# Alpex Solar share price today (Alpex Solar Ltd, NSE: ALPEXSOLAR)

> Alpex Solar share price today: ₹664.25 at the NSE close on 3 November 2026, down 44.6% in a year. Alpex Solar (NSE: ALPEXSOLAR) is worth ₹1,698 crore, trades at a P/E of 8.4 and has closed between ₹660.40 and ₹1,280.00 over the past 52 weeks. > Alpex Solar Ltd's P/E is near the low end of its own history, higher than only 1% of past readings, and its quarterly results are still getting worse. ALPEXSOLAR · Capital Goods - Electric General · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/alpex-solar-ltd

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## Key numbers

- Price: ₹664.25 (−44.6% in a year)
- P/E: 8.4× (lower than 99% of the last 2.7 years)
- Revenue (Jun 2026): ₹503 Cr (+32.4% on a year ago)
- Profit (Jun 2026): ₹40.0 Cr (−4.8% on a year ago)
- Operating margin: 15.0% (−1.0 points on a year ago)
- ROCE: 45%, FY26
- ROIC: 23.0%, against a 12.0% cost of capital: +11.0 points
- Profit that came in as cash: −17%, last 3 years

The main question: yearly earnings per share moved +131.2% while the share price moved −44.6%. ## What is the Alpex Solar share price today? Alpex Solar Ltd's share price was ₹664.25 at the close on 3 November 2026. It has been falling for 16 weeks. That is 24.0% 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 1% of the way up from that low. 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 +83% 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. ## What changed at Alpex Solar this quarter? 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. ## What are Alpex Solar's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹503 crore | ₹380 crore | +32.4% |
| Profit | ₹40.0 crore | ₹42.0 crore | −4.8% |
| Earnings per share | ₹15.61 | ₹17.28 | −9.7% |
| Operating margin | 15.0% | 16.0% | −1.0 points |

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.)

## What is the Alpex Solar share price history? Alpex Solar closed at ₹664.25 on 3 November 2026, down 44.6% from ₹1,200.05 a year earlier (31 October 2025). Its highest weekly close since February 2024 was ₹1,324.25 on 14 August 2025. ### Alpex Solar share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹674.55 | −1.5% |
| 1 month ago · 1 Oct 2026 | ₹823.20 | −19.3% |
| 6 months ago · 30 Apr 2026 | ₹1,091.65 | −39.2% |
| 1 year ago · 31 Oct 2025 | ₹1,200.05 | −44.6% |
| Earliest weekly close in our records · 16 Feb 2024 | ₹362.70 | +83.1% |
| Highest weekly close since February 2024 · 14 Aug 2025 | ₹1,324.25 | −49.8% |
| Lowest weekly close since February 2024 · 22 Mar 2024 | ₹268.85 | +147.1% |
| 52-week high (weekly close) · 7 Nov 2025 | ₹1,280.00 | −48.1% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹660.40 | +0.6% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (146 weekly closes from 16 February 2024 to 3 November 2026.)

## What is the latest news on Alpex Solar? 3 Nov 2026: Alpex Solar closed at ₹664.25, down 1.5% on the week and down 19.3% 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. ## What dividend does Alpex Solar pay? 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 4 November 2026.)

## What did Alpex Solar management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/57722-17-Aug-2026.pdf). (From the call for April to June 2026, 17 August 2026.)

## What to watch in Alpex Solar's next results? 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. - What to check (from the call)
- Cell-line inspection completion, inauguration and first production - check whether the fire-related delay is contained and ramp begins as guided. - Cell profitability - check whether the new cell mix supports the stated margin framework through the first operating year. - KUSUM tenders and execution - check whether the existing order pipeline converts as the lean season ends. - Cell-project debt - check whether borrowings remain within the indicated ceiling as commissioning spending concludes. ## Which stock lists is Alpex Solar on? Alpex Solar is on 2 of our India lists: 52 week high & low and Power & green energy stocks. - [52 week high & low 52-week position: At 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Power & green energy stocks Group on the list: Solar and wind equipment makers](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Alpex Solar profitable? 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. 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. ## How much revenue does Alpex Solar make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Alpex Solar keep? 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. 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. ## Is Alpex Solar's profit turning into cash? 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. 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. ## Where does Alpex Solar's cash go? 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. 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. ## What is Alpex Solar's P/E ratio, and how does it compare with its own history? Alpex Solar Ltd's P/E is 8.4×, 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. Why the multiple is where it is: over the past year earnings per share moved +131.2% while the price moved −44.6%. 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. ## Is the Alpex Solar business getting better or worse? 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. 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. ## How much does Alpex Solar earn on its capital? 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). 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. ## Does Alpex Solar have too much debt? 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. ## What is the Alpex Solar shareholding pattern? 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. 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. ## How far is Alpex Solar from balance-sheet trouble? 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. ## How does Alpex Solar rank in its industry? 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. ## Which companies is Alpex Solar compared with? Alpex Solar ranks 7 of 19 Capital Goods - Electric General companies on the 4-Factor Sector Score, with 57.6 out of 100. 1. [Modison Ltd](https://www.sectoralpha.in/stocks/modison-ltd) MODISONLTD · leader · Most evidence points up · 100% evidence 78.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 84.9% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 17.1/25 · ROCE 31% · Operating margin 11% · 100% evidence Valuation 15.1/20 · P/E 9.6× · PEG 0.46 · 100% evidence Relative strength 18.7/20 · Lead over its industry 47.3% · Lead over NIFTY 500 46.8% · 1 year 128.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.1 + 17.1 + 15.1 + 18.7 = 78 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Rishabh Instruments Ltd](https://www.sectoralpha.in/stocks/rishabh-instruments-ltd) RISHABH · leader · Most evidence points up · 96% evidence 68.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.8/35 · Revenue 5.8% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.9/25 · ROCE 14.5% · Operating margin 17% · 100% evidence Valuation 10.8/20 · P/E 30× · PEG 1.24 · 100% evidence Relative strength 16.3/20 · Lead over its industry 22.8% · Lead over NIFTY 500 25.5% · 1 year 52.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.8 + 16.9 + 10.8 + 16.3 = 68.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Spectrum Electrical Industries Ltd](https://www.sectoralpha.in/stocks/spectrum-electrical-industries-ltd) SPECTRUM · leader · Most evidence points up · 89% evidence 68.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 40.8% · Profit 92.3% · Operating margin change 1 points · 88% evidence Capital efficiency 17.2/25 · ROCE 17.8% · Operating margin 15% · 100% evidence Valuation 6.7/20 · P/E 135× · PEG 1.9 · 65% evidence Relative strength 20.0/20 · Lead over its industry 119.7% · Lead over NIFTY 500 122.5% · 1 year 158.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.3 + 17.2 + 6.7 + 20 = 68.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Modern Insulators Ltd](https://www.sectoralpha.in/stocks/modern-insulators-ltd) MODINSULAT · turning · Most evidence points up · 78% evidence 68.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.5/35 · Revenue 41.6% · Profit 100% · Operating margin change 8 points · 83% evidence Capital efficiency 18.3/25 · ROCE 19.3% · Operating margin 17% · 76% evidence Valuation 7.7/20 · P/E 22.4× · PEG n/a · 50% evidence Relative strength 12.6/20 · Lead over its industry 35.3% · Lead over NIFTY 500 36.4% · 1 year 195.4% · 100% evidence · 4 of 12 weeks ahead Exact sum: 29.5 + 18.3 + 7.7 + 12.6 = 68.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [V-Guard Industries Ltd](https://www.sectoralpha.in/stocks/v-guard-industries-ltd) VGUARD · quiet · Evidence leans up · 100% evidence 62.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.7/35 · Revenue 21.5% · Profit 41.7% · Operating margin change 1 points · 100% evidence Capital efficiency 16.1/25 · ROCE 18.4% · Operating margin 9% · 100% evidence Valuation 14.7/20 · P/E 28.7× · PEG 1.12 · 100% evidence Relative strength 7.3/20 · Lead over its industry -12.4% · Lead over NIFTY 500 -7.7% · 1 year -22.7% · 100% evidence · 5 of 12 weeks ahead Exact sum: 24.7 + 16.1 + 14.7 + 7.3 = 62.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Insolation Energy Ltd](https://www.sectoralpha.in/stocks/insolation-energy-ltd) INA · quiet · Evidence leans up · 81% evidence 59.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.3/35 · Revenue 81.7% · Profit 45.2% · Operating margin change -6 points · 88% evidence Capital efficiency 16.5/25 · ROCE 22.4% · Operating margin 10% · 100% evidence Valuation 19.5/20 · P/E 7.8× · PEG 0.23 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -36.5% · 1 year -61.5% · 25% evidence · 0 of 12 weeks ahead Exact sum: 16.3 + 16.5 + 19.5 + 7.5 = 59.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. Alpex Solar Ltd this page ALPEXSOLAR · quiet · Evidence leans up · 64% evidence 57.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 100% · Profit 61.3% · Operating margin change -1 points · 88% evidence Capital efficiency 19.7/25 · ROCE 44.8% · Operating margin 15% · 100% evidence Valuation 11.3/20 · P/E 8.4× · PEG n/a · 15% evidence Relative strength 7.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -21.8% · 1 year -45% · 25% evidence · 1 of 12 weeks ahead Exact sum: 18.7 + 19.7 + 11.3 + 7.9 = 57.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Ravindra Energy Ltd](https://www.sectoralpha.in/stocks/ravindra-energy-ltd) RELTD · quiet · Evidence leans up · 79% evidence 54.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.3/35 · Revenue 28.2% · Profit 53% · Operating margin change 14.6 points · 88% evidence Capital efficiency 15.3/25 · ROCE 14.4% · Operating margin 31.8% · 100% evidence Valuation 9.4/20 · P/E 44.7× · PEG n/a · 15% evidence Relative strength 4.1/20 · Lead over its industry -8.7% · Lead over NIFTY 500 -4.4% · 1 year -16.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 25.3 + 15.3 + 9.4 + 4.1 = 54.1 · What this means: Earnings are strong; relative strength in its sector is -8.7% and the one-year return is -16.4%. 9. [IKIO Technologies Ltd](https://www.sectoralpha.in/stocks/ikio-technologies-ltd) IKIO · quiet · Evidence leans up · 78% evidence 53.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.2/35 · Revenue 34.5% · Profit 100% · Operating margin change 4 points · 83% evidence Capital efficiency 9.5/25 · ROCE 9.5% · Operating margin 13% · 76% evidence Valuation 13.1/20 · P/E 26.8× · PEG n/a · 50% evidence Relative strength 5.5/20 · Lead over its industry -5.4% · Lead over NIFTY 500 -1.9% · 1 year -22.8% · 100% evidence · 7 of 12 weeks ahead Exact sum: 25.2 + 9.5 + 13.1 + 5.5 = 53.3 · What this means: Earnings are strong; relative strength in its sector is -5.4% and the one-year return is -22.8%. 10. [Siemens Ltd](https://www.sectoralpha.in/stocks/siemens-ltd) SIEMENS · losing its lead · Evidence leans up · 78% evidence 50.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 13.2% · Profit 33.7% · Operating margin change -4 points · 83% evidence Capital efficiency 17.2/25 · ROCE 21.4% · Operating margin 9% · 76% evidence Valuation 5.5/20 · P/E 78.2× · PEG n/a · 50% evidence Relative strength 8.8/20 · Lead over its industry -4.2% · Lead over NIFTY 500 -0.3% · 1 year 6.7% · 100% evidence · 7 of 12 weeks ahead Exact sum: 19.3 + 17.2 + 5.5 + 8.8 = 50.8 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 11. [Swelect Energy Systems Ltd](https://www.sectoralpha.in/stocks/swelect-energy-systems-ltd) SWELECTES · turning · Evidence leans down · 89% evidence 48.9 out of 100 Growth Capital Valuation Relative
12. [HPL Electric & Power Ltd](https://www.sectoralpha.in/stocks/hpl-electric-power-ltd) HPL · quiet · Evidence leans down · 81% evidence 48.3 out of 100 Growth Capital Valuation Relative
13. [Kirloskar Electric Company Ltd](https://www.sectoralpha.in/stocks/kirloskar-electric-company-ltd) KECL · quiet · Evidence leans down · 79% evidence 43.3 out of 100 Growth Capital Valuation Relative
14. [Salzer Electronics Ltd](https://www.sectoralpha.in/stocks/salzer-electronics-ltd) SALZERELEC · quiet · Evidence leans down · 81% evidence 41.4 out of 100 Growth Capital Valuation Relative
15. [Servotech Renewable Power System Ltd](https://www.sectoralpha.in/stocks/servotech-renewable-power-system-ltd) SERVOTECH · basing · Evidence leans down · 78% evidence 39.7 out of 100 Growth Capital Valuation Relative
16. [Honda India Power Products Ltd](https://www.sectoralpha.in/stocks/honda-india-power-products-ltd) HONDAPOWER · quiet · Evidence leans down · 81% evidence 39.4 out of 100 Growth Capital Valuation Relative
17. [Exicom Tele-Systems Ltd](https://www.sectoralpha.in/stocks/exicom-tele-systems-ltd) EXICOM · quiet · Evidence leans down · 68% evidence 38.9 out of 100 Growth Capital Valuation Relative
18. [Focus Lighting & Fixtures Ltd](https://www.sectoralpha.in/stocks/focus-lighting-fixtures-ltd) FOCUS · Most evidence points down · 69% evidence 24.4 out of 100 Growth Capital Valuation Relative
19. [Igarashi Motors India Ltd](https://www.sectoralpha.in/stocks/igarashi-motors-india-ltd) IGARASHI · quiet · Most evidence points down · 89% evidence 23.4 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/capital-goods-electric-general), all 19 compared on one page. ## Which companies are close to Alpex Solar in size? 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

1. [Rishabh Instruments Ltd](https://www.sectoralpha.in/stocks/rishabh-instruments-ltd) ₹2,424 crore
2. [Honda India Power Products Ltd](https://www.sectoralpha.in/stocks/honda-india-power-products-ltd) ₹1,777 crore
3. [Exicom Tele-Systems Ltd](https://www.sectoralpha.in/stocks/exicom-tele-systems-ltd) ₹1,740 crore
4. Alpex Solar Ltd ₹1,687 crore
5. [Insolation Energy Ltd](https://www.sectoralpha.in/stocks/insolation-energy-ltd) ₹1,518 crore
6. [HPL Electric & Power Ltd](https://www.sectoralpha.in/stocks/hpl-electric-power-ltd) ₹1,452 crore
7. [Servotech Renewable Power System Ltd](https://www.sectoralpha.in/stocks/servotech-renewable-power-system-ltd) ₹1,402 crore

[All 19 Capital Goods - Electric General companies, largest first](https://www.sectoralpha.in/sectors/capital-goods-electric-general#all-companies)

### Companies close in size in other industries

1. [One Mobikwik Systems Ltd](https://www.sectoralpha.in/stocks/one-mobikwik-systems-ltd) ₹1,693 crore · E-Commerce - Platform - Utility
2. [Millworks Technologies Limited](https://www.sectoralpha.in/stocks/millworks-technologies-limited) ₹1,692 crore · Engineering - Heavy - General
3. Alpex Solar Ltd ₹1,687 crore
4. [MSP Steel & Power Ltd](https://www.sectoralpha.in/stocks/msp-steel-power-ltd) ₹1,680 crore · Steel - Sponge Iron
5. [AWFIS Space Solutions Ltd](https://www.sectoralpha.in/stocks/awfis-space-solutions-ltd) ₹1,674 crore · Realty - CoWorking

## What else do people ask about Alpex Solar? ### What is Alpex Solar's share price today? Alpex Solar Ltd's share price is ₹664.25, −44.6% over the past year. The whole company is worth ₹1,698 Cr on the market. In the last 52 weeks it traded between ₹660 to ₹1,280; today it is 1% of the way up from the low, 24.0% below its 200-day average (as of 3 November 2026). ### What were Alpex Solar's latest quarterly results? Alpex Solar Ltd reported revenue of ₹503 Cr and net profit of ₹40.0 Cr for the Jun 2026 quarter. Revenue rose 32.4% and profit fell 4.8% compared with a year earlier. Earnings per share were ₹15.61. The operating margin was 15.0%, 1.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Alpex Solar's market cap? Alpex Solar Ltd's market capitalisation is ₹1,698 Cr at a share price of ₹664.25. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Alpex Solar performing? Alpex Solar Ltd's share price has been falling for 16 weeks. In its latest quarter, revenue rose 32.4% and profit fell 4.8% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 4 weeks running (as of 3 November 2026). ### Will Alpex Solar's share price go up? This page does not forecast Alpex Solar Ltd's share price. What it shows instead: the share price is ₹664.25, and it has been falling for 16 weeks. Its P/E of 8.4× is higher than 1% of its own last 3 years (as of 3 November 2026). ### Who owns Alpex Solar? Promoters own 65.9% of Alpex Solar Ltd, foreign institutions 3.3%, domestic institutions 0.4% and the public 30.4% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 2.9 percentage points over 8 quarters (as of 3 November 2026). ### Where is Alpex Solar in its business cycle? Alpex Solar Ltd's FY26 operating margin was 15.0%, against a 7-year range of 2.7% to 16.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Alpex Solar story? The main question: yearly earnings per share moved +131.2% while the share price moved −44.6%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Alpex Solar a stock worth studying right now? What the numbers show: Alpex Solar Ltd's P/E is near the low end of its own history, higher than only 1% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Alpex Solar share price forecast for 2026? What management itself guided: Cell plant inauguration planned around September 10-11, with production start and ramp-up over the following 30 days. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

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