Alpex Solar Limited IPO

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Alpex emerges as a pivotal figure in North India’s solar photovoltaic (PV) sector, specializing in the fabrication of PV modules employing advanced cell technologies such as monocrystalline and polycrystalline. This overview delves into the multifaceted operations of Alpex, encompassing its product offerings, manufacturing prowess, strategic partnerships, and its vision and mission that underscore its commitment to renewable energy and sustainability.

Diverse Product Portfolio

Alpex’s product range is distinguished by its variety and technological innovation, including bifacial, mono perc, and half-cut solar PV modules. These offerings cater to a broad spectrum of solar energy needs, leveraging both monocrystalline and polycrystalline technologies to optimize efficiency and performance. The company’s EPC services extend to the engineering, procurement, and construction of AC/DC solar pumps, addressing both surface and submersible applications, further testament to its comprehensive approach to solar solutions.

Strategic B2B and B2C Operations

In the B2B arena, Alpex excels as a manufacturer and contract producer for giants like Luminous, Jakson, and Tata Power, supplying solar panels predominantly to EPC companies. This strategic focus facilitates the deployment of solar solutions across various projects managed by partners like Solarworld Energy Solutions Pvt Ltd and Shakti Pumps India Limited. Conversely, the B2C segment sees Alpex engaging directly with end-users through the provision and installation of solar water pumps, a process initiated through tender applications and culminating in on-site implementations.

Manufacturing Excellence and Expansion

Alpex operates a state-of-the-art manufacturing facility in Greater Noida, equipped with robotic plants boasting a capacity of 450MW, with ambitions to escalate this figure to 1GW. This facility not only serves as the crucible for Alpex’s product innovation but also as a symbol of its commitment to quality and sustainability. The company’s expansion into additional offices across India underscores its commitment to accessibility and customer service.

Visionary Goals and Mission

At its core, Alpex is driven by a visionary commitment to the renewable energy revolution, aiming to make solar energy more accessible and efficient through cutting-edge technology and global experience. The company’s mission to reduce greenhouse gas emissions, foster job creation, and stimulate economic growth is encapsulated in its dedication to producing high-quality, cost-effective solar modules.

Innovation in Solar Technology

Alpex’s manufacturing process, characterized by stringent quality control and technological innovation, ensures the delivery of superior solar panels and systems. From raw material procurement to final dispatch, each step is meticulously executed to maintain the highest standards of quality and efficiency.

EPC Services and Solar Water Pumps

The company’s EPC services for solar water pumps highlight its end-to-end capabilities in delivering solar-powered water pumping solutions. By handling every aspect of the process, from engineering to construction, Alpex ensures the optimal performance and reliability of its solar water systems.


Alpex stands as a beacon of innovation, quality, and sustainability in the solar industry. Through its comprehensive product offerings, strategic operations, and unwavering commitment to its vision and mission, Alpex is not just manufacturing solar panels but is paving the way for a cleaner, more sustainable future powered by renewable energy.

Objects of the Alpex Solar Limited IPO:

The Company intends to utilize the Net Fresh Issue Proceeds for the following Objects ("Objects of the Issue"): i. Funding Capital Expenditure for upgradation and expansion of the existing solar module manufacturing facility by increasing 750 MW; ii. Funding Capital Expenditure towards setting up of a new manufacturing unit for Aluminum frame for the solar module; iii. To Meet Working Capital requirements of the Company; and iv. General Corporate Expenses.

Alpex Solar Limited IPO Details:

Open Date: Feb 08 2024
Close Date: Feb 12 2024
Total Shares: 6,480,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 74.52 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 109 - 115 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 15 2024

Promoters And Management:

Mr. Ashwani Sehgal, aged 58 years, is the Promoter, Chairman, and Managing Director of the company. He holds a degree in Mechanical Engineering from Punjab University, Chandigarh. With 34 years of work experience, 16 of which were in the Solar Business, he has held the position of President in the Indian Solar Manufacturers Association (ISMA). He began his career with Punjab Tractor Limited in 1989 and left the company in 1993 to start his own company, Alpex Solar Limited. He has been actively involved in the day-to-day operations of the company and currently oversees and controls the overall commercial operations, including but not limited to formulating business strategies for development and making financerelated decisions. He has been associated with the company since its incorporation Ms. Monica Sehgal, aged 55 years, is the Promoter and Whole Time Director of the company. She holds a Master's degree in Computer Application from Bhopal University. With 20 years of work experience in administration and Human Resources, she is well-versed in handling administration and human resource-related issues, including employee benefits, development, and relationships. She possesses good knowledge of the current business scenario and adapts to the everchanging and challenging requirements of the organization. Mrs. Sehgal has been actively involved in the day-to-day operations of the company and currently oversees and controls the overall commercial operations. She has been associated with the company since its inception in 1993. Mr. Vipin Sehgal, aged 52 years, is the Promoter and Executive Director of the company. He holds a Bachelor's degree in Production Engineering from Gurunank Dev Engineering College, Ludhiana, obtained in the year 1992. He also pursued Commerce from Punjab University, Chandigarh. With over 22 years of work experience in production and computer applications, Mr. Sehgal is responsible for overseeing all production and computer application programs, including ERP, ensuring efficient management in line with the corporate era. He is actively involved in technology adoption, research and development, and the day-to-day operations of the company. Mr. Sehgal has been associated with the company since its incorporation.

Financials of Alpex Solar Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 14,853 16,556 19,468 21,276
Other Income 120 297 124 34
Total Revenue 14,973 16,854 19,592 21,311
Cost of Materials Consumed 11,259 13,424 16,182 16,381
Purchase of Traded Goods 1,048 1,687 2,328 1,816
Changes in inventories 72 -440 -1,661 378
Employees Benefit Expenses 755 789 779 593
Other Expenses 832 696 694 691
EBITDA 1,008 698 1,270 1,453
Depreciation & Amortisation 232 261 205 122
Finance cost 431 399 535 335
EBIT 775 437 1,065 1,331
OPM (%) 6.73% 4.14% 6.48% 6.82%
PBT 350 32 530 1004
Tax 34 12 151 244
PAT 316 20 379 760
NPM (%) 2.11% 0.12% 1.93% 3.57%
No.of Shares 244.73 244.73 244.73 244.73
EPS 1.29 0.08 1.54 3.10

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Alpex Solar Limited 195 4 1.54 74.3 115 281
Insolation Energy Limited 279 11 5.13 122.0 1,235 2,573
* All the data is as per FY23.

Recommendation on Alpex Solar Limited IPO:

Lead Manager of Alpex Solar Limited IPO:

  1. Corporate Capital Ventures Private Limited

Registrar of Alpex Solar Limited IPO:

  1. Skyline Financial Services Private Ltd

Company Address:

Alpex Solar Limited B-79 Shivalik Enclave Near Malviya Nagar New Delhi -110017 Phone: +91 - 9971751589 Email: Website:

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