Australian Premium Solar (India) Limited (APS)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Australian Premium's revenue was ₹405 Cr (+47.3% year on year, +34.1% on the previous half-year), and net profit ₹29.0 Cr (+7.4% year on year); the operating margin was 12.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹405 | +47.3% | +34.1% |
| Operating profit | ₹52.0 | +36.8% | +20.9% |
| Net profit | ₹29.0 | +7.4% | +0.0% |
| EPS (₹) | 14.51 | +6.1% | +2.3% |
| Operating margin | 12.8% | — | — |
APS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.31% of the APS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.42%. That is close to its usual level. Turnover was only ₹46 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 62.3% · 80.0% · 81.6% · 72.1% · 75.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Australian Premium Solar (India) Limited has commissioned a new 400 MW TOPCon solar module line at its Tajpur facility in Gujarat, beginning commercial production on October 13, 2026. This expansion increases total module manufacturing capacity by 50% from 800 MW to 1.2 GW. The line adds high-efficiency TOPCon capability following an earlier 400 MW addition in October 2025. With trailing 12-month revenue of Rs 1,146 Cr, this 50% volume capacity expansion supports APS's targeted 30-50% growth trajectory across residential, commercial, and agricultural segments.
- Commercial production commenced on October 13, 2026, for the 400 MW TOPCon line
- Total module manufacturing capacity expanded by 50% from 800 MW to 1.2 GW
- Company aims for approximately 30% annual compounding growth in net assets
- Expansion follows the previous 400 MW TOPCon line commissioned in October 2025
Australian Premium Solar (India) Limited has commenced full-scale commercial production of its new 400 MW TopCon solar module line at its Tajpur facility in Gujarat, effective October 13, 2026. This addition scales the company's total module manufacturing capacity by 50% from 800 MW to 1.2 GW. The line transition toward high-efficiency TopCon modules is intended to cater to expanding domestic and export demand. The added capacity will support revenue growth against its trailing twelve-month revenue base of Rs 1,146 crore.
- Commissioned 400 MW TopCon solar module manufacturing line at Tajpur, Gujarat
- Commercial operations became effective on October 13, 2026
- Total solar module manufacturing capacity increased from 800 MW to 1.2 GW (50% expansion)
- Strengthens positioning as a domestic manufacturer of high-efficiency TopCon technology
Australian Premium Solar (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India confirms that all security certificates received for dematerialisation during the period were processed, confirmed or rejected, and mutilated according to guidelines. This is a standard regulatory submission with no financial impact.
- Compliance filing under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Quarter ended: September 30, 2026
- Confirmation certificate issued by Registrar MUFG Intime India Private Limited on October 3, 2026
- Submission made to NSE on October 12, 2026
Australian Premium Solar (India) Limited has sent a letter containing the web-link to its FY25-26 Integrated Annual Report to shareholders without registered email addresses. The company's 13th Annual General Meeting is scheduled for September 29, 2026, at 11:00 AM IST via video conferencing. The cut-off date for dispatch eligibility was August 28, 2026. This is a standard statutory compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations.
- 13th Annual General Meeting scheduled for September 29, 2026, at 11:00 A.M. IST
- Cut-off date for letter dispatch was August 28, 2026
- Filing made under SEBI LODR Regulation 36(1)(b) regarding FY25-26 Integrated Annual Report
- Shareholder queries managed via MUFG Intime India Private Limited
Australian Premium Solar (India) Limited has released its Notice for the 13th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. The company also published its Annual Report for FY 2025-26, highlighting FY26 Total Income of ₹689.68 Cr, EBITDA of ₹93.48 Cr, and PAT of ₹56.72 Cr. E-voting is scheduled from September 26 to September 28, 2026, with a cut-off date of September 22, 2026. The report also notes that machinery for its 400 MW capacity line has arrived, with commercial production slated for September 2026.
- 13th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:00 AM IST via Video Conferencing.
- Cut-off date to determine e-voting eligibility set for September 22, 2026; remote e-voting runs September 26–28, 2026.
- FY26 Annual Report highlights Total Income of ₹689.68 Cr, EBITDA of ₹93.48 Cr, and PAT of ₹56.72 Cr.
- Machinery arrived for 400 MW TOPCon line with commercial production expected to begin by September 2026.
Australian Premium Solar (India) Limited has approved the appointment of M/s. Dharti Patel & Associates, Practicing Company Secretary, as Secretarial Auditor. The tenure spans five consecutive financial years from FY 2026-27 through FY 2030-31. The appointment is subject to member approval at the company's upcoming Annual General Meeting.
- Appointed M/s. Dharti Patel & Associates as Secretarial Auditor on September 04, 2026
- Tenure defined for 5 consecutive financial years spanning FY 2026-27 to FY 2030-31
- Appointment is subject to shareholder approval at the ensuing Annual General Meeting
- Firm has more than 5 years of experience in corporate governance and securities law
Australian Premium Solar (India) Limited has appointed M/s. Dharti Patel & Associates, Practicing Company Secretary, as the Secretarial Auditor for a 5-year term spanning FY 2026-27 to FY 2030-31. The appointment was approved by the Board on September 04, 2026, upon recommendation of the Audit Committee, and remains subject to shareholder approval at the ensuing AGM. This is a standard statutory governance appointment with no operational or financial impact on the company's Rs 1,144 Cr TTM revenue base.
- Appointment of M/s. Dharti Patel & Associates as Secretarial Auditor on September 04, 2026
- Term spans 5 consecutive years from FY 2026-27 through FY 2030-31
- Subject to approval by shareholders at the ensuing Annual General Meeting
- Auditor has over 5 years of experience in corporate governance and securities law
Australian Premium Solar (India) Limited announced key audit appointments following its Board meeting on September 04, 2026. The Board approved the appointment of M/s. Dharti Patel & Associates as Secretarial Auditor for a 5-year tenure spanning FY 2026-27 to FY 2030-31, subject to shareholder approval at the ensuing AGM. Additionally, M/s. Shah Samkit & Associates, Chartered Accountants, was appointed as the Internal Auditor for FY 2026-27. These are standard corporate governance and compliance actions with no operational or financial impact.
- Appointment of M/s. Dharti Patel & Associates as Secretarial Auditor for a 5-year term (FY 2026-27 to FY 2030-31)
- Appointment of M/s. Shah Samkit & Associates as Internal Auditor for FY 2026-27
- Board meeting conducted in 25 minutes on September 04, 2026 (10:00 AM to 10:25 AM IST)
- Secretarial audit appointment is subject to member approval at the upcoming Annual General Meeting
Australian Premium Solar (India) Limited has informed the exchange that it will hold a virtual group meeting with analyst investors on Thursday, August 27, 2026, starting at 10:00 AM IST. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the session. This is a standard investor relations interaction for the ₹518 Cr market cap company, which reported TTM revenue of ₹1,144 Cr.
- Virtual group investor meet scheduled for Thursday, August 27, 2026
- Session to start from 10:00 AM (IST) onwards
- Company confirmed no unpublished price sensitive information will be shared
Financial Performance
Revenue Growth by Segment
Total revenue grew by 186.22% YoY, reaching INR 433.46 Cr in FY25 compared to INR 151.44 Cr in FY24. H1 FY26 revenue reached INR 302.93 Cr, indicating a projected growth of over 50% for the full fiscal year 2026. Growth is driven by a 600 MW capacity expansion and a significant ramp-up in the solar pump installation segment.
Geographic Revenue Split
100% of operations and revenue are conducted within India. The company specifically targets the domestic market, which has an annual requirement of 40 to 50 GW, with 30% coming from residential, C&I, and pump segments.
Profitability Margins
Operating margins improved significantly from 6.6% in FY24 to 13.1% in FY25. PAT margins increased from 4.06% (INR 6.15 Cr) in FY24 to 8.96% (INR 38.83 Cr) in FY25. The improvement was driven by a sharp fall in raw material prices (solar cells and silicon wafers) and better economies of scale.
EBITDA Margin
EBITDA for H1 FY26 was reported at INR 43.28 Cr. Operating margins are expected to remain in double digits (13% range) for FY26, supported by high-margin segments like Retail (15-18%) and Solar Pumps (12-15%), while Wholesale margins are expected at 10-11%.
Capital Expenditure
The company recently expanded its solar PV module manufacturing capacity to 600 MW per annum. While specific future INR Cr values for upcoming capex are not disclosed, the company plans to enter vertical integration and expand EPC services for the C&I segment.
Credit Rating & Borrowing
Credit rating was upgraded to 'Crisil BBB/Stable/Crisil A3+' in September 2025 from 'Crisil BBB-/Stable/Crisil A3'. The company maintains a very low reliance on external funds with a gearing ratio of 0.09 times as of March 31, 2025, down from 0.20 times in FY24.
Operational Drivers
Raw Materials
Solar cells, polysilicon, aluminum, copper, and silicon wafers. Solar cells and wafers represent the primary cost components, with prices recently declining due to overcapacities in China.
Import Sources
While not explicitly listed by country, the documents note that solar cell and silicon wafer prices are heavily influenced by overcapacities in China, suggesting a high dependency on Chinese imports for these key components.
Capacity Expansion
Current installed capacity is 600 MW per annum for solar PV modules at the Tajpur facility in Gujarat. The company has ramped up from an initial 5 MW line in 2013 to the current 600 MW to meet robust domestic demand.
Raw Material Costs
Raw material costs are highly volatile; however, the company uses price-variation clauses in contracts and order-backed procurement to mitigate risk. Operating margins rose to 13.1% in FY25 primarily due to a sharp decline in the cost of solar cells and polysilicon.
Manufacturing Efficiency
Capacity utilization is described as 'healthy' and 'high,' supporting a 186% revenue jump in FY25. The company leverages economies of scale to improve operating margins from 6.6% to 13.1%.
Logistics & Distribution
Distribution and transportation are noted as significant cost factors in the solar pump 'service business' segment, contributing to the 12-15% margin profile for that division.
Strategic Growth
Expected Growth Rate
50%
Growth Strategy
Growth will be achieved through vertical integration to capture more value chain margin, expanding the EPC footprint in the Commercial & Industrial (C&I) segment, and aggressive recruitment of sales teams to target the 35 GW ground-mounting project market. The company is also focusing on the high-margin retail segment (15-18% margins).
Products & Services
Monocrystalline and Polycrystalline solar panel modules, solar water pumps, grid inverters, and Engineering, Procurement, and Construction (EPC) services for residential, C&I, and agricultural applications.
Brand Portfolio
APS (APS Projects & Solar India Limited).
New Products/Services
Expansion into vertical integration and large-scale EPC services for C&I projects are the primary new service directions, expected to support the 50% revenue growth target.
Market Expansion
The company is expanding its footprint in the C&I segment and ground-mounted projects, moving beyond its established base in solar pump installations and residential modules.
External Factors
Industry Trends
The Indian solar industry is seeing a requirement of 40-50 GW annually. Trends include a shift toward monocrystalline modules and a growing emphasis on distributed solar and solar pump installations under government schemes.
Competitive Landscape
Intense competition from large-scale domestic players (e.g., Waaree) and potential pricing pressure from Chinese module imports if protectionist measures change.
Competitive Moat
The company's moat is built on the promoter's 15+ years of industry experience, established client relationships, and a diversified business model (Retail/Wholesale/Pumps) that stabilizes quarterly earnings. Sustainability is driven by the cost advantage of its 600 MW integrated facility in Gujarat.
Macro Economic Sensitivity
Highly sensitive to government renewable energy targets and the 'Make in India' initiative. The domestic industry relies on protectionist measures and Domestic Content Requirement (DCR) tenders.
Consumer Behavior
Increasing adoption of solar by residential and C&I users to reduce energy costs, and high demand from the agricultural sector for solar water pumps.
Geopolitical Risks
Trade barriers and overcapacity in China directly impact the pricing of solar cells, which are critical inputs for APS's module manufacturing.
Regulatory & Governance
Industry Regulations
Operations are influenced by Domestic Content Requirement (DCR) module tenders and government protectionist measures for the solar industry. The company must comply with manufacturing standards for monocrystalline and polycrystalline modules.
Environmental Compliance
The company operates in the renewable energy sector, aligning with India's long-term plans to increase green energy generation.
Legal Contingencies
The company states it has never been penalized for delayed execution of a project and has no mentioned pending material litigation in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (polysilicon/cells) could impact margins by several percentage points. Regulatory changes in solar subsidies or import duties could also disrupt demand.
Geographic Concentration Risk
High geographic concentration with 100% of revenue derived from the Indian market, making it vulnerable to domestic policy shifts.
Third Party Dependencies
Significant dependency on third-party suppliers for solar cells and silicon wafers, which are subject to global supply chain disruptions.
Technology Obsolescence Risk
The industry is rapidly evolving; the company must continuously upgrade manufacturing lines to support the latest high-efficiency cell technologies to remain competitive.
Credit & Counterparty Risk
Receivables management is currently efficient, supported by a healthy current ratio of 1.56 and nil utilization of bank limits, indicating low counterparty risk.
