BSE: 0 | NSE: ALPEXSOLAR | Electric Equipment | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Alpex Solar Ltd is a below average quality company.
The key valuation ratios of Alpex Solar Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Alpex Solar Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 11.5% | 6.7% | 15.3% | 34.4% | - |
| Value Creation Index ⓘ | -0.2 | -0.5 | 0.1 | 1.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||
| Sales ⓘ | 138 | 153 | 183 | 404 | 404 |
| Sales YoY Gr. | - | 10.4% | 19.6% | 121.4% | - |
| Adj EPS ⓘ | 1.4 | 0.2 | 2.1 | 9.7 | 11.9 |
| YoY Gr. | - | -89.1% | 1280% | 368.1% | - |
| BVPS (₹) ⓘ | 19.7 | 19.8 | 21.9 | 53.7 | 63.3 |
| Adj Net Profit ⓘ | 2.5 | 0.3 | 3.7 | 23.7 | 29 |
| Cash Flow from Ops. ⓘ | 3 | 3.6 | -8.3 | -13.9 | - |
| Debt/CF from Ops. ⓘ | 9.1 | 5.5 | -4.8 | -2.6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 43% | 121.4% | ||||
| Adj EPS ⓘ | NA | NA | 91.5% | 368.1% | ||||
| BVPSⓘ | NA | NA | 39.6% | 145.5% | ||||
| Share Price | - | - | - | 42.5% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7 | 0.8 | 10 | 27.8 | 20.3 |
| Op. Profit Mgn % ⓘ | 5.8 | 2.4 | 6 | 9.1 | 17 |
| Net Profit Mgn % ⓘ | 1.8 | 0.2 | 2 | 5.9 | 7.2 |
| Debt to Equity ⓘ | 0.8 | 0.6 | 1 | 0.3 | 0 |
| Working Cap Days ⓘ | 0 | 136 | 140 | 99 | 63 |
| Cash Conv. Cycle ⓘ | 0 | 56 | 69 | 47 | 28 |
Return on Equity has increased versus last 3 years average to 20.30%
Sales growth is growing at healthy rate in last 3 years 42.99%
Net Profit is growing at healthy rate in last 3 years 91.49%
Debt to equity has declined versus last 3 years average to 0.27
Sales growth is good in last 4 quarters at 68.41%
No data to display
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 11.9 | 10.9 |
| TTM Sales (₹ Cr.) | 404 | 413 |
| BVPS (₹.) ⓘ | 63.3 | 63.2 |
| Reserves (₹ Cr.) ⓘ | 131 | 130 |
| P/BV ⓘ | 8.95 | 8.98 |
| PE ⓘ | 47.76 | 52.22 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 1,387 |
| Equity (₹ Cr.) | 24.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 71.4 |
| Jun'23 | YoY Gr. Rt. % | Dec'23 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 22.9 | N/A | 21.6 | N/A | 25.5 | 11.1 | 27.5 | 27.2 |
| Adj EPS (₹) ⓘ | 0.2 | N/A | 1.2 | N/A | 1.4 | 806.7 | 1.3 | 8.6 |
| Op. Profit Mgn % ⓘ | 10.72 | N/A | 17.89 | N/A | 16.68 | 596 bps | 7.46 | -1043 bps |
| Net Profit Mgn % ⓘ | 11.82 | N/A | 13.50 | N/A | 13.35 | 153 bps | 11.53 | -197 bps |
| Pledged * | 0.00 | 0.00 |
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Waaree Energies | 2,446.5 | 11.9 (0.5%) | Small Cap | 10,718 | 40 | 8 | 60.2 | 7.2 |
| V-Guard Inds. | 357.6 | 7.9 (2.2%) | Small Cap | 4,559 | 6 | 5.1 | 59.6 | 8.2 |
| Transrail Lighting | 488.2 | 6.7 (1.4%) | Small Cap | 4,077 | 17.5 | 5.7 | 26.5 | 2.8 |
| Schneider Ele. Infra | 669.5 | 4.7 (0.7%) | Small Cap | 2,207 | 9.1 | 7.9 | 73.9 | 31.4 |
| Bharat Bijlee | 2,878.9 | -107.8 (-3.6%) | Small Cap | 1,872 | 116.7 | 6.9 | 24.7 | 1.5 |
| Inox Wind | 162.8 | 4.2 (2.6%) | Small Cap | 1,743 | 2.4 | -2.7 | 68.9 | 7.6 |
| Voltamp Transformers | 7,131.2 | -92.9 (-1.3%) | Small Cap | 1,616 | 318.4 | 18.5 | 22.4 | 4.8 |
| HPL Electric | 422 | 2.8 (0.7%) | Small Cap | 1,421 | 10.5 | 2.9 | 39.5 | 3 |
| Transformers & Rect | 536 | 21.6 (4.2%) | Small Cap | 1,273 | 4.9 | 3.3 | 109.7 | 14 |
| Genus Power Infra | 261.3 | -11.1 (-4.1%) | Small Cap | 1,201 | 6.6 | 5.9 | 39.7 | 4.6 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Sales | 138 | 153 | 183 | 404 |
| Operating Expenses ⓘ | 130 | 150 | 172 | 368 |
| Manufacturing Costs | 8 | 11 | 1 | 1 |
| Material Costs | 111 | 127 | 160 | 344 |
| Employee Cost | 6 | 6 | 5 | 10 |
| Other Costs ⓘ | 6 | 6 | 5 | 14 |
| Operating Profit ⓘ | 8 | 3 | 11 | 37 |
| Operating Profit Margin (%) | 5.7% | 2.1% | 6.0% | 9.1% |
| Other Income ⓘ | 2 | 3 | 1 | 1 |
| Interest ⓘ | 4 | 4 | 5 | 6 |
| Depreciation ⓘ | 2 | 3 | 2 | 3 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 7 |
| Profit Before Tax ⓘ | 3 | 0 | 5 | 36 |
| Tax ⓘ | 0 | 0 | 2 | 7 |
| Profit After Tax | 3 | 0 | 4 | 29 |
| PAT Margin (%) | 2.0% | 0.0% | 2.0% | 7.2% |
| Adjusted EPS (₹) | 1.6 | 0.0 | 2.1 | 11.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 35 | 36 | 39 | 131 | ||||||
| Share Capital ⓘ | 6 | 6 | 6 | 24 | ||||||
| Reserves ⓘ | 29 | 30 | 33 | 107 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | ||||||
| Debt | 25 | 17 | 37 | 33 | ||||||
| Long Term Debt | 10 | 6 | 4 | 4 | ||||||
| Short Term Debt | 15 | 11 | 33 | 28 | ||||||
| Trade Payables | 22 | 21 | 23 | 34 | ||||||
| Others Liabilities ⓘ | 11 | 15 | 15 | 18 | ||||||
| Total Liabilities ⓘ | 93 | 89 | 114 | 217 | ||||||
Fixed Assets | ||||||||||
| Gross Block | 39 | 35 | 36 | 49 | ||||||
| Accumulated Depreciation | 19 | 19 | 20 | 22 | ||||||
| Net Fixed Assetsⓘ | 20 | 17 | 15 | 27 | ||||||
| CWIP ⓘ | 1 | 2 | 4 | 0 | ||||||
| Investmentsⓘ | 5 | 4 | 4 | 6 | ||||||
| Inventories | 22 | 34 | 41 | 37 | ||||||
| Trade Receivables | 17 | 16 | 21 | 71 | ||||||
| Cash Equivalents | 14 | 6 | 10 | 43 | ||||||
| Others Assetsⓘ | 14 | 10 | 17 | 32 | ||||||
| Total Assets ⓘ | 93 | 89 | 114 | 217 | ||||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 3 | 4 | -8 | -14 |
| PBT ⓘ | 3 | 0 | 5 | 36 |
| Adjustment ⓘ | 5 | 6 | 5 | 0 |
| Changes in Working Capital ⓘ | -4 | -1 | -19 | -49 |
| Tax Paid ⓘ | -1 | -1 | 0 | -2 |
| Cash Flow From Investing Activity ⓘ | -8 | 6 | -7 | -16 |
| Capex | -3 | -1 | -3 | -5 |
| Net Investments | -5 | 7 | -4 | -11 |
| Others ⓘ | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 5 | -11 | 17 | 53 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 63 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | -2 | 1 |
| Interest Paid ⓘ | -3 | -3 | -3 | -5 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 |
| Others ⓘ | 8 | -8 | 22 | -5 |
| Net Cash Flow ⓘ | 0 | -1 | 1 | 24 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.89 | 0.2 | 9.95 | 34.06 | ||||||
| ROCE (%) | 11.5 | 6.7 | 15.33 | 34.43 | ||||||
| Asset Turnover Ratio | 1.5 | 1.68 | 1.8 | 2.45 | ||||||
| PAT to CFO Conversion(x) | 1 | N/A | -2 | -0.48 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 46 | 40 | 37 | 42 | ||||||
| Inventory Days | 58 | 67 | 75 | 35 | ||||||
| Payable Days | 72 | 61 | 50 | 31 | ||||||
Alpex Solar Limited was originally incorporated on August 27, 1993 as a Private Limited Company as ‘Alpex Exports Private Limited’ under the provisions of the Companies Act, 1956 with the Registrar of Companies, Chandigarh. Subsequently, pursuant to a special resolution passed by the Shareholders at their Extraordinary General Meeting held on August 10, 2017, the name of the Company was changed to ‘Alpex Solar Private Limited’ and a fresh Certificate of Incorporation was issued on September 07, 2017 by Registrar of Companies, Delhi. Subsequently pursuant to a special resolution passed by the Shareholders at their Extraordinary General Meeting held on August 16, 2023, the company was converted from a Private Limited Company to Public Limited Company and consequently, the name of the Company was changed to ‘Alpex Solar Limited’ and a Fresh Certificate of Incorporation dated September 01, 2023 was issued to the company by Registrar of Companies, Delhi.
The company is a solar photovoltaic (PV) module manufacturer in North India. Its PV modules are manufactured using both monocrystalline and polycrystalline cell technologies. Its portfolio of solar energy products consists of bifacial, mono perc, Halfcut solar PV modules. It also provides integrated solar energy solutions, including engineering, procurement, construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.
It manufactures and delivers solar panels in the B2B space and also serves as a contract manufacturer for several large companies, including Luminous, Jakson, and Tata Power. Its solar panels are delivered to companies, with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, Hild Energy Private Limited, and Shakti Pumps India Limited. These companies install its solar panels at their clients’ locations after securing orders. As for solar water pumps, it targets the B2C segment. It begins by applying for tenders in respective states, and if it succeeds in winning the tender, it proceeds to assess the installation site and subsequently install solar water pumps at the designated locations.
Business area of the company
The company is engaged in the business of manufacturing & trading of solar panels in India.
Products of the company
Manufacturer solar photovoltaic module
EPC - AC/DC solar water pumps
History and milestones
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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