Alpex Solar Ltd.

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

Market Cap₹ 2,296 Cr.

Current Price

High / Low₹ 1,370 / 660

Stock P/E11.5

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%

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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	7330.00	51.99	155328.84	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	908.00	114.44	143050.87	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3972.00	43.19	141451.06	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31065.00	120.36	138464.05	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4500.00	617.01	115220.94	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3180.50	76.12	113264.13	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2545.00	19.18	73207.26	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17293.00	61.29	72409.83	0.35	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1116.00	42.88	70035.88	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.44	19.43	61085.61	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1195.30	155.53	28580.11	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	ALPEXSOLAR	898.90	11.48	2296.06	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

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