Production Commenced — What It Means
Alpex Solar has commenced operations at its state-of-the-art manufacturing facility located in the Kosi Kotwan Industrial Area, Mathura. The plant focuses on G12R TOPCon solar cells, a next-generation technology designed to deliver higher efficiency and power output compared to conventional cells. Spanning 9 lakh sq.
ft., this is the first integrated TOPCon giga manufacturing line in Uttar Pradesh. By producing its own cells, Alpex Solar is transitioning from a module manufacturer and EPC provider to a deeply integrated player, gaining control over critical inputs and quality across the photovoltaic value chain.
Path to This Milestone
- Founded in 1993 by first-generation entrepreneurs Ashwani, Monica, and Vipin Sehgal
- Successfully listed on the NSE Emerge platform in February 2024
- Expanded from a 150,000 sq. ft. facility established in Greater Noida in 2007
- Operates as a contract manufacturer for industry giants including Tata Power and Jakson
- Workforce has grown to over 500 professionals supported by deep R&D capabilities
- Ongoing construction for five new manufacturing units across Northern and Central India
Revenue Impact and Financial Context
The 2.2 GW capacity addition is intended to support Alpex Solar's ability to serve India's growing demand for clean energy. The company reported an annual revenue growth of 185.02% and a net profit growth of 141.35% for the last financial year. With a TTM revenue of ₹2,346.37 crore, the backward integration into cell manufacturing is expected to improve operational efficiency.
The stock currently trades at a P/E of 11.01, notably lower than the industry average of 25.72. Controlling the supply of solar cells allows for better margin management in a competitive market while fulfilling domestic content requirements for large-scale projects.
Sector Tailwinds and Industry Positioning
India's solar manufacturing ecosystem is scaling rapidly as the country seeks energy security and self-reliance. Uttar Pradesh is emerging as a critical hub for renewable energy manufacturing, and Alpex Solar's investment aligns with state-level industrial development goals. The company offers a wide portfolio including bifacial, mono-PERC, and half-cut solar modules, alongside specialized EPC solutions for surface and submersible solar pumps.
By adopting G12R TOPCon technology at scale, the company is positioning itself to meet evolving market requirements for high-performance solar products used in utility-scale and distributed energy systems.
