Revenue and Profitability Growth
Alpex Solar’s net sales have surged impressively, nearly quintupling from ₹165.56 crores in March 2022 to ₹780.15 crores by March 2025. This rapid expansion reflects the company’s successful scaling of operations and market demand for its solar products. Correspondingly, total operating income mirrored this growth, with no other operating income reported during this period.
Operating profit before depreciation and interest (PBDIT) excluding other income rose sharply from ₹4.00 crores in March 2022 to ₹125.29 crores in March 2025, indicating enhanced operational efficiency and margin improvement. The operating profit margin improved from a modest 2.42% to a robust 16.06% over the same timeframe, underscoring better cost management and pricing power.
Profit before tax expanded from a negligible ₹0.37 crores in March 2022 to ₹112.33 crores in March 2025, while profit after tax increased from ₹0.25 crores to ₹83.50 crores. This translated into a substantial rise in earnings per share (EPS), which climbed from ₹0.32 to ₹34.12, reflecting both higher profitability and an increase in equity capital.
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Cost Structure and Margins
The company’s raw material costs rose in line with sales, increasing from ₹134.24 crores in March 2022 to ₹605.23 crores in March 2025. However, the proportionate increase in operating profit suggests effective control over other expenses. Employee costs and other expenses also increased but remained well contained relative to revenue growth. Notably, power and manufacturing expenses were minimal or zero, which may indicate operational efficiencies or outsourcing strategies.
Interest expenses increased moderately from ₹3.99 crores to ₹7.32 crores, reflecting some rise in borrowings, but this was well covered by the growth in operating profits. The company reported no exceptional or extraordinary items in the latest fiscal year, indicating stable core operations.
Balance Sheet Strength and Asset Growth
Alpex Solar’s total assets more than quadrupled from ₹100.04 crores in March 2022 to ₹470.38 crores in March 2025. This growth was driven by increases in both non-current assets and current assets. Net block of fixed assets rose significantly, supported by capital work in progress, which expanded from ₹2.00 crores to ₹22.81 crores, signalling ongoing investments in capacity expansion.
Current assets also grew substantially, with inventories and sundry debtors rising in tandem with sales growth. Cash and bank balances improved from ₹6.60 crores to ₹45.86 crores, enhancing liquidity. Shareholders’ funds strengthened from ₹37.68 crores to ₹216.41 crores, supported by reserves accumulation and equity capital increases.
On the liabilities side, total debt increased from ₹26.70 crores to ₹72.08 crores, reflecting financing for expansion, but remained manageable relative to equity. The company’s book value per share rose from ₹62.82 to ₹88.43, indicating value accretion for shareholders.
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Cash Flow and Financial Stability
Cash flow from operating activities showed a marked improvement, turning positive at ₹68 crores in March 2025 after negative or marginal figures in prior years. This reflects better working capital management and profitability. Investing activities consistently showed cash outflows, primarily due to capital expenditure, while financing activities fluctuated, including equity infusion and borrowings.
Net cash inflow was modest but positive at ₹3 crores in the latest fiscal year, with closing cash and cash equivalents rising to ₹29 crores. This improved liquidity position supports the company’s ongoing expansion and operational needs.
Overall, Alpex Solar’s historical performance reveals a company transitioning from modest beginnings to a rapidly growing enterprise with improving margins, robust asset growth, and strengthening financial health. Investors may find the company’s trajectory indicative of a promising growth story in the renewable energy sector.
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