Shares of Alpex Solar surged nearly 5% after the company announced it had secured a landmark order worth INR 345 crore for the supply of solar modules to a leading domestic industry player. The project, scheduled for completion by March 2026, underscores Alpex Solar’s growing strength in India’s renewable energy sector. Alpex Solar emerged as a strong player in the solar energy sector after winning this order.
Market Reaction
Following the announcement, the stock touched an intraday high of INR 1,317 per share, climbing almost 5% from its previous close of INR 1,254.65, before settling around INR 1,307. Over the past year, the stock has delivered multibagger returns of more than 170%, rising from its 52-week low of INR 495 per share. Alpex Solar has cemented its position as one of the most watched small-cap players in the energy space.
Strengthening the Order Book
The newly bagged INR 345 crore order adds significant weight to the company’s already robust order pipeline. It follows earlier contracts, including an estimated INR 70 crore order from the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) under the “Magel Tyala Saur Krushi Pump” scheme for 2,894 solar water pumps. The company also secured projects from SECI, HAREDA, CMPDIL, and other leading manufacturers, bringing the total confirmed order inflows for FY26 to more than INR 1,555 crore.
Management has emphasized that the latest solar module deal is purely commercial, awarded by a domestic entity with no promoter or related-party involvement—further enhancing investor confidence.
Expansion and Capex Plans
Alpex Solar is actively scaling its manufacturing footprint to meet surging demand. Recently, the company unveiled plans to establish a 1.2 GW solar module plant in Mathura, a project valued at INR 110 crore, which will boost its total capacity to 3.6 GW. The expansion will be funded through internal accruals and credit facilities, with commissioning expected in FY2026-27.
Additionally, Alpex Solar has outlined a capex of INR 642 crore at its Kosi facility, earmarking INR 400 crore in FY26 for module expansion (due by December 2025) and the first phase of a solar cell plant (to be operational by March 2026). To finance these ambitious projects, the company will raise INR 261.16 crore via preferential allotment of equity shares and warrants, subject to shareholder approval.
Financial Performance
The company’s financial trajectory has been equally impressive. For the quarter ended Q1 FY26, Alpex Solar reported a consolidated net profit of INR 42.29 crore, a dramatic rise from INR 1.06 crore in Q1 FY25. Revenue surged 396% year-on-year to INR 382.58 crore, while EBITDA spiked 1,403% to INR 64.85 crore. Basic EPS jumped to INR 17.28, compared to INR 0.43 in the same quarter a year ago.
Alpex Solar launched its IPO on 8 February 2024; the IPO recorded a massive demand and subscribed 324X. The listing performance is as impressive as the subscription; Alpex Solar IPO delivered 200% returns on the listing day. But the winning wagon has not stopped here; the stock turned into a multibagger since and delivered 1,060% returns from its allotment price of INR 115 per share.
About Alpex Solar
Founded in 2008, Alpex Solar has evolved into one of North India’s largest PV module manufacturers. Its business spans solar PV modules, solar power plants, aluminium frames, EPC projects, and solar water pumps. Beyond manufacturing, the company also trades in ancillary products such as yarn, air purifiers, and circular knitting needles, while offering consultancy and technical services within the renewable energy sector.
Today, Alpex Solar operates six manufacturing units across India, with facilities in Greater Noida, Kosi-Kotwan, Eco-Tech, and Madhya Pradesh. Its integrated approach and strong execution capabilities position the company as a rising force in India’s clean energy transition.
Outlook
With policy tailwinds, a growing order book, and expanding capacity, Alpex Solar appears well-positioned to capitalize on India’s accelerating solar adoption. The INR 345 crore order not only strengthens its near-term revenue pipeline but also highlights its credibility as a trusted partner in the domestic solar ecosystem. For investors, the stock’s recent rally reflects both confidence in the company’s execution and optimism for its future growth trajectory. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.