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Alpex Solar has reported revenue from operations of ₹381.59 crore for the quarter ended September 30, 2026 (Q2 FY27), registering a 27.03% year-on-year (YoY) decline from ₹522.92 crore in Q2 FY26. On a quarter-on-quarter (QoQ) basis, revenue fell 24.20% from ₹503.42 crore in Q1 FY27.
Alpex’s profit for the quarter stood at ₹20.20 crore, down 61.65% YoY from ₹52.67 crore in the corresponding quarter of the previous fiscal. Compared to the preceding quarter, profit declined 49.34% QoQ from ₹39.87 crore in Q1 FY27.
For the half-year ended September 30, 2026 (H1 FY27), Alpex Solar reported revenue of ₹885.01 crore, down 2.02% YoY from ₹903.24 crore in the corresponding period of the previous fiscal. Half-year profit stood at ₹60.06 crore, registering a decline of 36.74% YoY from ₹94.95 crore in H1 FY26.
Alpex Solar has disclosed its operating segments based on the management approach under ‘Operating Segments’. These comprise five segments: solar panels, solar pumps, EPC, solar cells, and independent power producers (IPP). The revised segment reporting has been adopted from the current financial year, reflecting the manner in which the Chief Operating Decision Maker (CODM), identified as the company’s Chief Executive Officer (CEO), reviews and evaluates business performance.
Alpex Solar, in its financial results, outlined its manufacturing expansion plans, including the upcoming 2.2 GW G12R TOPCon third-generation solar cell manufacturing facility, which is expected to commence commercial production shortly.
Alpex Solar completed its Initial Public Offering (IPO) during the financial year ended March 31, 2024, comprising a fresh issue of 64,80,000 equity shares with a face value of ₹10 each at an issue price of ₹115 per share, including a share premium of ₹105 per share. The public issue aggregated ₹74.52 crore.
Following the IPO, Alpex’s equity shares were listed on the EMERGE platform of the National Stock Exchange of India Limited (NSE), which caters to small and medium enterprises, on February 15, 2024.  Alpex Solar estimated total IPO offer expenses at ₹11.59 crore, excluding taxes, which were utilised from the Securities Premium Account in accordance with Section 52 of the Companies Act, 2013.  According to the financial disclosures, Alpex Solar had earmarked ₹66.94 crore of net IPO proceeds for utilisation, of which ₹66.01 crore has been utilised, while approximately ₹0.93 crore remained unutilised.
Of the IPO proceeds, it reported using ₹19.56 crore to meet capital expenditure requirements for upgrading and expanding its existing solar module manufacturing facility by adding 750 MW of capacity. It also used ₹20.50 crore towards meeting the company’s working capital requirements and ₹13.94 crore for general corporate purposes.

In addition to its IPO, Alpex Solar disclosed the utilisation of funds raised through a preferential allotment in September 2025. It made a preferential allotment offer worth ₹261.16 crore to identified investors. The offer comprised 10,77,800 equity shares aggregating ₹130.63 crore and 10,77,000 fully convertible warrants worth ₹130.53 crore, at an issue price of ₹1,212 each.
Alpex Solar’s preferential offer received subscriptions worth ₹260.17 crore, while ₹0.99 crore remained unsubscribed and subsequently lapsed. The warrants are convertible into an equivalent number of fully paid-up equity shares within 18 months of allotment.
It also received ₹32.63 crore, representing 25% of the total warrant subscription amount, with the remaining 75% payable by warrant holders upon exercising their warrants. Of the total proceeds, ₹97.90 crore represents the balance consideration receivable upon exercise of the warrants. Accordingly, this amount was not available for utilisation as of the reporting date.
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