Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Australian Premium Solar (India) Limited (APS)
SME CapIndustrials stocks · SME cap · NSE
Australian Premium Solar (India) Limited (APS) is an emerging domestic manufacturer of solar modules, including advanced Topcon technology. The company also operates in solar EPC, solar pump solutions, and distribution networks, expanding its geographical presence across India.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result22 May, 06:45 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -7.6% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
APSD candles · FIT view-43.0%Latest close ₹219.60 on 2026-10-21
Bar
-3.7%
RSI
42
MACD hist
0.74
52W pos
2%
2026-10-21O ₹228.15H ₹230.00L ₹216.00C ₹219.60Vol 10,750 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APSNifty India ManufacturingNifty 500
- APS
- -21.9%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -15.4 pp
Chart stats
21 Oct 2026- From 52W high
- -59.6%
- 52W range position
- 2%
- ATR (14)
- 4.6%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹213.7 - ₹246
₹544
₹213.7 - ₹544
₹10
Latest completed session
20-session average
40.3% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE76
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +440.0% · PAT +383.3% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+80.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 72/100Rev +440% YoY · PAT +383% YoY · +34% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹405 Cr | +440.0% | +34.1% |
| EBITDA | ₹52 Cr | NDF | +20.9% |
| Operating margin | 13.0% | NDF | -100 bps |
| PAT | ₹29 Cr | +383.3% | +0.0% |
| PAT margin | 7.2% | NDF | -244 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.23
- P/B
- 2.91
- EV/EBITDA
- 5.03
- Market Cap
- 478.00Cr
Profitability
- ROE
- 46.00%
- ROCE
- 56.60%
- ROA
- 14.83%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 117.26%
- EPS 5Y
- 210.91%
- Revenue 3Y
- 43.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.27
- Interest Coverage
- 19.00×
- Altman Z
- 4.54
- Book Value
- 81.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -5.00 Cr
- EPS TTM
- 28.80
Shareholding
- Promoter Hold
- 72.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 405+34.1% vs prev
Net Profit
₹ CrLatest: 29.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 42. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.2% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 4 Downtrend
1M return
-5.9%
3M return
-21.9%
6M return
-43.1%
1Y return
-58.0%
RS 1D
0
RS 20D
-1
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 24.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 49.71-1.07%
RS vs Nifty 50050
Valuation & peers
U-Score 76 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 76 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation23/30
Growth22/25
Quality20/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-2
Raw sum
76
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
76/100 · legacy band DEEP VALUE
Positive drivers
- Fair-value margin of safety is positive at 80.6%.
- Quality contributes 20/20 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
8.2
PB
2.9
EV/EBITDA
5.0
ROE
46.0%
ROCE
56.6%
FCF Yield
—
Debt/Equity
0.3
MoS
+80.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
76
Previous: 76
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+80.6%
Previous: +80.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
75
75
77
77
75
75
76
75
75
75
76
76
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹229.67
+4.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,131.84
+80.6% MoS
PEG
0.06
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GGBL
SME
Ganesh Green Bharat Ltd.
Solar EPC
match 132
89
7.0
31.0%
+81%
DEEP VALUE
SAHAJSOLAR
SME
Sahaj Solar Ltd.
Industrials
match 128
71
6.5
24.0%
+84%
UNDERVALUED
WAAREEINDO
Small
Indosolar Limited
Solar Manufacturing
match 119
95
5.1
151.0%
+87%
DEEP VALUE
ALPEXSOLAR
SME
Alpex Solar Ltd.
Industrials
match 116
80
9.7
52.8%
+75%
DEEP VALUE
WEBELSOLAR
Micro
Websol Energy System Limited
Solar Manufacturing
match 110
79
9.6
66.9%
+77%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-21T07:25:57.089Z
Management commentary snapshot
APS reports strong FY26 performance with 60.7% YoY revenue growth to 708.74 Cr and 44.3% PAT growth to 57.87 Cr, driven by robust demand in solar modules, EPC, and solar pumps. H2 FY26 also saw significant growth.
APS delivered strong FY26 results, exceeding prior guidance, supported by capacity expansion and diversified business segments. Management's strategic shift towards BESS and focus on financial discipline, while maintaining growth, supports the long-term thesis. Working capital management, particularly in the solar pump segment, requires close monitoring.
Growth engines
Solar Pump Business
Strong traction driven by government initiatives like PM-KUSUM and increasing rural adoption. Expected to contribute 35-40% of revenue by FY27.
Geographical Expansion
Expanded presence beyond Gujarat into Maharashtra, Rajasthan, Jharkhand, Bihar, MP, Haryana, Karnataka, Tripura, and Chhattisgarh.
Advanced Module Manufacturing
Commissioning of 400 MW Topcon line, reaching 800 MW total capacity, positioning APS among emerging domestic manufacturers with advanced technology.
Integrated Renewable Energy Offerings
Actively evaluating opportunities in BESS and captive power solutions to strengthen integrated renewable energy offerings and improve long-term profitability.
Capacity and execution
Topcon Module Manufacturing
400 MW Topcon solar module manufacturing line commissioned at Prantij, bringing total capacity to 800 MW.
Module Manufacturing Expansion
Remaining 400 MW expansion is progressing and expected to become operational by August 2026.
BESS Assembly Line
Planning a 3 GWh BESS assembly line, starting with 1 GWh assembly. Expecting more concrete news within a quarter.
Tailwinds
Government Policy Support
India's renewable energy sector witnessing strong policy support and growing adoption across residential, agriculture, and industrial sectors.
PM-KUSUM Scheme
Driving strong traction and demand visibility in the solar water pump business.
ALMM Policy Impact
DCR panels, mandated by ALMM, are expected to lead to better overall margins compared to non-DCR panels.
Headwinds
Raw Material Price Volatility
Experienced ~2% margin loss on past projects due to increases in glass and aluminum prices. Selling prices are revised monthly based on raw material costs.
Grid Instability
Potential grid instability issues for ground-mounting projects above 4 MW, though management states current business is not dependent on this segment.
Risk radar
Working Capital Management
Significant increase in trade receivables to 160 Cr, primarily from the solar pump segment (140-145 Cr) with a 90-120 day payment cycle.
Long-Term Project Viability
Aggressive pricing in past large IPP tenders (100-150 MW) can become unviable due to raw material price fluctuations over long project durations.
Competition in Solar Cell Sourcing
While current cell capacity is 20-25 GW, 5-10 GW more expected in 6-12 months, potentially equalizing supply/demand in 18 months. APS relies on long-term stakeholders for procurement.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Company provides full-year and half-year YoY comparisons. Solar pump business, a key growth driver, likely has seasonal installation patterns, making YoY more relevant for assessing performance trends and underlying growth.
Sector KPIs management disclosed
Total Income
708.74 Cr in FY26, up 60.70% YoY from 441.14 Cr in FY25.
EBITDA
95.6 Cr in FY26, up 62.6% YoY from 58.81 Cr in FY25.
EBITDA Margin
13.49% in FY26, marginally up from 13.33% in FY25.
PAT
57.87 Cr in FY26, up 44.3% YoY from 40.10 Cr in FY25.
Management forward view
FY27 Growth Outlook
Expects 30-35% revenue growth and slightly better margins for the next financial year.
Strategic Investment Focus
Will invest in BESS over solar cell manufacturing, citing high CAPEX and time for cells, and better future growth opportunities in BESS.
Net Asset Growth Target
Aims to increase net asset by a minimum of 30% per year for the next three years.
Capital Allocation
Plans to invest 50% of profit back into APS and 50% into other businesses for multi-fold growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 60.7% (FY26 YoY) | 30-35% growth in FY27. |
| EBITDA Margin | 13.49% (FY26) | Slightly better margin in FY27. |
| Solar Pump Revenue Contribution | 305 Cr (FY26), 203.1 Cr (H2 FY26) | 35-40% of total revenue by FY27. |
| BESS Project Development | Concrete news on staff, location, and timeline for 1 GWh assembly line expected within a quarter. | Formal announcements and commissioning progress. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
13 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Industrials: 52nd pctile, median 68 · SME: 70th pctile, median 64
Evidence depth
Financial-only
13 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 72.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 56.5%.
Trust risks
- ▸Operating cash flow is negative at ₹-5 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Australian Premium Solar (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · Investor Presentation 27 May 2026 - Investor presentation for H2/FY26: total income Rs 405.80 crore, EBITDA Rs 52.32 crore, PAT Rs 29.26 crore.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 7 Sep - 13th AGM scheduled for September 29, 2026; annual report and e-voting dates announced.
Source: Nse
Annual reportMar 2026
Mar 2026 · General Updates 8 Sep - 13th AGM on September 29, 2026; annual report 2025-26 web-link shared with members.
Source: Nse
Annual reportMar 2026
Sep 2026 · Copy of Newspaper Publication 8 Sep - AGM notice published on September 8, 2026; annual report and e-voting instructions issued for FY2025-26.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
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Investor presentationNov 2025
Nov 2025 · PPT
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Investor presentationAug 2025
Aug 2025 · PPT
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Concall transcriptAug 2025
Aug 2025 · Transcript
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Investor presentationJul 2025
Jul 2025 · PPT
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Concall transcriptMay 2025
May 2025 · Transcript
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.