Alpex Solar Q4 FY25 Profit Jumps 462% to ₹35 Crore

Greater Noida-based NSE Emerge-listed solar systems manufacturing Company Alpex Solar Ltd today announced its financial results for FY25 along with the fourth quarter ending March 31, 2025.

Annual results

The company achieved a dominant performance, with operational revenues increasing by 89.1% to Rs. 780.15 crore in FY25, compared to Rs. 412.60 crore in FY24. EBITDA surged by 231.8% to Rs 128.15 crore from Rs. 38.63 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 9.4% in FY24 to 16.4% in FY25. The profit after tax increased by 187% to Rs 83.48 crore in FY25 from Rs. 29.09 crore in FY24.

Quarterly results

Alpex Solar’s PAT surged 462% to Rs 35.32 crore for the Q4FY25 as against Rs 6.29 crore in Q4FY24. The company's operational revenues during Q4FY25 stood at Rs. 327.39 crore, registering a jump of 171.4% over Rs 120.62 crore in Q4FY24. The company’s EBITDA stood at Rs. 54.82 crore in Q4FY25, up 266.2% from Rs 14.96 crore in Q4FY24. While the EBITDA margin improved by 430 basis points, the company’s PAT margins doubled over Q4FY24.

On a sequential basis (Q4FY25 compared to Q3FY25), the company’s net profit increased by 51%, while its revenues jumped 74.5%. The company’s EBITDA registered a 46.9% 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, “Year 2024-25 was a pivotal year for the company. We set our sights on an audacious vision that comprises building scale in our existing product verticals and venturing into solar cell manufacturing, thereby marking a significant shift in our capabilities. We concluded a dominant part of the issue objectives, while navigating a challenging yet rewarding demand landscape for solar modules in FY25. The results reflect the tenacity of our efforts, with higher double-digit growth compared to the previous year. With FY26, we will further achieve new milestones – emerging as a truly integrated solar products and solutions player, with a presence spanning from cells to modules, to pumps, and to EPC services. We remain committed, excited and dedicated to creating value for our stakeholders and continue to power ahead – for an energy-efficient tomorrow.”

The company currently operates six units across four locations: GN (Unit 1), Kosi-Kotwan (Units 2, 3, and 4), Sikandrabad (Unit 5), and Madhya Pradesh (Unit 6). Construction work is progressing rapidly at Kosi-Kotwan for Units 2, 3, and 4, highlighting the company's commitment to expansion. To ensure technological excellence, the company’s engineers have undergone extensive training in solar cell commissioning at manufacturing facilities in Taiwan and China. The company has continued to push for capacity expansion in its solar modules business. The company’s current capacity of solar modules stands at 1.2 GW, which is set to expand to 2.4 GW with an ongoing expansion.  In FY26, the company will also commence commercial production of the first phase, comprising 500 MW of solar cells, out of the total project of 1.6 GW. Additionally, the aluminium frame, with a capacity of 12,000 MT per year, will enter production during the current financial year.

Recently, the company also announced winning three large orders across its EPC services and product segments, including photovoltaic (PV) modules and solar pumps, totalling Rs. 1069 crore from credible entities, including the Central Mine Planning and Design Institute Ltd (CMPDIL), a subsidiary of Coal India, and the Haryana Renewable Energy Development Agency. Overall, the company has secured orders worth Rs 1,278.84 crore in the last two months for FY26.