Alpex Solar Ltd: ₹1,334, P/E ~26 — The Solar Star That Grew 7x in 5 Years (Now Making Cells, Not Just Playing with Modules)

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1. At a Glance

Alpex Solar is North India’s shining PV module maker—now foraying into solar cell manufacturing, pumps, EPC, IPP, and free‑air purifiers (yes, really). The stock trades at P/E ~26, with jaw‑dropping ROCE of 51.8% and ROE of 48.1%—clearly not your average solar stock.

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2. Introduction

Founded in 2008, Alpex isn’t just selling panels—it’s selling the dream of integrated solar solutions: modules, frames, EPC, solar pumps, and soon, in-house solar cells. Over the past year alone, sales and profits have catapulted, pushing the stock to new highs. Let’s see if the solar empire holds.

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3. Business Model (WTF Do They Even Do?)

Main Wings:

• PV Modules (1.2 GW → expanding further)
• EPC & IPP Projects
• Solar Pumps (15,000+ installations)
• Aluminum Frames (in-house manufacturing)
• Green Hydrogen solutions (GH2)
• Soon: Solar Cell Manufacturing (1.6 GW capex underway)

They’re basically the Swiss Army knife of solar hardware—diversified, ambitious, and not afraid of complexity.

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4. Financials Overview

FY25 TTM:

• Revenue: ₹1,084 Cr
• PAT: ₹125 Cr
• OPM: ~17%
• CAGR (5‑yr): Sales ~51%, Profit ~94% Groww+15Trade Brains+15Energetica India+15Alice Blue Online

Q1 FY26:

• Order Book: ₹1,554 Cr
• Plant Expansion: 1.2 GW module line + solar cell capacity