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₹ 236

Price to Book6.42

Dividend Yield0.00 %

ROCE51.9 %

ROE47.4 %

Face Value₹ 10

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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 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 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

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

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:: -31%

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

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

522

646

669

501

106

158

151

274

318

445

556

578

453

Operating Profit

OPM %

10.35%

11.99%

5.16%

16.26%

19.67%

16.20%

16.51%

14.89%

13.94%

13.58%

9.66%

-5

Interest

Depreciation

Profit before Tax

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

2.33

3.34

0.43

9.50

9.61

14.26

17.38

21.21

21.35

21.39

15.16

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

124

307

OPM %

5.71%

2.08%

6.04%

9.11%

15.96%

13.13%

Interest

Depreciation

Profit before Tax

111

276

Tax %

7.73%

32.70%

28.98%

13.38%

25.64%

27.48%

Net Profit

200

EPS

1.55

0.04

6.21

12.90

33.86

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

109

192

Trade Payables

Total Liabilities

114

227

453

Capital Work in Progress

102

125

Cash & Bank

101

Total Assets

114

227

453

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-8

-14

Cash from Investing

-8

-7

-16

-68

Cash from Financing

-11

-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