Alpex Solar Ltd.

•

alpexsolar.com / www.alpexonline.comBSE: -NSE: ALPEXSOLAR

Market Cap₹ 2,386 Cr.

Current Price

High / Low₹ 1,354 / 660

Stock P/E11.9

Book Value₹ 235

Price to Book6.41

Dividend Yield0.00 %

ROCE52.3 %

ROE47.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Solar Panel Manufacturing Trading & Application: 98.0% • Import & Trading of Circular Knittting Needles: 2.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 32.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 30.2%
Operating margins have improved to 16.1% from 4.2%
Company has consistently been profitable over the last 5 years
Company comfortably covers its interest (16.4x coverage)
Working capital cycle has improved - days down from 70 to 57

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.46x)
Operating cash flow has been negative in recent years
Equity base is being diluted - shares outstanding up 308.0%
Total debt has risen sharply - up 102.0% year on year
Free cash flow has been persistently negative
Stock is trading at 6.4x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	ALPEXSOLAR	934.20	11.93	2386.23	0.00	39.87	-5.74	503.43	32.37	52.33	14.93

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	79	121	77	188	188	327	380	523	648	672	503
	71	106	73	158	151	274	318	445	558	583	454
Operating Profit	8	14	4	31	37	54	63	78	90	89	50
OPM %	10.35%	11.99%	5.16%	16.26%	19.62%	16.46%	16.46%	14.90%	13.95%	13.23%	9.86%
	0	-5	0	1	1	1	2	1	0	4	3
Interest	2	1	2	1	2	2	3	3	6	10	15
Depreciation	1	1	1	1	3	3	4	4	7	9	10
Profit before Tax	6	8	1	29	32	49	57	72	77	74	54
Tax %	20.66%	16.69%	28.86%	18.89%	27.52%	28.35%	26.33%	27.36%	29.30%	27.87%	25.54%
Net Profit	0	0	0	0	24	35	42	53	54	53	40
	2.51	3.34	0.43	9.69	9.56	14.43	17.28	21.45	21.25	20.85	15.61

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	149	166	195	413	780	2,346
	140	162	183	375	655	2,040
Operating Profit	8	4	11	37	125	307
OPM %	5.63%	2.41%	5.88%	9.00%	16.06%	13.08%
	2	3	1	7	3	9
Interest	4	4	5	6	7	35
Depreciation	2	3	2	4	9	30
Profit before Tax	3	0	5	34	112	277
Tax %	9.65%	38.11%	29.45%	14.26%	25.67%	27.69%
Net Profit	3	0	4	29	83	200
EPS	4.23	0.96	6.23	11.89	34.11	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 68%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 655%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -31%

RETURN ON EQUITY

10 Years:: —
5 Years:: 20%
3 Years:: 30%
Last Year:: 48%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6	6	6	24	24
	31	32	35	109	192
	30	27	47	33	69
Trade Payables	24	23	25	34	110
	8	13	12	26	75
Total Liabilities	99	100	126	227	470
	20	17	17	44	74
Capital Work in Progress	1	2	4	0	23
	4	4	3	2	2
	31	44	53	37	102
	0	0	0	71	124
Cash & Bank	15	7	11	43	46
	29	27	37	30	99
Total Assets	99	100	126	227	470

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	0	-7	-8	69
Cash from Investing	-8	6	-9	-19	-82
Cash from Financing	7	-6	17	50	16
	0	-1	2	23	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Mar 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.76	68.76	68.76	68.76	65.89	65.89	65.90	65.90
	4.87	0.73	1.48	1.67	2.99	3.42	3.22	3.12
	1.82	0.42	0.26	0.27	0.32	0.38	0.41	0.40
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	24.55	30.09	29.50	29.29	30.81	30.32	30.48	30.58

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for ALPEXSOLAR

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AI Stock Analyst

Alpex Solar Ltd.

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Free 5nance Account

Name

ABB

7269.10

51.56

154038.32

0.54

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

910.00

114.69

143365.96

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

SIEMENS

3960.90

43.07

141055.77

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31415.40

121.72

140025.86

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

GVT&D

4545.00

623.18

116373.15

0.22

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3178.75

76.08

113201.81

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2627.50

19.80

75580.39

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17496.15

62.01

73260.47

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1114.80

42.84

69960.57

0.90

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

44.16

19.31

60700.73

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1227.70

159.75

29354.80

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

ALPEXSOLAR

934.20

11.93

2386.23

0.00

39.87

-5.74

503.43

32.37

52.33

14.93

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

121

188

327

380

523

648

672

503

106

158

151

274

318

445

558

583

454

Operating Profit

OPM %

10.35%

11.99%

5.16%

16.26%

19.62%

16.46%

14.90%

13.95%

13.23%

9.86%

-5

Interest

Depreciation

Profit before Tax

Tax %

20.66%

16.69%

28.86%

18.89%

27.52%

28.35%

26.33%

27.36%

29.30%

27.87%

25.54%

Net Profit

2.51

3.34

0.43

9.69

9.56

14.43

17.28

21.45

21.25

20.85

15.61

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

149

166

195

413

780

2,346

140

162

183

375

655

2,040

Operating Profit

125

307

OPM %

5.63%

2.41%

5.88%

9.00%

16.06%

13.08%

Interest

Depreciation

Profit before Tax

112

277

Tax %

9.65%

38.11%

29.45%

14.26%

25.67%

27.69%

Net Profit

200

EPS

4.23

0.96

6.23

11.89

34.11

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

109

192

Trade Payables

110

Total Liabilities

100

126

227

470

Capital Work in Progress

102

124

Cash & Bank

Total Assets

100

126

227

470

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-7

-8

Cash from Investing

-8

-9

-19

-82

Cash from Financing

-6

-1

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2024

Sep 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

68.76

65.89

65.90

4.87

0.73

1.48

1.67

2.99

3.42

3.22

3.12

1.82

0.42

0.26

0.27

0.32

0.38

0.41

0.40

Government

0.00

24.55

30.09

29.50

29.29

30.81

30.32

30.48

30.58

Alpex Solar Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Alpex Solar Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI