[Alpex Solar](alpex solar) reported a 185% year-on-year increase in revenue to ₹2,223 crore for the financial year ended March 31, 2026, driven by strong demand for its solar modules. Profit after tax (PAT) rose 141% to ₹201 crore from ₹83 crore in the previous year, while EBITDA grew 155% to ₹327 crore. The company’s margins expanded significantly, with EBITDA margins reaching nearly 15% compared to 6.5% in FY23. For the fourth quarter, revenue stood at ₹671 crore and PAT at ₹53 crore.

The company’s growth was supported by its integrated manufacturing operations, which include solar modules, aluminum frames, and solar water pumps. Alpex Solar has a total module manufacturing capacity of 2.4 GW, which is set to increase to 3.6 GW. The management attributed the performance to operational efficiency and the benefits of backward integration.

Expansion Plans

Alpex Solar is advancing its backward integration strategy with a new 2.2 GW TOPCon solar cell manufacturing facility in Kosi, Uttar Pradesh. The plant, spread over 9 lakh sq. ft., is expected to commence commercial production within the next 90 days. The facility will use advanced LECO laser technology to produce cells with efficiencies up to 26.5%. The company has also announced plans to set up a 5 GW solar glass line and a 5 GW ingot and wafer manufacturing facility by FY2030.

Financial Highlights

Future Outlook

The company has provided a revenue guidance of exceeding ₹3,000 crore for FY27, supported by the upcoming cell line. Alpex Solar expects its EBITDA margins to improve further with the integration of cell manufacturing, targeting levels similar to industry peers of around 35% for the cell business. The company also plans to migrate to the main board of the stock exchange upon completion of the mandatory three-year listing period in February 2027.

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Alpex Solar has reported its audited consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The company recorded a net profit of ₹201.51 crore for FY26, marking an increase of 141.4% compared to ₹83.48 crore in the previous year. Revenue from operations for the fiscal year surged to ₹2,223.27 crore, up from ₹780.15 crore in FY25.

For the quarter ended March 31, 2026, the company posted a net profit of ₹53.27 crore. Revenue from operations for the quarter stood at ₹671.96 crore. The Board of Directors approved the audited standalone and consolidated financial results along with the audit report issued by the statutory auditors.

Financial Performance Summary

The following table outlines the key financial metrics for the consolidated financial results:

Operational Highlights

The company operationalised additional module manufacturing capacity and advanced its 2.2 GW solar cell facility, transitioning to high-efficiency TOPCon technology. During the period, Alpex Solar secured a solar module supply order worth approximately ₹215.20 crore from a leading domestic enterprise, to be executed over six months. Additionally, in April 2026, the company secured an order worth approximately ₹40.92 crore from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of solar water pumps.

Expansion Plans

The G12R TOPCon 3rd Generation Solar Cell Manufacturing Plant with a capacity of 2.2 GW is expected to commence production within the next 90 days. The Board has approved future initiatives for vertical integration, including solar glass manufacturing and ingot and wafer manufacturing, each with a proposed capacity of 5 GW, to be implemented in a phased manner over the next four years.