Alpex Solar expects its EBITDA margins to improve to nearly 28-30% next year, supported by capacity expansion and backward integration across its manufacturing operations. The company said this improvement will be driven by the start of its new 2.2 GW solar cell production line, which is expected to begin operations by Q1 FY27.
The company is also increasing its module manufacturing capacity to 3.6 GW, with new lines likely to become operational by December this year. Management shared that even if these plants start at low utilization levels, margins should still improve as production scales up gradually over the next 12-18 months.
Alpex plans to manufacture multiple components in-house, including cell, module, and aluminium frames, and is also working toward producing junction boxes internally. This step-by-step integration is expected to reduce costs and improve profitability, giving the company better control over its supply chain.
The management noted that demand remains strong, especially for TopCon technology, which offers higher efficiency. The company expects this technology shift to further support its financial performance. Leadership added that they have received interest from several well-known customers and are confident about selling their entire cell output.
Alpex Solar’s current order book is estimated to be around ₹1,700-1,800 crore, including confirmed orders and contracts in the pipeline. The company is confident that it can surpass its earlier revenue guidance as new capacity ramps up.
The company also aims to grow its EPC business, which is expected to contribute around 12-14% of annual revenue. Management believes that this will help diversify revenue streams and complement the company’s core manufacturing operations.
Alpex Solar is led by Managing Director Ashwani Sehgal, who emphasized that the company is focused on disciplined growth and building long-term capability. He shared that the new cell and module capacity will help Alpex become more competitive and better positioned within the domestic solar value chain.
Founded with the goal of supporting India’s renewable energy transition, Alpex Solar manufactures a range of solar modules and solutions for commercial, industrial, and residential customers. The company continues to expand its footprint as it builds a vertically integrated solar manufacturing ecosystem.
With strong demand visibility, growing capacity, and new technology adoption, Alpex Solar believes it is well-positioned for a stronger and more profitable future.
