Alpex Solar cell unit reports nil revenue before 2.2 GW start

Alpex Solar Limited reported nil cell-segment revenue and profit before interest and tax for the quarter ended September 30, 2026, although the segment held Rs 874.6276 crore of assets, while commercial production at its 2.2 gigawatt G12R TOPCon facility was expected to commence shortly.

Why did Alpex Solar's Cell segment report nil revenue?

Alpex Solar reported nil consolidated revenue and nil segment result from Cell operations in the September 2026 quarter and the half year ended September 30, 2026. The Cell segment also recorded nil revenue and nil profit before interest and tax, or PBIT, in the June 2026 quarter, indicating that it had not yet recorded sales or operating profit in either of the first two reported quarters of the financial year.

Alpex Solar said commercial production at its 2.2 gigawatt, or GW, G12R TOPCon third-generation solar-cell manufacturing facility was expected to commence shortly. The filing does not give a commissioning date, production-ramp schedule, utilisation target, customer arrangement or revenue estimate for the facility.

The company adopted its segment reporting from the current financial year under Indian Accounting Standard 108, or Ind AS 108, on operating segments. Alpex Solar said its chief executive officer, acting as chief operating decision maker, evaluates the group through five segments, while the schedule separately identifies Solar Panel, Solar Pump and engineering, procurement and construction, or EPC, Cell, Independent Power Producer, or IPP, and unallocated items.

How much has Alpex Solar invested in its Cell business?

Alpex Solar's Cell segment held Rs 874.6276 crore of assets and Rs 262.163 crore of liabilities at September 30, 2026. Its assets rose by Rs 397.4253 crore from Rs 477.2023 crore at June 30, 2026, while liabilities increased by Rs 53.9545 crore from Rs 208.2085 crore in the same three-month period.

The segment increase coincided with a broader expansion in the consolidated balance sheet. Capital work in progress rose to Rs 693.3297 crore at September 30, 2026, from Rs 174.9261 crore at March 31, 2026, and non-current assets increased to Rs 980.3163 crore from Rs 477.9868 crore. The filing does not allocate capital work in progress by project, so it does not specify how much of that balance relates to the Cell facility.

Alpex Solar spent Rs 543.8271 crore on purchases of property, plant and equipment, including capital work in progress, in the half year ended September 30, 2026. That was higher than Rs 66.4344 crore in the half year ended September 30, 2025, while net cash used in investing activities rose to Rs 394.4886 crore from Rs 96.7948 crore.

Funding cash flows also changed during the half year. Net proceeds from long-term borrowings were Rs 91.6866 crore and net proceeds from short-term borrowings were Rs 225.9438 crore, producing net financing cash inflow of Rs 283.5624 crore. Cash and cash equivalents nevertheless declined to Rs 13.8404 crore at September 30, 2026, from Rs 29.5865 crore at the start of the period.

How do Alpex Solar's operating segments compare with Cell?

Alpex Solar's Solar Panel business remained its main reported revenue contributor in the September 2026 quarter, recording Rs 340.4496 crore of consolidated revenue and Rs 40.9402 crore of PBIT. Solar Pump and EPC recorded Rs 41.1389 crore of revenue and Rs 0.694 crore of PBIT, whereas both Cell and IPP reported nil revenue and nil PBIT.

Total segment revenue fell by Rs 121.8361 crore from the June 2026 quarter to the September 2026 quarter. Solar Panel revenue declined by Rs 83.1874 crore and Solar Pump and EPC revenue declined by Rs 38.6488 crore, while total segment PBIT decreased by Rs 25.0037 crore.

The Cell segment's Rs 874.6276 crore of assets at September 30, 2026 was Rs 12.1993 crore below Solar Panel assets of Rs 886.8269 crore. This comparison shows that Cell had accumulated an asset base approaching that of the established panel business, but without recorded segment sales or PBIT at the reporting date.

For the half year ended September 30, 2026, Solar Panel generated Rs 764.0865 crore of revenue and Rs 97.5038 crore of PBIT. Solar Pump and EPC contributed Rs 120.9266 crore of revenue and Rs 10.7682 crore of PBIT, bringing total reported segment revenue to Rs 885.0131 crore and total segment PBIT to Rs 108.2721 crore.

What changed in Alpex Solar's consolidated financial performance?

Alpex Solar reported consolidated revenue from operations of Rs 381.5885 crore for the September 2026 quarter, compared with Rs 503.4246 crore in the preceding June 2026 quarter and Rs 522.9183 crore in the September 2025 quarter. Net profit was Rs 20.1967 crore, down from Rs 39.867 crore in June 2026 and Rs 52.6704 crore a year earlier.

Finance costs were Rs 18.6025 crore in the September 2026 quarter, compared with Rs 14.9599 crore in June 2026 and Rs 3.3725 crore in the September 2025 quarter. Depreciation and amortisation was Rs 11.1221 crore, against Rs 9.929 crore in the preceding quarter and Rs 4.0549 crore in the year-earlier quarter.

For the half year ended September 30, 2026, revenue from operations was Rs 885.0131 crore, compared with Rs 903.2402 crore in the corresponding 2025 period. Net profit declined to Rs 60.0637 crore from Rs 94.9495 crore, while finance costs increased to Rs 33.5624 crore from Rs 6.6972 crore and depreciation and amortisation rose to Rs 21.0511 crore from Rs 8.1875 crore.

Alpex Solar also disclosed utilisation of Rs 162.2686 crore from a preferential-allotment programme stated at Rs 260.17 crore as of September 30, 2026. This included Rs 76.2713 crore for procurement, commissioning, installation and plant and machinery, while Rs 97.9014 crore was uncalled warrant consideration and therefore was not available for utilisation at the reporting date.

Conclusion

Alpex Solar's September 2026 disclosure shows that Solar Panel and Solar Pump and EPC generated all reported segment revenue and PBIT, while Cell remained a pre-revenue business with Rs 874.6276 crore of assets. The concurrent rise in capital work in progress to Rs 693.3297 crore, higher investment spending and increased borrowing accompanied the Cell facility build-out.

The next disclosed milestone is commercial production at the 2.2 GW G12R TOPCon facility, which Alpex Solar expects to begin shortly but has not dated or quantified with a ramp target. The company also has Rs 21.0128 crore allocated but unutilised for construction and Rs 24.6087 crore for plant and machinery under its preferential-allotment plan as of September 30, 2026.