Alpex Solar
NSE: ALPEXSOLAR · Other Electrical Equipment
Snapshot
Unlock Alpex Solar's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Alpex Solar Limited is a manufacturer of photovoltaic modules and a provider of comprehensive solar energy solutions. The company operates across the solar value chain, including the production of solar PV modules, aluminium frames, and the execution of engineering, procurement, and construction (EPC) projects.
Business Model
The company generates revenue through the manufacturing and sale of solar PV modules and solar water pumps, alongside the execution of solar power plant projects. Additionally, it maintains a trading division dealing in diverse industrial and consumer products such as knitting needles, yarn, and air purifiers.
- Solar pump installations:15,000+
Growth Outlook
Growth is driven by the increasing demand for renewable energy solutions and government-backed solar infrastructure initiatives in India. The company aims to leverage its position as a leading PV module manufacturer in North India to expand its EPC project footprint.
Key Risks
- Raw Material Price Volatility. Fluctuations in the cost of silicon, aluminium, and other components can significantly impact manufacturing margins.
- Regulatory and Policy Risk. The solar sector is highly dependent on government subsidies and renewable energy policies, which are subject to change.
- Competitive Intensity. The PV module manufacturing market is highly fragmented with intense competition from both domestic and international players.
- Technological Obsolescence. Rapid advancements in solar cell efficiency and module technology may require frequent capital expenditure to remain competitive.
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Peers · Other Electrical Equipment
| Company | Mkt Cap | P/E (TTM) | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Alpex SolarALPEXSOLAR | ₹2,161 Cr | — | — | — | 14.0% | — | — | -31.1% |
Bharat Bijlee LimitedBBL | ₹2,522 Cr | 20.9× | 14.45 | 18.3% | 8.3% | 5.6% | 8.0% | -37.4% |
Modern InsulatorMODINSU | ₹2,238 Cr | 20.8× | 16.51 | — | 18.2% | 18.9% | 22.8% | +231.0% |
MarsonsMARSONS | ₹2,204 Cr | 44.6× | 49.85 | — | 17.8% | 26.0% | 25.4% | -36.0% |
Servotech Renewable Power System LimitedSERVOTECH | ₹1,619 Cr | 41.7× | 22.52 | 7.4% | 10.8% | 13.4% | 18.9% | -44.5% |
ModisonMODISONLTD | ₹1,534 Cr | 15.5× | 10.39 | 66.7% | 19.4% | 41.3% | 58.0% | +195.8% |
As of Mar 2026
Financials
Alpex Solar
NSE: ALPEXSOLAR · Other Electrical Equipment
Snapshot
Unlock Alpex Solar's vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Alpex Solar Limited is a manufacturer of photovoltaic modules and a provider of comprehensive solar energy solutions. The company operates across the solar value chain, including the production of solar PV modules, aluminium frames, and the execution of engineering, procurement, and construction (EPC) projects.
Business Model
The company generates revenue through the manufacturing and sale of solar PV modules and solar water pumps, alongside the execution of solar power plant projects. Additionally, it maintains a trading division dealing in diverse industrial and consumer products such as knitting needles, yarn, and air purifiers.
- Solar pump installations:15,000+
Growth Outlook
Growth is driven by the increasing demand for renewable energy solutions and government-backed solar infrastructure initiatives in India. The company aims to leverage its position as a leading PV module manufacturer in North India to expand its EPC project footprint.
Key Risks
- Raw Material Price Volatility. Fluctuations in the cost of silicon, aluminium, and other components can significantly impact manufacturing margins.
- Regulatory and Policy Risk. The solar sector is highly dependent on government subsidies and renewable energy policies, which are subject to change.
- Competitive Intensity. The PV module manufacturing market is highly fragmented with intense competition from both domestic and international players.
- Technological Obsolescence. Rapid advancements in solar cell efficiency and module technology may require frequent capital expenditure to remain competitive.
Start your research today
Unlock AI insights, financials, peers and live data on Alpex Solar and 5,000+ companies — free.
Peers · Other Electrical Equipment
As of Mar 2026