An SME company working in the solar energy field has received an order worth INR 210.71 crore from Solar Energy Corporation of India (SECI). This order is worth half of its revenue in FY 2024. The company has to manufacture solar PV modules and solar cells under this order. The order should be completed within 9 months. This project is a part of SECI’s initiative to promote the use of green energy in India. The company will manufacture these solar modules in its factory located in Greater Noida. Following the news, shares of Alpex Solar locked in a 5% upper circuit on 5 March 2025.
Alpex Solar emerged as a strong player in the solar energy sector after winning this order. Recently, the company expanded the production capacity of its Noida factory to 1.2 GW. The company showcased its ability to handle large-scale projects more efficiently.
Managing Director Ashwani Sehgal said, “This contract proves our commitment to improving solar technology and supporting India’s clean energy future.”
Company Growth and Expansion
Alpex Solar has been growing fast. In February 2025, the company also received an INR 45 crore order from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). Under this order, it will supply 2,000 solar-powered water pumps to help farmers use solar energy in agriculture.
The company is also building a large solar cell manufacturing plant in Mathura, Uttar Pradesh. Once completed, it will be an addition of 1.6 GW to the existing capacity. The first phase of this project will be operational with a capacity of 500 MW by December 2025. Additionally, Alpex Solar has rented two factories in Uttar Pradesh for making aluminum frames and an extra 1.2 GW of solar panels.
Alpex Solar’s product portfolio includes different types of solar panels such as bifacial, mono-PERC, and half-cut PV modules. The company provide contract manufacturing services to leading industry players such as Tata Power, Shakti Pumps, Hild Energy, Solarworld Energy Solutions and BVG India.
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 475% returns from its allotment price of INR 109 per share.
Financial Success
Alpex Solar has given shining financial performance, just like the sun. In the third quarter of FY25, the company reported a net profit of INR 23.60 crore (jumped by 423.3%) from INR 4.51 crore in Q3 FY24. The company’s total revenue also increased by 136.9% YoY and stands at INR 187.63 crore in December 2024.
Conclusion
This new contract from SECI will prove to be a turning point for Alpex Solar. The company is increasing its manufacturing capacity to meet the rising demand in the solar industry. The future is solar, and it is a chance for Alpex Solar to capitalize on it.
In the SME landscape, as many as 39 IPOs were listed from 1 January to 28 February 2025. Out of these 39, thirteen IPOs landed in negative territory. The average listing returns stand at 18.60%. These IPOs cumulatively raised INR 1,827.94 crore from the market.
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