Alpex

Delhi, India Founded: 1993 • Age: 33 yrs Listed
Manufacturer of solar PV modules
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About Alpex

Alpex is a publicly listed company based in Delhi (India) founded in 1993. Manufacturer of solar PV modules. The company has 226 employees. Its chief executive, as recorded, is Aditya Sehgal. Its website alpexsolar.com draws about 19 thousand monthly visits. Its Indian entity Alpex Solar Limited reported revenue of ₹2,232 Cr. Alpex offers products and services including Solar PV Modules, Solar AC/DC Pumps, Aluminum Frames, and Junction Boxes. Its focus areas include Energy, Solar Energy, Hardware Developer and Generation Equipment. Its competitors include Su-Kam Power Systems, Mose Solar and Goldi Solar; 1 of its 3 listed competitors has raised funding.

Company details

Alpex was founded in 1993 and is headquartered in Delhi, India. Operations focus on the renewable energy sector, where solar PV modules, mobile towers, home systems, and ACDC water pumps are produced. End-to-end solar solutions are provided, encompassing design, manufacturing, installation, and system monitoring for various applications.

  • Headquarters Delhi, India
  • Employees 226
  • Stage Public
  • Sectors
    Energy & Utilities
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website alpexsolar.com
  • Social LinkedIn X Facebook YouTube
  • Legal Name Alpex Solar Ltd.
Operational Areas
Energy & Utilities → Renewable & Sustainable Energy
Key Metrics
  • Market Cap
    ₹1,909 Cr

    ALPEXSOLAR-SM · NSE

  • Share Price
    ₹710.10

    -5.01% today

  • Revenue
    ₹2,223 Cr

    FY 2025-26 · +185.0% YoY

  • EBITDA
    ₹318 Cr

    Margin 14.3%

  • Net Profit
    ₹202 Cr

    FY 2025-26 · +142.5% YoY

  • P/E (TTM)
    8.6x

    P/B 3.3x

  • Employee Count
    226

Products & Services of Alpex

Alpex offers a comprehensive portfolio of products and services, including Solar PV Modules, Solar AC/DC Pumps, Aluminum Frames, and Junction Boxes.

Solar PV Modules
Solar Products

High-efficiency panels for renewable energy generation

Solar AC/DC Pumps
Solar Solutions

Pumps for water systems powered by solar energy

Aluminum Frames
Components

Frames designed for solar panel durability

Junction Boxes
Components

Electrical boxes for solar system connections

Apps and channels of Alpex

its YouTube channel Alpex Solar has 306 subscribers and 4 videos.

Alpex Solar
YouTube 306 subscribers 4 videos Science & Technology
Open channel

Videos from Alpex

The most watched videos on Alpex's YouTube channel, Alpex Solar (306 subscribers). Click a video to play it here.

Empowering India's Solar Future: Alpex Solar Limited
10.8K views
Alpex Solar
1.9K views
Alpex Solar Featured on CNBC Awaaz | ₹780 Cr Growth Story & Future Vision
212 views
Innovation in the Making | Alpex Solar’s Upcoming Cell Factory 2025
179 views

More on Alpex Solar.

Board of directors of Alpex Solar Limited (Alpex)

Alpex Solar Limited is the primary company behind Alpex. The boards of the 2 registered companies of Alpex currently have 7 directors; the longest-serving is Ashwani Sehgal, appointed in 2007. 3 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Ashwani Sehgal
DIN 00001210
Director24 Jul 200719 yrs 3 moAlpex Exim Private Limited, Alpex Solar Limited
Monica Sehgal
DIN 00001213
Director24 Jul 200719 yrs 3 moAlpex Exim Private Limited, Alpex Solar Limited
Vipin Sehgal
DIN 00001214
Director24 Jul 200719 yrs 3 moAlpex Exim Private Limited, Alpex Solar Limited
Indrajeet S Khanna
DIN 10341232
Director16 Oct 20233 yrsAlpex Solar Limited
Deepak Verma
DIN 07489985
Director16 Oct 20233 yrsAlpex Solar Limited
Mukesh Malhotra
DIN 01131063
Director29 Sep 20251 yr 1 moAlpex Solar Limited
Sangeeta Bhatia
DIN 06889475
Director21 May 20265 moAlpex Solar Limited

People of Alpex

2 people are tracked at Alpex (2 in leadership); the tracked headcount is 226.

NameRoleGroup
Aditya Sehgal
CEOLeadership
Ashwani Sehgal
Managing DirectorLeadership
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Complete people profiles for Alpex

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  • Team structure
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IPO & Listings of Alpex

Alpex is a publicly listed company on the NSE with ticker symbol ALPEXSOLAR in India, operating in the Electronic technology sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date15 Feb 2024
  • Listed onNSE: ALPEXSOLAR
  • Listed entityAlpex Solar Ltd.
  • Exchange sectorElectronic technology
  • ISININE0R4701017
  • Share price₹790.80 (+1.22% on the day) · 2026-10-14
  • Market capitalisation₹1,996 Cr
  • Price to earnings10.0
  • EPS (diluted, trailing year)₹79.15
  • Volume (last session)14,000

Financials of Alpex

Exchange-reported figures of Alpex Solar Limited, the listed company behind Alpex (NSE: ALPEXSOLAR-SM).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹2,223 Cr
+185.0% YoY
EBITDA
₹318 Cr
+151.9% YoY
Profit After Tax
₹202 Cr
+142.5% YoY
Net Worth
₹562 Cr
+159.6% YoY
Total Assets
₹1,104 Cr
+272.5% YoY
Total Debt
₹537 Cr
+580.6% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue2,22378041319516614998.23
Revenue growth+185.0%+89.1%+111.9%+17.5%+11.4%+51.4%-
EBITDA31812637.1111.523.998.936.85
EBITDA margin+14.3%+16.2%+9.0%+5.9%+2.4%+6.0%+7.0%
Profit before tax27911233.895.290.323.503.34
Net profit20283.3722.623.770.033.023.04
Net profit margin+9.1%+10.7%+5.5%+1.9%+0.0%+2.0%+3.1%
EPS (₹)80.5234.1110.866.310.325.265.31
Balance sheet
Total assets1,10429618189.2864.9867.9454.96
Net worth56221613141.4737.6837.4934.59
Total debt53778.8349.0047.3626.7029.9319.94
Cash & bank15045.8643.2612.556.6014.538.06
Net working capital62615712963.8542.0942.6631.18
Cash flow
Cash from operations(116)68.84(5.41)(6.85)(1.12)1.717.33
Cash from investing(437)(81.90)(16.90)(8.51)6.44(8.14)(0.59)
Cash from financing55316.2745.6117.01(6.44)6.85(5.56)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue503672648523380327188188
Revenue growth (YoY)+32.4%+105.3%+245.4%+177.6%+395.7%---
Other income3.904.000.961.842.260.920.521.30
EBITDA74.5388.8789.0277.9162.5953.6836.7630.63
EBITDA margin+14.8%+13.2%+13.7%+14.9%+16.5%+16.4%+19.6%+16.3%
Depreciation9.939.356.544.054.132.982.971.27
Interest14.969.706.493.373.322.312.031.43
Profit before tax53.5473.8276.9572.3357.4049.3132.2829.23
Tax13.6820.5522.6819.6515.1014.008.905.51
Net profit39.8653.2754.2752.6842.3035.3123.3823.72
EPS (₹)15.6120.8521.2521.4517.2814.439.569.64
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue2,21877940418315313992.00
Revenue growth+184.7%+92.7%+121.3%+19.6%+10.3%+50.6%-
EBITDA32112537.0311.113.248.486.37
EBITDA margin+14.5%+16.1%+9.2%+6.1%+2.1%+6.1%+6.9%
Profit before tax28111136.485.270.113.042.94
Net profit20482.7525.783.78(0.77)2.662.73
Net profit margin+9.2%+10.6%+6.4%+2.1%-0.5%+1.9%+3.0%
EPS (₹)81.4233.8612.906.250.124.664.76
Balance sheet
Total assets1,10429418379.3755.7463.5552.58
Net worth56421613339.3035.5535.4832.94
Total debt53577.0848.9639.8019.7927.6719.31
Cash & bank14344.4143.2612.026.2614.037.69
Net working capital62916912455.2832.6038.0928.51
Cash flow
Cash from operations(117)54.15(13.66)(8.33)3.611.547.32
Cash from investing(441)(70.80)(15.67)(6.87)6.41(3.72)(0.43)
Cash from financing55318.4053.1716.64(10.98)2.47(5.71)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue501669646522380327188188
Revenue growth (YoY)+31.8%+104.9%+244.7%+177.3%+395.7%---
Other income3.682.960.971.362.280.960.521.08
Total expenses428578557445318274151158
EBITDA73.3090.8789.2077.8162.8152.7036.8930.63
EBITDA margin+14.6%+13.6%+13.8%+14.9%+16.5%+16.1%+19.7%+16.3%
Depreciation9.939.356.544.054.132.982.971.27
Interest14.969.706.493.373.322.312.031.43
Profit before tax52.0974.7877.1471.7557.6448.3732.4129.01
Tax13.3720.1422.6119.6515.1013.478.905.78

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 06 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue503672648523380327188188
Revenue growth (YoY)+32.4%+105.3%+245.4%+177.6%+395.7%---
Other income3.904.000.961.842.260.920.521.30
EBITDA74.5388.8789.0277.9162.5953.6836.7630.63
EBITDA margin+14.8%+13.2%+13.7%+14.9%+16.5%+16.4%+19.6%+16.3%
Depreciation9.939.356.544.054.132.982.971.27
Interest14.969.706.493.373.322.312.031.43
Profit before tax53.5473.8276.9572.3357.4049.3132.2829.23
Tax13.6820.5522.6819.6515.1014.008.905.51
Net profit39.8653.2754.2752.6842.3035.3123.3823.72
EPS (₹)15.6120.8521.2521.4517.2814.439.569.64
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue2,22378041319516614998.23
Revenue growth+185.0%+89.1%+111.9%+17.5%+11.4%+51.4%-
Other income8.482.866.021.242.971.262.39
Total expenses1,90565437518316214091.38
Employee cost0.0014.2310.496.126.476.297.03
EBITDA31812637.1111.523.998.936.85
EBITDA margin+14.3%+16.2%+9.0%+5.9%+2.4%+6.0%+7.0%
Depreciation24.088.502.892.052.612.322.24
Interest22.898.276.355.424.034.373.66
Profit before tax27911233.895.290.323.503.34
Tax77.9828.847.321.520.130.330.18
Net profit20283.3722.623.770.033.023.04
Net profit margin+9.1%+10.7%+5.5%+1.9%+0.0%+2.0%+3.1%
EPS (₹)80.5234.1110.866.310.325.265.31
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital25.5424.4724.476.006.006.006.00
Reserves & surplus50419210635.4731.6831.4928.59
Shareholders' funds (net worth)56221613141.4737.6837.4934.59
Minority interest0.000.000.000.080.080.080.07
Secured loans27923.1338.6443.2719.2824.0914.60
Unsecured loans25855.7010.364.097.425.845.34
Total debt53778.8349.0047.3626.7029.9319.94
Total liabilities1,10429618189.2864.9867.9454.96
Assets
Gross block21510970.8738.0235.6439.1829.87
Net block16677.7247.4317.3916.9720.0113.02
Capital work in progress17722.990.014.452.000.566.77
Investments1.482.352.373.253.584.144.66
Inventories35910236.9653.0544.0431.4419.43
Sundry debtors25512470.8518.7016.8314.2015.43
Cash & bank balances15045.8643.2612.556.6014.538.06
Loans & advances14361.9726.9515.669.5013.3810.03
Total current assets90633417899.9676.9773.5552.95
Total current liabilities28017749.1936.1134.8830.8921.77
Net working capital62615712963.8542.0942.6631.18
Total assets1,10429618189.2864.9867.9454.96
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash29.1825.982.681.032.151.730.55
Net cash from operating activities(116)68.84(5.41)(6.85)(1.12)1.717.33
Net cash from investing activities(437)(81.90)(16.90)(8.51)6.44(8.14)(0.59)
Net cash from financing activities55316.2745.6117.01(6.44)6.85(5.56)
Net change in cash0.413.2023.301.65(1.12)0.431.18
Closing cash15045.8643.2612.556.6014.538.06
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+185.0%+89.1%+111.9%+17.5%+11.4%+51.4%-
EBITDA growth+151.9%+240.2%+222.1%+188.7%-55.3%+30.4%-
PBT growth+148.8%+231.4%+540.6%+1553.1%-90.9%+4.8%+9997.0%
Net income growth+142.5%+268.6%+500.0%--99.0%-0.7%-
Revenue CAGR (3Y)+125.2%+67.6%+40.5%+25.6%---
EBITDA CAGR (3Y)+202.2%+216.3%+60.8%+18.9%---
Profitability & leverage
Net income margin+9.1%+10.7%+6.4%+1.9%+0.1%+2.1%+3.2%
Return on capital employed-+50.6%+26.0%+13.9%+7.0%+12.8%+12.8%
Return on net worth-+48.1%+26.2%+9.6%+0.1%+8.8%+9.2%
Debt / equity-0.370.560.940.750.690.58
Long-term debt / equity-0.020.020.260.320.240.15
Interest cover7.797.0218.5657.23292.0366.1179.39
Efficiency & per share
Fixed asset turnover-8.667.525.294.434.313.29
Inventory turnover-11.209.174.014.395.855.06
Debtors turnover-8.029.2110.9610.6810.046.37
EPS (₹)80.5234.1110.866.310.325.265.31
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0088.4353.5069.1362.8262.4957.67
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue501669646522380327188188
Revenue growth (YoY)+31.8%+104.9%+244.7%+177.3%+395.7%---
Other income3.682.960.971.362.280.960.521.08
Total expenses428578557445318274151158
EBITDA73.3090.8789.2077.8162.8152.7036.8930.63
EBITDA margin+14.6%+13.6%+13.8%+14.9%+16.5%+16.1%+19.7%+16.3%
Depreciation9.939.356.544.054.132.982.971.27
Interest14.969.706.493.373.322.312.031.43
Profit before tax52.0974.7877.1471.7557.6448.3732.4129.01
Tax13.3720.1422.6119.6515.1013.478.905.78
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue2,21877940418315313992.00
Revenue growth+184.7%+92.7%+121.3%+19.6%+10.3%+50.6%-
Other income7.572.898.911.243.361.152.39
Total expenses1,89765436717215013085.63
Employee cost0.0013.919.515.295.855.896.10
EBITDA32112537.0311.113.248.486.37
EBITDA margin+14.5%+16.1%+9.2%+6.1%+2.1%+6.1%+6.9%
Depreciation24.088.503.221.962.592.312.23
Interest22.898.276.245.123.904.283.59
Profit before tax28111136.485.270.113.042.94
Tax77.5028.584.871.490.040.240.08
Net profit20482.7525.783.78(0.77)2.662.73
Net profit margin+9.2%+10.6%+6.4%+2.1%-0.5%+1.9%+3.0%
EPS (₹)81.4233.8612.906.250.124.664.76
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital25.5424.4724.476.006.006.006.00
Reserves & surplus50619210933.3029.5529.4826.94
Shareholders' funds (net worth)56421613339.3035.5535.4832.94
Secured loans50771.937.2339.5718.7824.0914.73
Unsecured loans28.125.1541.730.231.013.584.58
Total debt53577.0848.9639.8019.7927.6719.31
Total liabilities1,10429418379.3755.7463.5552.58
Assets
Gross block21610470.8735.9235.1938.7536.24
Net block16672.1647.4315.4316.5719.6119.41
Capital work in progress16210.830.014.452.000.560.00
Investments2.752.752.733.934.264.775.34
Inventories35910236.9641.1234.2122.1410.14
Sundry debtors25812570.6521.4716.0417.4621.85
Cash & bank balances14344.4143.2612.026.2614.037.69
Loans & advances14160.3920.1315.069.2413.199.28
Total current assets90033117189.6765.7566.8248.96
Total current liabilities27116247.0334.3933.1528.7320.45
Net working capital62916912455.2832.6038.0928.51
Total assets1,10429418379.3755.7463.5552.58
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash27.7325.982.140.701.651.350.17
Net cash from operating activities(117)54.15(13.66)(8.33)3.611.547.32
Net cash from investing activities(441)(70.80)(15.67)(6.87)6.41(3.72)(0.43)
Net cash from financing activities55318.4053.1716.64(10.98)2.47(5.71)
Net change in cash(4.87)1.7623.841.45(0.96)0.301.18
Closing cash14344.4143.2612.026.2614.037.69
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+184.7%+92.7%+121.3%+19.6%+10.3%+50.6%-
EBITDA growth+155.9%+238.4%+233.3%+242.9%-61.8%+33.1%-
PBT growth+152.4%+205.5%+592.2%+4690.9%-96.4%+3.4%+9997.0%
Net income growth+147.1%+221.0%+582.0%+590.9%-129.0%-2.6%-
Revenue CAGR (3Y)+129.8%+72.1%+42.9%+25.7%---
EBITDA CAGR (3Y)+206.8%+238.2%+63.5%+20.4%---
Profitability & leverage
Net income margin+9.2%+10.6%+7.8%+2.1%+0.1%+2.0%+3.1%
Return on capital employed-+50.2%+26.9%+15.3%+7.2%+11.5%+12.4%
Return on net worth-+47.4%+29.8%+9.9%-2.2%+7.9%+8.7%
Debt / equity-0.360.510.800.670.770.59
Long-term debt / equity-0.02-0.010.05-24,673.32-0.180.14
Interest cover7.727.0818.4655.96600.0069.3786.71
Efficiency & per share
Fixed asset turnover-8.927.575.144.133.582.54
Inventory turnover-11.2410.364.855.426.269.07
Debtors turnover-7.998.789.749.127.944.21
EPS (₹)81.4233.8612.906.250.124.664.76
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0088.3254.5065.5259.2759.1554.92

Competitors of Alpex

Alpex has 3 listed competitors in our database, 1 of them funded. They include Su-Kam Power Systems, Mose Solar and Goldi Solar.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Su-Kam Power Systems
su-kam.com1988Gurugram, India288
Solar panels and power storage products are manufactured.
Mose Solar
moserbaersolar.com1983Delhi, India70
PV modules, solar tiles, and related solar products are manufactured.
Goldi Solar
goldisolar.com2011Surat, India$230.96M1,583
Manufacturer of solar PV modules
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Detailed competitors of Alpex

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Web traffic of Alpex

The website of Alpex (alpexsolar.com) receives about 18.6K visits a month.

  • Monthly visits
    18.6K

    ▲ 62.6% vs previous month

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Top companies in Renewable & Sustainable Energy

3 companies that operate in the same segment as Alpex (Renewable & Sustainable Energy) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Husk Power Systems
Hybrid renewable energy solutions are provided for rural communities.
2008Patna, Bihar, IndiaUSD 73.99 MUSD 3.46 M294
CleanMax
Solar energy projects are developed for commercial and industrial clients.
2011Mumbai, Maharashtra, IndiaUSD 442.67 MUSD 166.51 M365
Waaree Energies
Manufacturer of solar PV modules
1990Mumbai, Maharashtra, IndiaUSD 111.38 MUSD 2.77 B8,690
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Related news about Alpex

Alpex Solar inaugurates 2.2 GW TOPCon cell manufacturing facility in Uttar Pradesh
v magazine • 1 month ago
Alpex Solar: Company Opens New 2.2 GW G12R Topcon Solar Cell Facility in Kosi-Kotwan. - SME
Exchange Update • 1 month ago
Alpex Solar June-Quarter Consol Net Profit 398.7 Million Rupees
Reuters • 2 months ago
Alpex Solar Ltd Got Order Worth 409.2 Million Rupees
Reuters • 6 months ago
Alpex Solar Gets Order Worth 409 Million Rupees
Reuters • 6 months ago
ConnectM Subsidiary Signs Definitive Agreement with Alpex Solar to Execute Solar Deployments worth an initial ~$16.5M
GlobeNewswire • 9 months ago
Alpex Solar Approved Issuance Of NCDs Upto 1.25 Billion Rupees
Reuters • 10 months ago
Alpex Solar Raises 2.60 Billion Rupees Through Preferential Issue
Reuters • 1 year ago
Hidden gems of the solar boom: Are these 2 stocks on your radar? - Stock Insights News | The Financial Express
Financial Express • 1 year ago
Alpex Solar Secures Rs 210.71 Crore Order from SECI for Solar PV Module Supply
Businessnewsthisweek • 1 year ago
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Frequently Asked Questions about Alpex

Alpex was founded in 1993.

Alpex is headquartered in Delhi, India. It is registered at Delhi, Delhi, India.

Aditya Sehgal is the CEO of Alpex, as recorded in our data.

Alpex has 226 employees.

The primary company behind Alpex, Alpex Solar Limited, reported revenue of ₹2,232 Cr for FY 2026, up 185% year on year.

Alpex was founded in 1993 and is headquartered in Delhi, India. Operations focus on the renewable energy sector, where solar PV modules, mobile towers, home systems, and ACDC water pumps are produced. End-to-end solar solutions are provided, encompassing design, manufacturing, installation, and system monitoring for various applications.

Alpex's top competitors include Goldi Solar, Su-Kam Power Systems and Mose Solar.

Alpex offers Solar PV Modules, Solar AC/DC Pumps, Aluminum Frames, and Junction Boxes.

Yes, Alpex is publicly traded on NSE under the ticker symbol ALPEXSOLAR.

Alpex is associated with 2 legal entities: Alpex Solar Limited, Alpex Exim Private Limited.

The legal entities of Alpex currently have 10 directors, including Ashwani Sehgal, Monica Sehgal, Vipin Sehgal and others.

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