Alpex Solar has bagged a big order of INR 380.52 crore for supply of solar modules to a leading manufacturer. This order was disclosed in a regulatory filing to the National Stock Exchange (NSE) on 23 April 2025. According to the filing, the project is to be completed by March 2026 and is a commercial domestic order.
Series of Wins
This order comes on the back of several wins for Alpex Solar in recent months. In February 2025, the company had won an order of INR 210.71 crore from Solar Energy Corporation of India (SECI) for supply of Solar PV Modules and Solar Cells. The SECI project is to be executed in nine months and adds to Alpex’s project portfolio.
Also, the company had won an order of INR 45 crore from Maharashtra State Electricity Distribution Co. (MSEDCL) to supply 2,000 solar-powered water pumps, adding to its order book and presence in agricultural applications.
Robust Financials and Multibagger IPO Performance
Alpex Solar’s financials have followed its operational performance. In Q3 FY25, the company reported a 423% jump in net profit from INR 4.51 crore in Q3 FY24 to INR 23.60 crore. Revenue from operations grew 137% y-o-y to INR 187.63 crore.
Alpex Solar launched its IPO on 8 February 2024. The IPO was a fresh issue worth INR 74.52 crore. Alpex Solar IPO got an overwhelming response from the investors which leads the subscription to 324X. The listing performance is much explosive than subscription, the shares of Alpex Solar listed with a 3X gain.
Currently, it is trading around INR 800 per share, a correction of 26% from its all-time high of INR 1,084.75 per share.
Strategic Capacity Expansion: 2026 Targets
Alpex Solar is not done yet. The company has outlined big plans to double its solar module production capacity from 1.2 GW to 2.4 GW by December 2026. It will also scale up its solar cell production to 1.6 GW, aluminum frame manufacturing to 12,000 tonnes/year, and EPC capacity to 150 MW along with 100 MW of Independent Power Production (IPP).
The recent acquisition of Chandra Energy. through its subsidiary Alpex Green will help in EPC project execution vertical and make the company a one-stop-shop for solar infrastructure solutions.
Industry Positioning and Clientele
Alpex Solar has positioned itself as a manufacturer and service provider in the renewable energy space. Its clients include Tata Power, Indian Oil, NTPC, Godrej, Shakti Pumps, BVG India, and more. The company offers bifacial, mono-PERC, and half-cut PV modules, solar powered AC/DC water pumps and turnkey EPC solutions.
A Sunny Future
With a growing order book, project delivery track record, scaling up manufacturing and strong financials Alpex Solar seems to be charting a course in India’s green journey. Alpex Solar new order for solar modules is a vote of confidence in the company and fits in with the country’s overall push for energy self reliance and sustainability.
As India plans to grow solar module and cell production exponentially in the coming years Alpex Solar is ready to ride the wave and may even create it. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
