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Revenue
₹648 Cr
verified against source
Revenue YoY
246.5%
reported change
EBITDA
₹91 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to double from FY26 annualized run-rate, supported by strong order book and new capacities.
- 2.22 GW TOPCon G12R cell line commissioning expected soon; production to begin in Q1 FY27 with 90-95% utilization within 45 days.
- Management expects PAT margins of 25-26% from cell business, with potential for better margins due to efficient G12R technology.
- Expanded aluminium frame capacity expected to contribute incremental profit of ~₹60 crore in FY27.
Risks flagged
- Industry module capacity is growing rapidly, which could pressure realizations and utilization rates for non-integrated players.
- Silver constitutes ~40-45% of cell cost; rising silver prices could squeeze margins if not hedged or passed through.
- The 2.22 GW cell line is a large capex (₹825 crore); any delay in commissioning or ramp-up could impact revenue and margin targets.
- Silver paste technology is held outside Alpex Solar in a group company; benefits may not fully accrue to the listed entity.
Key quotes
- Our guidance for the next year is 2x of our general guidance for this business. So our next year guidance will be around 3,000 cr.
- Once cell comes into picture, the EBITDA margins are going to rapidly expand and not only insulated but will be expanded very rapidly.
- We are better prepared than most of our competitors have. So this 14% margin can be sustainable for next two quarters at least.
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