Alpex Solar

What Alpex Solar does

Alpex Solar Limited is a publicly listed (NSE Emerge) Indian solar PV manufacturer, incorporated in 1993 and headquartered in Greater Noida, Uttar Pradesh, with a registered office in New Delhi. The company operates a vertically integrated, fully automated manufacturing footprint spanning a 3.6 GW module line, a 2.2 GW G12R TOPCon solar cell line (being commissioned in Kosi Kotwan, UP), and a 12,000 MT aluminum frame line, allowing in-house production of cells, modules, frames, and junction boxes. Its product portfolio covers bifacial, mono PERC half-cut, and N-type TOPCon solar PV modules (560W-590W), off-grid DC solar water pumps in 3 HP/5 HP/7.5 HP capacities, aluminum mounting frames, and junction boxes; it complements the product offering with on-grid, off-grid, and hybrid rooftop solutions for residential and commercial customers, and turnkey EPC services for utility-scale projects up to 65 MW for entities such as NTPC and 45 MW for NLC.

The company derives revenue primarily from hardware sales of solar PV modules and pumps, plus professional-services revenue from EPC contracts. Pricing follows a quote-based, per-kW unit-pricing model that ranges from Rs 60,000-1,20,000/kW for residential on-grid systems, Rs 1.5-7 lakhs for hybrid home systems, Rs 22.5 lakhs to Rs 4.5 crores for commercial systems in 50 kW-500 kW+ bands, and Rs 45,000-70,000/kW for ground-mounted arrays. Its go-to-market combines a tender-driven enterprise sales motion targeting government utilities (SECI, MSEDCL, CMPDI, NTPC, NLC, state DISCOMs), B2B module sales to installers and EPC contractors, an authorized dealer network for residential and SMB customers, and international exhibition sales (RE+ Expo 2024, 2025) for export expansion. ALMM, IEC, and BIS certifications underpin its eligibility for Indian government solar tenders.

Alpex reports H1 FY26 revenue of Rs 903 crore (up 240% YoY) and a Rs 1,900 crore order book including utility-scale contracts and PM-KUSUM-aligned solar pump deployments (notably a Rs 65 crore MSEDCL irrigation contract). The company is executing an aggressive capacity ramp (1.2 GW to 3.6 GW modules by FY2027), a February 2026 distribution partnership with ConnectM Technology's Cambridge Energy Resources to deploy ~5,000 solar irrigation pumps, and a $13.8M December 2025 NCD issuance to fund expansion. It lists on NSE Emerge under the symbol ALPEXSOLAR, is led by CEO Aditya Sehgal and founder/Managing Director Ashwani Sehgal, and is registered with CIN L51909DL1993PLC171352.

Name

Alpex Solar

Legal name

Alpex Solar Limited

Website

https://alpexsolar.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

Alpex Solar Limited is a publicly listed (NSE Emerge) Indian solar PV manufacturer, founded in 1993 and headquartered in Greater Noida, vertically integrated from G12R TOPCon cells and modules to aluminum frames and turnkey EPC, serving government utilities, commercial, residential, and agricultural customers.

Ownership category

akta.pro rank

Product category

Solar PV Manufacturing and EPC Services

NAICS

Solar Electric Power Generation (221114), Other Aluminum Rolling, Drawing, and Extruding (331318)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Solar Balance-of-System Components (Cables, Combiner Boxes, Switchgear, Transformers) (EUAMABAG)

Keywords

• Solar PV modules
• Solar power plants
• Solar water pumps
• Solar EPC services
• Aluminum solar frames

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Solar PV Module Sales: Sale of finished solar photovoltaic modules including bifacial, mono PERC, half-cut, and TOPCon technology modules to residential, commercial, and utility-scale customers.
2. Solar Cell Manufacturing: Manufacturing and sale of solar cells including advanced G12R TOPCon technology cells for in-house module production and external sales.
3. EPC Project Services: Full turnkey engineering, procurement, and construction services for solar power plants ranging from residential rooftop to utility-scale installations. Services include power plant solutions, commercial solar plants, and large-scale solar farm development.
4. Solar Water Pumping Systems: Supply and installation of solar-powered water pumping systems for agricultural irrigation under government schemes like PM-KUSUM. Includes off-grid DC solar photovoltaic pumps of various capacities (3 HP, 5 HP, 7.5 HP) with remote monitoring and warranty.
5. Aluminum Frames and Components: In-house manufacturing of high-grade aluminum frames for solar panels, junction boxes, and other solar mounting components.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Alpex Solar Limited is a vertically integrated solar manufacturer producing solar PV modules (mono PERC, bifacial, half-cut, and G12R TOPCon), solar AC/DC water pumps, aluminum frames, and junction boxes. The company also delivers turnkey EPC (Engineering, Procurement, Construction) services for utility-scale, commercial, and residential solar power plants. Operations span from solar cell production to complete solar farm deployment with a 3.6GW module line, 2.2GW cell line, and 12,000MT aluminum frame capacity.

Product overview

Alpex Solar is a vertically integrated solar manufacturing company offering a comprehensive portfolio of solar products and solutions. The core product line includes Solar PV Modules (bifacial, mono PERC, half-cut, and TOPCon technologies), Solar AC/DC Pumps for agricultural applications, Aluminum Frames manufactured in-house, and Junction Boxes. The company provides complete turnkey solutions through its EPC services division, including Large Scale Power Plant Solutions (up to 65 MW installations), Commercial Solar Plants, and Residential Solar Power Systems. The manufacturing infrastructure spans 3.6GW module production, 2.2GW cell production, and 12,000MT aluminum frame production capacity. Solutions are categorized into On-Grid (grid-connected with net metering), Off-Grid (battery-based independent systems), and Hybrid systems combining both approaches.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar PV Modules Photovoltaic solar modules including bifacial modules, mono PERC, half-cut modules, and TOPCon technology panels (G12R format) for utility, residential, and commercial installations.
• Solar AC/DC Pumps Solar-powered water pumping systems for agricultural irrigation, available in 3 HP, 5 HP, and 7.5 HP capacities, including off-grid DC solar photovoltaic pumps with remote monitoring systems.
• Aluminum Frames High-grade aluminum frames manufactured in-house for solar panel mounting, ensuring complete quality control and optimized compatibility.
• Junction Boxes Junction boxes for solar panel electrical connections and system integration.
• On-Grid Solar System Grid-connected solar power systems that allow users to use solar energy during the day and export excess electricity back to the grid, with net metering capabilities for residential and commercial applications.
• Off-Grid Solar System Self-sufficient solar power systems operating independently of the main energy grid, using battery storage for power when sunlight is unavailable, ideal for remote areas.
• Hybrid Solar System Combined solar systems integrating on-grid and off-grid capabilities with battery storage, allowing users to store excess energy while maintaining grid connection for backup power.
• Large Scale Power Plant Solutions Full turnkey EPC services for utility-scale solar farms, including single location installations up to 65 MW for NTPC and 45 MW for NLC.
• Commercial Solar Plant Solar power solutions for commercial and industrial facilities, including rooftop and ground-mounted installations for businesses, factories, and institutions.
• Solar Power for Home Residential solar solutions including rooftop solar panel installations for households, apartments, societies, and farmhouses with government subsidy support.

Quantifiable outcome

• 240% revenue growth to Rs 903 crore in H1 FY26
• +4 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• ConnectM Technology / Cambridge Energy Resources Private LimitedcoreStrategic or Co-development Partner · 4 February 2026Definitive agreement signed with ConnectM Technology's wholly-owned subsidiary Cambridge Energy Resources Private Limited to execute distributed solar project development and deployment in India. The agreement covers an initial pipeline of approximately 5,000 solar irrigation pumps representing an estimated $16.5 million commercial opportunity, to be executed over 24 months. Projects will be deployed under India's solar irrigation pump and rooftop solar government programs.
• ISMA (Solar Module Manufacturing Association)coreOthersFounding Member of ISMA (Solar Module Manufacturing Association), positioning Alpex Solar as a key player in India's solar manufacturing ecosystem and contributing to industry policy development and standards.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Waaree Energies: India's largest solar PV module manufacturer with vertically integrated cell-to-module capacity, EPC services, and ALMM approval — directly comparable to Alpex across product portfolio, customer base, and go-to-market.
• Adani Solar: Vertically integrated solar PV module and cell manufacturer and EPC arm of Adani Group, operating in the same Indian residential, commercial, and utility-scale markets with comparable bifacial/TOPCon technology stack.
• Tata Power Solar Systems: Subsidiary of Tata Power offering solar PV modules, EPC services, and rooftop solutions to government, commercial, and residential customers in India, with similar project scale and customer roster to Alpex.
• Vikram Solar: Listed Indian solar PV module manufacturer with its own EPC division and in-house cell production; competes with Alpex for government tenders and C&I rooftop projects and supplies to similar enterprise customers.
• Sterling and Wilson Renewable Energy: Large Indian solar EPC contractor executing utility-scale and C&I projects via tender wins; competes head-to-head with Alpex's EPC division for SECI, state utility, and PSUs contracts.
• Premier Energies: Indian solar cell and module manufacturer with vertically integrated TOPCon capacity targeting utility and C&I segments; direct Indian comp in scale and product mix alongside Alpex.

Emerging players

• Websol Energy System: India-based solar cell manufacturer specializing in mono PERC and TOPCon cells; serves as upstream supplier/customer dynamic to Alpex's module assembly and competes for technology leadership in domestic cell production.
• Borosil Renewables: Indian manufacturer of solar glass (an upstream BOS input) used in modules; serves as an adjacent input supplier to Alpex's module line and as a fellow ALMM-era domestic manufacturing beneficiary.

Broad incumbents

• JinkoSolar: Global solar module leader with TOPCon technology at massive scale; competes with Alpex in international markets and sets the cost/technology benchmark that Alpex must beat on Indian tenders.
• Trina Solar: Global Tier-1 solar module and cell manufacturer with industry-leading TOPCon capacity; competing exporter into Indian projects and reference benchmark for Alpex's product roadmap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/alpexsolar
• Facebookfacebook.com/AlpexSolarPower
• LinkedInlinkedin.com/company/alpex-solar

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alpex Solar