Alpex Solar Ltd, a solar PV module and solar system provider, has reported consolidated operational revenue of INR 903.24 crore in H1 FY26, up 241% from INR 265.13 crore in H1 FY 2025.
The company’s EBITDA nearly quadrupled to INR 144.59 crore in H1FY26 from INR 36.24 crore in H1FY25. The EBITDA margin clocked an improvement of 180 basis points from 13.6% in H1FY25 to 15.4% in H1FY26, aided by higher volumes and improved capacity utilisation. The company’s Profit After Tax (PAT) grew by 3.83 times to INR 94.95 crore, compared to INR 24.77 crore in the same half last year.
Alpex Solar is upgrading its manufacturing roadmap for solar cells to advanced G12R TOPCon technology, increasing capacity from 1.6 GW to 2.2 GW in two phases — 1.4 GW in Q1 FY26–27 and the remaining 800 MW within six months thereafter. The additional INR 136 crore cost will be funded through internal accruals.
“The direct-to-TOPCon strategy eliminates future factory shutdowns needed for a PERC-to-TOPCon transition, ensuring uninterrupted operations, reduced downtime, and sustained profitability,” stated Alpex Solar.
Alpex Solar plans to triple its solar module capacity from 1.2 GW to 3.6 GW and commence trial production of solar cells shortly. It targets a 2.2 GW solar cell and 3.6 GW module capacity by FY2026–27, alongside operationalising its 12,000 MTPA aluminium frame facility.
The company currently operates in Greater Noida and is set to expand with five new manufacturing units across Greater Noida, Kosi-Kotwan in Uttar Pradesh, and Madhya Pradesh. The company’s Kosi-Kotwan facility is witnessing accelerated construction activity as part of its ongoing solar cell and module capacity expansion.
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