Alpex Solar, one of India’s rapidly rising solar PV manufacturers, has delivered exceptional results for the second quarter (Q2) and first half (H1) of FY26, underscoring its strong operational execution and clear strategic direction.
Alpex Solar H1 FY26 Results: Strong Growth Momentum
| Particulars | H1 FY25 | H1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 265.13 | 903.24 | +241 % |
| EBITDA | 36.24 | 144.59 | +299 % |
| EBITDA Margin | 13.6 | 15.4 | +180 bps |
| Net Profit (PAT) | 24.77 | 94.95 | +283 % |
| Earnings per Share (EPS) | 10.12 | 38.73 | +283 % |
Highlights:
- Operating leverage from higher production volumes
- Efficiency gains lifted profitability
- Margin expansion despite rapid scale-up
Alpex Solar Q2 FY26 Results: Record Highs
| Metric | Q2 FY25 | Q1 FY26 | Q2 FY26 | YoY / QoQ Change |
|---|---|---|---|---|
| Total Income | 189.48 | 382.58 | 524.27 | 173% YoY / 37% QoQ |
| Net Profit (PAT) | 23.71 | 42.29 | 52.57 | 122% YoY / 24% QoQ |
| EBITDA | 30.60 | 66.69 | 77.90 | 154% YoY / 17% QoQ |
| EBITDA Margin | 16.11 | 15.0 | 14.94 | –117 bps YoY |
| EPS | 9.69 | 17.28 | 21.45 | 121% YoY / 24% QoQ |
Alpex Solar Q2 FY26 marks its best-ever quarterly revenue and profit, driven by surging demand for modules and improved manufacturing throughput.
🔹 Strategic Expansion and Technology Upgrade
| Focus Area | Details |
|---|---|
| Solar Cell Technology | Upgrading to G12R TOPCon—bypassing future factory shutdowns and ensuring continuous productivity. |
| Cell Capacity Expansion | From 1.6 GW → 2.2 GW in two phases (1.4 GW by Q1 FY26-27 + 0.8 GW within six months). |
| Funding Plan | Entire INR 136 crore CAPEX funded via internal accruals. |
| Module Capacity Expansion | Tripling from 1.2 GW → 3.6 GW by FY26-27. |
| Integration Projects | 12,000 MTPA aluminium frame facility to support in-house manufacturing. |
| New Plants | Five units across Greater Noida, Kosi-Kotwan (U.P.), and Madhya Pradesh. |
“Our direct-to-TOPCon strategy ensures uninterrupted operations and sustained profitability as we move up the solar value chain,” Alpex Solar Management.
Alpex Solar Post-IPO Performance
Alpex Solar launched its IPO on 8 February 2024, with a total fresh issue size of INR 74.52 crore, priced at INR 115 per share. The IPO received an overwhelming response from investors, being oversubscribed by 324.11 times. On the day of listing, the stock debuted with an impressive gain of 200.39% over its issue price.
The strong upward momentum continued, and on 14 August 2025, the company’s shares reached an all-time high of INR 1,324.25 — representing a remarkable 238% return from its listing price of INR 345.45 and an extraordinary 1,051% return from its IPO price. Currently, Alpex Solar share price is at around INR 1,264, reflecting a minor correction of about 4.5% from its peak.
🟩 Quick Takeaways
| Metric / Comment | Detail |
|---|---|
| Revenue Growth (H1 FY26) | +241 % YoY |
| PAT Growth (H1 FY26) | +283 % YoY |
| EBITDA Margin (H1 FY26) | 15.4% |
| Solar Cell Capacity Target | 2.2 GW by FY26-27 |
| Module Capacity Target | 3.6 GW by FY26-27 |
| Funding Model | Internal accruals (no major debt) |
In Summary: Alpex Solar Q2 and H1 FY26 results showcase explosive top- and bottom-line growth, supported by strategic capacity investments and technology advancements. With robust financial discipline and a clear roadmap to lead India’s solar manufacturing push, the company is well poised to sustain its momentum into FY27 and beyond.
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