Alpex Solar Ltd has reported strong financial performance for the third quarter and nine months of FY26, driven by higher capacity utilisation, robust order inflows, and steady execution across manufacturing and EPC segments.
The company’s consolidated operational revenue for Q3 FY26 surged to ₹648.08 crore, marking a year-on-year growth of 245.40 percent compared to ₹187.63 crore in the same quarter last year. EBITDA for the quarter rose 143.99 percent to ₹90.90 crore from ₹37.26 crore in Q3 FY25, while profit after tax increased 131.98 percent to ₹54.27 crore. Earnings per share for the quarter stood at ₹21.25, up 122.28 percent year on year.
For the nine-month period ended December 31, 2025, the company reported operational revenue of ₹1,551.32 crore, a 242.63 percent increase over ₹452.76 crore recorded in the same period of the previous year. EBITDA rose to ₹234.52 crore, while profit after tax reached ₹148.24 crore, reflecting strong growth across key financial parameters. Earnings per share for the nine-month period stood at ₹59.65.
The company’s order book stood at ₹1,899.55 crore as of December 31, 2025, supported by major wins across both module supply and EPC segments. During the nine-month period, Alpex Solar secured a ₹210.71 crore module supply order from the Solar Energy Corporation of India and a ₹349.99 crore EPC contract from Central Mine Planning and Design Institute Ltd, strengthening its diversified pipeline across public and private sector clients.
Operationally, the company reported improved capacity utilisation, which contributed to strong revenue growth. It also continued progress on manufacturing capacity expansion across its facilities, strengthened supply-chain arrangements, and advanced its focus on high-efficiency technologies such as TOPCon and bifacial modules.
Commenting on the results, Managing Director Ashwani Sehgal said the company’s quarterly and nine-month performance reflects the resilience of its business model and the effectiveness of its execution strategy. He noted that with capacity expansion on track, improving demand visibility, and a strong pipeline of orders, the company remains confident of sustaining growth in the coming quarters. He also highlighted that recent policy measures, including the exemption of basic customs duty on sodium antimonate for solar glass manufacturing, are expected to lower input costs and enhance India’s competitiveness across the solar value chain.
Alpex Solar operates manufacturing facilities across Uttar Pradesh and Madhya Pradesh and offers an integrated portfolio that includes solar PV modules, solar cells, EPC solutions, solar pumps, and aluminium frames. The company is expanding its operations with new manufacturing units planned across Greater Noida, Kosi-Kotwan in Uttar Pradesh, and Madhya Pradesh, with accelerated construction underway at the Kosi-Kotwan facility as part of its solar cell and module capacity expansion.
The company expects the final quarter of FY26 to remain strong, supported by execution of its existing order book and the ramp-up of new capacities, while policy support, rising renewable energy adoption, and increasing demand for high-efficiency modules are expected to sustain growth in the domestic solar manufacturing sector.
