New Delhi, July 16: Alpex Solar Ltd, a leading manufacturer of high-precision solar PV modules and solar systems, announced its application for seeking inclusion of its 2.2 GW TOPCon G12R Cell manufacturing unit in the Approved List of Models and Manufacturers (ALMM) List-II to the Ministry of New and Renewable Energy (MNRE), Government of India. The Company is now preparing to commence commercial production of the G12 TOPCon 3rd Generation Solar Cell Manufacturing Plant at the Kosi Kotwan plant in Mathura. The production is expected to commence in August 2026, and the state-of-the-art plant will have a capacity of 2.2 GW, operational within a record time of 15 months from the date of announcement.
Alpex has continued to demonstrate robust growth backed by on-time execution, improved capacity utilisation, and a strong order book. The company reported operating revenue of Rs. 2,223.27 Cr and EBITDA of Rs. 327.39 Cr in FY26. In fact, the company also registered its highest PAT since inception in FY26 at Rs. 201.51 Cr.
Alpex Solar has continued to expand its capacity and also firmed up its integration proposition – reflected in the strong margins and rising revenue. Starting as a module manufacturer, the company, post its IPO, steered towards backwards integration – thereby investing in solar cell production. The company initially planned to set up a 2.2 GW facility in two phases, but has now managed to fast-track both into a single commissioning phase, which is expected to go on-stream in August 2026.
The rationale for applying to MNRE is that the approvals may be in time to enable the company to capitalise upon the production at its TOPCon cell plant. And the momentum continues for Alpex, in terms of the next phase of growth.
The company is focusing on further improving vertical integration across the renewable energy value chain. The company is shortly embarking on setting up Ingot and wafer manufacturing plant with a proposed capacity of 5 GW. Both are expected to come on stream by 2030 – thereby putting Alpex Solar in a league of very few integrated and large-scale solar energy companies in the country.
