Financial Performance Analysis
Alpex Solar reported exceptional financial metrics for the fiscal year ending March 31, 2026. The company's annual operating revenue reached ₹2,223.27 Cr, a massive jump from the previous year. EBITDA margins remained strong at 15%, resulting in an EBITDA of ₹327 Cr.
Net profit for the year stood at ₹201.47 Cr, reflecting high operational efficiency. While Q4 revenue was strong at ₹671.96 Cr, the company noted that select order acceptance is now being prioritized to align with the upcoming integration of their new cell manufacturing line.
Strategic Expansion and Future Outlook
The management has laid out an ambitious roadmap targeting ₹10,000 Cr in revenue by FY30. A pivotal part of this strategy is the commissioning of a 2.2GW G12R TOPCon solar cell facility within the next 90 days. This vertical integration is expected to significantly enhance margins, as the cell business typically offers higher EBITDA margins of around 35%.
Furthermore, the company plans to establish 5GW capacity for glass, ingots, and wafers by the end of the decade to become a fully decoupled and integrated solar manufacturer.
Business and Sector Dynamics
Alpex Solar is positioning itself to benefit from the Approved List of Models and Manufacturers (ALMM) List-II mandates, which prioritize domestic solar content. The company is transitioning from being a pure-play module manufacturer to an integrated player including aluminum frames and cells. However, management identified risks such as volatility in raw material prices for glass and EVA, alongside high container freight costs.
Despite these challenges, domestic demand remains robust, supported by government initiatives and a strengthening domestic supply chain for solar components.
What to Watch
- Successful commissioning and ramp-up of the 2.2GW TOPCon solar cell line in August 2026.
- Execution of the ₹3,000 Cr revenue guidance for FY27 and its impact on quarterly margins.
- Regulatory developments regarding ALMM List-II and domestic content requirements for June 2026.
- Progress on the planned 5GW vertical integration across the glass and wafer segments.
- Management of raw material price fluctuations and global shipping costs.
Management Perspective
Building 2.2GW cell line, 5GW glass/ingot/wafer lines by FY30. Target ₹10,000 Cr revenue.
