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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

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
Key Metrics
Valuation Multiples
Market Cap
₹2,203 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹78.3
TTM Sales
₹2,346 Cr.
Book Value per Share
₹222.5
P/E Ratio
11.01
Lower than its 5-year historical median
Industry PE
53.2
Price to Book (P/B)
3.88
Lower than its 5-year historical median
Price to Sales (P/S)
0.94
Lower than its 5-year historical median
EV/EBITDA
7.50
Lower than its 5-year historical median
Dividend Yield
NAN%
Profitability Efficiency
Return on Equity (ROE)
54.06%
Outperforms industry median
Return on Capital Employed (ROCE)
44.57%
Outperforms industry median
Return on Assets (ROA)
21.74%
Operating Profit Margin
14.7%
Net Profit Margin
9.06%
Gross Profit Margin
13.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
184.66%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
155.22%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
141.39%
Asset Quality
Promoter Holding
65.90%
Pledged shares (%) of Promoter's holding (%)
6.47%
Reserves
₹543 Cr.
Equity
₹25.5 Cr.
Face Value
₹10
All Time Low / High
₹0.00 / 0.00

Alpex Solar stock performance

Key Ratios
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Quality

Not Good
Check detailed performance

Valuation

Undervalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 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.

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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.

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How does Alpex Solar Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Alpex Solar Ltd vs industry peers?
Alpex Solar Ltd revenue CAGR is 71.80%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 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.
Q.1 Stock return of Alpex Solar Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -28% based on the current price.
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10 Year X-Ray :

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ11.5%6.7%15.3%34.3%51.9%44.8%-
Value Creation
Index ⓘ		-0.2-0.50.11.52.72.2-

Growth Parameters ⓘ
Sales ⓘ1381531834047792,2182,339
Sales YoY Gr.-10.4%19.6%121.4%92.7%184.7%-
Adj EPS ⓘ1.40.22.110.633.68078.3
YoY Gr.--89.1%1280%410.1%217.7%138.5%-
BVPS (₹) ⓘ19.719.821.954.588.3208223.1
Adj Net
Profit ⓘ		2.50.33.725.882.1204200
Cash Flow from Ops. ⓘ33.6-8.3-13.754.2-117-
Debt/CF from Ops. ⓘ9.15.5-4.8-2.61.3-4.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA74.2%129.8%184.7%
Adj EPS ⓘNA125.3%238.1%138.5%
BVPSⓘNA60.2%111.9%135.5%
Share Price - - - -28%

Key Financial Parameters ⓘ

Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		70.81029.94752.436.3
Op. Profit
Mgn % ⓘ		5.82.469.11614.714.2
Net Profit
Mgn % ⓘ		1.80.226.410.59.28.6
Debt to
Equity ⓘ		0.80.610.30.31-
Working Cap
Days ⓘ		01361409610710162
Cash Conv.
Cycle ⓘ		0566950464328

Valuation of Alpex Solar - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.006.486.476.47
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1491661954137802,223
Operating Expenses ⓘ + 1401621833756551,903
Manufacturing Costs8111149
Material Costs1181371683496031,789
Employee Cost 666101425
Other Costs ⓘ 878153481
Operating Profit ⓘ 841137125320
Operating Profit Margin (%) 5.6%2.4%5.9%9.0%16.1%14.4%
Other Income ⓘ + 231138
Exceptional Items ⓘ 00050-1
Interest ⓘ 4456723
Depreciation ⓘ 2324924
Profit Before Tax ⓘ 30534112279
Tax ⓘ 00252978
Profit After Tax 3042983202
PAT Margin (%) 2.1%0.1%1.9%7.1%10.7%9.1%
Adjusted EPS (₹)1.80.12.111.934.178.9
Dividend Payout Ratio (%)0%0%0%0%0%0%
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 373841133216529
Share Capital ⓘ 66624.4724.4725.54
Reserves ⓘ 313235109192504
Debt +2724443672507
Long Term Debt12129414260
Short Term Debt1512353158247
Minority Interest000000
Trade Payables24232534110202
Others Liabilities ⓘ 1116162472145
Total Liabilities ⓘ 991001262274701,383

Fixed Assets

Net Fixed Assets ⓘ +2017174474162
Gross Block39363867105212
Accumulated Depreciation191921233150
CWIP ⓘ 124023177
Investments ⓘ 443221
Inventories31445337102359
Trade Receivables14171971124255
Cash Equivalents 157114346150
Others Assets ⓘ 1410183099279
Total Assets ⓘ 991001262274701,383
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 2-1-7-869-116
PBT ⓘ 30534112280
Adjustment ⓘ 56611447
Changes in Working Capital ⓘ -6-6-18-38-44-394
Tax Paid ⓘ -1-1-0-5-13-49
Cash Flow From Investing Activity ⓘ + -86-9-19-82-437
Capex -3-1-5-5-57-246
Net Investments -67-4-151-111
Others ⓘ 0000-25-80
Cash Flow From Financing Activity ⓘ + 7-6175016553
Net Proceeds from Shares ⓘ 000630111
Net Proceeds from Borrowing ⓘ 00-4110245
Interest Paid ⓘ -3-3-4-5-6-19
Dividend Paid ⓘ 000000
Others ⓘ 10-324-812216
Net Cash Flow ⓘ 0-122330
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)8.430.539.4533.3447.7854.06
ROCE (%)11.596.5513.931.2552.3344.57
Asset Turnover Ratio1.511.671.732.342.242.4
PAT to CFO Conversion(x)0.67N/A-1.75-0.280.83-0.57
Working Capital Days
Receivable Days34.603433.3039.5045.5031.10
Inventory Days76.5082.709139.8032.6037.90
Payable Days72.8061.3041.2023.3035.6028.10

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 ₹2,203.5 Cr

The latest P/E ratio of Alpex Solar as of 31-Dec-1969 is 11.02.

The latest P/B ratio of Alpex Solar as of 31-Dec-1969 is 3.87.

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 ₹2,339 ( 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 Semi Strong which suggest that the price of Alpex Solar Ltd is likely to Rise-somewhat 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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