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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +440% YoY · PAT +383% YoY · +34% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹405 Cr | +440.0% | +34.1% |
| EBITDA | ₹52 Cr | +36.8% | +20.9% |
| Operating margin | 13.0% | -100 bps | -100 bps |
| PAT | ₹29 Cr | +383.3% | +0.0% |
| PAT margin | 7.2% | -266 bps | -244 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -10.2% / mo · MACD + · near 52W low
Technical chart
APSdaily · 1Y · AUTO-17.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.4% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 55% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 75 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 75 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 78.5%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 72.6%. Key concern: Operating cash flow is negative at ₹-5 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 52nd pctile, median 68 · SME: 70th pctile, median 64
13 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.53
- P/B
- 3.01
- EV/EBITDA
- 5.17
- Market Cap
- 493.00Cr
Profitability
- ROE
- 45.90%
- ROCE
- 56.50%
- ROA
- 14.99%
- 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
- 4.64
- Book Value
- 81.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -5.00 Cr
- EPS TTM
- 28.71
Shareholding
- Promoter Hold
- 72.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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