Alpex Solar

Alpex Solar reported a record Q3 FY26 with revenue of ₹648 croreCurrent reported value: ₹648 crore. No comparable prior figure is available in the source record. (up 3.45x YoY), EBITDA of ₹91 croreCurrent reported value: ₹91 crore. No comparable prior figure is available in the source record. (up 2.45x YoY), and PAT of ₹54 croreCurrent reported value: ₹54 crore. No comparable prior figure is available in the source record. (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+Current reported value: ₹3,000 crore+. No comparable prior figure is available in the source record., supported by an order book of ₹1,900 croreCurrent ₹1,900 crore. Reported change: +2x YoY (implied). and upcoming 2.22 GWCurrent 2.22 GW. Reported change: New capacity (0 GW previously). TOPCon cell capacity (capex ₹825 crore) expected to start production by Q1 FY27. EBITDA margin was 14.03Current reported value: 14.03. No comparable prior figure is available in the source record.%, 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.