Alpex Solar Reports Solid Q4 and FY26 Results, Highlights 2.2 GW Capacity Expansion

Alpex Solar Reports Solid Q4 and FY26 Results, Highlights 2.2 GW Capacity Expansion​

Alpex Solar Limited, a manufacturer of solar PV modules and solar systems, has announced its audited financial results for the fourth quarter and the full year ended March 31, 2026. The Company reported a strong performance, supported by robust execution, rising capacity utilization, and sustained order inflows.

The financial highlights for the consolidated results are detailed below, showing significant growth across key metrics:


Quarterly and Annual Growth

In the fourth quarter of FY26, the Company's Operating Revenues increased by 105.3% to ₹671.96 Cr, compared to ₹327.39 Cr in Q4FY25. EBITDA reflected efficient operations and robust capacity utilization, rising 69.4% to ₹92.87 Cr from ₹54.79 Cr in Q4FY25. Profit After Tax (PAT) stood at ₹53.27 Cr, up 50.8% from ₹35.32 Cr in Q4FY25. The Earnings Per Share (EPS) for Q4FY26 was ₹20.85, an increase from ₹14.43 in Q4FY25.

For the full year FY26, Operating Revenues nearly tripled to ₹2,223.27 Cr, up from ₹780.15 Cr in FY25. Higher economies of scale and an integrated product offering led to a 155.5% growth in EBITDA, reaching ₹327.39 Cr from ₹128.13 Cr in FY25. The company achieved its highest PAT since inception, breaching the ₹200 crore milestone at ₹201.51 Cr in FY26, marking a 141.4% increase against ₹83.48 Cr in FY25. The EPS for FY26 was ₹80.52, marking a significant increase over ₹34.11 in FY25.

Operational Highlights and Expansion

Operationally, Alpex Solar advanced its commitment to capacity expansion and backward integration. The company operationalized additional module manufacturing capacity and progressed its 2.2 GW solar cell facility, transitioning to high-efficiency TOPCon technology. Furthermore, the company expanded its scope into aluminium frame and junction box manufacturing, aiming to strengthen supply chain control and improve margins.

In terms of orders, the Company secured a solar module supply order worth approximately ₹215.20 Cr in January 2026 from a leading domestic enterprise, which will be executed over a six-month period. Separately, the Company secured an order worth approximately ₹40.92 Cr in April 2026 from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of solar water pumps.

The ambitious G12R TOPCon 3rd Generation Solar Cell Manufacturing Plant, with a capacity of 2.2 GW, is now expected to commence production within the next 90 days. This facility consolidated two earlier proposed phases (Phase I of 1400 MW and Phase II of 800 MW) into a single integrated commissioning phase.

Future Plans and Strategy

The company is finalizing its next phase of expansion aimed at achieving comprehensive vertical integration across the renewable energy value chain. This subsequent phase includes plans for Solar Glass Manufacturing, with a proposed capacity of 5 GW, and Ingot and Wafer Manufacturing, also with a proposed capacity of 5 GW. Both of these major expansions are slated for phased implementation over the next four years.

Commenting on the results, Ashwani Sehgal, Managing Director, Alpex Solar Ltd., stated that the company is "thrilled to post the best ever numbers since the inception." He noted that over the past four years, the Company has seen its revenue increase by approximately twelve times and its PAT increase by approximately fifty-four times. He expressed confidence that the current momentum, coupled with the impending commercial production of the solar cell facility, positions the company as a leading integrated green energy conglomerate.

ALPEXSOLAR Stock Price Movement​

As of 10:15 AM, shares of Alpex Solar Limited are slipping by 4.36% in live trading, currently trading at ₹969.8. The stock is seeing significant activity, with a volume of 73,000 shares traded in the market so far.