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Module market overcapacity
View Risks →Alpex Solar Ltd — Q3 FY26
Alpex Solar reported a record Q3 FY26 with revenue of ₹648 crore (up 3.45x YoY), EBITDA of ₹91 crore (up 2.45x YoY), and PAT of ₹54 crore (up 2.32x YoY).
bullish
high
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2-Minute Summary
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Alpex Solar reported a record Q3 FY26 with revenue of ₹648 crore (up 3.45x YoY), EBITDA of ₹91 crore (up 2.45x YoY), and PAT of ₹54 crore (up 2.32x YoY). Growth was driven by strong module demand, expansion to six manufacturing locations, and backward integration into aluminium frames and solar cells. Management guided for ~2x revenue growth in FY27, targeting ₹3,000 crore+, supported by an order book of ₹1,900 crore and upcoming 2.22 GW TOPCon cell capacity (capex ₹825 crore) expected to start production by Q1 FY27. EBITDA margin was 14.03%, with slight compression due to higher input costs, but margins are expected to expand significantly once cell production begins. Key risk: overcapacity in the module market could pressure realizations, though management believes integrated players like Alpex are insulated.
अल्पेक्स सोलर ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹648 करोड़ रही, जो पिछले साल की तुलना में 3.45 गुना ज्यादा है। मुनाफा ₹54 करोड़ रहा, जो 2.32 गुना बढ़ा है। यह वृद्धि सोलर पैनलों की मजबूत मांग, छह कारखानों के विस्तार और एल्युमीनियम फ्रेम व सोलर सेल बनाने से हुई। कंपनी का लक्ष्य अगले साल कमाई दोगुनी कर ₹3,000 करोड़ से अधिक करना है। इसके लिए ₹1,900 करोड़ के ऑर्डर मिले हैं और नई 2.22 गीगावॉट की सेल फैक्ट्री अगले साल की पहली तिमाही में शुरू होगी। फिलहाल मुनाफा मार्जिन 14.03% है, लेकिन सेल बनने शुरू होने पर यह बढ़ेगा। जोखिम: बाजार में ज्यादा पैनल होने से कीमतें गिर सकती हैं, लेकिन कंपनी का मानना है कि वह इससे बची रहेगी।
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Order Book
₹1,900 crore
+2x YoY (implied)
Order book provides 6-7 months visibility; management expects 2x revenue growth next year.
Module Capacity Utilization
75-80%
Flat vs Q2
Utilization remains high despite industry overcapacity; nameplate capacity utilization is 50-55% for peers.
Blended Module Realization
₹17-17.5/Wp
Expected to reach ₹18.5-19/Wp
Realizations strengthening due to rising silver prices and demand; non-DCR prices crossing ₹16/Wp.
Solar Cell Capacity
2.22 GW
New capacity (0 GW previously)
TOPCon G12R cell line to start production by Q1 FY27; 90-95% utilization expected within 45 days.
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Guidance and risk preview
Management expects revenue to double from FY26 annualized run-rate, supported by strong order book and new capacities.
Industry module capacity is growing rapidly, which could pressure realizations and utilization rates for non-integrated players.
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