Alpex Solar Shines Bright: Q3 FY26 Results and Ambitious Growth Trajectory

Alpex Solar Limited, a prominent player in India's rapidly expanding renewable energy sector, has unveiled its unaudited financial results for the third quarter and nine months ended December 31, 2025. The company's performance underscores a period of robust operational momentum, marked by significant revenue growth and strategic advancements across its manufacturing and order execution segments. These results highlight Alpex Solar's commitment to becoming a fully integrated solar products and solutions provider, aligning with India's ambitious energy independence goals.

For Q3 FY26, Alpex Solar reported a consolidated operational revenue of ₹648.08 crore, a remarkable 245.40% increase year-on-year. This strong top-line growth translated into an EBITDA of ₹90.90 crore, up 143.99% from Q3 FY25, and a Profit After Tax (PAT) of ₹54.27 crore, surging by 131.98% over the same period. The Earnings Per Share (EPS) for the quarter stood at ₹21.25, a 122.28% increase. The nine-month performance for FY26 further solidified this trajectory, with operational revenue reaching ₹1551.32 crore, an impressive 242.63% growth compared to 9M FY25. EBITDA for 9M FY26 was ₹234.52 crore, and PAT stood at ₹148.24 crore, reflecting healthy year-on-year growth.

Powering Ahead: Strategic Expansion and Integration

Alpex Solar's exceptional financial performance is not merely a reflection of market demand but a testament to its aggressive strategic initiatives and disciplined execution. The company is in the midst of a massive expansion, spread over 1 million sqft, aiming for a full value chain in energy security solutions. By FY 2026-27, Alpex Solar targets a 3.6 GW solar module manufacturing capacity, 2.2 GW TOPCon solar cell manufacturing, and 12,000 MT in aluminium frame manufacturing. The company's current functional module capacity has already reached 2.4 GW with the commencement of trial production at Unit V in Greater Noida.

Crucially, Alpex Solar is pioneering backward integration. It was among the first in the renewable energy space to announce in-house aluminium frame manufacturing, with 6,000 MT capacity already functional and the balance 6,000 MT expected by Q1 FY26-27. This move provides significant operational freedom and contributes substantially to profitability, with an estimated additional profit of ₹60 crore from the aluminium business next year. Furthermore, the greenfield 2.2 GW G12R TOPCon solar cell facility at Kosi Kotwan is a game-changer. Phase 1 (1.4 GW) is slated for completion by the end of Q1 FY27, with Phase 2 (800 MW) following within six months. This timely integration into cell manufacturing is critical, especially with the upcoming Approved List of Models and Manufacturers (ALMM List II) mandating Domestic Content Requirement (DCR) compliance, positioning Alpex to capitalize on this shift.

Financial Summary Table (INR in Crore)

Management's Vision and Market Outlook

Mr. Ashwani Sehgal, Managing Director, emphasized the company's commitment to achieving new benchmarks in performance and technology adoption. He highlighted that Alpex is on the verge of becoming a truly integrated solar products and solutions player, with a presence across modules, cells, pumps, EPC, and IPP. The management's guidance for the next financial year (FY27) targets around ₹3,000 crore in revenue, continuing its 2X performance growth trajectory.

The company's proactive approach extends to technology, with the G12R TOPCon cell line designed for scale, efficiency, and longevity, aiming for an average efficiency of 25.5%. This advanced facility will feature fully automated operations and an advanced LECO laser system. The core engineering team is undergoing training in Taiwan and China, ensuring a highly skilled internal team for stable operations and long-term performance. The management anticipates PAT margins of 25-26% from cell manufacturing, significantly boosting overall profitability.

Alpex Solar's robust order book, standing at ₹1899.55 crore as of December 31, 2025, provides strong revenue visibility. The company's strategy of focusing on smaller, manageable orders (₹200-₹300 crore) with pass-through mechanisms helps mitigate risks associated with long-term pricing fluctuations. While acknowledging a slight decline in Q3 margins due to higher input costs and stagnant realizations at the time, the management noted that prices are now strengthening, and increased volumes are compensating for margin pressures.

Future-Ready and Resilient

Alpex Solar's journey over the last four years has been unprecedented, with revenue growing over 10 times, EBITDA over 24 times, and PAT over 52 times. This consistent growth, coupled with strategic backward integration, positions the company strongly within the evolving Indian solar manufacturing ecosystem. The Union Budget 2026 decision to exempt basic customs duty on sodium antimonate for solar glass manufacturing is also expected to lower input costs and enhance competitiveness across the solar value chain.

The company remains optimistic about growth prospects, supported by policy initiatives, rising renewable energy adoption, and increasing preference for high-efficiency modules. With plans to migrate to the main board of NSE and BSE by 2027-28 and further integrate its operations, Alpex Solar is building a resilient, cost-efficient, and globally competitive renewable energy platform, firmly aligned with India’s vision of energy independence. The company's proactive stance on anticipating sector trends and technological shifts demonstrates strong thought leadership, ensuring it remains at the forefront of the solar industry.