Alpex Solar Ltd Q2 FY26 – ₹523 Cr Quarterly Revenue, ₹52.7 Cr PAT, 50%+ ROCE: From SME IPO to Solar Juggernaut Speedrun

1. At a Glance – Blink and You’ll Miss the Numbers

Alpex Solar Ltd is that one SME stock that behaved like it drank Red Bull mixed with electrolytes and decided to sprint through FY25–FY26. Market cap of ₹1,982 Cr, stock price hovering around ₹776, and yet delivering ₹523 Cr quarterly revenue with ₹52.7 Cr PAT in the latest reported quarter (Sep 2025). That’s not a typo — that’s a solar module manufacturer on steroids.

ROCE at 50.5%, ROE at 47.7%, debt-to-equity of 0.37, and a trailing P/E of ~12.9x when the industry median is flirting with the high 20s. Meanwhile, the stock is down ~28% in 3 months and ~36% in 6 months, which tells you Mr. Market is either blind, drunk, or deeply confused.

Sales have exploded 205% YoY (TTM), profits up 306%, and yet the valuation says, “meh.” Add to that a confirmed ₹215 Cr solar module supply order (Jan 2026) and PM KUSUM pump orders, and suddenly this SME starts behaving like it wants to sit at the big boys’ table with Waaree and Premier Energies.

Curious already? Good. Because it only gets messier (and funnier) from here.

2. Introduction – A Solar Company That Refused to Stay in Its Lane

Founded in 2008, Alpex Solar Limited didn’t wake up one day and become a 1.4 GW+ revenue monster. For years, it quietly existed in the background, manufacturing PV modules, doing EPC jobs, supplying solar pumps, and occasionally confusing analysts by also trading knitting needles and yarn (yes, really).

Then came FY24–FY25, and Alpex decided subtlety is overrated.

Revenue jumped from ₹413 Cr (FY24) to ₹780 Cr (FY25) and then to ₹1,418 Cr TTM. PAT followed from ₹29 Cr → ₹83 Cr → ₹154 Cr (TTM). That’s not growth; that’s a solar eclipse of prior expectations.

The IPO in Feb 2024 on NSE Emerge raised ₹74.52 Cr, and within a year, the company is sitting on confirmed orders, capacity expansion announcements, credit rating upgrades, and a balance sheet that looks like it finally learned how to lift weights.

But here’s the fun part: Alpex is not just a module assembler anymore. It’s going backward integration mode ON — aluminium frames, solar cells (TOPCon), EPC, IPP — the full buffet. This is either vertical integration brilliance… or capex-induced madness.

Which one is it? Let’s dig.

3. Business Model – WTF Do They Even Do?

Alpex Solar’s business model is like a North Indian wedding buffet — too many items, but somehow it works.

Core Engines:

Solar PV Module Manufacturing
This is the bread, butter, ghee, and paneer. As of now, installed capacity is ~900 MW, scaling to ~1.2 GW, and then 2.4 GW by FY26. Modules account for ~98% of FY24 revenue.
Solar Pumps (PM KUSUM Rockstar)
Over 15,000+ solar pumps installed, with recent ₹65 Cr + ₹34.5 Cr orders from state renewable agencies. Rural India + subsidies = predictable demand.
EPC & IPP (Small but Ambitious)
EPC ramping from 45 MW → 150 MW (FY27) and IPP from 30 MW → 100 MW. Not massive yet, but sticky and margin-friendly.
Backward Integration Madness (In a Good Way?)
- Aluminium Frames: 12,000 T capacity by FY26
- Solar Cells (TOPCon): Up to 1.6 GW by Sep 2026, with ₹642 Cr project cost
Other Random Stuff
Trading in knitting needles, yarn, air purifiers. Negligible revenue, but great trivia.