Alpex Solar Ltd
Incorporated in 2008, Alpex Solar
Ltd manufactures photovoltaic modules
and provides all-inclusive solar energy
solutions[1]
- Market Cap ₹ 3,120 Cr.
- Current Price ₹ 1,275
- High / Low ₹ 1,450 / 495
- Stock P/E 20.4
- Book Value ₹ 193
- Dividend Yield 0.00 %
- ROCE 50.3 %
- ROE 47.4 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 98.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.6%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 92 | 138 | 153 | 183 | 404 | 779 | 1,417 | |
| 86 | 130 | 149 | 172 | 367 | 654 | 1,186 | |
| Operating Profit | 6 | 8 | 4 | 11 | 37 | 125 | 230 |
| OPM % | 7% | 6% | 2% | 6% | 9% | 16% | 16% |
| 2 | 1 | 3 | 1 | 9 | 3 | 5 | |
| Interest | 4 | 4 | 4 | 5 | 6 | 8 | 11 |
| Depreciation | 2 | 2 | 3 | 2 | 3 | 8 | 14 |
| Profit before tax | 3 | 3 | 0 | 5 | 36 | 111 | 210 |
| Tax % | 3% | 8% | 36% | 28% | 13% | 26% | |
| 3 | 3 | 0 | 4 | 32 | 83 | 153 | |
| EPS in Rs | 12.90 | 33.86 | 62.53 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 53% |
| 3 Years: | 72% |
| TTM: | 205% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 98% |
| 3 Years: | 378% |
| TTM: | 307% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 41% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 38% |
| Last Year: | 47% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 24 | 24 | 26 |
| Reserves | 27 | 29 | 30 | 33 | 109 | 192 | 448 |
| 19 | 28 | 20 | 40 | 49 | 77 | 172 | |
| 22 | 30 | 34 | 35 | 48 | 163 | 273 | |
| Total Liabilities | 74 | 93 | 89 | 114 | 230 | 456 | 918 |
| 19 | 20 | 17 | 15 | 47 | 72 | 91 | |
| CWIP | 0 | 1 | 2 | 4 | 0 | 11 | 67 |
| Investments | 5 | 5 | 4 | 4 | 3 | 3 | 3 |
| 49 | 68 | 66 | 90 | 180 | 371 | 758 | |
| Total Assets | 74 | 93 | 89 | 114 | 230 | 456 | 918 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 7 | 2 | 4 | -8 | -14 | 51 | |
| -0 | -4 | 6 | -7 | -16 | -68 | |
| -6 | 2 | -11 | 17 | 53 | 18 | |
| Net Cash Flow | 1 | 0 | -1 | 1 | 24 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 87 | 46 | 38 | 43 | 64 | 58 |
| Inventory Days | 53 | 69 | 91 | 94 | 39 | 62 |
| Days Payable | 79 | 68 | 56 | 53 | 37 | 58 |
| Cash Conversion Cycle | 61 | 47 | 73 | 84 | 66 | 62 |
| Working Capital Days | 24 | 17 | 30 | 14 | 33 | 43 |
| ROCE % | 12% | 7% | 15% | 27% | 50% |
Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
5 November 2025 - Audio of Nov 4, 2025 earnings call for quarter/half-year ended Sep 30, 2025 available on company's website.
-
Copy of Newspaper Publication
4 November 2025 - Alpex upgrades to TOPCon: 2.2GW cells, 3.6GW modules; Phase I 1.4GW Q0 FY26, Phase II 0.8GW.
-
Outcome of Board Meeting
3 November 2025 - Unaudited Q2/H1 (Sep 30, 2025): consolidated H1 profit Rs9,494.95 lakhs; secured Rs1,899.55 crore order; 2.2GW TOPCon expansion.
-
Analysts/Institutional Investor Meet/Con. Call Updates
30 October 2025 - Earnings conference call on Nov 4, 2025 at 11:00 AM for Q2 FY2025-26 results.
-
General Updates
29 October 2025 - Approved 2.2 GW G12R TOPCon upgrade; ₹3,136 crore capex; Phase I 1.4 GW Q1 FY2026-27.
Business Overview:[1][2][3]
ASL is among North Indiaʼs largest PV Module Manufacturers. Company manufactures solar PV modules, solar power plants, aluminium frames, IPP, GH2, and AC/DC water pumps.
It also undertakes EPC projects. Moreover, ASL trades in circular knitting needles, yarn, air purifiers, water pumps and solar panel. It has installed 15,000+ solar pump installation till date