298 Per Cent Multibagger Returns From 52-Week Low: Solar Panel Manufacturer Expands in Renewable Energy Sector; Check Details Inside
The stock gave multibagger returns of 298 per cent from its 52-week low of Rs 235 per share.
Alpex Solar Limited's Board of Directors has given its approval to the land allotment proposal presented by the Madhya Pradesh government. The government's Letter of Intent (LOI), dated December 7, 2024, outlines the details of the land, which spans approximately 20 acres (or 80,937.12 square meters) in the Manufacturing Zone for Power and Renewable Energy Equipment, Mohasa, Babai, Narmadapuram, Madhya Pradesh.
This strategic move is a crucial step in Alpex Solar's long-term growth plan. The additional land will significantly enhance the company's manufacturing capabilities and solidify its position in the renewable energy equipment industry. The Board is optimistic about the positive impact this initiative will have on the company's future prospects, reinforcing its commitment to sustainable growth and operational excellence.
Earlier, the company secured a substantial order worth Rs 277.19 crore from a major PSU for solar panel supply, adding to the previous order of Rs 247.96 crore, bringing the total contract value to Rs 525.15 crore. These projects, slated for completion by June 2025, involve the delivery of PV modules. In parallel, the company has approved a major expansion plan to establish a 1.6-gigawatt solar cell plant in Mathura, Uttar Pradesh. This ambitious project will be implemented in three phases, with the first phase targeting completion by October 2025. The subsequent phases will gradually increase capacity to 1 gigawatts by April 2026 and ultimately reach 1.6 gigawatts by September 2026.
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Alpex Solar Limited, founded in 1993, is a leading player in the solar energy industry, specializing in manufacturing monocrystalline and polycrystalline solar panels. The company operates in both solar panel manufacturing and EPC of solar water pumps. Alpex Solar produces high-quality solar PV modules for B2B customers and is a contract manufacturer for prominent companies, with a manufacturing capacity of 450 MW. Leveraging its in-house solar panels, the company offers EPC services for AC/DC solar water pumps, having installed over 4000 systems. Committed to quality, Alpex Solar holds ISO 14001, ISO 45001, and ISO 9001 certifications and strategically locates its manufacturing facilities across India. The company's backward integration plans, such as setting up an aluminium frame manufacturing facility, reflect its strategic approach to growth and sustainability.
According to the half-yearly results, the net sales (including other income) increased by 30 per cent to Rs 265.66 crore and net profit increased by 150 per cent to Rs 25.07 crore in H1FY25 compared to H1FY24. In FY24, net sales increased by 112 per cent to Rs 412.60 crore and net profit increased by 611 per cent to Rs 26.56 crore compared to FY23.
The company has a market cap of over Rs 2,000 crore with an ROE of 26 per cent and an ROCE of 27 per cent. The stock gave multibagger returns of 298 per cent from its 52-week low of Rs 235 per share. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.