Alpex Solar Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,722 Cr
- P/E
- 8.57
- ROE
- 52.77%
- PEG
- 0.04
- Price to sales
- 0.75
- Debt to equity
- 0.96
- 52W high / low
- ₹1,285 / ₹674
- Sales growth (5Y)
- 71.80%
- EBITDA margin
- 14.12%
- Net profit margin
- 9.24%
- Promoter holding
- 65.90%
- Sales (last year)
- ₹2,346 Cr
Incorporated in 2008, Alpex Solar Ltd manufactures photovoltaic modules and provides all-inclusive solar energy solutions[1]
Guidance scorecard · Q1 FY27 call
What Alpex Solar Ltd's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ1 FY27 call
40%+- 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.
2 more points from Alpex Solar Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Alpex Solar Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- 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).
2 more points from Alpex Solar Ltd's call on capex
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FundraisingQ1 FY27 call
See what Alpex Solar Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- 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.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
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.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingFinancials of Alpex Solar Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Alpex Solar Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 79 | 121 | 77 | 188 | 188 | 327 | 380 | 523 | 648 | 672 |
| Expenses + | 71 | 106 | 73 | 158 | 151 | 274 | 318 | 445 | 558 | 583 |
| Operating Profit | 8 | 14 | 4 | 31 | 37 | 54 | 63 | 78 | 90 | 89 |
| OPM % | 10% | 12% | 5% | 16% | 20% | 16% | 16% | 15% | 14% | 13% |
| Other Income + | 0 | -5 | 0 | 1 | 1 | 1 | 2 | 2 | 0 | 4 |
| Interest | 2 | 1 | 2 | 1 | 2 | 2 | 3 | 3 | 6 | 10 |
| Depreciation | 1 | 1 | 1 | 1 | 3 | 3 | 4 | 4 | 7 | 9 |
| Profit before tax | 6 | 8 | 1 | 29 | 32 | 49 | 57 | 72 | 77 | 74 |
| Tax % | 21% | 17% | 29% | 19% | 28% | 28% | 26% | 27% | 29% | 28% |
| Net Profit + | 5 | 6 | 1 | 24 | 23 | 35 | 42 | 53 | 54 | 53 |
| EPS in Rs | 2.51 | 2.57 | 0.43 | 9.69 | 9.56 | 14.43 | 17.28 | 20.62 | 21.25 | 20.86 |
Financials of Alpex Solar Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 98 | 149 | 166 | 195 | 413 | 780 | 2,223 |
| Expenses + | 91 | 140 | 161 | 183 | 375 | 654 | 1,904 |
| Operating Profit | 7 | 9 | 5 | 12 | 37 | 126 | 319 |
| OPM % | 7% | 6% | 3% | 6% | 9% | 16% | 14% |
| Other Income + | 2 | 1 | 2 | 1 | 7 | 3 | 8 |
| Interest | 4 | 4 | 4 | 5 | 6 | 8 | 23 |
| Depreciation | 2 | 2 | 3 | 2 | 4 | 8 | 24 |
| Profit before tax | 3 | 4 | 0 | 5 | 34 | 112 | 279 |
| Tax % | 5% | 9% | 39% | 30% | 14% | 26% | 28% |
| Net Profit + | 3 | 3 | 0 | 4 | 29 | 83 | 202 |
| EPS in Rs | 11.89 | 34.11 | 78.89 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Alpex Solar Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 24 | 24 | 26 |
| Reserves | 29 | 31 | 32 | 35 | 109 | 192 | 536 |
| Borrowings + | 20 | 30 | 27 | 47 | 49 | 79 | 537 |
| Other Liabilities + | 23 | 32 | 36 | 37 | 48 | 178 | 286 |
| Total Liabilities | 78 | 99 | 100 | 126 | 230 | 474 | 1,384 |
| Fixed Assets + | 13 | 20 | 17 | 18 | 47 | 78 | 168 |
| CWIP | 7 | 1 | 2 | 4 | 0 | 23 | 175 |
| Investments | 5 | 4 | 4 | 2 | 2 | 2 | 1 |
| Other Assets + | 53 | 75 | 77 | 101 | 180 | 371 | 1,040 |
| Total Assets | 78 | 99 | 100 | 126 | 230 | 474 | 1,384 |
Financials of Alpex Solar Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 7 | 2 | -1 | -7 | -8 | 69 | -116 |
| Cash from Investing Activity + | -1 | -8 | 6 | -9 | -19 | -82 | -437 |
| Cash from Financing Activity + | -6 | 7 | -6 | 17 | 50 | 16 | 553 |
| Net Cash Flow | 1 | 0 | -1 | 2 | 23 | 3 | 0 |
| Free Cash Flow | 8 | -1 | -2 | -12 | -13 | 11 | -447 |
| CFO/OP | 116% | 28% | 6% | -58% | -7% | 65% | -21% |
Financials of Alpex Solar Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 57 | 35 | 37 | 35 | 62 | 58 | 42 |
| Inventory Days | 94 | 93 | 110 | 123 | 39 | 62 | 73 |
| Days Payable | 79 | 69 | 56 | 57 | 36 | 67 | 41 |
| Cash Conversion Cycle | 73 | 58 | 91 | 101 | 65 | 53 | 74 |
| Working Capital Days | 31 | 25 | 46 | 24 | 32 | 35 | 37 |
| ROCE % | 13% | 7% | 14% | 26% | 50% | 44% |
Guidance history
How Alpex Solar Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 40%+ | Flat | Planned | — | Rising |
| Q4 FY26 call → | 40%+ | Flat | Planned | — | Rising |
| Q3 FY26 call → | 40%+ | Flat | Planned | None planned | Rising |
| Q2 FY26 call → | 40%+ | Up 0–2% | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
4 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −43.3% | 8% |
| Last 6 months | −38.3% | 3% |
| Last 3 months | −18.0% | 21% |
The price is 50.3% below its all-time high of ₹1,356.45 (10 Sept 2025). Stocks more than 20% below their peak have their score halved, so 9 became 4.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Alpex Solar Ltd: 0.4 × 8 + 0.4 × 3 + 0.2 × 21 = 9, halved to 4 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Alpex Solar Ltd's management said in earlier quarters
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