Bold Green Ambitions
Beginning his career with Punjab Tractors in 1989, Ashwani Sehgal left the company, sensing the potential that green energy would have in India’s energy mix. In 1993, Sehgal started Alpex Solar which today boasts of being a leader in manufacturing of Solar Photovoltaic (PV) module and engineering, procurement and construction of Solar PV water pumps.
Banking on the spurt in green energy demand, especially in the solar segment, Alpex Solar is now gearing up to hit the stock market with its upcoming initial public offering on NSE Emerge in February 2024.
As per the Draft Red Herring Prospectus (DRHP), the company intends to raise around Rs 75 crore through its public issue and utilise the proceeds towards expanding its existing solar module manufacturing facility from 450 MW to 1.2 GW.
Besides this, the company also intends to fund capital expenditure towards setting up of a new manufacturing unit for aluminium frame for their solar module.
One key trend aiding the business is the continued decline in the cost of components required for solar panel installations, such as solar cells and inverters.“This is due to the increased manufacturing efficiency, advances in technology and
economies of scale. Manufacturers have become more efficient in their solar PV production processes, leading to production of solar panels at a much faster pace,” the company says.
The company manufactures PV modules using both mono-crystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and half-cut solar PV modules. The company is the contract manufacturer for companies such as Tata Power, Luminous, Jakson among others.
The company’s manufacturing plant is approved by private and public sector undertakings and agencies such as NTPC, NHDC, Haryana Renewable Development Agency (HAREDA), Punjab Energy Development Agency (PEDA) among others.
Alpex says that its vision is to use cutting-edge technology and global invaluable experience to produce most efficient solar modules at the most cost-effective prices.
“The primary mission of Alpex Solar is to facilitate the transition to clean and sustainable energy by producing high quality and cost-effective solar modules that harness the power of the sun to generate electricity,” says the company.
Sehgal has an experience of over 16 years in the solar industry and is the president of the Indian Solar Manufacturers Association (ISMA) for the past 11 years. After the launch of Pradhan Mantri Suryoday Yojana by Prime Minister Narendra Modi on January 22, Alpex sees unprecedented demand for PV solar panels.
“The proposed scheme targets the installation of rooftop solar on one crore houses (approx. 30GW), which will reduce electricity bill across India and also aid the nation in being self-reliant in the energy sector,” said Sehgal.
Alpex Solar registered a revenue of Rs 207.13 crore in H1FY2024, as against Rs 183.93 crore in FY2023. The company’s PAT stood at Rs 10.02 crore in H1FY2024 as compared to Rs 3.74 crore in FY2023.
