Alpex Solar Q1FY26 Revenue Rises 396% to ₹382.58 Crore

Alpex Solar Ltd, a leading manufacturer of high-precision solar PV modules and solar systems today announced its financial results for the first quarter ending 30th June 2025 (Q1FY26).

First quarter results

The company attained a leading performance, with operational revenues increasing by 396.3% to Rs. 382.58 crore in Q1FY26, compared to Rs. 77.09 crore in Q1FY25. EBITDA surged by 1403% to Rs 64.85 crore from Rs. 4.31 crore a year ago. The scale impact of the recent expansion of solar module capacity came into effect, further leading to an improvement in the EBIDTA margin from 5.6% in Q1FY25 to 17.0% in Q1FY26. The profit after tax increased by 3889% to Rs. 42.29 crore in Q1FY26 from Rs. 1.06 crore in Q1FY25.

On a sequential basis (Q1FY26 compared to Q4FY25), the company’s net profit increased by 19.8%, while its revenues jumped by 16.5%. The company’s EBITDA registered a 18.3% growth, despite margins remaining under pressure compared to the previous quarter.

Management comment

Commenting on the financial results, Mr. Ashwani Sehgal, Managing Director, Alpex Solar Ltd., said, “Our performance in Q1 FY26 reflects the resilience of our business model and the growing demand for sustainable energy solutions. Supported by our strong execution capabilities and an expanding order book, we remain focused on scaling our operations, enhancing efficiency, and delivering long-term value for our stakeholders. With favourable policy tailwinds and a robust project pipeline, we are confident of sustaining our growth momentum in the quarters ahead and become an integral solar module and solar cell manufacturer.

Alpex is undertaking a major expansion to become an integrated solar cell and module manufacturer. In the current fiscal year, the company is set to achieve a solar module capacity of 2.4 GW, while trial production of solar cells will commence soon. The expansion is progressing on schedule, with full capacities—1.6 GW for solar cells, 3.6 GW for solar modules, and 12,000 MTPA for aluminium frames—expected to be operational in FY 2026–27.

To fund this growth, the company is raising Rs 261.16 crore through a preferential allotment of equity and warrants, as approved in the Board meeting held on 6 August 2025. An Extraordinary General Meeting (EOGM) is being convened on 28 August 2025 to seek members’ approval.

Alpex Solar has recently secured a series of significant orders, including Rs 45 crore from MSEDCL for supplying 2,000 solar water pumps under the Magel Tyal Saur Krushi Scheme, Rs 210.71 crore from SECI for high-efficiency solar PV modules, Rs 65.33 crore from HAREDA, and Rs 244.99 crore from CMPDIL, representing a 70% share of a Rs 349.99 crore tender. It has also bagged orders worth Rs 989 crore from three leading manufacturers. Total orders booked s for FY26 stand at Rs 1,555.03 crore.

Mr Ashwini Sehgal, former ISMA President and now General Secretary, has played a key role in formulating pragmatic ALMM and ALCM government policies to safeguard the nation’s energy security.

The company operates six units across four locations: GN (Unit 1), Kosi-Kotwan (Units 2–4), Eco-Tech, Greater Noida, (Unit 5), and Madhya Pradesh (Unit 6). Construction at Kosi-Kotwan at 17 acres huge complex is progressing swiftly, underscoring its expansion drive. Engineers have undergone advanced training in solar cell commissioning in Taiwan and China.