Module market overcapacity
Industry module capacity is growing rapidly, which could pressure realizations and utilization rates for non-integrated players.
ALPEXSOLAR / Q3-FY26 / risks
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Alpex Solar · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Silver price volatility
Silver constitutes ~40-45% of cell cost; rising silver prices could squeeze margins if not hedged or passed through.
Execution risk on cell capacity
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.
Dependence on group company for silver paste technology
Silver paste technology is held outside Alpex Solar in a group company; benefits may not fully accrue to the listed entity.