Consolidated operational revenues up 245.40%YoY to ₹ 648.08 Cr in Q3FY26
EBITDA up 143.99%YoY to ₹ 90.90 Cr in Q3FY26 from ₹ 37.26 Cr in Q3FY25
EPS for Q3FY26 stood at ₹ 21.25 – up 122.28%YoY as compared to ₹ 9.56 in Q3FY25
Order book at ₹ 1899.55 Cr as on 31st December 2025
New Delhi; February 09, 2026: Alpex Solar Ltd (ALPEXSOLAR), a leading manufacturer of high-precision solar PV modules and solar systems today announced its unaudited financial results for the third quarter (Q3 FY26) and nine months ended December 31, 2025 (9M FY26).
| Particulars | Q3FY26 | Q3FY25 | Growth | 9MFY26 | 9MFY25 | Growth |
|---|---|---|---|---|---|---|
| Operating Income (₹ Cr) | 648.08 | 187.63 | 245.4% | 1515.32 | 462.76 | 227.6% |
| EBITDA (₹ Cr) | 90.90 | 37.26 | 143.9% | 245.82 | 73.35 | 235.1% |
| PAT (₹ Cr) | 59.70 | 27.36 | 118.3% | 148.24 | 48.70 | 204.3% |
| EPS (Consol.) | 21.25 | 9.56 | 122.3% | 56.65 | 19.66 | 188.1% |
Financial Highlights – 9M FY26
Operational revenue grew to ₹ 1551.32 Cr, compared to ₹ 452.76 Cr in 9M FY25
EBITDA increased to ₹ 161.19 Cr, with EBITDA margin of 15.12%
PAT stood at ₹ 148.24 Cr, registering healthy year-on-year growth
EPS for 9M FY26 stood at ₹ 59.65
Performance Overview : Alpex Solar reported an increase in capacity utilisation during the period, driving strong revenue growth supported by robust demand. During 9MFY26, the Company strengthened its order book with large wins across module supply and EPC segments, including a ₹ 210.71 crore module supply order from Solar Energy Corporation of India and a ₹ 349.99 crore EPC contract from Central Mine Planning and Design Institute Ltd, underscoring a diversified and expanding order pipeline across public and private sector clients.
Key Business Updates (9M FY26):
Continued progress on capacity expansion across manufacturing facilities
Strong order inflows from EPC players, government agencies and private sector customers.
Focus on advanced solar technologies, including TOPCon and bifacial modules
Strengthening of supply-chain arrangements to support long-term growth
Management comment: Commenting on the financial results, Mr. Ashwani Sehgal, Managing Director, Alpex Solar Ltd., said, “Our Q3 and nine-month performance underscores the resilience of our business model and the effectiveness of our execution strategy. With capacity expansion on track, improving demand visibility and a strong pipeline of orders, we remain confident of delivering sustained growth in the coming quarters. We will continue to focus on technology upgradation, quality excellence and operational discipline to create long-term value for all stakeholders.”
“The Union Budget 2026 decision to exempt basic customs duty on sodium antimonate for solar glass manufacturing will lower input costs and enhance India’s competitiveness across the solar value chain. This targeted measure enables faster scale-up of domestic clean energy manufacturing and underscores the Government’s commitment to the energy transition and self-reliance. We remain focused on technology upgradation, quality excellence and operational discipline to deliver sustained value for all stakeholders.” he added.
Alpex Solar operates multiple manufacturing facilities across Uttar Pradesh and Madhya Pradesh, offering an integrated portfolio that includes solar PV modules, solar cells, EPC solutions, solar pumps, and aluminium frames. The company’s current operations in Greater Noida are set to expand with six new manufacturing units across Greater Noida, Kosi-Kotwan in Uttar Pradesh, and Madhya Pradesh. Notably, the Kosi-Kotwan facility is witnessing accelerated construction as part of its ongoing solar cell and module capacity expansion.
The company remains optimistic about growth prospects in the domestic solar manufacturing ecosystem, supported by policy initiatives, rising renewable energy adoption and increasing preference for high-efficiency modules. Alpex Solar expects the last quarter of FY26 to remain strong, driven by execution of existing orders and ramp-up of new capacities.
India’s trade engagements with the US and the European Union mark a turning point for the domestic solar manufacturing ecosystem. The reduction in tariffs under the India–US deal significantly enhances the competitiveness of Indian solar modules in one of the world’s largest clean energy markets, while the EU agreement strengthens India’s position as a trusted global supply-chain partner for renewable technologies. Together, these developments are set to accelerate exports, attract fresh investments into domestic capacity, and reinforce India’s ambition of becoming a global hub for solar manufacturing.