1. At a Glance
Alpex Solar looks like that student who scored 98% but still got scolded by the teacher for not writing the roll number on the answer sheet. FY25 revenue jumped 162%, profit shot up nearly 5x, and ROE is hotter than Delhi’s summer at 48%. But in their excitement, they went full “overachiever” by filing quarterly results on the SME platform, where only half-yearly reports are allowed. NSE uncle wasn’t impressed – result: clarification letter + corrigendum drama. Growth is there, compliance swag is missing.
2. Introduction
India’s renewable energy bazaar is buzzing – Waaree, Premier, Adani Green, Tata Power Solar – sab race mein hain. In the middle of this high-voltage rally stands Alpex Solar, a company that until 2023 was more famous in tender circles than on Dalal Street. Fast-forward to 2025: IPO done, factories buzzing, orders pouring in, and promoters dreaming of 2.4 GW module capacity.
But here’s the real punchline – they not only want to make modules, but also the aluminium frames, solar cells, EPC projects, and even sell electricity themselves (IPP). Matlab one company – full solar thali.
The good part? FY25 numbers look rock solid – revenue ₹1,084 Cr, PAT ₹125 Cr, OPM at 17% (up from single digits earlier). The funny part? Despite such profits, they haven’t paid a single dividend – because expansion dreams are eating all the cash like a hungry hippo.
3. Business Model – WTF Do They Even Do?
Think of Alpex as a mix of Maruti + Jindal Aluminium + Tata Power, all packed inside an SME-listed firm:
- Modules (Core Biz): 900 MW capacity at Greater Noida, scaling to 1.2 GW by FY25 and 2.4 GW by FY26.
- Solar Cells (Ambition Play): Greenfield project, ₹642 Cr capex, aiming for 1.6 GW by FY26. First time IndAS, first time cell line – godspeed.
- Aluminium Frames (Backward Integration): Target of 12,000 tons. Panels + frames = margin boost.
- EPC Projects: 150 MW target by FY27. “Turnkey contractor” tag incoming.
- IPP (Independent Power Producer): 100 MW by FY27 – from making panels to billing DISCOMs.
