Alpex SolarShare price, financial results, shareholding and management
- Market cap
- ₹1,814 cr
- Stock P/E
- 9.0peers 10.9
- Book value
- ₹220
- Price to book
- 3.23
- EV / operating profit
- 6.8
- Market cap to sales
- 0.82
- ROCE · FY26
- 44.7%
- ROE · FY26
- 51.8%
- ROE, 3-year average
- 43.9%
- Operating margin · FY26
- 14.4%peers 14.0%
- Sales growth, 3 years
- 125.1%
- Profit growth, 3 years
- 269.3%
- Debt to equity
- 0.90peers 0.41
- Borrowings
- ₹507 cr
- Interest cover
- 13.2×
- Cash from business / op. profit
- -36%
- Debtor days
- 42
- Pledged
- 8.53%
- Promoter holding
- 65.90%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 8,517
- 52-week high / low
- ₹1,309 / ₹650
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Alpex Solar share price chart
Close on 6 Nov 2026 · -5.01% on the day · Vol 36,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.9%
- 3 months
- -11.7%
- 6 months
- -32.7%
- 1 year
- -42.4%
- Since IPO
- +517.5%
- Traded a day, 20 days
- ₹3.81 cr
- Taken for delivery
- 73%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +185% | +141% |
| 3 years, a year | +125% | +269% |
About Alpex Solar: business, products and customers
Alpex Solar makes solar panels and the aluminium frames that hold them, installs solar water pumps for farmers, and has just opened a plant to make its own solar cells. Its customers include power companies, solar builders and government agencies.
Alpex Solar makes solar panels at Greater Noida, with 2.4 GW of yearly capacity being raised to 3.6 GW, and makes its own aluminium frames. It also installs solar water pumps for farmers, more than 26,000 so far, and does solar EPC work. It makes panels under contract for companies such as Tata Power, Jakson and NTPC, and has won orders from SECI, MSEDCL and HAREDA.
In September 2026 it opened a 2.2 GW plant at Kosi Kotwan near Mathura, Uttar Pradesh, to make G12R TOPCon solar cells, which it plans to use mostly in its own panels. The Managing Director says panel makers without their own cells will struggle once rules requiring Indian-made cells take effect, and the company has applied to have the plant added to the approved list.
Read more about the business
What is new: it has begun work on making wafers and ingots, about 2.5 GW, ahead of the rule for Indian-made wafers due by June 2028, and plans to expand its frame plant. It expects to apply to move from NSE Emerge to the main board after 15 February 2027.
From the offer document (2024), the annual report 2025-26, the May and August 2026 earnings calls, the August and September 2026 press releases and the November 2025 credit rating notice.
Read the deeper study ↓In its favour
- Sales have grown very fast: 125% a year over three years.
- It earns a high return on the money it uses: ROCE 45% in FY26.
- The promoters own a large part of the company: 65.90%.
To watch
- Output from the 2.2 GW cell plant opened on 17 September 2026 (Press release, September 2026, p.2; Earnings call, August 2026, p.4 and p.5).
- Inclusion of the cell plant in the approved list (ALMM List-II), applied for and under evaluation (Press release, August 2026, p.2 and p.3).
- PM-KUSUM pump revenue against the ₹500 cr aim for FY27 (Earnings call, August 2026, p.14).
- The application to move to the main board after 15 February 2027 (Earnings call, August 2026, p.12).
- Its borrowings rose a lot last year: ₹506.7 cr, from ₹72.1 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Alpex Solar revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months.
Alpex Solar half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | |
|---|---|---|
| Sales | 515.02 | 903.24 |
| Expenses | 424.31 | 762.74 |
| Operating profit | 90.71 | 140.50 |
| OPM | 17.6% | 15.6% |
| Interest | 4.34 | 6.70 |
| Depreciation | 5.95 | 8.19 |
| Profit before tax | 81.68 | 129.22 |
| Net profit | 58.71 | 94.95 |
Alpex Solar profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 98 | 149 | 166 | 195 | 413 | 780.15 | 2,223 |
| Expenses | 91 | 140 | 161 | 183 | 375 | 654.86 | 1,904 |
| Operating profit | 7 | 9 | 5 | 12 | 37 | 125.29 | 319.77 |
| OPM | 7.0% | 6.0% | 2.7% | 6.0% | 9.0% | 16.1% | 14.4% |
| Other income | 2 | 1 | 2 | 1 | 6 | 2.86 | 8.48 |
| Interest | 4 | 4 | 4 | 5 | 6 | 7.32 | 22.89 |
| Depreciation | 2 | 2 | 3 | 2 | 3 | 8.50 | 24.08 |
| Exceptional and other items | · | · | · | -1 | · | · | · |
| Profit before tax | 3 | 4 | 0 | 5 | 34 | 112.33 | 280.36 |
| Tax rate | 0.0% | 25.0% | 39.0% | 20.0% | 20.6% | 25.7% | 28.1% |
| Net profit | 3 | 3 | 0 | 4 | 27 | 83.48 | 201.47 |
| EPS ₹ | · | · | · | · | 10.86 | 34.11 | 80.52 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Alpex Solar profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 7.0% | 6.0% | 2.7% | 6.0% | 9.0% | 16.1% | 14.4% |
| Tax rate | 0.0% | 25.0% | 39.0% | 20.0% | 20.6% | 25.7% | 28.1% |
| ROCE | · | 13.1% | 6.1% | 13.1% | 30.0% | 51.2% | 44.7% |
| ROE | · | 8.3% | 0.0% | 10.1% | 31.6% | 48.2% | 51.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Alpex Solar debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Alpex Solar balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 6 | 24 | 24.47 | 25.54 |
| Reserves | 29 | 31 | 32 | 35 | 106 | 191.93 | 536.26 |
| Net worth | 35 | 37 | 38 | 41 | 130 | 216.41 | 561.80 |
| Borrowings | 20 | 30 | 27 | 47 | 49 | 72.08 | 506.67 |
| Other liabilities | 23 | 32 | 35 | 38 | 51 | 185.12 | 315.57 |
| Total liabilities | 78 | 99 | 100 | 126 | 230 | 473.61 | 1,384 |
| Fixed assets | 13 | 20 | 17 | 17 | 31 | 50.90 | 116.20 |
| Capital work in progress | 7 | 1 | 2 | 4 | 0 | 22.81 | 174.93 |
| Investments | 5 | 4 | 4 | 3 | 2 | 2.35 | 1.48 |
| Other assets | 53 | 74 | 77 | 102 | 197 | 397.55 | 1,091 |
| Receivables | · | · | · | · | · | 123.75 | 254.73 |
| Inventory | · | · | · | · | · | 102.39 | 358.86 |
| Cash | · | · | · | · | · | 45.86 | 149.73 |
| Trade payables | · | · | · | · | · | 109.93 | 201.97 |
Alpex Solar cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 7 | 2 | -1 | -7 | -5 | 82.01 | -115.61 |
| Cash from investing | -1 | -8 | 6 | -9 | -17 | -84.76 | -437.24 |
| Cash from financing | -6 | 7 | -6 | 17 | 46 | 3.10 | 553.26 |
| Net cash flow | 0 | 1 | -1 | 1 | 24 | 0.35 | 0.41 |
| Capital spending | · | · | · | · | · | 59.53 | 241.20 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| 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 |
Alpex Solar peers and competitors
Listed SME companies in the same industryBy sales, Alpex Solar is number 1 of the 34 listed SME companies in electrical equipment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Alpex Solar | 1,814 | 9.0 | 2,223 | 201 | 14.4% | 0.90 |
| Oriana Power | 563 | 2.2 | 1,814 | 252 | 22.0% | 0.67 |
| KP Green Engineering | 1,363 | 10.0 | 1,246 | 136 | 20.0% | 0.76 |
| Ganesh Green Bharat | 530 | 7.1 | 1,064 | 75.2 | 10.4% | 0.19 |
| Australian Premium Solar (India) | 451 | 7.8 | 708 | 57.9 | 13.4% | 0.28 |
| Danish Power | 2,095 | 30.4 | 521 | 69 | 18.0% | 0.00 |
| Sahaj Solar | 197 | 6.6 | 419 | 29.6 | 12.4% | 1.27 |
| GP Eco Solutions India | 506 | 11.8 | 414 | 43 | 14.0% | 0.99 |
| Raksan Transformers | 578 | 17.0 | 363 | 34 | 13.0% | 0.27 |
| INDO SMC | 1,183 | 37.0 | 310 | 32 | 15.0% | 0.31 |
| Sugs Lloyd | 569 | 19.6 | 301 | 29 | 14.0% | 0.50 |
| Median of the 10 others | 566 | 10.9 | 470 | 50.4 | 14.0% | 0.41 |
Alpex Solar shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Alpex Solar shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 68.76% | 68.76% | 68.76% | 68.76% | 65.89% | 65.89% | 65.90% | 65.90% |
| Foreign investors (FIIs) | 4.86% | 0.73% | 1.48% | 1.67% | 2.99% | 3.42% | 3.21% | 3.13% |
| Indian institutions (DIIs) | 1.82% | 0.42% | 0.26% | 0.27% | 0.34% | 0.40% | 0.41% | 0.40% |
| HNIs (over ₹2 lakh each) | - | 5.86% | 5.33% | 5.74% | 6.32% | 6.26% | 6.03% | 6.22% |
| Small holders (up to ₹2 lakh) | - | 19.28% | 18.78% | 18.92% | 18.68% | 18.45% | 18.73% | 18.72% |
| Companies and others | - | 4.95% | 5.39% | 4.64% | 5.78% | 5.58% | 5.72% | 5.63% |
| Number of shareholders | 2,224 | 4,544 | 5,730 | 6,010 | 6,397 | 7,354 | 8,032 | 8,517 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Alpex Solar study: the business from its own documents
Read from 14 of the company's own documentsAlpex Solar so far
From the company's own record
- 15 Feb 2024Listed on NSE Emerge at ₹115
- 30 June 2026Promoters at 65.90%
- 29 April 2026Highest close since listing, ₹1,099.71
Alpex Solar key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹2,223.3 cr
- Revenue in FY26, up from ₹780.2 cr in FY25 and ₹412.6 cr in FY24.Annual report 2025-26, p.16
- EBITDA margin
- 14.7%
- Share of FY26 revenue left as operating profit, down from 16.4% in FY25.Annual report 2025-26, p.16
- Latest quarter
- ₹503.4 cr
- Revenue in the June 2026 quarter, up 32.4% on a year earlier, while profit after tax eased to ₹39.9 cr from ₹42.3 cr.Press release, August 2026, p.2
- Order book
- Over ₹2,000 cr
- Orders in hand crossed this mark for the first time during FY26.Annual report 2025-26, p.13
- Cell plant
- 2.2 GW
- TOPCon solar cell plant at Kosi Kotwan, Mathura, opened on 17 September 2026; the Managing Director put its cost at about ₹890 cr.Press release, September 2026, p.2; Earnings call, August 2026, p.8
Show 5 more facts
- Debt on the cell plant
- ₹341 cr
- Borrowing on the cell plant in August 2026, which the Managing Director said would not go beyond about ₹350 to 360 cr.Earnings call, August 2026, p.8
- Panel capacity
- 2.4 GW
- Yearly solar panel capacity, being raised to 3.6 GW.Earnings call, August 2026, p.3; Press release, August 2026, p.3
- Solar pump orders
- ₹350 cr
- PM-KUSUM pump orders being carried out in FY27, against ₹223 cr of pump revenue in FY26 and a ₹500 cr aim for FY27.Earnings call, August 2026, p.14
- Aluminium frames
- 12,000 tonnes a year
- In-house frame capacity, which the company plans to raise to 18,000 tonnes.Earnings call, August 2026, p.3 and p.7
- Credit rating
- Crisil BBB+/Stable
- Long-term rating upgraded in November 2025, with the short-term rating raised to Crisil A2 from A3+.Credit rating notice, November 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call, Managing Director Ashwani Sehgal said revenue should exceed ₹3,000 cr in FY27 under the company's guidance, and the company set out a vision of ₹10,000 cr of revenue by FY30. On the August 2026 call, Ashwani Sehgal said the cell plant would start production in mid-September and that, with a full year of cells, the company should reach about ₹4,000 cr of revenue in the next full financial year. The company also said it plans to raise frame capacity to 18,000 tonnes a year and has started work on wafers and ingots.
| What management said | When | What happened |
|---|---|---|
| Cell plant in full-scale production by August 2026 | May 2026 call | Plant opened on 17 September 2026 after a fire caused about a month's delay; output not yet reported |
| Revenue to double every year, guidance given at listing | Restated on the May 2026 call | FY26 revenue of ₹2,223.3 cr, about 2.8 times FY25 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Alpex Solar earns most of its money making solar panels and installing solar pumps for farmers, and is now adding its own solar cells to keep more of the value.
Its weak spots are thinner panel margins as many new factories open, heavy spending and borrowing on the cell plant, and reliance on government rules that favour Indian-made panels.
WatchCan it set its own prices?Panel prices are under pressure as many makers compete, and the company's margin slipped in the latest year. The company expects its own cells to help.
AverageHow strong is it against rivals?It is smaller than the big panel makers but now has its own cells, which the Managing Director says most panel makers will need. It says it chooses orders rather than chasing volume.
AverageWho are its customers?It supplies panels to large power and solar companies and wins pump and project orders from government bodies. The documents read give no figure for how much the largest customers bring in.
WatchDoes it need a lot of money?Building cell, wafer and frame plants takes large sums, and the company has borrowed for the cell plant.
StrongCan it keep finding new work?Orders in hand reached a record during FY26, and pump orders for the new year are already larger than last year's pump revenue.
WatchDo good and bad years swing a lot?Demand and prices depend heavily on government rules that protect Indian makers from imports, and those rules have been changing.
Who runs Alpex Solar?
Promoters, directors and officers; tap a name for the background
ASAshwani SehgalPromoter, Chairman and Managing Director
Holds a degree in Mechanical Engineering from Punjab University, Chandigarh. Began at Punjab Tractor in 1989 and left in 1993 to start Alpex; had 34 years of experience at the time of the offer, 16 of them in solar. Served as President of the Indian Solar Manufacturers Association for 12 years and is now a director of the association.
Offer document, p.183; Earnings call, August 2026, p.2MSMonica SehgalPromoter and Whole Time Director
Holds a Master's in Computer Application from Bhopal University, with 20 years in administration and human resources at the time of the offer; with the company since 1993. The offer document states that Monica Sehgal and Ashwani Sehgal are spouses.
Offer document, p.183 and p.184VSVipin SehgalPromoter and Executive Director
Holds a Bachelor's degree in Production Engineering from Guru Nanak Dev Engineering College, Ludhiana (1992), with over 22 years in production and computer applications at the time of the offer; oversees production, ERP, technology adoption and research. The offer document states that Vipin Sehgal is the brother of Ashwani Sehgal.
Offer document, p.184ASAditya SehgalPromoter and Chief Executive Officer
Holds a Bachelor's degree in science with a focus on Electrical Engineering from the University of California; a non-executive director at the time of the offer, now Chief Executive Officer leading exports and new markets. The offer document states that Aditya Sehgal is the son of Ashwani Sehgal and Monica Sehgal.
Offer document, p.184; Earnings call, August 2026, p.2DVDeepak VermaIndependent Director
A former judge of the Supreme Court of India (2009 to 2012) and former Chief Justice of the Rajasthan High Court, now an independent arbitrator and mediator.
Offer document, p.184ISIndrajeet S KhannaIndependent Director
Has 35 years in senior roles in the Government of India, including Chairperson of the International Telecommunication Union Council in Geneva; holds an MBA and a Bachelor's degree in Electronics and Telecommunication Engineering from the University of Jabalpur.
Offer document, p.184Alpex Solar latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 65.90%.
Alpex Solar announcements
41 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingScrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Press Releasea press release dated September 17, 2026, titled "Alpex Solar inaugurates its ambitious 2.2 GW G12R TOPCon Solar Cell Plant in Kosi-Kotwan"PDF ↗
- General Updatesdispatch of physical communication to those shareholders who have not registered their email addressPDF ↗
- Copy of Newspaper PublicationRegarding the 33rd Annual General Meeting of the CompanyPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
- Copy of Newspaper PublicationFor Notice of Annual General MeetingPDF ↗
- Outcome of Board MeetingAppointment of Secretarial Auditor and reappointment of Statutory AuditorPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
Alpex Solar annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Alpex Solar share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Alpex Solar's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,55,43,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- !Promoter and public holdings do not add up to 100% in the pattern of 2024-03-31; the figures are shown as filed.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Alpex Solar
What does Alpex Solar do?
Alpex Solar makes solar panels and the aluminium frames that hold them, installs solar water pumps for farmers, and has just opened a plant to make its own solar cells. Its customers include power companies, solar builders and government agencies.
What is the share price of Alpex Solar?
₹710 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Alpex Solar?
₹1,814 cr at the close on 6 Nov 2026, on 2,55,43,000 shares.
What is the P/E of Alpex Solar?
9.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Alpex Solar's revenue and profit?
Revenue ₹2,223 cr and profit after tax ₹201 cr in FY26.
Who are the promoters of Alpex Solar?
Ashwani Sehgal, Monica Sehgal, Vipin Sehgal, Aditya Sehgal; promoters held 65.90% at 30 June 2026.
What was the IPO price of Alpex Solar?
₹115 a share; it listed on 15 Feb 2024.
What is Alpex Solar's website?
www.alpexsolar.com
More SME companies like Alpex Solar
Other listed SME companies in electrical equipment, the closest in size first, each read from its own documents.
- Danish PowerDANISH · NSE Emerge · Electrical Equipment · listed 2024Market cap ₹1,857 cr
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- Oriana PowerORIANA · NSE Emerge · Electrical Equipment · listed 2023Market cap ₹2,417 cr
- Vivid ElectromechVIVIDEL · NSE Emerge · Electrical Equipment · listed 2026Market cap ₹949 cr
- Anawil Wire and EngineeringANAWIL · NSE Emerge · Electrical Equipment · listed 2026Market cap ₹919 cr
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Every listed SME company in Electrical Equipment → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 press releases, 2 investor presentations, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 41 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.