Multibagger Solar Cell Stock Locked In Upper Circuit As Board Approved Expansion Plan of 1.6-GW
The stock gave multibagger returns of 266.2 per cent from its 52-week low of Rs 235 per share.
On Thursday, shares of Alpex Solar Limited were locked in a 5 per cent upper circuit to Rs 860.55 per share from its previous closing of Rs 819.60 per share.
Alpex Solar Limited’s Board of Directors has given the green light to a significant expansion project involving the installation of a 1.6-gigawatt solar cells plant in Mathura, Uttar Pradesh. This ambitious plan will be executed in three phases, with the first phase expected to be completed by October 2025. The subsequent phases will gradually increase the plant's capacity, reaching 1 gigawatt by April 2026 and ultimately reaching the full capacity of 1.6 gigawatt by September 2026. To fund this expansion, the company will utilize a combination of bank loans, internal funds, and equity investments, with the total estimated cost of the project amounting to Rs 642 crore. This strategic move is motivated by the growing demand for solar panels in India, as the government prioritizes renewable energy sources and aims to achieve self-sufficiency in the energy sector.
Earlier, the company secured two significant orders, totalling Rs 281.68 crore, from prominent public sector undertakings (PSUs) for the supply of solar panels. The first order, valued at Rs 247.96 crore, is from PSU I and involves the supply of PV modules for a domestic project scheduled to be completed by February 2025. The second order, worth Rs 33.72 crore, is from PSU II and entails the supply of PV modules for a commercial project to be finished by December 2024. These orders underscore Alpex Solar's position as a leading player in the solar energy sector and highlight its commitment to delivering innovative and sustainable solutions.
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About the Company
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 as 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.
The company has a market cap of over Rs 2,100 crore with an ROE of 26 per cent and an ROCE of 27 per cent. The stock gave multibagger returns of 266.2 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.