Alpex Solar Share Price

Alpex Solar Limited is a leading solar photovoltaic (PV) module manufacturer in India, primarily engaged in the design, production, and sale of solar energy products. The company supplies monocrystalline and polycrystalline solar PV modules, including advanced TOPCon, bifacial, mono-PERC, and half-cut technologies, to the B2B and B2C sectors. The Alpex Solar share price on the NSE and BSE is a reflection of how market participants respond to a performance and broader business developments within its industry. It captures the company’s sentiment of the investors based on financial results, operational updates, macroeconomic factors, and trends specific to sectors. Movements in the share price͏ reveal how the market evaluates the company’s current position and its future prospects, making ͏it a key indicator of market perception across various industries.

Market sentiment around the Alpex Solar stock price often mirrors shifts in government solar policies, demand from the domestic solar installation sector, and investor views on the renewable energy sector’s growth prospects. Factors such as the pace of capacity expansion, competitive intensity from other module manufacturers, raw material price fluctuations, and government initiatives like the Production Linked Incentive (PLI) scheme influence near-term market valuation and medium-term earnings forecasts. All these factors must be closely monitored to have an idea about the Alpex Solar stock price movements.

Alpex Solar live share price provides real-time information about the last price traded, bid price, ask price, and volume traded. These indicators represent trading activity and liquidity and the reaction of investors to corporate announcements, quarterly results, and sector news. Constant monitoring of Alpex Solar live price helps observe short-term price fluctuations and understand how the stock is moving in relation to the broader market.

Furthermore, monitoring the Alpex Solar share price today helps investors understand real-time market sentiment, price volatility, and trading behaviour. It allows market participants to evaluate short-term performance, identify possible entry or exit points, and respond to news, quarterly results or sector trends that may affect the company’s valuation and overall investment outlook.

Alpex Solar Limited Company Fundamentals

a. Company Background

Alpex Solar Limited was incorporated in 1993. The company’s registered office is located in New Delhi, Delhi, with its manufacturing operations based in Greater Noida, Uttar Pradesh. The company was founded by Ashwani Sehgal and has been operating in the solar energy sector for over three decades. The company’s primary activity involves the manufacturing of solar photovoltaic (PV) modules using both monocrystalline and polycrystalline cell technologies. It initially focused on producing solar modules before gradually expanding into EPC services, solar pumps, and aluminium frame manufacturing. Alpex Solar supplies solar energy solutions to major companies including Luminous, Jakson, Tata Power, Solarworld Energy Solutions, BVG India Limited, and Shakti Pumps India Limited. The company has played a pivotal role in promoting solar energy adoption in India. Over the years, Alpex Solar has significantly expanded its manufacturing capacity, currently operating six manufacturing units spread across Greater Noida, Kosi Kotwan in Uttar Pradesh, and Madhya Pradesh. The company has a state-of-the-art plant spread over 150,000 sq ft in Greater Noida with a capacity of 450 MW, expandable to 2 GW within the same infrastructure. It operates in a highly competitive environment, with quality certifications including ISO 14001:2015, ISO 45001:2018, and ISO 9001:2015 governing its market position. The company has consistently focused on enhancing its capabilities to meet the growing demand for solar energy products.

b. Product Lines

• Monocrystalline solar PV modules (including TOPCon technology) for residential and commercial solar installations

• Polycrystalline solar PV modules for cost-effective solar energy generation

• Bifacial solar modules for higher energy yield from both sides of the panel

• Mono-PERC (Passivated Emitter Rear Cell) modules for improved efficiency

• Half-cut solar PV modules for reduced resistance and improved performance

• Engineering, Procurement, and Construction (EPC) services for solar energy systems

• AC/DC solar pumps in both surface and submersible categories for agricultural applications

• Aluminium frames for solar modules (backward integration facility under construction)

• Solar submersible pumps for irrigation and water supply

• Nikko Series 520-555W high-efficiency solar modules

c. Company Revenue Model

• Primary revenue from manufacturing and sale of solar PV modules to B2B clients including EPC companies and contract manufacturers

• Revenue from integrated EPC solutions for solar energy systems including project execution and commissioning

• Revenue from sale of AC/DC solar pumps under tender contracts across various states

• Volume-driven revenue based on megawatts (MW) of solar modules produced and sold

• Pricing determined by raw material costs (solar cells, glass, aluminum frames), global solar market dynamics, and tender-based pricing

• Contract manufacturing revenue from major clients like Luminous Power Technologies Private Limited, Jakson, and Tata Power

• Expanding manufacturing capacity from 1.2 GW to 3.6 GW by FY2027 contributing to new revenue streams

• Focus on backward integration into solar cells and aluminum frames to reduce dependency on imports

• Revenue from both domestic sales in India and limited export markets

• Seasonal variations in solar installation demand affecting revenue patterns throughout the year

• Government solar policies, ALMM regulations, and import tariffs influencing revenue stability

d. Geographic Presence

• Headquartered in New Delhi, Delhi with registered office at B-79, Shivalik Enclave, Near New Delhi-110017

• Manufacturing operations at Greater Noida, Kosi Kotwan in Uttar Pradesh, and Madhya Pradesh with six manufacturing units

• Six manufacturing units spread across Greater Noida, Kosi Kotwan in Uttar Pradesh, and Madhya Pradesh

• Strong domestic presence across India serving clients in solar installation, EPC, and agricultural sectors

• Significant revenue concentration from Uttar Pradesh state

• International presence through exports to select global markets

• Focus on expanding domestic market share across various states in India

• Operations primarily concentrated in North India with manufacturing based in Uttar Pradesh and Madhya Pradesh

• Strategic expansion through capacity enhancement and backward integration into cell manufacturing

e. Key Milestones

• 1993: Founded by Ashwani Sehgal

• 2023: Filed draft papers with NSE Emerge for SME IPO

• 2024: IPO launched on February 8-12, 2024 with price band of ₹109-115; shares listed on NSE SME platform on February 15, 2024 with 186% premium

• 2024: Revenue reached ₹406 crore in FY2024

• 2025: Revenue surpassed ₹782 crore in FY2025

• 2025: Secured major EPC and product orders valued at ₹10.69 billion from CMPDIL and Haryana Renewable Energy Development Agency

• 2025: Raised ₹2.6 billion through preferential issue of equity shares and warrants

f. Industry Perspective

Alpex Solar Limited operates in the solar photovoltaic (PV) module manufacturing industry, which is part of India’s renewable energy equipment manufacturing sector. Globally, the solar PV market was valued at approximately USD 200 billion in 2024, with the Asia-Pacific region being the largest market, accounting for around 65% of global demand. India’s solar module manufacturing capacity is on track to surpass 125 GW by 2025, more than triple the domestic market demand of around 40 GW, creating an inventory surplus of 29 GW. Solar additions rose 60% year-on-year in FY2025 (~24 GW), demanding ~50 GWdc modules. India is now a global-scale solar manufacturing hub with 100 GW+ modules, and cell capacity is catching up fast (115 GW by 2027), though wafers and polysilicon remain bottlenecks. According to EUPD Research, India is set to add nearly 213 GWdc of new solar capacity between 2025 and 2029, averaging approximately 42 GWdc annually. Module manufacturing capacity could surpass 280 GW by 2030, while solar cell capacity is projected to grow significantly. The India Solar Photovoltaic Market is projected to witness mixed growth rates during 2025 to 2029, with growth beginning at 15.92% in 2025, climbing to a high of 17.52% in 2028, and moderating to 17.17% by 2029. Demand is driven by government initiatives such as the Production Linked Incentive (PLI) scheme for solar manufacturing, the Approved List of Models and Manufacturers (ALMM), and India’s target of 500 GW of renewable energy capacity by 2030. Key challenges include overcapacity concerns, import competition from Chinese modules, cost competitiveness issues (Indian modules cost at least $0.03/W more than Chinese modules), and a sharp downturn in export markets due to US tariffs.

Alpex Solar Limited Stock Market Presence: Listings & Index Representation

Alpex Solar is actively traded on India’s principal equity market for SME listings, with its shares listed on the National Stock Exchange SME platform under the symbol ALPEXSOLAR. The company’s shares are listed on the NSE Emerge platform, which is the SME segment of the National Stock Exchange of India. The listing on the NSE ensures that the Alpex Solar price is accessible to a wide investor base, encompassing both retail and institutional market participants. The company was listed on the NSE Emerge platform on February 15, 2024 through an Initial Public Offering (IPO) of 64.8 lakh shares. The company forms part of the Nifty SME Emerge index. Being represented in indices enhances the visibility and liquidity of the Alpex Solar price, as index tracking funds and exchange traded strategies often adjust allocations in line with constituent revisions. It also allows investors to benchmark the company’s stock performance relative to broader market trends and peer groups, facilitating cross sectional comparisons within India’s solar equipment manufacturing landscape. The inclusion of Alpex Solar in these indices reflects its market capitalisation and trading depth, which are key factors market participants consider when evaluating long term investment prospects and the responsiveness of the Alpex Solar price to corporate and industry developments. The company’s ISIN code is INE0R4701017, BSE Code is 86284, NSE Code is ALPEXSOLAR, and face value is ₹10 per share.

Alpex Solar Limited Stock Performance and Share Price History

The Alpex Solar price has exhibited significant volatility since its listing in February 2024, shaped by the company’s rapid expansion in India’s solar manufacturing sector and broader renewable energy industry cycles. The Alpex Solar share price recorded a positive total return of approximately 37.63% over the last 1 year as of March 2026, outperforming broader market indices and reflecting strong near-term momentum including capacity expansion and order book growth. The Alpex Solar share price delivered a 3-year return of 607.57% on a standalone basis, though this figure is influenced by the stock’s low base prior to listing. The Alpex Solar share price reached a 52-week high of ₹1,449.70 and a 52-week low of ₹495.00, indicating a wide trading range and substantial price fluctuations. The Alpex Solar share price recorded a stellar debut on listing day, listing with a 186% premium over its IPO price band of ₹109-115, opening at approximately ₹329. The Alpex Solar stock price subsequently rallied to its all-time high of ₹1,449.70 before correcting to current levels. The Alpex Solar share price has shown a 1-month return of approximately -17.39% and a 3-month return of -10.8%, indicating recent consolidation.

The Alpex Solar price has been particularly responsive to quarterly earnings releases and corporate announcements. When the company reported a 187% growth in net profit to ₹83.48 crore in FY2025, the Alpex Solar stock price showed a positive reaction. The Alpex Solar price has shown a pattern of strong positive momentum in periods when the company’s earnings exceeded expectations, while periods of earnings moderation or concerns over margin compression have contributed to consolidation in the Alpex Solar price. Corporate developments, including strategic announcements such as the preferential issue of equity shares raising ₹2.6 billion, the plan to triple solar module capacity to 3.6 GW by FY2027, and the foray into solar cell manufacturing, have also influenced short-term fluctuations in the Alpex Solar price. The Alpex Solar share price has shown a 5-year return of 607.57% (influenced by the low base prior to listing), while the 10-year return stands at 607.57% as per some sources. The Alpex Solar share price reached its 52-week high of ₹1,449.70 before declining to its 52-week low of ₹495.00, reflecting the volatility inherent in the solar manufacturing distribution space. The Alpex Solar share price has shown a year-to-date return of -9.96% as of December 2025, indicating continued pressure in the current fiscal year. Comprehending these patterns in the Alpex Solar share price is instrumental for investors seeking to contextualise long term performance trends vis à vis short term price dynamics, as the Alpex Solar stock price movements illustrate how industry fundamentals, raw material price cycles, and investor expectations converge in market pricing.

The Alpex Solar share price has shown distinct seasonal patterns over the past two years. The best performing quarter historically was Q2 2024 with a positive return of 187.09%, while the worst quarter was Q1 2025 with a negative return of -32.99%. Historically, 4 out of the last 7 quarters have shown positive returns. In terms of annual performance, the Alpex Solar share price delivered its strongest annual return of 144.9% in 2024 (the year of its listing), followed by a negative return of -3.82% in 2025. The Alpex Solar share price has demonstrated that the stock tends to perform better in periods of strong government solar policy support and favourable order book announcements, while underperforming during phases of raw material inflation and intense competition. The Alpex Solar stock price has shown a 1-year return of 37.63% according to some sources. The Alpex Solar stock price has shown continued mixed performance in the current trading period, reflecting the ongoing evolution in the solar manufacturing sector.

Alpex Solar Limited Investor Relevance and Role in Portfolio

Alpex Solar holds a growing position for portfolio investors who seek exposure to India’s renewable energy sector with a focus on the solar manufacturing segment. The company’s strong presence in solar module manufacturing, EPC services, and solar pumps aligns it with investment strategies that value the clean energy transition and domestic manufacturing. The Alpex Solar share price often mirrors how these themes resonate with investor portfolios, whereby both thematic and sector specific funds monitor government solar policy indicators and capacity expansion factors when evaluating allocation decisions.

Institutional stakeholders play a limited but growing role in Alpex Solar’s ownership profile, with notable long term investment entities such as Ashwani Sehgal and Monica Sehgal (promoters), Bodies Corporate, and Foreign Institutional Investors (FIIs) among key shareholders identified in institutional holdings data. Mutual fund holders of Alpex Solar are not present as mutual funds do not hold any stake in the company. The Alpex Solar share price has shown institutional participation, with Foreign Institutional Investors (FIIs) holding 3.42%, Domestic Institutional Investors (DIIs) holding 0.38%, and Banks/Financial Institutions/Insurance holding 0.02% as of December 2025. The Alpex Solar stock price’s beta reflects that the company’s essential renewable energy nature and established manufacturing footprint may provide some growth potential, though the solar manufacturing sector remains sensitive to raw material price fluctuations and government policy cycles.

Based on data, Alpex Solar exhibits varying levels of beta and volatility across different measurement periods. The long-term beta stands at 1.37, indicating that the stock is generally more volatile than the broader market over an extended period. Based on data, the daily beta values show higher sensitivity than the market, while the daily-three month beta indicates elevated volatility in short-term trading. The weekly-one year beta shows above-market sensitivity. Based on data, the weekly-two year beta shows moderate fluctuations. Supporting statistics include mean values across different periods and standard deviations ranging from moderate to high levels. The weekly volatility is approximately 9% which has been stable over the past year, but remains higher than 75% of Indian stocks. Overall, Alpex Solar demonstrates a high volatility profile with beta values suggesting the stock tends to move with significantly higher sensitivity compared to broader market direction.

Alpex Solar Limited Sectoral Relevance and Peer Positioning

The sector relevance of Alpex Solar is anchored in its role within the broader Indian solar PV module manufacturing industry, where it competes with other solar equipment manufacturers. As part of this industry, the company’s strategic positioning connects solar module manufacturing, EPC services, and solar pumps for residential, commercial, and agricultural applications. Competitors in the solar PV module manufacturing segment include companies such as Waaree Energies Limited, Vikram Solar Limited, Adani Mundra Solar PV Limited, Premier Energies Limited, RenewSys India Private Limited, Emmvee Photovoltaic Power Private Limited, and EPIC Energy Limited. Firms with parallels in either manufacturing scale or product portfolio are often referenced when evaluating relative performance and operational positioning within the sector.

In valuation terms, factors like the Alpex Solar P/E ratio have shown variations over different periods. The mean historical PE Ratio over the last five years has varied significantly, with the current P/E ratio of 10.27 to 11.9 having changed with respect to the historical average, trading at a 95% discount to its peers’ median range of 249.70 times. Periods when investors perceived improvements in profitability or earnings sustainability have corresponded with expansion in valuation multiples, whereas phases of moderation in earnings momentum or industry cyclicality have seen valuation contraction. Alpex Solar earnings have shown variation according to how operational performance aligns with industry demand cycles and cost structures. Structural gains from capacity expansion and increasing order book supported directional improvement in earnings per share during favourable conditions, while cyclical headwinds from raw material price volatility and competitive pressures have moderated EPS momentum. Alpex Solar earnings have shown a trajectory that responded to both volume growth and margin pressures over the analysed period. Alpex Solar market cap has fluctuated in line with investor perceptions of the company’s growth potential in a competitive and evolving solar manufacturing market.

Over years, the Alpex Solar market cap has followed a pattern of strong growth following its IPO in February 2024. From its listing, the company’s market cap showed an extraordinary increasing trend, reflecting strong investor confidence following the successful IPO and subsequent capacity expansion announcements. The market cap increased from approximately ₹185 crore at the time of listing to a peak of ₹2,208 crore, before moderating to approximately ₹1,757-1,939 crore in recent periods. As of recent data, market capitalization stands at approximately ₹1,757 crore to ₹2,199 crore depending on the source. This increase mirrors the rise in the Alpex Solar share price and the broader performance of the renewable energy sector relative to broader market indices.

Alpex Solar earnings over the past five years has been characterised by a period of exceptional growth. Net income showed a generally increasing trend, with reported net profit rising from ₹3.16 crore in FY2021 to ₹3.74 crore in FY2023, before jumping to ₹29.09 crore in FY2024 and further to ₹83.48 crore in FY2025. In FY2025, profit amounted to ₹83.48 crore, a 187.0% increase from ₹29.09 crore in FY2024. This recent earnings growth reflects the impact of capacity expansion, order book growth (₹12.79 billion for FY2026), and improved operational efficiencies on the company’s profitability.

Alpex Solar EPS has shown an exceptional increasing trend over the majority of the past decade, indicating a strong financial track record. The diluted EPS growth rate has shown variation, with EPS of ₹21.35 in Q3 FY2026, ₹21.21 in Q2 FY2026, ₹17.38 in Q1 FY2026, and ₹14.26 in Q4 FY2025. Over a five-year period, the company demonstrated extraordinary improvement in EPS, with TTM EPS of ₹72.36 reflecting the continued positive momentum. The highest EPS growth periods coincided with strong solar demand and favorable government policies.

The Alpex Solar P/E ratio has shown fluctuations over the available period since listing. At the end of recent fiscal years, the P/E ratio varied, with current P/E at 10.27 to 12.1 depending on the source. The mean historical P/E ratio over the last five years has varied significantly. The current P/E ratio stands at 10.27 to 11.9 compared to the industry P/E of 249.70, reflecting that investor expectations are adjusting to near-term earnings headwinds. The Alpex Solar share price has been influenced by these valuation metrics. The Alpex Solar stock price continues to be evaluated in the context of its earnings potential and market position.

Summary

Alpex Solar Limited is a solar PV module manufacturer listed on the NSE SME platform, where the Alpex Solar share price reflects government solar policy cycles, capacity expansion plans, and order book growth within the renewable energy equipment sector. Its representation on the stock exchange supports market visibility, while investor interest is shaped by earnings trends, valuation narratives, and broader solar energy themes. Within the sector, the company’s competitive context and earnings dynamics provide key perspectives on its role in India’s solar manufacturing landscape.