Synopsis:
Alpex Solar is expanding capacity with a new 1.2 GW plant in Uttar Pradesh, raising the total to 3.6 GW by FY27, investing Rs. 110 crore to meet rising solar demand.
A leading manufacturer of solar photovoltaic modules and integrated solar energy solutions is expanding its capabilities with a 1.2 GW solar plant project. The company plans to complete this by FY27, signaling strong growth and innovation in renewable energy infrastructure, as reflected by a recent notable stock surge.
Alpex Solar Limited’s stock, with a market capitalization of Rs. 3,291 crores, rose to Rs. 1,449, hitting a high of up to 8.64 percent from its previous closing price of Rs. 1,333.75. Furthermore, the stock over the past year has given a return of 67.5 percent.
Expansion Plans
The company has decided to set up a new solar module manufacturing plant with an additional capacity of 1.2 GW, which will increase its total manufacturing capacity to 3.6 GW. Currently, 1.2 GW is already operational at Unit I, and another 1.2 GW will be commissioned at Unit V during FY 2025-26. The new plant, located at Unit IV in the Kosi Kotwan area, Uttar Pradesh, is expected to become operational in FY 2026-27.
This expansion aims to meet the increasing demand for solar modules, especially as India focuses on green energy and reduces reliance on fossil fuels. The project will cost an estimated Rs. 110 crore and will be funded through a mix of credit facilities and internal funds. The government’s push for self-reliance and renewable energy has created a high demand for solar installations, leading the company to invest in expanding its production capacity to support various government schemes and address the shortage of solar panels.
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Q1 Financial Highlight
In Q1FY26, the company reported sales of Rs. 380 crore, marking a substantial year-on-year (YoY) growth of 393.5% compared to Rs. 77 crore in Q1FY25. Quarter-on-quarter (QoQ), sales rose by 16.2% from Rs. 327 crore in Q4FY25. Profit also surged impressively to Rs. 42 crore in Q1FY26, showing a massive YoY growth of 4,100% from Rs. 1 crore in Q1FY25 and a QoQ increase of 20% from Rs. 35 crore in Q4FY25.
Over the last three years, the company has demonstrated strong financial performance with a 3-year compound annual growth rate (CAGR) of 68% in sales and a phenomenal 3-year profit CAGR of 1107%. Additionally, its Return on Equity (ROE) has grown at a robust 37% CAGR over this period, reflecting efficient capital utilization and consistent profitability improvement. These metrics highlight significant growth momentum both annually and sequentially, underscoring a strong business trajectory.
Written By Fazal Ul Vahab C H
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