1. Opening Hook
Remember when Gujarat was famous for khakra exports and solar dreams? Well, APS just turned that dream into a 1.2 GW powerhouse! While others whine about monsoons, GST tweaks, and China’s shadow, these folks are busy building factories faster than politicians change promises. The sun clearly shines brighter on APS — or maybe it’s just the 400 MW TOPCon line gleaming in the desert heat.Grab your chai; the best part of this sunny story lies ahead. 🌞
2. At a Glance
- Revenue up 84.5%– CFO swears it’s not sunlight accounting, just raw solar demand.
- EBITDA ₹43.28 Cr (+121.9%)– Margins beamed up like they found the right wavelength.
- PAT ₹28.6 Cr (+118.7%)– Profits now solar-powered, not luck-powered.
- EBITDA Margin 14.29% (vs 11.88%)– Efficiency looks brighter than last year’s panels.
- EPS ₹14.19 (vs ₹6.63)– Double the juice, same sun.
- Net Debt/Equity 0.05x– CFO basically allergic to leverage.
3. Management’s Key Commentary
“Despite GST and monsoon challenges, we delivered strong figures this quarter.”(Translation: Even rain and taxes couldn’t dim our shine.) ☔
“We’ve commissioned 400 MW TOPCon before Labhpachham, bringing total to 800 MW.”(Translation: When rivals were still cutting ribbons, APS was already wiring panels.)
“We expect 75%+ CAGR this year and next.”(Translation: CFO’s calculator just melted.) 🔥
“CapEx for 1 GW solar cell line will be ₹900–950 Cr.”(Translation: The next factory won’t be cheap, but sunlight is free.)
“Pump segment will contribute 35–40% revenue.”(Translation: Rural India’s thirst for solar pumps is watering APS’s balance sheet.)
“Debt-to-equity is 0.05; we fund growth through prudence.”(Translation: Banks call them for loans; APS says, ‘We’re good, thanks.’)
“Battery storage and hydrogen are on our radar.”(Translation: Because the future doesn’t stop at panels, it plugs in.)
4. Numbers Decoded
| Metric | H1 FY25 | H1 FY26 | YoY Growth | Commentary |
|---|---|---|---|---|
| Revenue (₹ Cr) | 164.24 | 302.93 | +84.5% | Sunlight never sold this fast. |
| EBITDA (₹ Cr) | 19.50 (approx) | 43.28 | +121.9% | Solar margins radiating. |
| PAT (₹ Cr) | 13.08 | 28.60 | +118.7% | Profit powered by photons. |
| EBITDA Margin (%) | 11.88 | 14.29 | +241 bps | Efficiency turned up to solar-max. |
| PAT Margin (%) | 7.96 | 9.44 | +148 bps | Investors smiling in sunlight. |
| Net Debt/Equity | 0.06x | 0.05x | — | Leverage? Nah. |
APS has officially turned cash flow into clean glow.
5. Analyst Questions
Q:“What’s the order book?”A:₹310 Cr in solar pumps; others are rolling orders.(Translation: Predictability is overrated; we live watt-to-watt.)
Q:“Are inverters made in-house?”A:Not yet, but soon.(Translation: DIY plans are charging up.)
Q:“Why the delay in solar cell CapEx?”A:Waiting for water approvals in Gujarat.(Translation: Bureaucracy casts longer shadows than clouds.)
Q:“Overcapacity fears?”A:“India’s still in energy infancy; demand will eat supply.”(Translation: Bring your sunscreen, not your pessimism.)
6. Guidance & Outlook
Management expects75%+ CAGRfor FY26–27, targeting1.2 GW operational capacity by Q1 FY27and a1 GW solar cell line by June
