Power stock jumps 11% after securing ₹215 Cr order for supply of solar modules

Synopsis: Alpex Solar Ltd shares jumped 11% after securing a ₹ 215.20 crore solar module supply order from a leading domestic player, to be executed within six months.

The shares of the Small-Cap company specialising in manufacturing and trading high-power solar photovoltaic (PV) modules using advanced technologies like Mono PERC, Bifacial, and Half-cut cells, are in focus upon securing an order worth Rs. 215 crores.

With a market capitalization of Rs. 2,081.75 Crores on Wednesday, the shares of Alpex Solar Limited rose upto 11.4 percent, reaching a high of Rs. 827.00 from its opening price of Rs. 742.05. 

What Happened

Alpex Solar Limited, engaged in manufacturing and trading high-power solar photovoltaic (PV) modules using advanced technologies like Mono PERC, Bifacial, and Half-cut cells, has received a commercial order worth Rs. 215.20 crore (excluding GST).

The order is from a leading industry player for the supply of solar modules. The order has been awarded by a domestic entity and is to be executed within six months in accordance with the terms agreed between the parties.

Financials & Others

The company’s revenue rose by 178 percent from Rs. 188 crore in September 2024 to Rs. 523 crore in September 2025. Meanwhile, the Net profit rose from  Rs. 24 crore to  Rs. 53 crore during the same period.

The company shows strong profitability with a high ROCE of 50.5% and ROE of 47.7%, while maintaining low leverage with a debt-to-equity ratio of 0.37. Valuation looks attractive as the stock trades at a P/E of 13.6 versus the industry average of 28.4, supported by a very low PEG ratio of 0.01.

Profit growth has been exceptional, with a 93.8% CAGR over the last five years. This is reinforced by a solid return profile, with an average ROE of 37.2% over the past three years, indicating efficient and consistent value creation.

Alpex Solar Ltd. is one of the leading Indian manufacturer of solar photovoltaic (PV) modules and integrated solar energy solutions, known for producing high-efficiency panels like bifacial, mono PERC, and glass-glass types, serving B2B clients and EPC firms, and offering EPC services for solar pumps, with origins in trading and diversification into wind before focusing on solar, aiming for cost-effective, high-power modules through technology and backward integration (like aluminum frames). 

Manufacturing of Solar PV Modules contributed 88.79 percent of total revenues in Q2 FY26, while EPC services of AC/DC solar pumps accounted for the remaining 11.21 percent, highlighting the company’s strong manufacturing-led revenue profile with a supporting EPC segment.

The company is among the top white-label solar module manufacturers in India and is undergoing a major capacity expansion to become a fully integrated solar cell and module manufacturer. It is set to commission 2.4 GW of module capacity in the current fiscal year, with expansion on track to reach a total capacity of 3.6 GW by FY 2026–27.

The company has installed over 21,000 solar water pumps across India and offers a comprehensive range of 2, 3, 7.5, and 10 HP pumps, available in both surface and submersible variants, featuring high-efficiency AC and DC solar pump solutions.

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