Alpex Solar (NSE:ALPEXSOLAR) Operating Income: ₹2,957 Mil (TTM As of Mar. 2026)

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NSE:ALPEXSOLAR Alpex Solar Ltd NSE:ALPEXSOLAR
48 GF Score
Price ₹828.95
! 2 Warning Signs
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What is Alpex Solar Operating Income?

Alpex Solar NSE:ALPEXSOLAR -3.34% 48 Operating Income is ₹2,957 Mil as of Mar. 2026. GuruFocus rates NSE:ALPEXSOLAR with a GF Score™ of 48/100. The stock has 2 warning signs investors should review.

Alpex Solar's Operating Income for the three months ended in Mar. 2026 was ₹795 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹2,957 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Alpex Solar's Operating Income for the three months ended in Mar. 2026 was ₹795 Mil. Alpex Solar's Revenue for the three months ended in Mar. 2026 was ₹6,720 Mil. Therefore, Alpex Solar's Operating Margin % for the quarter that ended in Mar. 2026 was 11.83%.

Good Sign:

Alpex Solar Ltd operating margin is expanding. Margin expansion is usually a good sign.

Alpex Solar's 5-Year average Growth Rate for Operating Margin % was 36.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Alpex Solar's annualized ROC % for the quarter that ended in Mar. 2026 was 23.45%. Alpex Solar's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 41.67%.

Alpex Solar  (NSE:ALPEXSOLAR) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Alpex Solar's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=3180.688 * ( 1 - 27.84% )/( (0 + 9785.703)/ 1 )
=2295.1844608/9785.703
=23.45 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=0 - 0 - ( 0 - max(0, 0 - 0+0))
=0

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=13840.354 - 2474.602 - ( 1580.049 - max(0, 5298.475 - 9060.486+1580.049))
=9785.703

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Alpex Solar's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=3340.744/( ( (0 + max(0, 0)) + (3340.84 + max(4677.043, 0)) )/ 1 )
=3340.744/( ( 0 + 8017.883 )/ 1 )
=3340.744/8017.883
=41.67 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (0 + 0 + 0)
=0

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2547.298 + 3588.557 + 1344.582) - (2474.602 + 0 + 328.792)
=4677.043

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Alpex Solar's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=795.172/6719.55
=11.83 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Alpex Solar Operating Income Related Terms

Alpex Solar Operating Income Historical Data

* Premium members only.

The historical data trend for Alpex Solar's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Alpex Solar Operating Income Chart

Alpex Solar Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial 38.86 99.38 354.28 1,167.89 2,956.98

Alpex Solar Quarterly Data
Mar21 Mar22 Mar23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 509.12 584.62 738.51 838.69 795.17
NSE:ALPEXSOLAR
48GF Score
Alpex Solar Ltd NSE:ALPEXSOLAR
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Alpex Solar Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹2,957 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹2,957 Mil mean?
Alpex Solar (NSE:ALPEXSOLAR) has a Operating Income of ₹2,957 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Alpex Solar and its competitors.
Is Alpex Solar's Operating Income too high?
Alpex Solar's current Operating Income is ₹2,957 Mil. Overall, Alpex Solar has a GF Score™ of 48/100, reflecting its overall financial health beyond just this single metric.
How does Alpex Solar's Operating Income compare to FSLR and NXT?
Alpex Solar's Operating Income of ₹2,957 Mil can be compared against companies in the Semiconductors industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Semiconductors company?
A good Operating Income depends on the Semiconductors industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Alpex Solar and its competitors. Alpex Solar's current Operating Income is ₹2,957 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alpex Solar stock overvalued right now?
Alpex Solar (NSE:ALPEXSOLAR) has a current Operating Income of ₹2,957 Mil. The current Operating Income is ₹2,957 Mil. Alpex Solar's overall GF Score™ is 48/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Alpex Solar (NSE:ALPEXSOLAR), the current Operating Income is ₹2,957 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Alpex Solar Business Description

Address Plot No. I-25-26, Site 5, Surajpur Industrial Area, Gautam Buddha Nagar, Kasna, Greater Noida, UP, IND, 201306
Alpex Solar Ltd is a solar photovoltaic (PV) module manufacturer in India. Its PV modules are manufactured using both monocrystalline and polycrystalline cell technologies. The company portfolio of solar energy products consists of bifacial, mono PERC, Halfcut solar PV modules, and also provides integrated solar energy solutions, including engineering, procurement, construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories. Geographically, the company generates the majority of its revenue from India.
48GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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