With Planned Module and Cell Biz Boost, Alpex Solar Targets ₹3,000 Cr Revenue

Indian solar module manufacturer Alpex Solar is scaling up its manufacturing footprint and strengthening backward integration across the solar value chain, with the company targeting ₹3,000 crore in revenue in the next financial year. This comes against the backdrop of the planned expansion of its solar module business and the commercial start of its solar cell business. 

Speaking during the company’s investor call, the management said Alpex is expanding its solar manufacturing ecosystem significantly compared to the time of its listing, when it operated only a single manufacturing location. The company is now close to completing six manufacturing locations, which will support its growing production base.

Expansion Spree

By the end of FY2026–27, Alpex expects its solar module manufacturing capacity to reach 3.6 GW, while it is simultaneously developing a 2.2 GW solar cell manufacturing facility based on advanced TOPCon technology using G12R wafer size.

Providing details of the cell project, Director Vipin Sehgal said the facility will be implemented in two phases. “The first phase will be 1.4 GW, followed by a second phase of 800 MW, taking the total capacity to 2.2 GW. This will be a modern TOPCon cell line based on G12R size, which is among the latest technologies in the industry,” he said.

The company expects the adoption of the G12R format to help maintain competitive manufacturing costs. Management also indicated that future technological upgrades may include copper-based cell technologies to reduce dependence on silver, which remains a major cost component in solar cell production.

Backward Integration 

Alpex is also expanding into related manufacturing segments as part of its integration strategy. According to Vice President (Finance) L.K. Dhamija, by FY2026–27 the company will operate 12,000 tonnes of aluminium frame manufacturing capacity, along with 115 MW of EPC capabilities and 100 MW of independent power plant assets.

The company recently added another aluminium frame unit at Kosi, taking its total industrial footprint to seven units, of which six are currently operational.

Management highlighted strong financial growth in recent years, noting that compared with FY2022–23, the company’s annualised performance for the current financial year shows over 10-fold growth in revenue, 24-fold growth in EBITDA, and more than 52-fold growth in profit after tax.

Alpex currently has an order book of around ₹1,800 crore, which management said continues to expand through repeat orders from existing customers. The company also indicated that additional module capacity of up to 2.4 GW could be installed at its upcoming Kosi facility if demand visibility strengthens further.