Alpex Solar (ALPEXSOLAR) Sep 2025 Filing Analysis

The presentation does not disclose a 35–40% cell-business EBITDA margin, 20–25% PAT margin, or Q1 FY27 company margins. Instead, it reports consolidated Q1 FY26 EBITDA margin of 17.1% and PAT margin of 11.1%, up from 5.6% and 1.4% in Q1 FY25. The latest reported margins therefore show a sharp improvement, but there is no cell-specific margin series. (2 accelerating, 3 new trend across 5 signals)