Greater Noida-based solar module manufacturer Alpex Solar reported a 137.22% year-over-year (YoY) increase in revenue to ₹1.88 billion (~$21.62 million) in the third quarter (Q3) of the financial year (FY) 2025 from ₹793.05 million (~$9.12 million).

The company’s net profit jumped 422.96% YoY to ₹235.76 million (~$2.7 million) from ₹45.08 million (~$518,587).

The company reported an earnings per share (EPS) of ₹9.63 (~$0.11) in Q3 FY25 compared to ₹2.51 (~$0.028) a year ago.

9M Performance

In the first nine (9M) months of FY 2025, the company’s net profit rose 302.2% YoY to ₹486.8 million (~$5.6 million) from ₹121.06 million (~$1.39 million).

Revenue rose 55.20% YoY to ₹4.54 billion (~$52.22 million) from ₹2.92 billion (~$33.59 million) in the corresponding period a year ago.

The company reported an EPS of ₹19.89 (~$0.228) in 9M FY 2025 compared to an EPS of ₹6.73 (~$0.077) in 9M FY 2024.

In February 2024, the company raised ₹745 million (~$8.9 million) through an initial public offering.

The company also expanded the capacity of its solar module manufacturing plant to 1.2 GW and constructed a 1.6 GW solar cell manufacturing facility. The first phase of 500 MW solar cell plant will be operational by December 2025 with full operations expected a year later.

The company also plans an additional 1.2 GW solar module manufacturing plant, which will be operational by December 2025.

It will also set up an aluminum frame manufacturing plant with production likely to commence by December 2025.

The company was allotted 20 acres of leased land by the Madhya Pradesh government in the manufacturing zone for power and renewable energy equipment. The company is still developing a strategy to utilize the land.

The company recorded a total revenue of ₹2 billion (~$24.05 million) in the second half of FY 2025, a YoY decline of 6% from ₹2.13 billion (~$25.61 million).