Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a doubling of revenues from approximately Rs. 1,800-2,000 crores in FY’26 to Rs. 3,600-4,000 crores in FY’27, implying a 2x growth. EBITDA margins are expected to improve to around 28%-30% in FY’27, up from current levels. Operating Profit Margin (OPM) is targeted at 30% for FY’27. Profit After Tax (PAT) margin could reach around 16%-17% or even higher. Growth is expected to be driven by vertical integration with in-house cell production and increased module capacities (3.6 GW modules and 2.2 GW cells by FY’27). The company expects robust growth in earnings fueled by capaci

Any current/future new fundraising through debt or equity?

The company plans to fund its capacity expansion primarily through internal accruals, generating about Rs. 25 crores EBITDA monthly, expected to increase with cell production. There is no immediate need to raise funds via equity or large bank loans. If needed, a small loan of Rs. 40-50 crores could be obtained. Peak debt is estimated not to exceed Rs. 325-350 crores in FY’27 for expansion activities. Working capital limits will increase from around Rs. 115 crores currently to an estimated Rs. 300 crores in FY’27. Overall, liquidity is comfortable with no concerns despite higher inventories an

Any current/future capex/capital investment/strategic investment?

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 o

Future growth expectations in sales/revenue/volumes?

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 f

Current/ Expected Orderbook/ Pending Orders?

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 mar

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Alpex Solar LtdQ3 FY25Electrical Equipment

Alpex Solar Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹923P/E: 14.5Market Cap: ₹2.7K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→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.

Margin guidance

Category 2

→The company targets a doubling of revenues from approximately Rs. 1,800-2,000 crores in FY’26 to Rs. 3,600-4,000 crores in FY’27, implying a 2x growth.
→EBITDA margins are expected to improve to around 28%-30% in FY’27, up from current levels.
→Operating Profit Margin (OPM) is targeted at 30% for FY’27.
→Profit After Tax (PAT) margin could reach around 16%-17% or even higher.
→Growth is expected to be driven by vertical integration with in-house cell production and increased module capacities (3.6 GW modules and 2.2 GW cells by FY’27).
→The company expects robust growth in earnings fueled by capacity expansion and efficient production (e.g., adopting G12R cell technology).
→Management emphasizes steady, safe growth with strong internal accruals supporting expansion, maintaining prudent financial discipline.

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Fundraise plans

Yes

→The company plans to fund its capacity expansion primarily through internal accruals, generating about Rs. 25 crores EBITDA monthly, expected to increase with cell production.
→There is no immediate need to raise funds via equity or large bank loans.
→If needed, a small loan of Rs. 40-50 crores could be obtained.
→Peak debt is estimated not to exceed Rs. 325-350 crores in FY’27 for expansion activities.
→Working capital limits will increase from around Rs. 115 crores currently to an estimated Rs. 300 crores in FY’27.
→Overall, liquidity is comfortable with no concerns despite higher inventories and receivables due to expansion.

Order book

Yes

→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.

Capex plans

Yes

→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.

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