Alpex Solar Eyes 3.6 GW with TOPCon Tech Leap

India's push towards a 500 GW clean energy goal is bolstered by significant government backing in the 2026 Union Budget, with over Rs 30,000 crore allocated to the solar sector. Amidst this supportive policy environment, Alpex Solar, a Greater Noida-based SME, is strategically expanding its capacity to 3.6 GW. The company is adopting high-efficiency TOPCon technology to enhance its solar module production.

Alpex Solar, a supplier to major entities like NTPC and Tata Power, has demonstrated remarkable growth, reporting an 1,100% increase in net profit over the past three years. The company aims to transition from a component supplier to a fully integrated manufacturer. Its financial performance includes a consolidated revenue of Rs 903 crore in H1 FY26, a significant jump from Rs 265 crore in H1 FY25.

The company's financial health is further indicated by a Return on Capital Employed of 51% and Return on Equity of 48%. Alpex Solar is currently valued at a Price-to-Earnings ratio of approximately 14.3 times, which is lower than its peers. The company has secured orders totaling over Rs 1,900 crore as of H1 FY26, ensuring future revenue visibility.

However, Alpex Solar faces certain risks, including promoter pledging of approximately 6.5% of holdings and declining net margins. Cash flow from operations has seen fluctuations, with net cash flow standing at Rs 3 crore in FY25. The company is exploring fundraising through non-convertible debentures to manage its liquidity.

Despite these challenges, Alpex Solar's strategic expansion and adoption of advanced technologies position it to capitalize on India's growing renewable energy market. The company's roadmap includes setting up an aluminium frame unit to further control its supply chain and achieve its 3.6 GW capacity target by FY2027.