Solar Module Manufacturer Alpex’s Profit Up 149% in 2H FY 2024

The company's revenue dropped 6% during the period  


Greater Noida-based solar module manufacturer Alpex Solar has recorded a total revenue of ₹2 billion (~$24.05 million) in the second half (2H) of the financial year (FY) 2024, a year-over-year (YoY) decline of 6% compared to ₹2.13 billion (~$25.61 million).

The company recorded a net profit of ₹189.44 million (~$2.28 million) in 2H FY 2024, a 149% YoY increase compared to ₹76.16 million (~$915,824).

Commenting on the financial results, Ashwani Sehgal, Managing Director of Alpex Solar, said, “We are elated to have registered a robust financial performance. We believe the Indian solar era has just begun, and being among the leading players in photovoltaic cells and solar pumps, we are experiencing a definitive push from both the public and private sectors to embrace greener and more sustainable energy sources across the board.”

“We have also entered a new level of growth with our successful public issue and continue to focus on creating value for our stakeholders through a powerful blend of sectoral expertise, world-class technology, a reputed brand, and a long-standing trusted clientele. For Alpex, we continue to shine through our results too,” Sehgal added.

Full Year 2024

Alpex Solar recorded an annual revenue of ₹4.13 billion (~$49.66 million) in FY 2024, a YoY increase of 111% compared to ₹1.96 billion (~$23.56 million).

The company recorded a net profit of ₹ 265.6 million (~$3.19 million) for the year, a 610% YoY increase compared to ₹37.38 million (~$449,494).

Alpex Solar manufactures solar photovoltaic modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, Mono PERC, and half-cut modules. It also offers solar energy solutions, including engineering, procurement, and AC/DC solar pump construction.

The company’s modules find a place in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.

The company has a manufacturing facility spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.

Alpex Solar’s ₹745 million (~$8.95 million) maiden initial public offering (IPO) of 6.48 million equity shares was subscribed 303 times with significant interest received from qualified institutional buyers (QIB), high net worth individuals (HNI), and retail investors.

The QIB portion of the issue was subscribed 133 times, the HNI quota was subscribed 471 times, and the retail investors’ quota was subscribed 329 times, bringing the overall subscription to 303 times.