Alpex Solar Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Application Of Solar Panel: 92.2% • Trading of Circular Knitting Needle & Other: 7.8%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has a healthy return on capital (ROCE) of 33.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.3%
- Operating margins have improved to 16.0% from 4.3%
- Company comfortably covers its interest (16.2x coverage)
- Company maintains a comfortable, low leverage position
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.25x)
- 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 101.8% 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7419.90 | 52.62 | 157233.90 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| SIEMENS | 3976.00 | 43.23 | 141593.51 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31650.00 | 122.63 | 141071.53 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| CGPOWER | 893.95 | 112.67 | 140837.36 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| ENRIN | 3114.90 | 74.55 | 110927.98 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| GVT&D | 4325.00 | 593.01 | 110740.13 | 0.23 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| WAAREEENER | 2636.00 | 19.87 | 75824.89 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17412.20 | 61.71 | 72908.95 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1156.00 | 44.42 | 72546.13 | 0.87 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 45.38 | 19.84 | 62377.70 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1233.30 | 160.47 | 29488.70 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| ALPEXSOLAR | 889.30 | 11.35 | 2271.54 | 0.00 | 39.87 | -5.74 | 503.43 | 32.37 | 52.33 | 14.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 522 | 646 | 669 | 501 | |
| 71 | 106 | 73 | 158 | 151 | 274 | 318 | 445 | 556 | 578 | 453 | |
| Operating Profit | 8 | 14 | 4 | 31 | 37 | 53 | 63 | 78 | 90 | 91 | 48 |
| OPM % | 10.35% | 11.99% | 5.16% | 16.26% | 19.67% | 16.20% | 16.51% | 14.89% | 13.94% | 13.58% | 9.66% |
| 0 | -5 | 0 | 1 | 1 | 1 | 2 | 1 | 0 | 3 | 4 | |
| 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 | 48 | 58 | 72 | 77 | 75 | 52 |
| Tax % | 20.66% | 16.69% | 28.86% | 19.92% | 27.45% | 27.85% | 26.21% | 27.39% | 29.31% | 26.93% | 25.65% |
| Net Profit | 5 | 6 | 1 | 23 | 24 | 35 | 43 | 52 | 55 | 55 | 39 |
| 2.33 | 3.34 | 0.43 | 9.50 | 9.61 | 14.26 | 17.38 | 21.21 | 21.35 | 21.39 | 15.16 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 138 | 153 | 183 | 404 | 779 | 2,339 | |
| 130 | 150 | 172 | 368 | 655 | 2,032 | |
| Operating Profit | 8 | 3 | 11 | 37 | 124 | 307 |
| OPM % | 5.71% | 2.08% | 6.04% | 9.11% | 15.96% | 13.13% |
| 2 | 3 | 1 | 9 | 3 | 8 | |
| Interest | 4 | 4 | 5 | 6 | 7 | 35 |
| Depreciation | 2 | 3 | 2 | 3 | 9 | 30 |
| Profit before Tax | 3 | 0 | 5 | 36 | 111 | 276 |
| Tax % | 7.73% | 32.70% | 28.98% | 13.38% | 25.64% | 27.48% |
| Net Profit | 3 | 0 | 4 | 32 | 83 | 200 |
| EPS | 1.55 | 0.04 | 6.21 | 12.90 | 33.86 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 72%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 955%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 31%
- Last Year:
- 47%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 24 | 24 |
| 29 | 30 | 33 | 109 | 192 | |
| 28 | 20 | 40 | 33 | 67 | |
| Trade Payables | 22 | 21 | 23 | 34 | 96 |
| 8 | 13 | 12 | 26 | 74 | |
| Total Liabilities | 93 | 89 | 114 | 227 | 453 |
| 20 | 17 | 15 | 44 | 69 | |
| Capital Work in Progress | 1 | 2 | 4 | 0 | 11 |
| 5 | 4 | 4 | 3 | 3 | |
| 22 | 34 | 41 | 37 | 102 | |
| 0 | 0 | 0 | 71 | 125 | |
| Cash & Bank | 14 | 6 | 10 | 43 | 44 |
| 32 | 26 | 39 | 30 | 101 | |
| Total Assets | 93 | 89 | 114 | 227 | 453 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 4 | 5 | -8 | -14 | 51 | |
| Cash from Investing | -8 | 6 | -7 | -16 | -68 |
| Cash from Financing | 5 | -11 | 17 | 53 | 18 |
| 0 | -1 | 1 | 24 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| PER SHARE | |||||
| EPS (₹) | 4.66 | 0.12 | 6.21 | 12.90 | 33.86 |
| Book Value (₹) | 59.15 | 59.27 | 65.56 | 54.50 | 88.32 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 2.84 | 1.48 | 3.16 | 14.22 | 37.33 |
| PROFITABILITY | |||||
| Operating Margin % | 6.89% | 4.29% | 6.71% | 9.11% | 15.96% |
| Net Margin % | 2.01% | 0.05% | 2.04% | 7.81% | 10.63% |
| ROE % | 7.89% | 0.20% | 9.95% | 36.57% | 47.41% |
| ROCE % | 11.50% | 6.70% | 15.33% | 34.28% | 51.94% |
| 3.01% | 0.08% | 3.67% | 18.52% | 24.36% | |
| EFFICIENCY | |||||
| Debtor Days | 46 | 40 | 37 | 42 | 46 |
| Inventory Days | 58 | 67 | 75 | 35 | 32 |
| Payable Days | 72 | 61 | 50 | 28 | 36 |
| 32 | 46 | 62 | 49 | 43 | |
| FINANCIAL HEALTH | |||||
| Debt to Equity (x) | 0.78x | 0.56x | 1.01x | 0.27x | 0.33x |
| Interest Coverage (x) | 1.72x | 1.03x | 2.04x | 6.99x | 16.23x |
| 1.44x | 1.40x | 1.25x | 1.87x | 1.62x | |
| GROWTH | |||||
| Revenue Growth % | 0.00% | 10.39% | 19.64% | 121.37% | 92.67% |
| Operating Profit Growth % | 0.00% | -31.48% | 86.96% | 212.76% | 231.77% |
| Net Profit Growth % | 0.00% | -97.48% | 5174.65% | 748.08% | 162.38% |
| 0.00% | 0.00% | 0.00% | 107.84% | 162.38% | |
| VALUATION | |||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 25.75x | 16.74x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 6.10x | 6.42x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 21.01x | 11.12x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
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