Alpex Solar Limited — Important, 29-10-2025: Disclosure of material issue

Alpex Solar's Board has approved a major upgrade to its solar cell manufacturing plan! The company is skipping an intermediate step and directly transitioning to advanced **2.2 GW G12R TOPCon solar cell technology** at its Kosi Kotwan facility.

**Issue:** The company is strategically moving to cutting-edge TOPCon technology to align with global standards and produce high-efficiency solar cells, essential for future market competitiveness.

**Impact:**

* Significantly boosts manufacturing capacity to 2.2 GW (from an earlier proposed 1.6 GW).

* Positions Alpex for higher efficiency, next-generation renewable energy solutions.

* Avoids future conversion costs, factory downtime, and revenue loss from phased upgrades, ensuring long-term profitability.

* Requires additional capital expenditure of **₹3,136 Cr**.

**Company's Response/Mitigation Plan:**

* The entire CapEx of ₹3,136 Cr will be financed **entirely through internal accruals**, indicating strong financial health and no immediate dilution concerns.

* Phase I (1.4 GW) aims for trial production in Q1 FY2026-27, with the full 2.2 GW expected to be operational during FY2026-27.

* Overall project timeline remains largely unchanged despite the significant tech upgrade.

**Investor Takeaway:** Alpex Solar is making a bold, self-funded investment in advanced technology and increased capacity, positioning itself for strong growth in the high-efficiency solar cell market. This move could significantly enhance its competitive edge and long-term financial prospects.