Alpex Solar
ALPEXSOLAR · NSE · Small Cap
Alpex Solar
Module maker pivoting from aluminium business; small but rising scale. Strong ROCE.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Alpex Solar: scale + integration + ALMM/PLI tailwind drive multi-year module margin expansion.
Bull case for Alpex Solar: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Alpex Solar: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Realization per watt vs cost per watt (EBITDA/watt)
- 06Imported BOM dependence and ALMM/PLI compliance
- 07Cell sourcing in light of ALMM List-II
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 13.5x | — |
| Forward P/E | — | — |
| EV/EBITDA | 68.9x | — |
| EV/Sales | 6.2x | — |
| P/B | 5.3x | — |
| FCF Yield | -1.1% | — |
| EV / GW (Module) | ₹1,700 cr | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker ALPEXSOLAR · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| Sales | 98 | 149 | 166 | 195 | 413 |
| Operating Profit | 7 | 9 | 5 | 12 | 37 |
| OPM % | 7% | 6% | 3% | 6% | 9% |
| Net Profit | 3 | 3 | 0 | 4 | 29 |
| EPS (₹) | 11.89 | 34.11 | 73.58 | — | — |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 188 | 188 | 327 | 380 |
| OPM % | 16% | 20% | 16% | 16% |
| Net Profit | 24 | 23 | 35 | 42 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 24 |
| Reserves | 29 | 31 | 32 | 35 | 109 |
| Borrowings | 20 | 30 | 27 | 47 | 49 |
| Fixed Assets | 13 | 20 | 17 | 18 | 47 |
| Total Assets | 78 | 99 | 100 | 126 | 230 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| Operating | 7 | 2 | -1 | -7 | -8 |
| Investing | -1 | -8 | 6 | -9 | -19 |
| Financing | -6 | 7 | -6 | 17 | 50 |
| Net Cash Flow | 0 | 1 | -1 | 1 | 23 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary