Integrated TOPCon solar cell and module maker in Bengaluru (listed Nov 2025)
Price
₹251.00
snapshot 6 Nov 2026
Strengths
One of the few Indian makers with large cell capacity of its own (2.94 GW of cells against 7.8 GW of modules at listing), which matters now that ALMM List-II covers cells
Its Dobbaspet plant is among India's largest TOPCon cell lines, so its new capacity is on the current technology rather than PERC
Risks
Listed Nov 2025, with a weak debut (the IPO was ~0.97x subscribed) - a short public track record
Plans to roughly double capacity to 16.3 GW modules and 8.9 GW cells by H1 FY28, adding execution risk while module prices are under pressure
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹17,366 Cr
Stock P/E
12.2x
Div Yield
0.40%
ROCE
44.6%
ROE
50.7%
P/B
4.0x
Revenue growth
+116.2%FY26
Profit growth
+193.2%FY26
Net margin
21.4%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
555FY22
618FY23
952FY24
2,336FY25
5,050FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 33% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Converts silicon wafers into photovoltaic cells through diffusion, texturing and metallisation - the electrical heart of a solar panel, assembled into modules in the next layer.
Why it matters
Cell manufacturing is where ALMM's domestic-sourcing mandate has applied alongside modules since Jun 2026 (List-II) - India still assembles far more module capacity than it has matching domestic cell capacity, so domestic cells are the tight link in the chain.
Where the value pool sits
Cell manufacturing carries a meaningfully higher technology and capital-intensity moat than module assembly, so the small set of players with both cell and module capacity capture more of the value chain than module-only assemblers.
Key drivers
ALMM List-II cell mandate (in force since Jun 2026)
PLI (Production Linked Incentive) support for integrated cell-to-module capacity