Alpex Solar Posts Surge In Q3 Revenue, Order Book Nears ₹1,900 Crore

Indian solar module maker Alpex Solar Ltd reported a sharp rise in quarterly revenue and profit, driven by higher capacity utilisation, strong demand and continued order inflows across module supply and EPC segments.

The company said consolidated operating revenue jumped 245.4% year-on-year to ₹648.08 crore for the quarter ended Dec. 31, 2025, while EBITDA rose 144% to ₹90.90 crore. Quarterly profit after tax climbed 132% to ₹54.27 crore, and earnings per share increased to ₹21.25 from ₹9.56 a year earlier.

For the nine months to Dec. 31, operational revenue surged to ₹1,551.32 crore from ₹452.76 crore a year earlier. EBITDA reached ₹161.19 crore with a margin of 15.12%, while profit after tax stood at ₹148.24 crore. Earnings per share for the period were ₹59.65.

Order Book 

Alpex Solar’s order book stood at ₹1,899.55 crore as of Dec. 31, 2025, supported by new contracts across government and private sector customers. The company secured a ₹210.71 crore module supply order from Solar Energy Corporation of India and a ₹349.99 crore EPC contract from Central Mine Planning and Design Institute Ltd during the period.

The company said rising capacity utilisation and expanding manufacturing capacity supported revenue growth, while continued order inflows strengthened demand visibility.

Managing Director Ashwani Sehgal said the company remained confident of sustained growth, citing ongoing capacity expansion, improving demand outlook and a strong project pipeline.

Lower Costs 

Alpex Solar said the Union Budget 2026 decision to exempt basic customs duty on sodium antimonate used in solar glass manufacturing would lower input costs and support domestic solar manufacturing.

The company operates manufacturing facilities in Uttar Pradesh and Madhya Pradesh and offers solar PV modules, EPC solutions, solar pumps and aluminium frames. It is expanding operations with six new manufacturing units across Greater Noida, Kosi-Kotwan in Uttar Pradesh and Madhya Pradesh, with the Kosi-Kotwan facility under accelerated construction as part of its solar cell and module expansion plans.

Alpex Solar expects strong performance in the final quarter of FY26, supported by execution of existing orders and ramp-up of new capacity. It also said recent trade developments with the United States and European Union could boost exports and strengthen India’s position in the global solar manufacturing supply chain.