Key Metrics 
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10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
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About
Alpex Solar Ltd (ALPEXSOLAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: ALPEXSOLAR Electric Equipment | Small Cap | Alpex Solar Share Price
BSE Share Price
Not Listed
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Alpex Solar Ltd (ALPEXSOLAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: ALPEXSOLAR Electric Equipment | Small Cap | Alpex Solar Share Price
BSE Share Price
Not Listed
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹2,064 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹79.8
TTM Sales
₹2,218 Cr.
Book Value per Share
₹220.8
P/E Ratio
10.13
Lower than its 5-year historical median
Industry PE
54.6
Price to Book (P/B)
3.66
Lower than its 5-year historical median
Price to Sales (P/S)
0.93
Lower than its 5-year historical median
EV/EBITDA
7.37
Lower than its 5-year historical median
Dividend Yield
NAN%
Profitability Efficiency
Return on Equity (ROE)
47.41%
Outperforms industry median
Return on Capital Employed (ROCE)
51.94%
Outperforms industry median
Return on Assets (ROA)
24.36%
Operating Profit Margin
16%
Net Profit Margin
10.63%
Gross Profit Margin
15.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
92.67%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
237.38%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
162.38%
Asset Quality
Promoter Holding
65.90%
Pledged shares (%) of Promoter's holding (%)
6.47%
Reserves
₹538 Cr.
Equity
₹25.5 Cr.
Face Value
₹10
All Time Low / High
- / -
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Quality
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Valuation
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Price Trend
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Is Alpex Solar Ltd a good quality company?
Alpex Solar Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Alpex Solar Ltd performance compare with that of its Peers?
Revenue growth of Alpex Solar Ltd vs industry peers?
Alpex Solar Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 13.01%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Alpex Solar Ltd?
Promoters hold 65.90% of the Alpex Solar Ltd, with 6.47% of their stake pledged, indicating low pledge risk.
Stock return of Alpex Solar Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 12.98% based on the current price.
10 Year X-Ray : Login to view analysis.
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Alpex Solar Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.5% | 6.7% | 15.3% | 34.3% | 51.9% | - |
| Value Creation Index ⓘ | -0.2 | -0.5 | 0.1 | 1.5 | 2.7 | - |
Growth Parameters ⓘ |
||||||
| Sales ⓘ | 138 | 153 | 183 | 404 | 779 | 2,218 |
| Sales YoY Gr. | - | 10.4% | 19.6% | 121.4% | 92.7% | - |
| Adj EPS ⓘ | 1.4 | 0.2 | 2.1 | 10.6 | 33.6 | 79.8 |
| YoY Gr. | - | -89.1% | 1280% | 410.1% | 217.7% | - |
| BVPS (₹) ⓘ | 19.7 | 19.8 | 21.9 | 54.5 | 88.3 | 220.8 |
| Adj Net Profit ⓘ | 2.5 | 0.3 | 3.7 | 25.8 | 82.1 | 204 |
| Cash Flow from Ops. ⓘ | 3 | 3.6 | -8.3 | -13.7 | 51.2 | - |
| Debt/CF from Ops. ⓘ | 9.1 | 5.5 | -4.8 | -2.6 | 1.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 72.2% | 92.7% | ||||
| Adj EPS ⓘ | NA | NA | 507% | 217.7% | ||||
| BVPSⓘ | NA | NA | 64.7% | 62.1% | ||||
| Share Price | - | - | - | -27.9% | ||||
Key Financial Parameters ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7 | 0.8 | 10 | 29.9 | 47 | 51.6 |
| Op. Profit Mgn % ⓘ | 5.8 | 2.4 | 6 | 9.1 | 16 | 14.5 |
| Net Profit Mgn % ⓘ | 1.8 | 0.2 | 2 | 6.4 | 10.5 | 9.2 |
| Debt to Equity ⓘ | 0.8 | 0.6 | 1 | 0.3 | 0.3 | 0.5 |
| Working Cap Days ⓘ | 0 | 136 | 140 | 96 | 107 | 62 |
| Cash Conv. Cycle ⓘ | 0 | 56 | 69 | 50 | 46 | 28 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|
| Sales | 138 | 153 | 183 | 404 | 779 |
| Operating Expenses ⓘ + | 130 | 150 | 172 | 368 | 655 |
| Operating Profit ⓘ | 8 | 3 | 11 | 37 | 124 |
| Operating Profit Margin (%) | 5.7% | 2.1% | 6.0% | 9.1% | 16.0% |
| Other Income ⓘ + | 2 | 3 | 1 | 1 | 3 |
| Interest ⓘ | 4 | 4 | 5 | 6 | 7 |
| Depreciation ⓘ | 2 | 3 | 2 | 3 | 9 |
| Profit Before Tax ⓘ | 3 | 0 | 5 | 36 | 111 |
| Tax ⓘ | 0 | 0 | 2 | 5 | 29 |
| Profit After Tax | 3 | 0 | 4 | 32 | 83 |
| PAT Margin (%) | 2.0% | 0.1% | 2.0% | 7.8% | 10.6% |
| Adjusted EPS (₹) | 1.6 | 0.0 | 2.1 | 12.9 | 33.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
Valuation of Alpex Solar - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 35 | 36 | 39 | 133 | 216 | ||||||
| Debt + | 25 | 17 | 37 | 33 | 63 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | ||||||
| Trade Payables | 22 | 21 | 23 | 34 | 96 | ||||||
| Others Liabilities ⓘ | 11 | 15 | 15 | 26 | 78 | ||||||
| Total Liabilities ⓘ | 93 | 89 | 114 | 227 | 453 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 20 | 17 | 15 | 44 | 69 | ||||||
| CWIP ⓘ | 1 | 2 | 4 | 0 | 11 | ||||||
| Investments ⓘ | 5 | 4 | 4 | 3 | 3 | ||||||
| Inventories | 22 | 34 | 41 | 37 | 102 | ||||||
| Trade Receivables | 17 | 16 | 21 | 71 | 125 | ||||||
| Cash Equivalents | 14 | 6 | 10 | 43 | 44 | ||||||
| Others Assets ⓘ | 14 | 10 | 17 | 30 | 101 | ||||||
| Total Assets ⓘ | 93 | 89 | 114 | 227 | 453 | ||||||
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 3 | 4 | -8 | -14 | 51 |
| Cash Flow From Investing Activity ⓘ + | -8 | 6 | -7 | -16 | -68 |
| Cash Flow From Financing Activity ⓘ + | 5 | -11 | 17 | 53 | 18 |
| Net Cash Flow ⓘ | 0 | -1 | 1 | 24 | 2 |
Financial Ratio
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.89 | 0.2 | 9.95 | 36.57 | 47.41 | |||||
| ROCE (%) | 11.5 | 6.7 | 15.33 | 34.28 | 51.94 | |||||
| Asset Turnover Ratio | 1.5 | 1.68 | 1.8 | 2.37 | 2.29 | |||||
| PAT to CFO Conversion(x) | 1 | N/A | -2 | -0.44 | 0.61 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 45.90 | 40 | 37.50 | 41.60 | 45.70 | |||||
| Inventory Days | 58.20 | 67.30 | 75.30 | 35.20 | 32.50 | |||||
| Payable Days | 71.60 | 61.30 | 50.40 | 27.90 | 35.60 | |||||
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.48 | 6.47 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Alpex Solar Ltd FAQs
The current trading price of Alpex Solar on 01-Jan-1970 05:30 is ₹0.00.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of Alpex Solar stood at ₹2,063.6 Cr
The latest P/E ratio of Alpex Solar as of 31-Dec-1969 is 10.13.
The latest P/B ratio of Alpex Solar as of 31-Dec-1969 is 3.66.
The 52-week high of Alpex Solar is ₹0.00 and the 52-week low is ₹0.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Alpex Solar is ₹2,218 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Alpex Solar Ltd is a below average quality company.
The key valuation ratios of Alpex Solar Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Alpex Solar Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Alpex Solar Ltd
Alpex Solar Limited was originally incorporated on August 27, 1993 as a Private Limited Company as ‘Alpex Exports Private Limited’ under the provisions of the Companies Act, 1956 with the Registrar of Companies, Chandigarh. Subsequently, pursuant to a special resolution passed by the Shareholders at their Extraordinary General Meeting held on August 10, 2017, the name of the Company was changed to ‘Alpex Solar Private Limited’ and a fresh Certificate of Incorporation was issued on September 07, 2017 by Registrar of Companies, Delhi. Subsequently pursuant to a special resolution passed by the Shareholders at their Extraordinary General Meeting held on August 16, 2023, the company was converted from a Private Limited Company to Public Limited Company and consequently, the name of the Company was changed to ‘Alpex Solar Limited’ and a Fresh Certificate of Incorporation dated September 01, 2023 was issued to the company by Registrar of Companies, Delhi.
The company is a solar photovoltaic (PV) module manufacturer in North India. Its PV modules are manufactured using both monocrystalline and polycrystalline cell technologies. Its portfolio of solar energy products consists of bifacial, mono perc, Halfcut solar PV modules. It also provides integrated solar energy solutions, including engineering, procurement, construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.
It manufactures and delivers solar panels in the B2B space and also serves as a contract manufacturer for several large companies, including Luminous, Jakson, and Tata Power. Its solar panels are delivered to companies, with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited. These companies install its solar panels at their clients’ locations after securing orders. As for solar water pumps, it targets the B2C segment. It begins by applying for tenders in respective states, and if it succeeds in winning the tender, it proceeds to assess the installation site and subsequently install solar water pumps at the designated locations.
Business area of the company
The company is engaged in the business of manufacturing & trading of solar panels in India.
Products of the company
Manufacturer solar photovoltaic module
- Mono-crystalline solar modules
- Polycrystalline solar modules
EPC - AC/DC solar water pumps
History and milestones
- 1993: Incorporation of the company.
- 2008: Entered in the business of Manufacturing of Solar PV panels.
- 2017: Achieved the Turnover of Rs 394 crore.
- 2019: Received Bureau of India Standard Licence, Registration number - R-93007480, for production of Crystalline Silicon Terrestrial Photovoltaic (PV) Modules.
- 2021: Obtain Approval for Manufacturing and Models of solar PV Modules from ALMM.
- 2021: Assessed and certified as meeting the standards of ISO 14001: 2015 Quality Management System vide Certificate No. KAEM202307012 issued by KVQA Assessment Private Limited.
- 2021: Assessed and certified as meeting the standards of ISO 45001: 2018 Quality Management System vide Certificate No. KAOH202307009 issued by KVQA Assessment Private Limited.
- 2021: Assessed and certified as meeting the standards of ISO 9001: 2015 Quality Management System vide Certificate No. KAQM202307016 issued by KVQA Assessment Private Limited.
- 2021: Obtain Certification for quality and reliability of PV Modules from ‘Solar PTL’ (US certified).
- 2023: Converted to Public Limited Company- consequently the name of the company was changed to ‘Alpex Solar Limited’.
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