Alpex Solar Limited, a prominent Indian manufacturer of solar modules and cells, has announced a substantial capital expenditure plan of ₹642 crore aimed at significantly expanding its production capabilities by fiscal year 2027. This strategic investment, with ₹400 crore allocated for FY2026, positions the Greater Noida-headquartered company to capitalize on India's rapidly growing solar energy market, reinforcing its role in the domestic supply chain.

The company's expansion strategy includes doubling its solar module manufacturing capacity from 1.2 GW to 2.4 GW. Concurrently, Alpex Solar is venturing into solar cell manufacturing with a 500 MW phase of a planned 1.6 GW project set to commence commercial production in FY2026. Further vertical integration will be achieved through the launch of an aluminum frame facility with an annual capacity of 12,000 metric tons. The company also plans to expand its EPC services by 150 MW and power generation capacity by 100 MW by FY2027.

This ambitious expansion is underpinned by a strong operational outlook. Alpex Solar has set an internal target of achieving at least 100 percent growth in FY2026, building on its recent performance. The company has already secured an outstanding order book of ₹1,400 crore within the first 50 days of FY2026, including a significant ₹349 crore EPC order from Coal India. Management expresses confidence in completing the entire order book within the current financial year, signaling robust execution capabilities and sustained demand.

Alpex Solar, established in 1993, specializes in high-quality solar panels, including bifacial, high-efficiency mono PERC, and half-cut modules utilizing both monocrystalline and polycrystalline cell technologies. Its diverse clientele includes major public and private sector entities such as Tata Power, NTPC, Indian Oil, Godrej, HAL, Powergrid, and SECI. Recent major orders include a ₹45 crore solar pump order from MSEDCL, a ₹210 crore PV module order from SECI, a ₹65 crore solar pump order from HAREDA, a ₹245 crore order from CMPDIL, and two large private sector orders totaling ₹758 crore.

Financially, Alpex Solar has demonstrated significant growth. Revenue surged by 170.25 percent from ₹121 crore in Q4 FY2024 to ₹327 crore in Q4 FY2025. Net profit witnessed an even more substantial increase of 483.33 percent, rising from ₹6 crore to ₹35 crore over the same period. Over the last five years, the company's revenue and net profit have grown at a CAGR of 51.42 percent and 94.26 percent, respectively. The company boasts strong return ratios, with ROCE at 51.8 percent and ROE at 48.1 percent, alongside an EPS of ₹34.1 and a healthy debt-to-equity ratio of 0.36x, indicating a solid financial position to support its growth initiatives.