Author: Prashant Marathe
Date: May 22, 2025
Tags: Alpex Solar, Solar Stocks India, SME IPO, FY25 Results, Renewable Energy, Smallcap Stocks

⚡ At a Glance

Alpex Solar Ltd just delivered FY25 results that scream “multibagger potential.”
The stock surged 5% today to ₹898 — not because of hype, but because of actual earnings power.

Here’s what the company did:

• 🔥 Revenue up to ₹777.9 Cr from ₹148 Cr last year
• 💰 Net Profit zoomed to ₹83.4 Cr (vs ₹14.8 Cr last year)
• 💸 Deployed IPO proceeds exactly as promised
• ☀️ Scaled solar module capacity to 1200 MW
• 📜 Secured ₹1,275 Cr in new orders

This isn’t just a solar panel company anymore — this is a clean energy machine.
Let’s decode why this SME stock is starting to look like a smallcap superstar.

🏭 About the Company

Alpex Solar Ltd (formerly Alpex Solar Pvt Ltd) is into:

• Manufacturing solar PV modules
• Assembling solar water pumping systems
• Providing renewable energy solutions to government and private sectors

They’ve been around since 1993, but listed on NSE Emerge in Feb 2024.

This ain’t no new kid with a pitch deck. They’ve got skin in the game.

🧑‍💼 Key People Running the Show

• Ashwani Sehgal – Managing Director
• Amit Sehgal – Whole Time Director
• 🧠 Both have over 20 years of experience in solar manufacturing
• Company is family-promoted but scaling like a startup

📊 FY25 Financial Performance (Standalone)

💸 IPO Proceeds? Used Like a Pro

Remember the ₹66.93 Cr raised via IPO?

📌 Here’s how they used it:

No shady diversions. No “office renovations.” Just real infra, real growth.

🏗️ Capacity Expansion & Order Book

• Solar module capacity expanded to 1200 MW
• Leased land in Madhya Pradesh and Uttar Pradesh for new facilities
• Secured ₹1,275 crore worth of orders for FY26
• These aren’t just tenders—they’ve already begun execution

“This is not a dream. This is a manufacturing floor covered in solar wafers and soldering guns.”

📈 Forward-Looking Fair Value

Let’s crunch the FV numbers:

• FY25 PAT: ₹83.4 Cr
• Shares Outstanding: 5.78 Cr
• EPS = ₹14.43
• Let’s apply a conservative 18x PE multiple for solar
• 🎯 Fair Value = ₹14.43 × 18 = ₹259.74

Wait — but CMP is ₹898?
Yes. Because it’s already been rerated by the market as a growth stock.

Instead, reverse it:

• CMP = ₹898
• Implied PE = 62.2
• Forward Growth Justified? Yes, if PAT grows to ₹120–150 Cr in FY26.

🌞 Sector Tailwinds

• India needs to install 280 GW of solar by 2030.
• Govt PLI schemes + import duties on Chinese panels = Make in India push
• Alpex is already grabbing land + orders + capacity

🧠 EduInvesting Take

Alpex Solar is doing the unthinkable — delivering on IPO promises.

✅ Profits growing
✅ Orders visible
✅ Cash flows strong
✅ Zero governance red flags

Yes, the stock has already multiplied post-listing. But that doesn’t mean it’s over.

If FY26 PAT crosses ₹120 Cr, the current ₹898 price may not be expensive — it may be early.

This is what a “solar Titan” in the making looks like.

🚩 Risks & Red Flags

• Solar sector is policy-driven. One subsidy cut = impact.
• Aggressive valuations → room for volatility
• Execution risks for new facilities
• SME listing = liquidity risk in panic selloffs

💬 Final Words

This isn’t a “buy the dip” stock. This is a “buy the execution” story.
From ₹115 IPO to ₹898 now — and maybe ₹1500 if FY26 delivers.

If you want to own solar power in your portfolio — Alpex just lit the bulb. ☀️