Equipment
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The short version
Company expects to maintain a 2x growth guidance from the base turnover of Rs. 750 crores, targeting around Rs. 1,500 crores initially and aiming for Rs. 3,000 crores next year (FY26) as per repeated. Alpex Solar has shown significant growth with turnover, EBITDA, and PAT increasing more than 3x in the current year compared to last year.
From Alpex Solar Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Company expects to maintain a 2x growth guidance from the base turnover of Rs. 750 crores, targeting around Rs. 1,500 crores initially and aiming for Rs. 3,000 crores next year (FY26) as per repeated mentions.
- The Rs. 1,900 crore order book is expected to be executed within 6-7 months, indicating strong order inflow.
- Rapid volume and capacity expansion underway, including 3.6 GW module capacity and 2.2 GW solar cell capacity by FY27.
- New cell manufacturing starting from July FY26 (~1.2 GW capacity initially) anticipated to boost margins and strengthen order book.
- Growth driven by increasing industry volumes and new market segments such as Commercial & Industrial (C&I).
2 more points from Alpex Solar Ltd's call on revenue
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Profitability & Margins
Alpex Solar has shown significant growth with turnover, EBITDA, and PAT increasing more than 3x in the…
Locked: what Alpex Solar Ltd said on margins
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Capital Expenditure Plans
- Total CAPEX for solar cell manufacturing (2.2 GW Topcon cell line) is Rs. 825 crores, including soft costs and IDC.
- Hard costs for the cell project are around Rs. 750 crores.
- Funding plan includes Rs. 400 crores from term loans and Rs. 425 crores from internal accruals.
- No immediate plans to raise additional capital from markets; any shortfall may be met via internal accruals or small debt.
- Expansion includes setting up of a brand-new, modern G12R size cell line (1.4 GW first phase and 0.8 GW second phase).
- Potential future capacity expansion: up to 2.4 GW additional module capacity at the new factory in Kosi based on market visibility.
2 more points from Alpex Solar Ltd's call on capex
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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
The majority of the ongoing and planned CAPEX, including the solar cell phase two and module expansion,…
Locked: what Alpex Solar Ltd said on fundraising
Also locked on this page: margins
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Order Book & Pipeline
- Current order book stands at approximately Rs. 1,900 crores as of Q3 FY26.
- The Rs. 1,900 crores order book primarily covers around 6-7 months of execution timeline.
- Orders are mostly repetitive from similar customers, ensuring steady demand.
- The company prefers smaller orders of Rs. 200-300 crores rather than very large orders (~Rs. 800 crores) to manage pricing and execution risks.
- With the upcoming start of in-house solar cell production, the order book is expected to strengthen further.
2 more points from Alpex Solar Ltd's call on order book
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Alpex Solar Ltd — Quarterly revenue & net profit
Alpex Solar Ltd Q3 FY26 results — key figures
| ₹ Cr | Q3 FY26 | Q3 FY25 | YoY | Q2 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 648 | 188 | +244.7% | 523 | +23.9% |
| Operating profit (EBITDA) | 90 | 37 | +143.2% | 78 | +15.4% |
| Operating margin | 14% | 20% | -6 pp | 15% | -1 pp |
| Profit before tax | 77 | 32 | +140.6% | 72 | +6.9% |
| Net profit (PAT) | 54 | 23 | +134.8% | 53 | +1.9% |
| EPS (₹) | 21.25 | 9.56 | +122.3% | 20.62 | +3.1% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹382 Cr, net profit ₹20 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Alpex Solar's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
Earlier calls (2)
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- Ravindra Energy (Q3 FY26)
EBITDA margin: 23.74% (Page 35) . Key investor presentation takeaways from Ravindra Energy Ltd's Q3 FY26 investor presentation — and how it ranks against sector
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Alpex Solar Ltd Q3 FY26 results?
Company expects to maintain a 2x growth guidance from the base turnover of Rs. 750 crores, targeting around Rs. 1,500 crores initially and aiming for Rs. 3,000 crores next year (FY26) as per repeated. Alpex Solar has shown significant growth with turnover, EBITDA, and PAT increasing more than 3x in the current year compared to last year.
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?
Total CAPEX for solar cell manufacturing (2.2 GW Topcon cell line) is Rs. 825 crores, including soft costs and IDC.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.