Q3 2026 Alpex Solar Ltd Earnings Call Transcript
Key Points
- Alpex Solar Ltd (NSE:ALPEXSOLAR) reported a record quarter with the highest ever turnover, EBITDA, and profit after tax.
- The company has expanded its manufacturing capacity significantly, now operating six locations with plans to increase solar module capacity to 3.6 GW and solar cell capacity to 2.2 GW.
- Alpex Solar Ltd is benefiting from favorable government policies that support vertical and backward integration in the solar industry.
- The company is exploring global export opportunities, particularly in the American market, which could open up due to changes in reciprocal tariffs.
- Alpex Solar Ltd is implementing advanced technology to reduce silver usage in solar cells, potentially lowering costs and increasing profitability.
- There is a small decline in net margins due to increased input costs and stagnant realization prices.
- The company faces challenges with high non-convertible debenture costs, attributed to timing and conservative banking limits.
- Alpex Solar Ltd is exposed to fluctuations in silver prices, which could impact margins as they start manufacturing solar cells.
- The solar module market in India is experiencing rapid capacity growth, which could lead to overcapacity and affect demand and pricing.
- The company has not yet hedged silver prices, which could pose a risk as they begin cell manufacturing.
Good evening ladies and gentlemen, and welcome to the earnings conference call for Q3 and 9 month FY 26 for Alpex Solar Limited, that is ASL. Let us now begin with the introduction of the management team.
We have with us today Mr. Ashwani Sehgal, managing director, Mr. Vipin Sehgal, director, Mr. Aditya Sehgal, CEO, Mr. Udaya Sehgal, CFO, Mr. L K Dhamija, VP Finance, and Ms. Sakshi Tomar, company secretary.
Mr. Ashwani Sehgal Managing director, a mechanical engineer from Punjab University, has been a stalwart and pioneer in the field of solar manufacturing and currently serves as the general secretary of the Indian Solar Manufacturers Association, that is IA which consists of Adani, Tata, Reliance as its members, among others, where he has also served as the President for 12 years and played a pivotal role in advocating for favorable government policies that benefit solar manufacturers like ALMM, ALCM, and ALWM. His impeccable reputation within the solar manufacturing industry has solidified his position as a respected industry leader and driving force for the solar manufacturing
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