Alpex Solar Ltd
Incorporated in 2008, Alpex Solar
Ltd manufactures photovoltaic modules
and provides all-inclusive solar energy
solutions[1]
- Market Cap ₹ 2,249 Cr.
- Current Price ₹ 919
- High / Low ₹ 1,132 / 495
- Stock P/E 27.1
- Book Value ₹ 88.3
- Dividend Yield 0.00 %
- ROCE 51.6 %
- ROE 47.7 %
- Face Value ₹ 10.0
Pros
- 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 37.0%
Cons
- Stock is trading at 10.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
* 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 | |
|---|---|---|---|---|---|---|
| 92 | 138 | 153 | 183 | 404 | 779 | |
| 86 | 130 | 149 | 172 | 368 | 655 | |
| Operating Profit | 6 | 8 | 4 | 11 | 37 | 124 |
| OPM % | 7% | 6% | 2% | 6% | 9% | 16% |
| 2 | 1 | 3 | 1 | 8 | 3 | |
| Interest | 4 | 4 | 4 | 5 | 6 | 7 |
| Depreciation | 2 | 2 | 3 | 2 | 3 | 8 |
| Profit before tax | 3 | 3 | 0 | 5 | 36 | 111 |
| Tax % | 3% | 8% | 36% | 28% | 20% | 26% |
| 3 | 3 | 0 | 4 | 29 | 83 | |
| EPS in Rs | 11.87 | 33.86 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 53% |
| 3 Years: | 72% |
| TTM: | 93% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 98% |
| 3 Years: | 379% |
| TTM: | 257% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 45% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 37% |
| Last Year: | 48% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 24 | 24 |
| Reserves | 27 | 29 | 30 | 33 | 107 | 192 |
| 19 | 28 | 20 | 40 | 36 | 77 | |
| 22 | 30 | 34 | 35 | 50 | 163 | |
| Total Liabilities | 74 | 93 | 89 | 114 | 217 | 456 |
| 19 | 20 | 17 | 15 | 27 | 72 | |
| CWIP | 0 | 1 | 2 | 4 | 0 | 11 |
| Investments | 5 | 5 | 4 | 4 | 6 | 3 |
| 49 | 68 | 66 | 90 | 184 | 371 | |
| Total Assets | 74 | 93 | 89 | 114 | 217 | 456 |
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 | 42 | 62 |
| Days Payable | 79 | 68 | 56 | 53 | 40 | 58 |
| Cash Conversion Cycle | 61 | 47 | 73 | 84 | 67 | 62 |
| Working Capital Days | 79 | 64 | 63 | 86 | 77 | 71 |
| ROCE % | 12% | 7% | 15% | 28% | 52% |
Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
28 May 2025 - Alpex Solar reports strong FY25 results, Rs. 642 Cr capex, 2.4 GW module and 1.6 GW cell capacity expansion, Rs. 349 Cr Coal India order.
-
Analysts/Institutional Investor Meet/Con. Call Updates
24 May 2025 - Alpex Solar Limited has informed about Link of Recording
-
Investor Presentation
23 May 2025 - Alpex Solar plans 2.4 GW module, 1.6 GW cell capacity expansion; secured Rs. 758 Cr+ orders; CRISIL BBB- rating.
-
Copy of Newspaper Publication
22 May 2025 - Alpex Solar Limited has informed about Copy of Newspaper Publication
-
Analysts/Institutional Investor Meet/Con. Call Updates
22 May 2025 - Alpex Solar Limited has informed about Schedule of meet
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