A Noida-based solar photovoltaic (PV) module manufacturer in North India, primarily engaged in the business of manufacturing solar modules and assembling solar pumps in India. This company is worth keeping an eye on. Can you guess which one?
We’re talking about Alpex Solar Limited. In this article, we’ll take a closer look at the company’s financial performance, expansion plans, and other key business highlights.
With a market cap of Rs. 3,120 crores, shares of Alpex Solar Limited hit an intraday high at Rs. 1,321.55 on Monday, up by around 1 percent on BSE, as against its previous closing price of Rs. 1,311.3.
Expansion Plans
Alpex Solar is undergoing a significant transformation as it moves towards becoming a fully integrated solar cell and module manufacturer. During the current fiscal year, the company is set to scale its solar module manufacturing capacity to 2.4 GW, while also commencing trial production of solar cells.
Looking ahead, Alpex has outlined ambitious mega expansion plans to be executed by FY27. By then, the company aims to achieve a full solar module manufacturing capacity of 3.6 GW, alongside 1.6 GW of solar cell manufacturing, 12,000T per year of aluminium frames, 150 MW EPC projects, and 100 MW of independent power generation.
This large-scale expansion is already under execution and is expected to be completed within the next two financial years. To support this growth, Alpex also plans to double its workforce, while its core engineering team, trained in advanced solar cell technologies in Taiwan and China, is well-positioned to drive the company’s next phase of growth.
On 11th August, the Board has approved the setting up of an additional 1.2 GW solar module manufacturing facility, which will enhance the company’s total solar module manufacturing capacity to 3.6 GW. Of this, 1.2 GW is already operational at Unit I, while another 1.2 GW at Unit V is scheduled for commissioning in FY26. The newly approved 1.2 GW facility at Unit IV, Kosi Kotwan, is expected to become operational in FY27.
Aligned with the company’s long-term strategy to scale manufacturing and address the rising demand for solar modules, the new 1.2 GW production line will be set up in Mathura, Uttar Pradesh, with a planned investment of Rs. 110 crores.
The Government of India has placed strong emphasis on achieving self-reliance in the energy sector, with a strong focus on green energy over conventional fossil fuels. Consequently, there is sustained demand for solar installations under various government schemes, leading to a shortage of solar panels. In view of this, Alpex Solar has decided to set up a new plant with an additional capacity of 1.2 GW.
Financial Performance
In Q1 FY26, Alpex Solar reported a consolidated revenue from operations of Rs. 380 crores, a significant growth of around 16 percent QoQ and 393 percent YoY. Meanwhile, its net profit for the quarter stood at Rs. 42 crores, representing an impressive rise of nearly 20 percent QoQ and 4100 percent YoY.
In addition, Alpex Solar has secured a substantial order worth Rs. 1,554.5 crores for FY26. Meanwhile, the company is in the process of raising ~Rs. 261.16 crores through preferential allotment of equity and warrants, as approved in the Board Meeting held on 6th August 2025. An EOGM has been convened for 28th August 2025, to seek members’ approval for the same.
Written by Shivani Singh
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