Alpex Solar To Build 1.2 GW Module Plant In Uttar Pradesh

Alpex Solar Ltd said on Thursday it will build a 1.2-gigawatt (GW) solar module manufacturing plant in Mathura, Uttar Pradesh, as part of an expansion that will raise its total capacity to 3.6 GW.

The plant, expected to start operations in fiscal year 2026-27, will cost 1.10 billion rupees ($13.2 million) and be funded through internal accruals and credit facilities, the company said in a statement.

The expansion follows a surge in quarterly earnings. Alpex reported a consolidated net profit of 422.9 million rupees for the first quarter of FY26, up from 10.6 million rupees a year earlier. Revenue rose 396% to 3.83 billion rupees, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to 648.5 million rupees from 43.1 million rupees.

The company plans to raise 2.61 billion rupees through a preferential allotment of equity and warrants, pending shareholder approval at an extraordinary general meeting on Aug. 28.

Alpex said it had orders worth 15.55 billion rupees for FY26, including contracts from Maharashtra State Electricity Distribution Company Ltd, the Solar Energy Corporation of India, Haryana Renewable Energy Development Agency, CMPDIL and three major manufacturers.

The NSE Emerge-listed company operates six manufacturing units in Greater Noida, Kosi-Kotwan, Eco-Tech Greater Noida and Madhya Pradesh.