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
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Plans after 3.2 GW module capacity by FY28?
Asked by Shashank, SB Capital
Management hinted at possible expansion but gave no concrete plan or timeline.
no timeline givenvague on capacity addition
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Question
by FY28 that is that planned 3.2 gawatt module capacity will be most likely be utilized... So any plan after that sir?
Ashwini Sagel (Managing Director)
maybe 2.4 4 GW of additional capacity for modules can be installed at the same new factory... We will announce this once we have a very clear visibility further.
Evasive
Medium priority
Export opportunities?
Asked by Shashank, SB Capital
No specific export plan or timeline provided; only conditional hopes.
no concrete planconditional on policy
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Question
Any plan on export uh export opportunity?
Ashwini Sagel (Managing Director)
we were one of the pioneers of export... but now we are not exporting... we hope that America market will open up... we will enter the export market if it is profitable.
Partial answer
High priority
Nature of order book visibility?
Asked by Shashank, SB Capital
Management gave revenue guidance but did not specify order book visibility in years.
no specific order book duration given
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Question
if I see premium energy and Y energy their order book provide me visibility of two years... So how is our order book nature?
Ashwini Sagel (Managing Director)
our order book is sufficient to expand our business... our guidance for the next year is 2x... will be around 3,000 cr... we have more than that orders... orders is not going to be any problem.
Evasive
High priority
Margins with own cell and aluminum?
Asked by Shashank, SB Capital
No quantitative margin guidance given; only qualitative assurance.
no specific margin numbersvague on timing
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Question
margin analysis we can easily exceed 30% of we will have aluminum frame then sales we can easily exceed it so can you give some commentary on that
Ashwini Sagel (Managing Director)
once cell comes into picture... the VA margins are going to rapidly expand... margins will be insulated and expanded very rapidly.
Partial answer
High priority
Expected EBITDA and PAT margins with cell manufacturing?
Asked by Sil Sha, Paris Investments
Gave industry benchmark but not own margin forecast; deferred to industry.
no company-specific margin guidance
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Question
once we start this cell manufacturing what kind of AITA margins and pet margins can we achieve at company level.
Ashwini Sagel (Managing Director)
industry colleagues are enjoying a pat margin of around 25 26% on cell manufacturing... we anticipate better margins than our industry... because we are directly starting from G12R.
Answered
High priority
Timeline for full utilization of cell capacity?
Asked by Sil Sha, Paris Investments
Provided specific timeline for capacity utilization ramp-up.
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Question
once we start I mean by by when we can have a full utilization of that capacity.
Ashwini Sagel (Managing Director)
within 45 days we should be able to achieve 90 to 95% of the capacity utilization.
Partial answer
High priority
Current blended realization per watt?
Asked by Yash Jarani, Q advisors
Did not give current blended realization; only directional guidance.
no exact current number given
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Question
in the November con call you said that we had a blended realization of around 17 to 17.5 INR per watt peak. So what's our current realization?
Ashwini Sagel (Managing Director)
it's a still in the similar region... we hope the blended per watt price realization will reach around 18.5 or maybe 19 rupees also.
Answered
Medium priority
Why was NCD cost high at 13-14%?
Asked by Yash Jarani, Q advisors
Explained high cost due to timing and bank conservatism.
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Question
we paid at least I think around 13 to 14% while we were raising our non-convertible debentures. So why was this cost so high?
Ashwini Sagel (Managing Director)
the main reason was the timing... banks are quite conservative and slow... we raised this 125 cr of debentures... these are slightly expensive because of essence in timing.
Answered
Medium priority
Silver cost savings with new technology?
Asked by Chitra Lunawat, 9enture
Provided specific percentage savings on silver cost.
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Question
normally it is around 25% of the cell cost is the silver cost right. So in our new technology how much are we expecting to cut down that and use of copper.
Vipen Cycle (Director)
silver cost in the cell is already probably at 40%... we will be saving at least 15 20% on the silver cost because of this and then we will be again migrating to the copper paste.
Answered
High priority
Execution timeline for 1,900 cr order book?
Asked by Apurva Bandi, Whiteststone PMS
Provided clear timeline of 6-7 months and by FY26.
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Question
the order book is of around 1,900 crores, right? So what is the execution timeline for this?
Ashwini Sagel (Managing Director)
19004 will be not more than they will not last more than six seven months sir... This all will be completed by FI 26.
Answered
High priority
Capex and revenue potential for 2.2 GW cell line?
Asked by Apurva Bandi, Whiteststone PMS
Provided specific capex and revenue per GW.
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Question
what is the capex amount which we are doing for the 2.2 to gawatt uh topcon and the revenue potential for it.
Ashwini Sagel (Managing Director) and Mr. Damija
including the soft cost... total cost is 825 crores... hard cost will be roughly 750 crores... 1 gawatt of solar cell will generate a turnover of around 1,200 cr.
Answered
Medium priority
Additional profit from aluminum frame business?
Asked by Abi Seagel, Singularity
Provided specific profit contribution estimate.
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Question
how much money we will be saving but I have a rough estimate that on our expanded capacity... additional profit of around 60 odd cr from the aluminium business in the next year.
Ashwini Sagel (Managing Director)
on our expanded capacity which we will be generating an additional profit of around 60 odd cr from the aluminium business in the next year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Next year revenue guidance around 3,000 cr | ₹3,000 cr | ₹648 cr | Overstated vs filing |
| 1 GW cell turnover ~1,200 cr | ₹1,200 cr | ₹648 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.