Alpex Solar Ltd

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Alpex Solar Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Alpex Solar Ltd

₹ 823 -2.82%
01 Oct - close price
alpexsolar.com NSE - SME: ALPEXSOLAR
About

Incorporated in 2008, Alpex Solar
Ltd manufactures photovoltaic modules
and provides all-inclusive solar energy
solutions[1]

Key Points

Business Overview:[1] [2]
The company offers integrated renewable energy solutions across the solar value chain, including solar cells, solar modules, solar water pumps, aluminium frames, EPC services, and IPP operations. As of FY26, it has installed 26,000+ solar pumps.

Website NSE - SM
  • Market Cap ₹ 2,103 Cr.
  • Current Price ₹ 823
  • High / Low ₹ 1,319 / 660
  • Stock P/E 10.5
  • Book Value ₹ 221
  • Dividend Yield 0.00 %
  • ROCE 44.6 %
  • ROE 52.5 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 138% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 48.1%
  • Debtor days have improved from 54.8 to 42.5 days.

Cons

  • 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

Part of Nifty SME Emerge

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
79 121 77 188 188 327 380 522 646 669 501
71 106 73 158 151 274 318 445 556 578 428
Operating Profit 8 14 4 31 37 53 63 78 90 91 73
OPM % 10% 12% 5% 16% 20% 16% 17% 15% 14% 14% 15%
0 -5 0 1 1 1 2 1 0 3 4
Interest 2 1 2 1 2 2 3 3 6 10 15
Depreciation 1 1 1 1 3 3 4 4 7 9 10
Profit before tax 6 8 1 29 32 48 58 72 77 75 52
Tax % 21% 17% 29% 20% 27% 28% 26% 27% 29% 27% 26%
5 6 1 23 24 35 43 52 55 55 39
EPS in Rs 2.54 2.57 0.43 9.49 9.61 14.26 17.38 20.39 21.35 21.39 15.16
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
92 138 153 183 404 779 2,218 2,339
86 130 149 172 367 654 1,891 2,007
Operating Profit 6 8 4 11 37 125 327 332
OPM % 7% 6% 2.5% 6% 9% 16% 15% 14%
2 1 3 1 9 3 6 8
Interest 4 4 4 5 6 8 28 35
Depreciation 2 2 3 2 3 8 24 30
Profit before tax 3 3 0 5 36 111 281 276
Tax % 3% 8% 36% 28% 13% 26% 28%
3 3 0 4 32 83 204 200
EPS in Rs 12.90 33.86 79.78 78.29
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 74%
3 Years: 130%
TTM: 116%
Compounded Profit Growth
10 Years: %
5 Years: 138%
3 Years: 279%
TTM: 61%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -31%
Return on Equity
10 Years: %
5 Years: 44%
3 Years: 48%
Last Year: 53%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 6 6 6 6 24 24 26
Reserves 27 29 30 33 109 192 538
19 28 20 40 49 77 535
22 30 34 35 48 163 277
Total Liabilities 74 93 89 114 230 456 1,375
19 20 17 15 47 72 166
CWIP 0 1 2 4 0 11 162
Investments 5 5 4 4 3 3 3
49 68 66 90 180 371 1,045
Total Assets 74 93 89 114 230 456 1,375

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
7 2 4 -8 -14 54 -117
-0 -4 6 -7 -16 -71 -441
-6 2 -11 17 53 18 553
Net Cash Flow 1 0 -1 1 24 2 -5
Free Cash Flow 7 -7 2 -12 -18 11 -359
CFO/OP 115% 27% 128% -74% -22% 54% -21%

Ratios

Standalone / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 87 46 38 43 64 58 42
Inventory Days 53 69 91 94 39 62 73
Days Payable 79 68 56 53 37 58 40
Cash Conversion Cycle 61 47 73 84 66 62 76
Working Capital Days 24 17 30 14 33 31 39
ROCE % 12% 7% 15% 27% 50% 45%

Insights

In beta
Dec 2012 Mar 2018 Mar 2024 Mar 2025 Mar 2026 Mar 2027 (P)
Solar Module Manufacturing Capacity
GW

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Cumulative Solar Water Pump Installations
Number
Number of Manufacturing Units
Number
Aluminium Frame Manufacturing Capacity
MT per year
Order Book
INR Crore
Solar Cell Manufacturing Capacity
GW
Module Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Mar 2024Sep 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
68.76% 68.76% 68.76% 68.76% 65.89% 65.89% 65.90% 65.90%
4.86% 0.73% 1.48% 1.67% 2.99% 3.42% 3.21% 3.13%
1.82% 0.42% 0.26% 0.27% 0.34% 0.40% 0.41% 0.40%
24.55% 30.09% 29.50% 29.29% 30.79% 30.30% 30.48% 30.58%
No. of Shareholders 2,2244,5445,7306,0106,3977,3548,0328,517

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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