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CRISIL Upgrades Alpex Solar’s Long- and Short-Term Credit Ratings

CRISIL has upgraded Alpex Solar’s long-term rating to A-/Stable from BBB+/Stable and short-term rating to A2+ from A2, while increasing its rated bank facilities to INR 1,078 crore from INR 573 crore.

October 27, 2026. By Mrinmoy Dey

Solar cells and modules manufacturer Alpex Solar has announced that Crisil has upgraded its long-term and short-term credit ratings. The company’s long-term rating was upgraded to A-/Stable from BBB+/Stable, while the short-term rating was upgraded to Crisil A2+ to Crisil A2. At the same time, Crisil increased the total bank facilities rated to INR 1,078 crore from INR 573 crore.

Commenting on the development, Udaya Sehgal, Chief Finance Officer, Alpex Solar, said, “The upgraded credit ratings reflect the robust financial strength of the company. With an integrated business model, strong brand recall among marquee clients, and a respected order book, we are setting course for the next level of growth. We will continue to invest through a mix of debt and internal accruals going forward, and the endorsement from a globally reputed institution will continue to boost our efforts.”

In September 2026, the company inaugurated its ambitious 2.2 GW G12R solar cell manufacturing facility at Kosi Kotwan Industrial Area in Uttar Pradesh. Alpex Solar’s 2.2 GW G12R TOPCon solar cell manufacturing facility marks a significant milestone in the company’s backwards integration strategy and strengthens Uttar Pradesh’s position as an emerging hub for renewable energy manufacturing.

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