Alpex Solar Ltd, a solar panel and systems manufacturer, aims to surpass INR 1,000 crore ($120 million) revenue mark in FY 2026, representing a 2.5-fold growth over the INR 400 crore forecast in FY 2024. The company has clocked in a revenue of INR 207 crore in H1 FY2024 with an EBIDTA of INR 16.57 crore and profit after tax (PAT) of INR 10 crore.
Alpex Solar Ltd is increasing its capacity from 450 MW to 2 GW, driven by the robust policy support by the Government of India and the rising demand for domestic solar installations. The company has firmed up its capex plans, which will be funded through an SME public issue. Towards this, Alpex has appointed Corporate Capital Ventures as the Lead Manager.
Ashwani Sehgal, founder and managing director, Alpex Solar, said, “We are determined to excel by breaking into INR 1,000 crore+ club in the next three years…Our operational revenue is projected to reach INR 400 crore in FY 2024. We aim to surpass the INR 1,000 crore revenue threshold by March 2026, representing a 2.5-fold growth over the INR 400 crore forecast in FY 2024.”
Headquartered in Noida, Alpex Solar was established in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal. Ashwani is also the President of the Indian Solar Manufacturers Association (ISMA) for the past 11 years. The company forayed into solar panel manufacturing in 2007 and built a state-of-the-art plant spread over 150,000 sq. ft. in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.
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