Alpex Solar Ltd (ALPEXSOLAR), a leading provider of high-power solar PV modules and solar systems, announced its robust financial results for the quarter ended December 31, 2024.
Q3 FY25 vs. Q3FY24 Performance
Alpex Solar’s total income from operations in Q3FY25 increased by 137% to Rs. 188.13 crore, compared to Rs. 79.30 crore in Q3FY24. The company’s EBITDA jumped by 352% owing to efficiency and economy of scale, to Rs. 37.50 crore in Q3FY25 against Rs. 8.29 crore in Q3FY24. The company significantly improved its EBITDA margin to 19.9% in the quarter under review compared to 10.5% in Q3FY24. The profit after tax increased by 425% to Rs. 23.69 crore, translating into a PAT margin of 12.6%.
9MFY25 vs. 9MFY24 Performance
The operating revenues registered an increase of 55% while the quality of margins improved drastically – with EBITDA margin more than doubled to 16.5% and PAT margin registering a 2.6 times increase to 10.1%. Compared to the FY24 numbers, 9MFY25 revenues accounted for nearly 110% while PAT stood at 183% of the past year’s number.
Management comment
Commenting on the financial results, Ashwani Sehgal, Managing Director, Alpex Solar Limited, said, “We are pleased to report another quarter of strong financial performance, driven by our expanding capacity and robust demand for solar energy solutions. Our strategic initiatives, including capacity expansions and vertical integrations, position us to capture a greater share of the growing renewable energy market. We remain committed to sustainability, innovation, and delivering value to our shareholders. With our continued focus on expanding solar capacity, we are confident that Alpex Solar will play a pivotal role in driving India’s transition towards sustainable energy.”
Key Operational Updates:
· Expansion of Production Capacity: Alpex Solar completed its planned expansion at the Greater Noida plant, increasing the solar PV module manufacturing capacity from 900 MW to 1.2 GW. This expansion is expected to enhance further the company’s ability to meet the growing demand for renewable energy products.
· Solar cell production plans: The Unit II, spanning 25,873.27 sq/mtr at Kosi Kotwan Ext-II, Mathura, Uttar Pradesh, is undergoing rapid construction. The Company is set to establish a cutting-edge solar cell manufacturing facility of 1.6 GW, in three distinct phases. The first phase, with a capacity of 500 MW, is slated to become operational by December 2025, and a 1.6 GW capacity is expected to be achieved by December 2026.
· “Mr. Dependable” as Brand Ambassador: During the quarter, Alpex signed Rahul Dravid, a Global Cricketing Legend and former Indian Captain, as its Brand Ambassador.
· Leasing of New Facilities: The company has taken on lease two new factory units:
o A 25,000 Sq/mtr land parcel at A-2/1, Industrial Area, Kosi Kotwan Ext-II, Mathura, Uttar Pradesh, is designated Unit IV. As detailed in the IPO documents, this site will house a manufacturing facility for aluminum frames. Production is expected to commence by December 2025.
o A 17,000 Sq/mtr ready to move-in factory, designated as Unit V, is located at Bypass Sikandrabad, Uttar Pradesh. This facility will be dedicated to commissioning an additional line of 1.2 GW of solar modules and is likely to go into commercial production around December 2025.
o With these additional facilities, Alpex Solar operates six units across four strategic locations in Northern India.
· Strategic Acquisitions: Alpex Solar acquired 100% shareholding in M/s Chandra Energy Private Limited, a Special Purpose Vehicle (SPV) for implementing solar power projects under the EPC model, through its subsidiary M/s Alpex Green Private Limited.
· IPO and Financial Strength: In early 2024, Alpex Solar successfully raised Rs 7,452 lakh through an Initial Public Offering (IPO), which has supported the company’s capital expenditure and expansion plans. In line with its strategic growth objectives, the company continues to utilize the IPO proceeds to enhance its manufacturing capabilities and support its working capital needs.
ABOUT ALPEX SOLAR LIMITED (INE0R4701017)
Alpex Solar was incorporated in 1993 by first-generation entrepreneurs Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal, manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises Topcon, bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories. The Greater Noida-based company also serves as a contract manufacturer for several large companies, such as Jakson and Tata Power. Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, HAREDA, PEDA and many more.
The company ventured into solar panel manufacturing in 2007, establishing a cutting-edge facility spanning 150,000 sq. ft. in Greater Noida. With a current capacity of 848 MW (as per the MNRE notification dated March 22, 2024), this is set to expand to 2.4 GW. Owing to its R&D prowess, manufacturing excellence and a deep talent pool, the company has emerged among the preferred suppliers of PV panels. The company has 350+ employees – including celebrated professionals from within and beyond the solar sector, and experience. The company was listed on NSE Emerge in February 2024.
