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

₹ 836 -1.54%
31 Aug 12:49 p.m.
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 ₹ 2,135 Cr.
  • Current Price ₹ 836
  • High / Low ₹ 1,375 / 660
  • Stock P/E 10.6
  • Book Value ₹ 220
  • Dividend Yield 0.00 %
  • ROCE 43.5 %
  • ROE 52.0 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 132% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 47.5%
  • Debtor days have improved from 54.1 to 41.8 days.

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

Part of Nifty SME Emerge

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
79 121 77 188 188 327 380 523 648 672 503
71 106 73 158 151 274 318 445 558 583 429
Operating Profit 8 14 4 31 37 54 63 78 90 89 75
OPM % 10% 12% 5% 16% 20% 16% 16% 15% 14% 13% 15%
0 -5 0 1 1 1 2 2 0 4 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 49 57 72 77 74 54
Tax % 21% 17% 29% 19% 28% 28% 26% 27% 29% 28% 26%
5 6 1 24 23 35 42 53 54 53 40
EPS in Rs 2.51 2.57 0.43 9.69 9.56 14.43 17.28 20.62 21.25 20.86 15.61
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
98 149 166 195 413 780 2,223 2,346
91 140 161 183 375 654 1,904 2,015
Operating Profit 7 9 5 12 37 126 319 331
OPM % 7% 6% 2.7% 6% 9% 16% 14% 14%
2 1 2 1 6 3 8 10
Interest 4 4 4 5 6 8 23 35
Depreciation 2 2 3 2 3 8 24 30
Profit before tax 3 4 0 5 34 112 279 277
Tax % 5% 9% 39% 29% 22% 26% 28%
3 3 0 4 27 83 202 200
EPS in Rs 10.86 34.11 78.89 78.34
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 72%
3 Years: 125%
TTM: 117%
Compounded Profit Growth
10 Years: %
5 Years: 132%
3 Years: 276%
TTM: 61%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -31%
Return on Equity
10 Years: %
5 Years: 43%
3 Years: 47%
Last Year: 52%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 6 6 6 6 24 24 26
Reserves 29 31 32 35 106 192 536
20 30 27 47 49 79 537
23 32 36 37 50 178 286
Total Liabilities 78 99 100 126 230 474 1,384
13 20 17 17 31 78 168
CWIP 7 1 2 4 0 23 175
Investments 5 4 4 3 2 2 1
53 75 77 100 197 371 1,040
Total Assets 78 99 100 126 230 474 1,384

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
7 2 -1 -7 -5 69 -116
-1 -8 6 -9 -17 -82 -437
-6 7 -6 17 46 16 553
Net Cash Flow 1 0 -1 2 23 3 0
Free Cash Flow 8 -1 -2 -12 -9 11 -447
CFO/OP 116% 28% 6% -58% -10% 65% -21%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 57 35 37 35 63 58 42
Inventory Days 94 93 110 115 42 62 73
Days Payable 79 69 56 53 39 67 41
Cash Conversion Cycle 73 58 91 97 65 53 74
Working Capital Days 31 25 46 23 48 35 37
ROCE % 13% 7% 14% 26% 51% 44%

Insights

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

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

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

Announcements

Annual reports

Credit ratings

Concalls