Alpex Solar Reports Robust Q3 FY26 Growth on Manufacturing and EPC Momentum

Alpex Solar Ltd reported strong financial and operational performance for the third quarter and nine months ended December 31, 2025 (Q3 & 9M FY26), driven by robust manufacturing output, rising capacity utilisation, and a growing order pipeline.

The company’s consolidated operational revenue surged 245.4% year-on-year to ₹648.08 crore in Q3 FY26, compared with ₹187.63 crore in the same quarter last year. EBITDA rose 143.9% to ₹90.90 crore, while profit after tax (PAT) increased 132% to ₹54.27 crore. Earnings per share (EPS) stood at ₹21.25, marking a 122.3% year-on-year rise.

For the nine-month period ended December 31, 2025, Alpex Solar reported consolidated operational revenue of ₹1,551.32 crore, up from ₹452.76 crore in 9M FY25. EBITDA rose to ₹234.52 crore, while PAT reached ₹148.24 crore. EPS for the period stood at ₹59.65. The company’s consolidated order book stood at ₹1,899.55 crore as of December 31, 2025.

The strong performance was supported by higher capacity utilisation, robust demand, and major contract wins across both module manufacturing and EPC segments. During the period, Alpex Solar secured significant orders, including a ₹210.71 crore solar module supply contract from the Solar Energy Corporation of India (SECI) and a ₹349.99 crore EPC order from Central Mine Planning and Design Institute Limited (CMPDI), strengthening its diversified project portfolio across public and private sector clients.

The company also continued to advance its manufacturing expansion strategy, focusing on capacity additions, supply chain strengthening, and adoption of advanced solar technologies, including TOPCon and bifacial modules. Multiple new manufacturing units are under development across Greater Noida, Kosi-Kotwan in Uttar Pradesh, and Madhya Pradesh, with accelerated construction underway at the Kosi-Kotwan facility for solar cell and module capacity expansion.

Commenting on the results, Managing Director Ashwani Sehgal said the company’s performance reflects strong execution and rising demand visibility. He added that the company remains confident of sustained growth supported by capacity expansion, technology upgrades, and a strong project pipeline. Sehgal also highlighted the Union Budget 2026 decision to exempt basic customs duty on sodium antimonate used in solar glass manufacturing, stating that the measure will reduce input costs and strengthen India’s competitiveness across the solar value chain.

Alpex Solar stated that it remains optimistic about growth prospects in India’s solar manufacturing sector, supported by favourable government policies, increasing renewable energy adoption, and growing preference for high-efficiency modules. The company expects the final quarter of FY26 to remain strong, driven by order execution and capacity ramp-up.

The company further noted that India’s evolving trade engagements with the United States and the European Union are expected to boost export opportunities, attract new investments, and strengthen India’s position as a global hub for solar manufacturing.

Alpex Solar operates multiple manufacturing facilities across Uttar Pradesh and Madhya Pradesh, offering a diversified portfolio spanning solar PV modules, solar cells, EPC solutions, solar pumps, and aluminium frames. Its current manufacturing capacity stands at 2.4 GW, with expansion plans underway to scale capacity to 3.6 GW in the next phase.