The shares of a small-cap company that manufactures solar PV modules and AC/DC water pumps, sets up solar power plants, and also undertakes solar EPC projects are in focus due to its ambitious expansion plans aimed at significantly boosting its capacity by December 2026.
Price Action
The shares of Alpex Solar Ltd, with a total market capitalization of Rs 1,540.36 Crore on Thursday, were trading at Rs 629.4 per share, which was 1.34 percent higher than the previous closing of Rs 621.
Expansion Plans
In its March 2025 presentation, the company outlined ambitious goals for expanding its capacity, with plans to achieve the below targets by December 2026 as follows.
It aims to double its current solar module manufacturing capacity from 1.2 GW to 2.4 GW, reach a 1.6 GW target in solar cell manufacturing, produce 12,000 tonnes annually of aluminum frames, expand to 150 MW in Engineering, Procurement, and Construction, and increase its Independent Power Production capacity to 100 MW. The company plans to achieve these expansion targets through multiple tranches.
Financials
The company reported an increase of 137 percent YoY in revenue from operations from Rs 79 Crore in Q3FY24 to Rs 188 Crore in Q3FY25. Similarly, their Net Profit also increased by 423 percent YoY from Rs 5 Crore to Rs 24 Crore over the same period.
Industry Overview
India’s total solar module manufacturing capacity is expected to reach 500 GW by FY30, while the country’s solar cell capacity is projected to grow to 75 GW by FY26. Additionally, the Directorate General of Trade Remedies (DGTR) has recommended an anti-dumping duty of up to $577 per ton for a period of five years on imports of aluminum frames for solar panels from China.
Client Base
The company serves various marquee clients such as Tata Power, Indian Oil, NTPC, Godrej, HAL, Powergrid, Redington, SJVN, Shakti Pumps, NHDC, and more.
Key Developments
In the recent quarter, the company has acquired 100 percent stake in Chandra Energy Pvt. Ltd. (via subsidiary Alpex Green) for EPC solar projects. The company won order from MSEDL worth Rs 45 Crores for the supply of 2,000 Solar-powered water pumps, and another order worth Rs 210.71 Crore where the company will provide high-performance solar PV modules for SECI’s renewable energy projects across India.
About Alpex Solar Ltd
Alpex Solar Ltd is a leading renewable energy company specializing in solar products, including modules, cells, and aluminum frames. Committed to sustainability, the company focuses on innovative, high-performance solutions to drive the global clean energy transition. With state-of-the-art manufacturing facilities, Alpex Solar Ltd is expanding its capacity and market reach. The company also actively participates in independent power production and renewable energy projects.
Written By Adhvaitha Nayani
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