1. Opening Hook
While most of us were still calculating our Diwali electricity bills, Alpex Solar plugged into megawatt-level optimism. The management kicked off the concall glowing brighter than their modules, claiming “everything is on track” — because, apparently, the sun doesn’t set on Alpex’s ambitions. They’ve already beaten FY25 revenue halfway through FY26, and yet, modesty seems to have taken a permanent vacation. Stick around — because the wattage of confidence here could power a small city. ⚡
2. At a Glance
- Revenue up ~300% YoY:Management swears it’s not sunlight reflecting off the numbers.
- EBITDA ~₹25 crore/month:Solar cash flow, not spreadsheet glow.
- Margins at 16%:Slight tan from interest costs, not burn.
- Order book ₹1,800 crore:Enough to keep the panels and investors charged.
- Stock buzzing:Traders saw “2x growth guidance” and instantly short-circuited logic.
3. Management’s Key Commentary
“We are happy with these results. All our expansion plans are on track.”(Translation: The sun shines on our spreadsheets, and we’re basking in it.) 😎
“People without solid knowledge are joining the bandwagon.”(Translation: Everyone’s doing solar, but we’re the only ones whoactuallyknow where the plug goes.)
“Our first cell will be produced by end of February or early March.”(Translation: It’s not delayed — we’re just being ‘conservative’ with the calendar.)
“We generate ₹25 crore EBITDA every month through internal accruals.”(Translation: Who needs bankers when your panels mint money every sunrise?)
“We’ll double revenue again next year — that’s our DNA.”(Translation: Humility isn’t renewable, apparently.)
“PLI has been a failure. We won’t do it for subsidy.”(Translation: We prefer profits over paperwork.)
“We only tell what we do — and do what we tell.”(Translation: Except when the timeline slips — then it’s a ‘strategic extension.’)
4. Numbers Decoded
| Metric | Q2FY26 | Commentary |
|---|---|---|
| Revenue | ₹900+ crore (H1FY26) | Already beat FY25 full-year — solar speedrun. |
| EBITDA Margin | ~16% | Management promises 28-30% next year (because why not?). |
| Order Book | ₹1,600–1,800 crore | Enough sunlight booked for FY27. |
| Working Capital | ₹115 crore → ₹300 crore FY27 | Inventory’s soaking up more than just sunshine. |
| Debt | ₹325–350 crore (Peak) | Expansion on solar steroids, but still “comfortable.” |
| Module ASP | ₹17.5/unit | Sunlight doesn’t come cheap. |
| Cell Prices | ₹90–110 (DCR) / ₹33–43 (Chinese) | Import math still the toughest equation. |
(Company aiming for 3.6 GW module + 2.2 GW cell capacity by FY27 — the gigawatt race is on.)
5. Analyst Questions
Q:“How will you manage competition and overcapacity?”A:“Others are amateurs. We’re the pros.” (Translation: The sun rises for us first.)
Q:“Margins dropped?”A:“Interest costs ate a bit, but volume grew 300%.” (Translation: Quantity > quality, for now.)
Q:“When does full capacity kick in?”A:“Everything by next year August. Promise!” (Translation: Check back in October.)
Q:“Why not make wafers?”A:“PLI is useless.” (Translation: We’ll wait till subsidies get fatter.)
Q:“Cash flow negative?”A:“Because we’re growing too fast — good problem to have!” (Translation: Solar expansion burns cash, literally.)
6. Guidance & Outlook
FY27 looks like a double-sun scenario — management expects2x revenue growthyet again, hitting ₹3,200–₹3,600 crore. Margins are guided to a dazzling 28–30%, assuming all
