Alpex Solar Ltd. · NSE:ALPEXSOLAR
Alpex Solar — Q3 FY2025-26 Earnings Presentation
25 slides from Alpex Solar's earnings presentation, Feb 10, 2026
Slide 1: Intimation of Investor Presentation to NSE
Date: February 10, 2026 To The Manager-Listing Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C-1, G-Block Bandra Kurla Complex, Bandra (East) Mumbai– 400051 Ref: Alpex Solar Limited, Symbol: ALPEXSOLAR, ISIN: INE0R4701017 Sub: Intimation of Investor Presentatio
Slide 2: Alpex Solar Limited Investor Presentation February 2026
ALPEX SOLAR LIMITED THE NEXT LEVEL INVESTOR PRESENTATION FEBRUARY 2026
Slide 3: Safe Harbour
SAFE HARBOUR This presentation has been prepared by Alpex Solar Limited (“ALPEXSOLAR” or the “Company”) solely for information purposes. It does not constitute an offer, recommendation or invitation to purchase or subscribe to any securities. It shall not form the basis or be relied on in connection
Slide 4: Behemoth in Making: A Full Value Chain in Energy Security Solution
BEHEMOTH IN MAKING A FULL VALUE CHAIN IN ENERGY SECURITY SOLUTION 3.6GW Target Solar Module The massive expansion spread over 1 million sqft. Manufacturing under execution is on track and all the capacities 2.2GW would be functional in FY 2026-27. Target TOPCon Solar Cell Manufacturing 12,000MT Alum
Slide 5: An Emerging Solar Power House
AN EMERGING SOLAR POWER HOUSE 19+ 100+ 3.6GW 7 Units 24K+ 98% 2.2GW Years in Years of Manufacturing 6 units Solar Pump Revenue Manufacturing Solar PV cumulative capacity of functional installation derived from f rom capacity of Solar manufacturing experience of PV Solar by FY27 experience domestic s
Slide 6: Power-Packed Performance
POWER-PACKED PERFORMANCE Q3 FY2025-26 648 Revenue (Rs in Cr) 14.03 % EBITDA Margin 91 EBITDA (Rs in Cr) 8.37 % PAT Margin 54 PAT (Rs in Cr)
Slide 7: Solid Growth, Solar Returns
SOLID GROWTH, SOLAR RETURNS FY 2025-26 vs FY 2024-25 Revenue (Rs in Cr) EBITDA (Rs in Cr) Net Profit (Rs in Cr) [3.45x] [3.43x] [2.45x] [3.20x] [2.34x] [3.08x] 648 1551 91 234 54 148 37 23 48 187 452 73 Q3FY26 Q3FY25 9MFY26 9MFY25 Q3FY26 Q3FY25 9MFY26 9MFY25 Q3FY26 Q3FY25 9MFY26 9MFY25
Slide 8: Consistent Growth Q2Q
CONSISTENT GROWTH Q2Q FY 2025-26 648 523 380 91 79 54 51 64 42 Q3 Q2 Q1 December 2025 September 2025 June 2025 REVENUE EBITDA PAT
Slide 9: Stunning Sunpowered Performance Once Again 9M FY2026
STUNNING SUNPOWERED PERFORMANCE ONCE AGAIN 3 .43X (INR in Crores) 9M FY2026 9M FY2025 3 . 20x REVENUE ₹1551.32 ₹452.76 3 .0 8x EBITDA ₹234.52 ₹73.33 PAT ₹148.24 ₹48.15 Disclaimer- Mr. Rahul Dravid’s engagement as Brand Ambassador pertains solely to endorsement of Alpex Solar’s products and brand. No
Slide 10: Management Speaks
MANAGEMENT SPEAKS ASHWANI SEHGAL Founder & Managing Director Alpex is a cohesive team of ffirst-generation irst-generation technocrats, all engineers by profession, with over 100 years of cumulative experience and 19 years of presence in solar manufacturing. Team Alpex has an enduring and resolute d
Slide 11: Alpex Unprecedented Journey Over Last 4 Years
ALPEX UNPRECEDENTED JOURNEY OVER LAST 4 YEARS (INR in Crores) FY 2025-26 Growth FY 2022-23 FY 2023-24 FY 2024-25 (9 MONTHS) (No. of times) REVENUE 195.92 414.01 783.01 1551 10.5x EBITDA 12.70 38.63 128.13 234 24.5x PAT 3.74 29.02 83.48 148 52.8x MARGIN EBITDA % 6.48% 9.33% 16.36% 15.11% - PAT % 1.91
Slide 12: A Journey of Achievements
A JOURNEY OF ACHIEVEMENTS 1993 2008-14 2020-23 2024-27 Incorporated by first Module manufacturing PV modules certified by Solar PTL Expanded solar module capacity generation techprenuer’s- capacity upped to 75 MW (US) for quality and reliability from 1.2 GW to 2.4 GW and then 2.4 Ashwani Sehgal, Mon
Slide 13: Alpex Solar Limited: Vision and Mission
Alpex Solar Limited is a specialized solar platform delivering integrated, end-to-end solutions Vision Mission across the value chain. We are committed to driving the The primary mission of Alpex Solar Ltd is to renewable energy revolution facilitate the transition to clean and Headquartered in Grea
Slide 14: Alpex Business Verticals
ALPEX BUSINESS VERTICALS Solar Cell Solar Modules Solar Pump Aluminium frame EPC IPP Alpex Solar is at the Among the top white-label Business synergies - Utilizes First company in the End-to-end solar EPC Independent power forefront of technological manufacturers in the in-house solar panels. renewa
Slide 15: Alpex's Presence
ALPEX’S PRESENCE I25-26, Site V, Kasna, Gautam Bhuddha Nagar, Unit I Greater Noida, Uttar Pradesh A-2/2,Industrial Area, Kosi Kotwan, Extension-2, Unit II Mathura, Uttar Pradesh. Khasra No. 111/3, Navipur, Kosi Kotwan, Unit III Mathura, Uttar Pradesh A-2/1,Industrial Area, Kosi Kotwan, Extension-2,
Slide 16: Catering to Marquee Clientele as a Preferred Partner
CATERING TO MARQUEE CLIENTELE AS A PREFERRED PARTNER
Slide 17: Next-Gen Solar Cell Facility at Kosi Kotwan
ALPEX NEXT-GEN SOLAR CELL FACILITY AT KOSI KOTWAN A MASSIVE INFRASTRUCTURE SPANNING OVER 9 LAKHS SQFT 2.2 GW capacity for Average efficiency G12R TOPCon cells. up 25.5%. Fully automated The facility is operations equipped with an supported by advanced LECO autonomous guided laser system. vehicles (A
Slide 18: The Alpex Edge: G12R TOPCon Cell
THE ALPEX EDGE G12R TOPCon Cell : DESIGNED FOR SCALE, EFFICIENCY & LONGEVITY Proven Factory Design Training and Technology with Scalability Knowledge Transfer Advanced training Turnkey solution from a Future ready design for provided at a fully global partner with 100 improved efficiency with operat
Slide 19: Driving Force Behind Alpex: Promoter Group
DRIVING FORCE BEHIND ALPEX PROMOTER GROUP ASHWANI SEHGAL MONICA SEHGAL VIPIN SEHGAL President & Managing Director Whole Time Director Executive Director Mr. Ashwani Sehgal is a ffirst-generation irst-generation Ms. Monica Sehgal has over three decades Mr. Vipin Sehgal, has more than three entreprene
Slide 20: Driving Force Behind Alpex: Key Managerial Personnel
DRIVING FORCE BEHIND ALPEX KEY MANAGERIAL PERSONNEL ADITYA SEHGAL UDAYA SHEGAL SAKSHI TOMAR Chief Executive Off icer Chief Financial Off icer Company Secretary Mr. Aditya Sehgal, a second-generation entrepreneur and Ms. Udaya Sehgal holds a B.Sc in Business Management Ms. Sakshi Tomar is a Member of
Slide 21: Ongoing Expansion: Solar Cells, Modules & Aluminium Frames
ONGOING EXPANSION SOLAR CELLS, MODULES & ALUMINIUM FRAMES MODULE MANUFACTURING EXPANSION Unit V (B-6,7 &9, Ecotech-I Extension, Greater Noida, Kasna Area): 1.15 Lakhs sqft. for 1.2 GW solar module line - trial production has already commenced. Alpex now has functional capacity of 2.4 GW solar module
Slide 22: Ongoing Expansion: 2.2 GW G12R TOPCon
ON-GOING EXPANSION INITIATING THE NEXT LEVEL- SOLAR CELL G12R TOPCon 2.2 GW SOLAR CELL CAPACITY - TO BE IMPLEMENTED IN TWO PHASES Greenf ield capacity at Kosi Kotwan Phase I – 1.4GW by the end of Q1 of FY 26-27 Phase II – 800 MW scheduled for completion within six months of Phase 1, aggregating the
Slide 23: The Module & Cell Scenario: Broader Perspective
THE MODULE & CELL SCENARIO BROADER PERSPECTIVE 180 01 160 India’s Solar Module manufacturing 160 capacity is projected to reach 160 GW by 140 FY2030. 140 125 120 120 110 100 100 100 02 95 Solar Cell capacity is projected to reach to 45 GW 90 80 GW by 2027 and to 120 GW by FY 2030. 80 75 75 65 60 60
Slide 24: The Module & Cell Scenario: Management Perspective
THE MODULE & CELL SCENARIO MANAGEMENT PERSPECTIVE The supply of solar module overhang is now extending into the cell segment, driven by significant capacity expansions. The upcoming Approved List of Models and Manufacturers (ALMM List II) for cells will mandate Domestic Content Requirement (DCR) com
Slide 25: Thank You
THANK YOU ALPEX SOLAR LIMITED REGISTERED OFFICE CORPORATE OFFICE MANUFACTURING UNITS B-79, Shivalik Enclave, Unit-I : Greater Noida, UP (NCR) Near Malviya Nagar, I 26, Site-V, Surajpur Ind. Area, Unit-II : Kosi Kotwan, Mathura, UP (NCR) New Delhi - 110017, India. Kasna, Greater Noida, (UP) - 201306,