Australian Premium Solar (India) Ltd(APS)

NSE: APS

₹ 205.7-3.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 415 crUpdated: 24 Oct 2026

About

Australian Premium Solar (India) Ltd makes monocrystalline and TopCon solar modules in Gujarat. It also provides EPC services for rooftop solar and solar pump installations. Its revenue for FY26 was 707.96 crore, and its module manufacturing capacity was 800 MW as of FY26. APS says it has ranked No. 1 in Gujarat for rooftop solar panel solutions for the past two years. It also says it is the only manufacturer in India selling both solar panels and inverters under its own brand.^[1][2][3]

Business segments

Wholesale revenue was INR 334.15 cr in FY26, compared with INR 147.43 cr in FY25.^[3][4]
Solar pump revenue was INR 305.99 cr in FY26, about 43% of revenue, compared with INR 229.18 cr in FY25. Demand came from PM-KUSUM and rural adoption.^[3][4]
Retail (rooftop EPC and C&I) revenue was INR 67.80 cr in FY26, compared with INR 62.25 cr in FY25.^[3][4]
In the FY24 annual report, solar module manufacturing was ₹6,403.04 lakhs, or 67.71% of total revenue.^[5]

Products

As of FY25, its N-Type TopCon panels ranged from 560w to 600w (144C) and from 610w to 650w (156C). Its mono panels ranged from 535w to 555w (144C), and it also sold a bifacial model.^[1]
The company had more than 25 SKUs as of FY25.^[1]
The company says it is the only manufacturer in India offering both solar panels and inverters under its own brand (FY25 annual report).^[1]

Manufacturing operations

The plant at Tajpur, Sabarkantha, Gujarat sits on a 3.27 lakh sq ft site, with a 1.8 lakh sq ft production unit (FY25).^[1]
Module capacity was 800 MW in FY26. That is 400 MW of monocrystalline and 400 MW of TOPCon, after the 200 MW poly line was dismantled.^[3][6]
Capacity utilisation was 70-80% in FY26. In Q1 FY26 the Mono PERC line ran at 80-85%.^[3][7]
The company made about 270,000 modules (about 150 MW) in FY25.^[4]
The company reported no spending on research and development in FY25. It holds ISO 9001:2015 certification.^[1]

Order book and pricing

The total order book was about INR 220 cr in Q4 FY26: about INR 150 cr in solar pumps and about INR 50 cr in wholesale.^[3]
The solar pump order book was INR 150 cr in Q4 FY26, compared with INR 310 cr in H1 FY26 and INR 300 cr in Q4 FY25.^[3][6][4]
In Q1 FY26, DCR modules sold for INR 24-25/watt and non-DCR modules for INR 12.5-14/watt.^[7]
Trade receivables were INR 168.54 cr in FY26, compared with INR 42.83 cr in FY25. Management attributed the rise to the pump segment's 90-120 day collection cycle.^[3]

Customers and distribution

In FY26 the company sold in 10 states: Gujarat, Maharashtra, Rajasthan, Jharkhand, Bihar, MP, Haryana, Karnataka, Tripura and Chhattisgarh.^[3]
Local government agencies in 10 states had approved it as a solar pump supplier in H1 FY26, compared with 9 states in Q1 FY26.^[6][7]
As of FY25 the company reported more than 16,000 customers, more than 12,000 installations and more than 5,500 agricultural solar water pump projects.^[1]
As of FY25 its sales team had more than 500 people, and it was working with 38 cities on solar city programmes.^[1]
In Q1 FY26 it had a 105 MW cell supply agreement with Jupiter. It imported the rest of its cells from China.^[7]

Expansion plans

TOPCon Phase 1 (400 MW) at Prantij started commercial production on 28 October 2025, taking capacity to 800 MW.^[3][6]
TOPCon Phase 2 (400 MW) is now expected to be installed by July 2026 and start production in August 2026. The earlier target was April 2026.^[3][7]
Battery storage (BESS) assembly is planned to start at 1 GWh and scale to 3 GWh. Machinery capex is about INR 20 cr (Q4 FY26 call).^[3]
Management guided FY27 revenue growth of 30-35% (Q4 FY26 call). The earlier guidance was a 75% CAGR.^[3][6]

Recent developments

In Q4 FY26 the company dropped its plan for a 1 GW TOPCon solar cell plant. That plan had been costed at INR 900-950 cr in Q2 FY26. It will now buy cells from existing suppliers.^[3][6]
In H1 FY26 the 200 MW poly line was dismantled and its machinery sold at scrap prices, because demand for poly panels had disappeared.^[6]
In Q2 FY26 the company began hiring sales staff to sell to developers of large ground-mounted solar projects.^[6]
Subsidiaries: APS Rooftop Solar Pvt Ltd, APS Solar Pump Pvt Ltd and APLUS Solar Pvt Ltd. APLUS was set up for cells, batteries and energy storage (FY25 annual report).^[1]

Market Cap

₹415 Cr

High / Low

₹544 / 201

Stock P/E

7.6

Price / Book

2.7

Book Value

₹81

EPS

₹28.7

No. of Shares

2.02 Cr

ROCE

56.5%

ROE

45.9%

OPM

12.2%

Debt / Equity

0.28

Sales

₹708 Cr

Net Profit

₹58 Cr

Promoter holding

72.6%

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