Alpex Solar soars over 500% in 4 months; Here’s what driving the rally

Multibagger Stock: Since making their debut in February 2024, Alpex Solar shares have returned more than 500% to investors in only four months. Technical analysts underlined that Alpex Solar shares trade in circuits and are not liquid (there are relatively few buyers and sellers). Alpex Solar share price has zoomed from its listing price of 345.4 per share to the current trading price of 731.65 per share on NSE SME. On Wednesday’s trading session, Alpex Solar share price was locked in 5% upper circuit.

As per information available on the company’s website, Alpex Solar is a major global manufacturer of highly specialised high-power PV modules and solar systems that dominate the industry while being cost-effective. With cutting-edge technology and a highly qualified workforce, the company seeks to be the industry leader.

Recently, Alpex Solar revealed ambitious expansion plans to build a 1.2 GW greenfield facility in Kosi Kotwan, Mathura. The new project will be supported via internal accruals and loans. The company is already expanding capacity at its Surajpur, Greater Noida facility, which would add 750 MW by FY25, as per the IPO targets. The business anticipates a capacity of 2.4 GW by FY2026, allowing it to fulfill rising demand in India and other worldwide important markets. In addition to capacity growth plans, the Board approved the formation of a new subsidiary, Alpex Green Energies Pvt. Ltd., to diversify and strengthen the company’s focus on green energy solutions.

Also Read: Multibagger! Penny stock Suncity Synthetics gives over 280% returns in less than 3 months; should you invest?

Speaking about the growth ambitions, Ashwani Sehgal, Managing Director of Alpex Solar Limited, stated, “India’s commitment to the renewable energy landscape has increased demand across the country for solar panels. At the same time, the government’s support and policies have enabled the industry to be competitive with its global peers in certain high-demand markets. In such a scenario, it’s time to unleash growth plans and invest in capacity and capabilities. Our recent expansion plan is in line with this optimism.”

The firm has recently received multiple orders. In April, Alpex Solar bagged order worth 11.90 crore from Jharkhand Renewal Energy Development Agency at various location across the state.

Also Read: Alpex Solar share price jumps 246% from its IPO price in four trading sessions

In March, the New & Renewable Energy Department of Haryana and HAREDA, Panchkula granted the firm a significant contract worth 43.70 crores for the supply, installation, and commissioning of 1434 solar water pumps and systems.

Alpex Solar increased operational revenues by 121% to 404.43 crore in FY24. In FY24, the company’s EBITDA expanded by 206% to 37.58 crore, while net profits rose by 680% to 29.05 crore.

The firm produces PV modules with monocrystalline and polycrystalline cell technology. Its product line includes bifacial, mono-perc, and halfcut solar PV modules. It also provides entire solar energy solutions, such as engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both surface and submersible configurations.

Also Read: Alpex Solar share price makes stellar debut, stock lists with 186% premium at 329 apiece on NSE SME

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 12 Jun 2024, 12:16 PM IST

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