Synopsis: Riding India’s accelerating renewable energy push, the company delivered 185% revenue growth to Rs.2,223 crore and a 141% jump in PAT to Rs.201.5 crore in FY26, while advancing toward a fully integrated solar manufacturing platform spanning cells, modules, glass, and wafers with long-term expansion ambitions.
India’s renewable energy expansion is increasingly favoring manufacturers moving beyond module assembly into deeper value-chain integration. The company’s FY26 performance reflects that transition clearly, with profits more than doubling alongside aggressive expansion into solar cells, glass, and wafer manufacturing, positioning it to benefit from the next phase of India’s domestic solar manufacturing push.
With a market capitalization of Rs.2,439 crore, shares of Alpex Solar Limited were trading at Rs.957 per share as of May 22, 2026, with a 52-week range of Rs.1,449.70 to Rs.660 and a trailing P/E of approximately 12x.
Q4 and FY26 Financial Performance
FY26
The consolidated revenue from operations surged 185 percent YoY to Rs.2,223.27 crore from Rs.780.15 crore, while EBITDA jumped 155 percent to Rs.327.39 crore compared to Rs.128.13 crore last year. EBITDA margin stood at 14.73 percent against 16.42 percent in FY25 as the company continued investing in scale expansion. PAT rose 141 percent YoY to Rs. 201.51 crore from Rs. 83.48 crore, with PAT margin at 9.06 percent. The company also maintained a near debt-free balance sheet despite rapid capacity additions and operational expansion.
Q4FY26
In Q4FY26, revenue came in at Rs.671.95 crore, compared to Rs.327.39 crore in the year-ago quarter, while EBITDA stood at Rs.92.87 crore with EBITDA margin at 13.82 percent. PAT for the quarter increased to Rs.53.26 crore from Rs.35.32 crore in Q4FY25, translating into a PAT margin of 7.93 percent. Sequentially, revenue grew from Rs.648.08 crore in Q3FY26, supported by stronger demand, wider market penetration, and improved execution across the company’s solar manufacturing and EPC operations.
The 5 GW Expansion Blueprint
The more consequential story in FY26 is what Alpex is building for the next three to five years. The company is progressing towards a fully integrated solar manufacturing platform, spanning modules, cells, aluminum frames, EPC, glass, and wafers. Module capacity is being expanded to 3.6 GW by FY27 across multiple units concentrated in Uttar Pradesh. More significantly, the company’s 2.2 GW G12R TOPCon solar cell facility at Kosi Kotwan is expected to go into production within 90 days, marking Alpex’s entry into the technology-intensive third-generation cell segment.
Beyond that, the company has announced a phased 5 GW solar glass manufacturing initiative and a 5 GW wafer and ingot facility, both targeted for FY30. Management has indicated that commissioning of cell manufacturing operations could nearly double EBITDA and PAT margins, given the significantly higher value addition at the cell stage relative to module assembly.
The policy tailwind is equally important. India’s ALMM roadmap is progressively extending domestic content requirements from modules to cells and eventually wafers, a trajectory that directly favors integrated manufacturers like Alpex. The government’s ambition to scale renewable capacity to 500 GW by 2030, with upside revision scenarios emerging, underpins a multi-year demand runway for domestic solar manufacturers.
Conclusion
With a profit base that has more than doubled in a single year, a debt-light balance sheet, and a clear technology and capacity roadmap stretching to FY30, Alpex Solar is transitioning from a solar module company into a genuinely integrated renewable energy platform. The cell plant commissioning in the near term will be the next key inflection point to watch, both for the margin re-rating it could trigger and for the execution signal it would send to the market.
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