Any current/future new fundraising through debt or equity?

No explicit mention of immediate or current new fundraising through debt or equity in the provided pages. Ashwani Sehgal mentioned that the initial phase of wafer and ingot manufacturing (trial phase) is being funded entirely through internal accruals without any loan. For future expansion phases (2.5 GW wafer and ingot manufacturing), they are in an advanced stage of finalizing numbers but have not disclosed specific funding plans yet. The company plans to announce detailed information about CAPEX and fundraising in the public domain soon. No mention of planned equity dilution or further debt

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

Setting up a 2.2 GW TOPCon solar cell manufacturing line in Kosi, Uttar Pradesh, operational within the next 90 days. Planning a 5 GW solar glass manufacturing line targeted for FY2030. Planning a 5 GW wafer and ingot manufacturing facility expected around 2029-30. A 200 MW pilot wafer and ingot project planned to be operational by April 2027 to absorb technology. 2.5 GW manufacturing capacity of ingot and wafer to be operational by June 2028, with further expansions to follow. Expanding aluminum frame capacity from current 12,000 MT to double or triple within the year using internal accruals.

Future growth expectations in sales/revenue/volumes?

Alpex Solar aims to exceed its revenue guidance of Rs. 3,000 crores for FY27, boosted by the upcoming 2.2 GW cell line becoming operational within 90 days. The company targets to grow module capacity from 2.4 GW in FY26 to around 3.6 GW in FY27, with plans to further expand to 5 or 5.5 GW in coming years. Long-term focus includes backward integration into wafer, ingot, and glass manufacturing with 5 GW capacity targeted around FY30. The 2.2 GW cell capacity is expected to generate about Rs. 1,350 crores revenue from 1 GW at current TOPCon cell prices. EBITDA margins on cell business pr

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

Revenue for FY27 is guided to exceed Rs. 3,000 crores, surpassing previous guidance due to the upcoming 2.2 GW TOPCon solar cell line operational within 90 days. The company expects significant EBITDA margin improvement post backward integration, targeting approximately 25% EBITDA and over 16% PAT margins from the cell business. With the planned expansions (5 GW glass line and 5 GW ingot and wafer line by FY30), long-term growth looks strong, aiming at Rs.10,000 crores revenue by 2029-30. PAT has shown a remarkable 54x growth over four years and EBITDA margins expanded from 6.5% to nearly 15%.

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at around Rs. 1,900 crores. The company is deliberately not taking more orders currently to focus on capitalizing on the cell business. Guidance for FY27 order book is approximately Rs. 3,000 crores based on old estimates. The cell line becoming operational is expected to add significantly to the order book. The company anticipates surpassing previous guidance if good orders are received along with contributions from the new cell line.

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Alpex Solar LtdQ1 FY26Electrical Equipment

Alpex Solar Ltd Q1 FY26 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 3

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Alpex Solar aims to exceed its revenue guidance of Rs. 3,000 crores for FY27, boosted by the upcoming 2.2 GW cell line becoming operational within 90 days.
→The company targets to grow module capacity from 2.4 GW in FY26 to around 3.6 GW in FY27, with plans to further expand to 5 or 5.5 GW in coming years.
→Long-term focus includes backward integration into wafer, ingot, and glass manufacturing with 5 GW capacity targeted around FY30.
→The 2.2 GW cell capacity is expected to generate about Rs. 1,350 crores revenue from 1 GW at current TOPCon cell prices.
→EBITDA margins on cell business projected around 35%, with company-level EBITDA expected around 25%.
→Overall, Alpex envisions rapid growth fueled by government policies favoring domestic manufacturing and solar's increasing adoption as the least-cost, reliable power source in India.

Margin guidance

Category 3

→Revenue for FY27 is guided to exceed Rs. 3,000 crores, surpassing previous guidance due to the upcoming 2.2 GW TOPCon solar cell line operational within 90 days.
→The company expects significant EBITDA margin improvement post backward integration, targeting approximately 25% EBITDA and over 16% PAT margins from the cell business.
→With the planned expansions (5 GW glass line and 5 GW ingot and wafer line by FY30), long-term growth looks strong, aiming at Rs.10,000 crores revenue by 2029-30.
→PAT has shown a remarkable 54x growth over four years and EBITDA margins expanded from 6.5% to nearly 15%.
→The company's cash accrual-funded CAPEX and vertical integration strategy aim to sustain steady margin expansion and profitability.
→Migration to the main board is expected by February 2027, reflecting business maturation.
→Overall, Alpex Solar projects consistent growth in earnings driven by technology upgrades, backward integration, and policy support.

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Fundraise plans

→No explicit mention of immediate or current new fundraising through debt or equity in the provided pages.
→Ashwani Sehgal mentioned that the initial phase of wafer and ingot manufacturing (trial phase) is being funded entirely through internal accruals without any loan.
→For future expansion phases (2.5 GW wafer and ingot manufacturing), they are in an advanced stage of finalizing numbers but have not disclosed specific funding plans yet.
→The company plans to announce detailed information about CAPEX and fundraising in the public domain soon.
→No mention of planned equity dilution or further debt funding as of now.

Order book

Yes

→Current order book stands at around Rs. 1,900 crores.
→The company is deliberately not taking more orders currently to focus on capitalizing on the cell business.
→Guidance for FY27 order book is approximately Rs. 3,000 crores based on old estimates.
→The cell line becoming operational is expected to add significantly to the order book.
→The company anticipates surpassing previous guidance if good orders are received along with contributions from the new cell line.

Capex plans

Yes

→Setting up a 2.2 GW TOPCon solar cell manufacturing line in Kosi, Uttar Pradesh, operational within the next 90 days.
→Planning a 5 GW solar glass manufacturing line targeted for FY2030.
→Planning a 5 GW wafer and ingot manufacturing facility expected around 2029-30.
→A 200 MW pilot wafer and ingot project planned to be operational by April 2027 to absorb technology.
→2.5 GW manufacturing capacity of ingot and wafer to be operational by June 2028, with further expansions to follow.
→Expanding aluminum frame capacity from current 12,000 MT to double or triple within the year using internal accruals.
→Cell and module capacity expansions anticipated beyond the current 3.6 GW module line, potentially to 5-5.5 GW with newer technology.
→CAPEX for wafer and ingot (2.5 GW and further 2.5 GW) is under finalization; initial phases funded through internal accruals without loans.

How does Alpex Solar Ltd rank vs peers in Electrical Equipment?

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