Alpex Solar share price today

Alpex Solar Ltd's share price was ₹675.95 at the close on 4 November 2026. It has been falling for 16 weeks. That is 22.6% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹660 and ₹1,280, and at that close it sat 3% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Alpex Solar Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 4 weeks running.

Over the last 2.7 years the share price moved +86% while the NIFTY 500 moved +9%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 9 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: revenue up on a year earlier for 7 quarters in a row (every quarter we can compare) and number of shareholders up 32% in a year.

1. Revenue up on a year earlier for 7 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹503 crore, +32.4% on a year earlier.

   Why: The company was carrying out ₹350 crore of solar pump orders, which supported sales.

   Next results: check whether the solar pump orders already won turn into sales as the slow season ends.

   From the earnings call on 17 Aug 2026.

2. Number of shareholders up 32% in a year

   8,423 shareholders in the September 2026 quarter, against 6,397 a year earlier.

For April to June 2026 (the quarter ended 30 June 2026), Alpex Solar reported revenue of ₹503 crore, up 32.4% from ₹380 crore a year earlier, and a profit of ₹40.0 crore, down 4.8% from ₹42.0 crore.

Alpex Solar results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Alpex Solar's management discussed these results on a call held on 17 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Alpex Solar closed at ₹675.95 on 4 November 2026, down 47.2% from ₹1,280.00 a year earlier (7 November 2025). Its highest weekly close since February 2024 was ₹1,324.25 on 14 August 2025.

Alpex Solar share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

146 weekly closes from 16 February 2024 to 4 November 2026.

4 Nov 2026: Alpex Solar closed at ₹675.95, up 2.4% on the week and down 17.9% on the month. 17 Aug 2026: Alpex Solar held its results call for April to June 2026. Management guided: Cell plant inauguration planned around September 10-11, with production start and ramp-up over the following 30 days.

Earlier

• Results for April to June 2026: Revenue up 32.4% and profit down 4.8% on a year earlier.

Alpex Solar has paid no dividend on the NSE since its first NSE close in our records (16 February 2024), the start of the period we checked.

No. Alpex Solar Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 17 August 2026, Alpex Solar's management guided: Cell plant inauguration planned around September 10-11, with production start and ramp-up over the following 30 days.

“The cell business currently commands an EBITDA margin of approximately 35% to 40% and a PAT margin of 20% to 25%. - Ashwini Sehgal”MD, on the call for April to June 2026

What management guided

• Cell revenue cited at approximately ₹1,300 or ₹1,400 crore per GW, versus ₹2,300 crore per GW for DCR modules.
• Next full financial year, full 2.2 GW cell capacity was linked to approximately ₹4,000 crore revenue; per-GW math remained unreconciled.
• Cell operating margin of 35%-40% and profit margin of 20%-25% expected for one year; plant depreciation planned over 5 years, annual expense unquantified.
• Current-year KUSUM revenue goal ₹500 crore, with management expecting to surpass it as new tenders open.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 17 August 2026.

When Alpex Solar reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Cell-line inspection completion, inauguration and first production - check whether the fire-related delay is contained and ramp begins as guided.

Alpex Solar is on 2 of our India lists: 52 week high & low and Power & green energy stocks.

Alpex Solar Ltd earned ₹40.0 Cr of net profit in the Jun 2026 quarter, −4.8% on the same quarter a year earlier. Full-year FY26 profit was ₹202 Cr. Over 6 years profit has grown 101.7% a year on average. That is 8.0% of the quarter's revenue. The same quarter a year earlier earned ₹42.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹202 Cr (+143.4% on the year before).

Why profit moved: revenue changed +32.4% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +75.5% and revenue +140.2%. Profit is growing slower than sales: rising costs are taking part of the growth.

Alpex Solar Ltd reported ₹503 Cr of revenue in the Jun 2026 quarter, +32.4% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 6 years it has grown 68.2% a year on average. The last full year, FY26, came in at ₹2,223 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹2,346 Cr.

FY26 revenue was ₹2,223 Cr, +185.0% on the year before.

Recent pace: the last four quarters grew +140.2% on average, against 68.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Alpex Solar Ltd's operating margin was 15.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 7 years it has been between 2.7% and 16.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −1.7 percentage points on the year while gross margin changed −0.6 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years Alpex Solar Ltd's operations used more cash than they brought in, so cash conversion was −17%, a gap worth watching. In FY26 its operations used ₹116 Cr of cash, against ₹202 Cr of profit. After ₹266 Cr of spending on assets, free cash was −₹382 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −17% of profit came in as cash: the cash cycle got 16 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 16 days longer. The next section looks at where the cash is stuck.

Alpex Solar Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 74 days in FY26, up from 58 days in FY21. It spent ₹357 Cr on assets over the last 3 years. Customers take 42 days to pay, and stock sits for 73 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹2,223 Cr, each day of that cycle ties up about ₹6.1 Cr, so roughly ₹451 Cr is tied up in the business at any time.

FY26: customers took 42 days to pay and stock sat for 73 days, about 2.4 months of sales sitting as stock, for a full cycle of 74 days, longer than FY21's 58.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 73 days. Customers pay about 42 days after that. Suppliers are paid at 41 days. Together that makes the 74-day cycle.

Spending on assets: ₹357 Cr over the last 3 years, against ₹35.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹177 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Alpex Solar Ltd's P/E is 8.6×, about the lowest it has ever been. Its usual P/E (the middle reading) is 40.5×, over 2.7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +131.2% while the price moved −47.2%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Alpex Solar Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 8 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Alpex Solar Ltd earned a ROCE of 45% in FY26. That is up from a low of 7% in FY22. Its return on capital used (ROIC) is 11.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 9.1% net margin and 1.61× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 9.1% net margin × 1.61× asset turnover × 2.46× leverage (assets divided by equity) ≈ 36.0% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 23.0% − 12.0% = +11.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

The 23.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 35.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Alpex Solar Ltd has total debt of ₹537 Cr against shareholder equity of ₹562 Cr as of Jun 2026, so its debt is 0.96× its equity. Year by year, that ratio went from 0.37 in FY24 to 0.96 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Promoters cut their stake in Alpex Solar Ltd by 2.9 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 65.9% of the company. Foreign institutions moved −1.6 points over the same period, to 3.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: −2.9 points over 8 quarters, to 65.9%; Foreign institutions: −1.6 points over 8 quarters, to 3.3%; Domestic institutions: −1.4 points over 8 quarters, to 0.4%.

Why the owners changed: promoters drove it (−2.9 points), together with foreign institutions (−1.6 points). They reduced their stake.

For Alpex Solar Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

57.6 out of 100, rank 7 of 19 in Capital Goods - Electric General, with 64% of the evidence available.

Alpex Solar Ltd scores 57.6 out of 100 against the 19 companies it is compared with in Capital Goods - Electric General, ranking 7. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 18.7 + 19.7 + 11.3 + 7.9 = 57.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Alpex Solar ranks 7 of 19 Capital Goods - Electric General companies on the 4-Factor Sector Score, with 57.6 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Capital Goods - Electric General, all 19 compared on one page.

Alpex Solar is the 8th largest of 19 Capital Goods - Electric General companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Rishabh Instruments, Honda India Power Products and Exicom Tele-Systems. Just below it: Insolation Energy, HPL Electric & Power and Servotech Renewable Power System.

Capital Goods - Electric General companies close in size

5. Rishabh Instruments Ltd ₹2,424 crore
6. Honda India Power Products Ltd ₹1,777 crore
7. Exicom Tele-Systems Ltd ₹1,740 crore
8. Alpex Solar Ltd ₹1,687 crore
9. Insolation Energy Ltd ₹1,518 crore
10. HPL Electric & Power Ltd ₹1,452 crore
11. Servotech Renewable Power System Ltd ₹1,402 crore

All 19 Capital Goods - Electric General companies, largest first

Companies close in size in other industries

1314. One Mobikwik Systems Ltd ₹1,693 crore · E-Commerce - Platform - Utility
1315. Millworks Technologies Limited ₹1,692 crore · Engineering - Heavy - General
1316. Alpex Solar Ltd ₹1,687 crore
1317. MSP Steel & Power Ltd ₹1,680 crore · Steel - Sponge Iron
1318. AWFIS Space Solutions Ltd ₹1,674 crore · Realty - CoWorking

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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