Alpex Solar Ltd
Incorporated in 2008, Alpex Solar
Ltd manufactures photovoltaic modules
and provides all-inclusive solar energy
solutions[1]
- Market Cap ₹ 2,256 Cr.
- Current Price ₹ 883
- High / Low ₹ 1,450 / 495
- Stock P/E 14.7
- Book Value ₹ 185
- Dividend Yield 0.00 %
- ROCE 50.5 %
- ROE 47.7 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 93.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.2%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -2.87%
- 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 98 | 149 | 166 | 195 | 413 | 780 | 1,418 | |
| 91 | 140 | 161 | 183 | 375 | 654 | 1,187 | |
| Operating Profit | 7 | 9 | 5 | 12 | 37 | 126 | 231 |
| OPM % | 7% | 6% | 3% | 6% | 9% | 16% | 16% |
| 2 | 1 | 2 | 1 | 7 | 3 | 5 | |
| Interest | 4 | 4 | 4 | 5 | 6 | 8 | 11 |
| Depreciation | 2 | 2 | 3 | 2 | 4 | 8 | 14 |
| Profit before tax | 3 | 4 | 0 | 5 | 34 | 112 | 211 |
| Tax % | 5% | 9% | 39% | 30% | 14% | 26% | |
| 3 | 3 | 0 | 4 | 29 | 83 | 154 | |
| EPS in Rs | 11.89 | 34.11 | 61.89 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 51% |
| 3 Years: | 68% |
| TTM: | 205% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 94% |
| 3 Years: | 1106% |
| TTM: | 306% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 3% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 37% |
| Last Year: | 48% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 24 | 24 | 26 |
| Reserves | 29 | 31 | 32 | 35 | 109 | 192 | 447 |
| 20 | 30 | 27 | 47 | 49 | 79 | 174 | |
| 23 | 32 | 36 | 37 | 48 | 178 | 288 | |
| Total Liabilities | 78 | 99 | 100 | 126 | 230 | 474 | 936 |
| 13 | 20 | 17 | 18 | 47 | 78 | 96 | |
| CWIP | 7 | 1 | 2 | 4 | 0 | 23 | 81 |
| Investments | 5 | 4 | 4 | 2 | 2 | 2 | 2 |
| 53 | 75 | 77 | 101 | 180 | 371 | 756 | |
| Total Assets | 78 | 99 | 100 | 126 | 230 | 474 | 936 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 7 | 2 | -1 | -7 | -8 | 69 | |
| -1 | -8 | 6 | -9 | -19 | -82 | |
| -6 | 7 | -6 | 17 | 50 | 16 | |
| Net Cash Flow | 1 | 0 | -1 | 2 | 23 | 3 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 57 | 35 | 37 | 35 | 62 | 58 |
| Inventory Days | 94 | 93 | 110 | 123 | 39 | 62 |
| Days Payable | 79 | 69 | 56 | 57 | 36 | 67 |
| Cash Conversion Cycle | 73 | 58 | 91 | 101 | 65 | 53 |
| Working Capital Days | 31 | 25 | 46 | 24 | 32 | 35 |
| ROCE % | 13% | 7% | 14% | 26% | 50% |
Documents
Announcements
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Updates
3 December 2025 - Analyst/investor conclave on Dec 2, 2025 in Mumbai; organized by Navama Wealth; no UPSI discussed.
-
Analysts/Institutional Investor Meet/Con. Call Updates
29 November 2025 - MD Ashwani Sehgal to meet analysts/institutional investors Dec 2, 2025 at Grand Hyatt Mumbai.
-
Investor Presentation
28 November 2025 - Investor presentation: Q2/H1 FY26 results; Q2 revenue Rs522.9cr, H1 Rs903.24cr; 2.2GW TOPCon cells, 3.6GW modules.
-
Credit Rating- Revision
28 November 2025 - CRISIL upgraded Alpex Solar to long-term BBB+/Stable and short-term A2; total facilities Rs.573 crore (Nov 28, 2025).
-
Monitoring Agency Report
12 November 2025 - CRISIL monitoring report on Rs260.17 crore PI; Rs50 crore used for working capital; Rs112.27 crore unutilised.
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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Sep 2025TranscriptAI SummaryPPT
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Mar 2025TranscriptAI SummaryPPT
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Dec 2024TranscriptAI SummaryPPT
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Dec 2024TranscriptAI SummaryPPT
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Nov 2024TranscriptAI SummaryPPT
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Oct 2024TranscriptAI SummaryPPT
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Jul 2024TranscriptAI SummaryPPT
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