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Alpex Solar Plans To Commission 2.2 GW Solar Cell Plant Within 90 Days Photograph: (AI)
Alpex Solar expects its 2.2 GW TOPCon solar cell manufacturing facility at Kosi Mathura to become operational within the next 90 days, as the company accelerates its backward integration strategy amid tightening domestic manufacturing norms in India’s solar sector.
Speaking during the company’s Q4 and FY26 earnings call, the management said the entire 2.2 GW capacity would be commissioned simultaneously instead of being rolled out in phases. Around 80-85% of the solar cells produced at the facility will be consumed internally, while the balance may be sold or exchanged for other cell formats required by customers.
The company indicated that the solar cell business is expected to substantially improve profitability. Managing Director Ashwini Sehgal said existing TOPCon solar cell manufacturers in India are generating EBITDA margins of around 35-36% and PAT margins of 24-25% in the cell business. For Alpex Solar, the management projected post-integration EBITDA margins of nearly 25% and PAT margins of over 16%. “We will definitely surpass this kind of EBITDA and PAT margins,” Sehgal said.
The company also unveiled an aggressive backward integration roadmap covering wafers, ingots and solar glass manufacturing, aligned with the Centre’s localisation push under various Approved List of Models and Manufacturers (ALMM) frameworks and future domestic content requirements. “We will be an integrated manufacturer almost decoupled from the vagaries of policies or competition,” Sehgal said, adding that the company aims to become a “very strong and seasoned player” capable of sustaining profitability and long-term growth.
Alpex Solar plans to establish a pilot wafer and ingot manufacturing project by 2027 to absorb and stabilise the technology, followed by a 2.5 GW integrated wafer manufacturing phase expected to commence operations by June 2028. The company has also announced plans to set up 5 GW solar glass and 5 GW wafer and ingot manufacturing capacities by FY30.
Management linked these investments to the proposed Approved List of Wafer Manufacturers (ALWM), expected to be implemented from 2028. On the financial front, the company indicated that FY27 revenue is likely to exceed Rs 3,000 crore, supported by the commissioning of the solar cell facility. Alpex Solar reported FY26 revenue of Rs 2,223 crore, compared with Rs 780 crore in FY25. “When we got listed, we had given guidance of 2X growth every year… our revenue should exceed Rs 3,000 crore this year,” Sehgal said, adding that the operationalisation of the cell plant could help the company outperform even that target.
The management also signalled consolidation ahead in India’s solar manufacturing sector as domestic content norms tighten and the business becomes increasingly capital-intensive. “The business of solar module manufacturing is not very simple anymore,” Sehgal said. “The companies that understand this business and those who have integrated the business, they will progress a lot.”
According to the company, future domestic manufacturing mandates for solar cells and wafers could make it difficult for smaller and less integrated players to survive. Separately, Alpex Solar said it plans to migrate from the SME platform to the mainboard in FY27. Management said the company will become eligible for migration on February 15, 2027, after completing the mandatory three-year waiting period. “We will start the process immediately… we anticipate that they will take two months to give us a mainboard,” Sehgal said.
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