Alpex Solar Q1 FY27: Revenue Growth, Cell Commissioning, and the Push Upstream

Alpex Solar’s Q1 FY27 (quarter ended June 30, 2026) came with two clear signals. First, the company continued to scale revenue sharply. Second, the next phase of the growth story hinges on the commissioning and ramp-up of its 2.2 GW G12R TOPCon solar cell facility at Kosi Kotwan.

For the quarter, Alpex reported revenue of INR 503.42 crore versus INR 380.32 crore in Q1 FY26. EBITDA increased to INR 78.43 crore from INR 64.86 crore, while PAT declined to INR 39.86 crore from INR 42.29 crore. EBITDA margin stood at 15.58% and PAT margin at 7.92% in Q1 FY27, both lower year-on-year.

This combination of strong topline growth and softer margins is important context. In the earnings call, management directly acknowledged that module manufacturing is becoming more competitive. The company’s stated response is vertical integration, with cells positioned as the key profit pool under the ALMM List II framework.

Financial performance: FY26 scale-up remains the base

The company’s FY26 performance provides the base from which FY27 is being built. Alpex reported FY26 revenue of INR 2,223.27 crore, EBITDA of INR 327.59 crore, and PAT of INR 201.51 crore. Compared to FY25, revenue grew 2.85 times and PAT grew 2.41 times, even as margins moderated.

The investor presentation also highlighted the company’s multi-year growth trajectory, with revenue from operations rising from INR 194.68 crore in FY23 to INR 2,223.27 crore in FY26, alongside a step-up in profitability.

Cell manufacturing at Kosi: the central operating milestone

Alpex’s most consequential near-term milestone is the 2.2 GW G12R TOPCon (third generation) solar cell facility. The presentation describes a 9 lakh sq ft integrated plant with targeted cell efficiency up to 26.5%, automated operations supported by AGVs, and an advanced LECO laser system. The company also stated its engineering team trained in Taiwan and China, with commissioning and trial production supported by foreign technicians.

In the concall, management provided a specific commissioning window. It indicated production could start around September 15, 2026, with first invoicing around September 19 to 20, 2026, followed by a ramp-up period of roughly 30 days.

At the same time, the deck disclosed a delay of about one month from the earlier timeline due to a minor fire incident on July 21, 2026 and supply chain and logistics disruptions affecting imported equipment deliveries amid geopolitical uncertainties.

Management repeatedly linked this facility to ALMM List II eligibility and margin expansion. It also stated an intention to use most of the cell output internally to convert into modules, given its operating module capacity of 2.4 GW and planned cell capacity of 2.2 GW.

Guidance and economics discussed in the call

While the company did not provide a formal written outlook table, management offered several directional datapoints. It stated that with about six months of cell manufacturing time in FY27, around 1 GW of cells could be available. For the next full year with 2.2 GW of cell capacity, management said the company should be able to do around INR 4,000 crore of revenue.

Management also discussed indicative industry economics, stating that cell business EBITDA margins are around 35% to 40% and PAT margins 20% to 25%, and it expects to maintain such margins for at least the next year.

On pricing references, management stated that one gigawatt of DCR modules can fetch around INR 2,300 to 2,400 crore, while one gigawatt of cell revenue can be around INR 1,300 to 1,400 crore.

The discussion also included capex and debt numbers for the cell project. Management stated capex of about INR 890 crore for the 2.2 GW TOPCon cell facility and indicated project debt of around INR 341 crore, not expected to exceed roughly INR 350 to 360 crore.

Integration roadmap: wafers, ingots, and solar glass

Alpex’s longer-dated plan is to move further upstream. The presentation states an intention to commence ingot and wafer production by June 2028 (Phase 1), aligned with ALMM III, and to scale wafer and ingot manufacturing capacity to 5 GW by FY30. A similar 5 GW capacity target by FY30 was also stated for solar glass.

In the concall, management added that a 100 MW ingot/wafer pilot plant is expected to go into production by the end of Q1 FY28. It also stated the building for wafers and ingots is almost ready and that technology partner selection and machinery selection are 70% to 80% complete, with more active execution after cell production begins.

The company positioned these moves as necessary to remain competitive as policy enforcement moves from modules (ALMM I) to cells (ALMM II) and then wafers and ingots (ALMM III / ALWM). Management’s macro view is that standalone module manufacturers without backward integration will struggle as the enforceable part of the value chain shifts upstream.

Operations and manufacturing footprint

The company describes itself as an integrated renewable equipment manufacturer with businesses spanning modules, cells, EPC, solar pumps, aluminium frames, and IPP. Manufacturing units cited in the deck include module capacity across Unit I (1.2 GW), Unit IV (1.2 GW), and Unit V (1.2 GW), cell capacity at Unit II (2.2 GW), and aluminium frames at Unit VII (12,000 MT).

Management also stated it is producing aluminium frames and may expand capacity to 18,000 tons per annum, citing profitability contribution and supply-chain security.

The company also highlighted SAP implementation across procurement, inventory, manufacturing, sales and distribution, finance, and reporting, positioning it as a governance and scalability enabler.

Closing takeaways

Alpex Solar’s Q1 FY27 results show that scale-up in revenue is continuing, but margin resilience is not guaranteed in a more competitive module environment. The company’s response is clear: deepen value addition through cell manufacturing and, over time, upstream integration into wafers, ingots, and solar glass.

The next key validation point is execution. Management has provided a September 2026 production start window for the 2.2 GW cell facility, after acknowledging a one-month delay due to a fire incident and imported equipment logistics. If ramp-up proceeds as described, the company expects a step-change in earnings profile driven by higher value addition under the ALMM framework.