---
title: "Alpex Solar Ltd (ALPEXSOLAR) — Share Price, Financials & Analysis"
symbol: "ALPEXSOLAR"
company: "Alpex Solar Ltd"
canonical: "https://tapetide.com/stocks/ALPEXSOLAR"
isin: "INE0R4701017"
nse_symbol: "ALPEXSOLAR"
sector: "Capital Goods"
industry: "Other Electrical Equipment"
market_cap_cr: 2299
generated_at: "2026-09-13T18:26:06.314Z"
---

# Alpex Solar Ltd (ALPEXSOLAR)

Canonical page: https://tapetide.com/stocks/ALPEXSOLAR

## Company

- **NSE Symbol:** ALPEXSOLAR
- **ISIN:** INE0R4701017
- **Sector:** Capital Goods
- **Industry:** Other Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-02-15
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** alpexsolar.com

## About

Incorporated in 2008, Alpex Solar 
Ltd manufactures photovoltaic modules
 and provides all-inclusive solar energy 
 solutions[1]

## Latest Price

- **Price:** ₹934.2
- **Change:** +35.3 (+3.93%)
- **Open:** ₹904
- **Day High:** ₹940
- **Day Low:** ₹881.1
- **Previous Close:** ₹898.9
- **Volume:** 45200
- **As Of:** 2026-09-11T09:59:49+00:00

## Key Fundamentals

Observed at 2026-09-11T04:52:09.198091Z.

- **Market Cap:** ₹2299 Cr
- **Classification:** SME
- **P/E (reported):** 11.5
- **P/E (TTM):** 11.92
- **EPS (TTM):** ₹78.34
- **Book Value:** ₹219.94
- **Price to Book:** 4.09
- **Dividend Yield:** 0%
- **ROE:** 38.57%
- **ROCE:** 50.31%
- **Debt to Equity:** 0.96
- **Revenue (yearly):** ₹2223.27 Cr
- **Net Income:** ₹203.81 Cr
- **EBITDA:** ₹317.97 Cr
- **52-Week High:** ₹1374.85
- **52-Week Low:** ₹660
- **RSI (14):** 57.17

## Tapetide Score

- **Score:** 51 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Fair · Momentum: Falling
- **Percentile:** 52 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 40.92 | 9% |
| growth | 98.9 | 9% |
| momentum | 49.6 | 12% |
| ownership | 42.66 | 24% |
| quality | 46.3 | 22% |
| valuation | 52.5 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company has delivered good profit growth of 132% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 47.5%
- Debtor days have improved from 54.1 to 41.8 days.

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| ebitda margin growth | -15.61% | -12.95% | 55.74% | 244.2% |
| net income growth | -25.14% | 144.08% | 276% | 132% |
| revenue growth | -24.96% | 183.94% | 125% | 72% |
| roce | -17.98% | 70.72% | 139% | 24.97% |
| roe | -25.15% | 90.19% | 22.65% | 358.08% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 79 | 121 | 77 | 188 | 188 | 327 | 380 | 523 | 648 | 672 | 503 |
| Expenses | 71 | 106 | 73 | 158 | 151 | 274 | 318 | 445 | 558 | 583 | 429 |
| Operating Profit | 8 | 14 | 4 | 31 | 37 | 54 | 63 | 78 | 90 | 89 | 75 |
| OPM % | 10 | 12 | 5 | 16 | 20 | 16 | 16 | 15 | 14 | 13 | 15 |
| Other Income | 0 | -5 | 0 | 1 | 1 | 1 | 2 | 2 | 0 | 4 | 4 |
| Interest | 2 | 1 | 2 | 1 | 2 | 2 | 3 | 3 | 6 | 10 | 15 |
| Depreciation | 1 | 1 | 1 | 1 | 3 | 3 | 4 | 4 | 7 | 9 | 10 |
| Profit before tax | 6 | 8 | 1 | 29 | 32 | 49 | 57 | 72 | 77 | 74 | 54 |
| Tax % | 21 | 17 | 29 | 19 | 28 | 28 | 26 | 27 | 29 | 28 | 26 |
| Net Profit | 5 | 6 | 1 | 24 | 23 | 35 | 42 | 53 | 54 | 53 | 40 |
| EPS in Rs | 2.51 | 2.57 | 0.43 | 9.69 | 9.56 | 14.43 | 17.28 | 20.62 | 21.25 | 20.86 | 15.61 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 98 | 149 | 166 | 195 | 413 | 780 | 2223 | 2346 |
| Expenses | 91 | 140 | 161 | 183 | 375 | 654 | 1904 | 2015 |
| Operating Profit | 7 | 9 | 5 | 12 | 37 | 126 | 319 | 331 |
| OPM % | 7 | 6 | 2.7 | 6 | 9 | 16 | 14 | 14 |
| Other Income | 2 | 1 | 2 | 1 | 6 | 3 | 8 | 10 |
| Interest | 4 | 4 | 4 | 5 | 6 | 8 | 23 | 35 |
| Depreciation | 2 | 2 | 3 | 2 | 3 | 8 | 24 | 30 |
| Profit before tax | 3 | 4 | 0 | 5 | 34 | 112 | 279 | 277 |
| Tax % | 5 | 9 | 39 | 29 | 22 | 26 | 28 | — |
| Net Profit | 3 | 3 | 0 | 4 | 27 | 83 | 202 | 200 |
| EPS in Rs | — | — | — | — | 10.86 | 34.11 | 78.89 | 78.34 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 6 | 6 | 6 | 6 | 24 | 24 | 26 |
| Reserves | 29 | 31 | 32 | 35 | 106 | 192 | 536 |
| Borrowings | 20 | 30 | 27 | 47 | 49 | 79 | 537 |
| Other Liabilities | 23 | 32 | 36 | 37 | 50 | 178 | 286 |
| Total Liabilities | 78 | 99 | 100 | 126 | 230 | 474 | 1384 |
| Fixed Assets | 13 | 20 | 17 | 17 | 31 | 78 | 168 |
| CWIP | 7 | 1 | 2 | 4 | 0 | 23 | 175 |
| Investments | 5 | 4 | 4 | 3 | 2 | 2 | 1 |
| Other Assets | 53 | 75 | 77 | 100 | 197 | 371 | 1040 |
| Total Assets | 78 | 99 | 100 | 126 | 230 | 474 | 1384 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 7 | 2 | -1 | -7 | -5 | 69 | -116 |
| Cash from Investing Activity | -1 | -8 | 6 | -9 | -17 | -82 | -437 |
| Cash from Financing Activity | -6 | 7 | -6 | 17 | 46 | 16 | 553 |
| Net Cash Flow | 1 | 0 | -1 | 2 | 23 | 3 | 0 |
| Free Cash Flow | 8 | -1 | -2 | -12 | -9 | 11 | -447 |
| CFO/OP | 116 | 28 | 6 | -58 | -10 | 65 | -21 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 57 | 35 | 37 | 35 | 63 | 58 | 42 |
| Inventory Days | 94 | 93 | 110 | 115 | 42 | 62 | 73 |
| Days Payable | 79 | 69 | 56 | 53 | 39 | 67 | 41 |
| Cash Conversion Cycle | 73 | 58 | 91 | 97 | 65 | 53 | 74 |
| Working Capital Days | 31 | 25 | 46 | 23 | 48 | 35 | 37 |
| ROCE % | — | 13 | 7 | 14 | 26 | 51 | 44 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 68.76% | 68.76% | 68.76% | 68.76% | 65.89% | 65.89% | 65.9% | 65.9% |
| FIIs | 4.86% | 0% | 1.48% | 1.67% | 2.99% | 3.42% | 3.21% | 3.13% |
| DIIs | 0.02% | 0% | 0% | 0% | 0.34% | 0.4% | 0.41% | 0.4% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 20.95% | 25.15% | 24.11% | 24.67% | 25% | 24.7% | 24.76% | 24.94% |
| Others | 5.41% | 6.09% | 5.65% | 4.9% | 5.78% | 5.6% | 5.72% | 5.64% |
| No. of Shareholders | 2224 | 4544 | 5730 | 6010 | 6397 | 7354 | 8032 | 8517 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 5 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 892.74 | Buy |
| EMA (10) | 898.98 | Buy |
| SMA (20) | 868.55 | Buy |
| EMA (20) | 877.15 | Buy |
| SMA (50) | 840.83 | Buy |
| EMA (50) | 867.19 | Buy |
| SMA (100) | 912.79 | Buy |
| EMA (100) | 880.74 | Buy |
| SMA (200) | 877.88 | Buy |
| EMA (200) | 893.96 | Buy |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 62.71 | Neutral |
| MACD (12,26,9) | 22.87 | Buy |
| Stochastic (14,3,3) | 76.13 | Neutral |
| ADX (14) | 21.26 | Neutral |
| Williams %R (14) | -12.67 | Sell |
| ATR (14) | 39.63 | High Volatility |
| ROC (12) | 6.75 | Buy |
| Stoch RSI (14) | 81.89 | Sell |
| UO (7,14,28) | 60.37 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Sep - 33rd AGM on September 29, 2026; annual report web-link, e-voting September 25-28 provided. | [General Updates 9 Sep - 33rd AGM on September 29, 2026; annual report web-link, e-voting September 25-28 provided.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_09092026122129_Final_file.pdf) |
| 8h - Opened new Express Baazar store in Bankura, West Bengal; total stores 261 (Mar 7, 2026). | [Intimation Of Opening Of A New Retail Store Of The Company 8h - Opened new Express Baazar store in Bankura, West Bengal; total stores 261 (Mar 7, 2026).](https://www.bseindia.com/xml-data/corpfiling/AttachLive/1ed5ed8b-7d6a-4ca4-86e5-fc267a7759e5.pdf) |
| 8 Sep - Published AGM newspaper notice on September 8, 2026; 33rd AGM scheduled for September 29, 2026 via VC/OAVM. | [Copy of Newspaper Publication 8 Sep - Published AGM newspaper notice on September 8, 2026; 33rd AGM scheduled for September 29, 2026 via VC/OAVM.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_08092026121637_Cover_Letter_merged.pdf) |
| 7 Sep - 33rd AGM scheduled for September 29, 2026 at 3:00 PM via VC/OAVM. | [Shareholders meeting 7 Sep - 33rd AGM scheduled for September 29, 2026 at 3:00 PM via VC/OAVM.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_07092026164321_AGM_Notice_final.pdf) |
| 6 Sep - Newspaper ads published for 33rd AGM on September 29, 2026 via VC/OAVM. | [Copy of Newspaper Publication 6 Sep - Newspaper ads published for 33rd AGM on September 29, 2026 via VC/OAVM.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_06092026155515_Final_file.pdf) |
| 5 Sep - Board approved statutory auditor reappointment, secretarial auditor appointment, and AGM on September 29, 2026. | [Outcome of Board Meeting 5 Sep - Board approved statutory auditor reappointment, secretarial auditor appointment, and AGM on September 29, 2026.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_05092026175408_Outcome_BM.pdf) |
| 4 Sep - 2.2 GW G12R TOPCon solar cell plant inauguration scheduled at Kosi Kotwan, Uttar Pradesh on September 16, 2026. | [General Updates 4 Sep - 2.2 GW G12R TOPCon solar cell plant inauguration scheduled at Kosi Kotwan, Uttar Pradesh on September 16, 2026.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_04092026121822_Inaugration_intimation.pdf) |
| 4 Sep - 2.2 GW G12R TOPCon solar cell plant inaugurated at Kosi Kotwan, Mathura, Uttar Pradesh. | [General Updates 4 Sep - 2.2 GW G12R TOPCon solar cell plant inaugurated at Kosi Kotwan, Mathura, Uttar Pradesh.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_04092026171249_Intimation_file_final.pdf) |
| 2m - Company has opened a new store of Style Baazar at Avani Mall, West Bengal, today. | [Intimation Of Opening Of A New Retail Store Of The Company 2m - Company has opened a new store of Style Baazar at Avani Mall, West Bengal, today.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/34526f63-79c4-40cd-9bf1-ad868174844a.pdf) |
| 29 June 2026 - Ruchi Kotak & Associates appointed secretarial auditor for FY 2025-26 until ensuing AGM. | [Change in Auditors 29 June 2026 - Ruchi Kotak & Associates appointed secretarial auditor for FY 2025-26 until ensuing AGM.](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_29062026172207_Outcome_of_Board_Meeting.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2025 | [Concall - Sep 2025](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_29092025142003_Intimation_of_Investor_Presentation__1_.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_04102024190636_Intimation_of_Investor_Presentation.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f72d72a2-df82-4e15-a1fc-bb3d5b058592.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_10112025131042_Intimation_of_Transcript.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9b544eb8-461a-4c0a-8d21-8bcacbc20b7d.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_08112024141922_Revisedinvestorpresentation.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1c6d6c60-808a-4f7f-96ac-eec332ca2d33.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/ALPEXSOLAR_28052025124348_Intimation_of_Transcript_of_Earnings_Conference_Call_merged_-_Copy.pdf) |
| May 2025 | [Concall - May 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f60e4fff-8b0b-4319-91d2-d306c5baf434.pdf) |
| May 2025 | [Concall - May 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7c7ea220-755e-4b06-9e93-1572584673d3.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31691_ALPEXSOLAR_2025_2026_A_9447626_07092026164001.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28836_ALPEXSOLAR_2024_2025_A_11826848_06092025202206.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26304_ALPEXSOLAR_2023_2024_0310202416847.pdf) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cc186dbf-18ef-4e6b-9afb-126878a1a2ae.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:26:06.314Z.