### **Overview** Alpex Solar Limited, founded in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal, is one of North India’s largest and most experienced solar photovoltaic (PV) module manufacturers. Originally a textile and trading enterprise, the company transitioned into renewable energy in 2005 and began solar PV manufacturing in 2008. Headquartered in Greater Noida, Uttar Pradesh, Alpex has evolved into a vertically integrated, end-to-end player in India’s solar ecosystem, with growing presence in engineering, EPC services, and Independent Power Production (IPP). The company was relisted on the **NSE Emerge platform in 2023–2024**, and has since accelerated capacity expansion, technological upgrades, and backward integration to consolidate its position as a key domestic manufacturer under India’s **"Make in India"** and **ALMM (Approved List of Models and Manufacturers)** initiatives. --- ### **Core Business Segments** Alpex Solar operates across three certified verticals: 1. **Solar PV Modules** – Primary revenue driver (~83–94% of FY25 revenue), offering high-power monocrystalline and polycrystalline modules using advanced technologies. 2. **Solar AC/DC Pumps** – EPC services contributing ~15% of revenue; deployed over 21,000 pump systems under schemes like PM-KUSUM. 3. **Solar Frames and Mounting Structures** – In-house aluminum frame manufacturing to strengthen supply chain control. Additionally, the company is expanding into: - **Engineering, Procurement & Construction (EPC)** - **Independent Power Production (IPP)** - **Hydrogen technology R&D** via new subsidiaries. --- ### **Manufacturing and Capacity Expansion (FY25–FY27)** | Parameter | Current (Nov 2025) | Target (FY26–FY27) | |--------|-------------------|---------------------| | **Solar Module Capacity** | 1.2 GW (operational) | **3.6 GW** (tripling via Units IV, V, and Kosi, MP) | | **Solar Cell Production** | 0 GW (launching) | **1.6 GW** (Mono PERC & TOPCon) | | **Aluminum Frame Production** | 6,000 MT/year | **12,000 MT/year** (backward integration) | | **EPC Execution Capacity** | 15 MW by FY25 | **150 MW cumulative by FY27** | | **IPP Assets** | In progress | **100 MW commissioned** | - **Unit V (Sikandrabad, UP)**: A leased 17,000 sq m facility to house a new **1.2 GW module line**, expected online by **December 2025**. - **Unit II (Kosi, Mathura, UP)**: Site of the upcoming **1.6 GW solar cell plant**, being developed in three phases: 500 MW, 500 MW, and 600 MW. - **Madhya Pradesh Expansion**: Acquired **~21 acres (80,000+ sq m)** under concessional lease in Narmadapuram for future renewable energy equipment manufacturing. --- ### **Technology & Innovation Leadership** - **First Indian company** to adopt **G12R cell technology**, the most efficient and globally dominant cell size, skipping intermediate transitions for cost and time savings. - **Avoided factory shutdowns** (~2 months) and saved **₹50–60 crores** by directly shifting from mono-PERC to G12R, bypassing standalone TOPCon transition. - Produces **N-type TOPCon, Mono PERC, Half-Cut, Bifacial, and Glass-Glass modules**, with power outputs up to **700W**. - Uses **4.0 mm tempered glass** (exceeding 3.2 mm industry standard) for enhanced durability. - Ranked **7th out of 40 global competitors** in a third-party **Photon Lab test**, validating high performance and reliability. - Modules certified for **PID-free architecture**, capable of withstanding **2400Pa wind load** and **5400Pa snow load**, with **25-year generation guarantee**. - Complies with **BIS, IEC, UL, CE, ALMM**, and **MNRE approvals**. --- ### **Strategic Vertical Integration** Alpex is aggressively backward-integrating to reduce dependence on external suppliers and improve margins: - **Aluminum Frame Production**: Phase 1 operational in Greater Noida; expansion underway in MP. - **Cell Manufacturing**: 1.6 GW G12R-capable line to ensure in-house supply and protection against module commoditization. - **Joint Ventures**: In development for junction boxes to protect margins. - **Subsidiary Formation**: - **Alpex Green Energies Pvt. Ltd. (Wholly Owned)**: Handles **EPC and IPP** projects. Acquired **Chandra Energy (SPV)** to fast-track IPP growth. - **Alpex GH2 Pvt. Ltd.**: Dedicated to **R&D in hydrogen storage**, aligned with **National Green Hydrogen Mission**. --- ### **Market Position & Financial Highlights (FY25)** - **Top 10 manufacturer** of specialized high-power PV modules in India. - **Largest solar PV module manufacturer in North India**. - Leading **white-label manufacturer** for Tata Power, Jakson, and others. - **98% of revenue from domestic sales**, benefiting from ALMM policy banning imported modules in government projects. - **EBITDA Margin**: 16.4%, **PAT Margin**: 10.7% (FY25). - **Q1 FY26 Revenue Breakdown**: - **94.1%** – Solar PV Modules - **5.9%** – EPC for AC/DC Solar Pumps - **FY25 Revenue Drivers**: - **83.4%** PV Modules - **15.2%** Solar Pump EPC --- ### **EPC & IPP Growth Strategy** - **Phased Expansion**: Aims to scale EPC capacity to **15 MW (FY25), 80 MW (FY26), and 150 MW (FY27)**. - Secured **₹1,554 crores** in EPC orders within **first 150 days of FY26**, including: - ₹349 crores from **Coal India** (70% share) - ₹210 crores from **SECI** - ₹65 crores from **HAREDA** - ₹45 crores from **MSEDCL** - ₹989 crores from private clients - Plans to commission **100 MW of IPP assets** via Alpex Green Energies. - Dual-track model: EPC (project delivery) + IPP (asset ownership) for diversified, stable revenue. --- ### **Investment & Funding** - **Total planned investment**: **₹642 crores** over FY26–FY27: - ₹400 crores (FY26) - ₹242 crores (FY27) - Funded through **internal accruals, equity, and minimal debt**. - IPO proceeds are being deployed for: - Aluminum frame manufacturing - Cell and module capacity expansion - R&D in next-gen technologies --- ### **Workforce & Leadership** - **Headcount**: ~375+ professionals; plans to **double workforce** by FY27. - **Core Engineering Team**: Undergoes **advanced training in China and Taiwan** on G12R, TOPCon, and cell tech. - Key Leaders: - **Ashwani Sehgal (MD & President)**: Over 80 years combined experience across founding team; former leader in ISMA. - **Monica Sehgal (Whole Time Director)**: Holds MCA; oversees marketing, HR, admin, and ERP implementation. - **Vipin Sehgal (Exec. Director)**: Leads R&D and tech innovation; instrumental in digital transformation. - **Lakhan (Plant Head)**: 34 years in PV manufacturing; ex-Indosolar and Phoenix Lamps. - Leadership includes veterans from **IndoSolar, Samsung, Sony, and Tata Power Renewables**. --- ### **Strategic Advantages** 1. **Vertical Integration**: End-to-end control from **cells → modules → frames → EPC/IPP** improves margin, quality, and delivery reliability. 2. **Domestic Focus**: Benefits from **ALMM policy**, import restrictions, and government incentives; targets **US exports** in the future. 3. **High-Quality & Trust**: 0.1% warranty claim rate over 10 years; **Photon Lab validation**. 4. **First-Mover Edge**: **First in India to launch G12R cells**, bypassing obsolete transitions and gaining competitive lead. 5. **Government Partnerships**: Strong order book from SECI, HAREDA, Coal India, PM-KUSUM. 6. **Brand Credibility**: Appointed **Rahul Dravid as Brand Ambassador** to enhance public trust and visibility.