1. At a Glance
Australian Premium Solar (APSL) is the Gujarat-based overachiever that started in 2013 selling panels and now behaves like it’s singlehandedly solving India’s power crisis. Revenue is up 193% YoY, profit up 552% YoY, and yet dividend payout = zero. Why share the sunshine when you can keep it all? With a ₹1,015 Cr market cap, 71% ROCE, and a 59% ROE, this SME-listed solar baby is acting like Adani Green’s ambitious younger cousin — except without the corporate debt biceps.
2. Introduction
Picture this: India is trying to wean itself off coal, politicians are making “net zero” speeches, and your neighbor just put a 3kW rooftop solar system so he can brag about “zero light bill.” In this landscape, APSL looks less like an SME company and more like a front-row candidate for the green energy hype parade.
Founded in 2013, the company has built a reputation by focusing on both the hardware (solar panels, inverters) and services (EPC, rooftop, pumps). The combo is clever: they don’t just sell panels; they also drill them into your roof and make sure they work when your village transformer blows up.
In FY25, APSL reported ₹439 Cr revenue (vs ₹150 Cr in FY24) and PAT of ₹40 Cr (vs ₹6 Cr in FY24). That’s not “growth”; that’s a catapult. Quarterly numbers look equally fiery: Q1 FY26 revenue ₹153 Cr (+87% YoY) and PAT ₹15 Cr (+125%). For context, that’s like going from a roadside lemonade stand to Starbucks revenue speed in two years flat.
And they aren’t stopping: they’re building a 4 GW TOPCon solar cell facility in Ahmedabad with ₹750–800 Cr capex for Phase 1. Government subsidies are lined up (20% state + 5–10% centre), meaning APSL is playing chess while smaller solar companies are still learning checkers.
3. Business Model (WTF Do They Even Do?)
a) Solar Panels & ModulesAPSL manufactures monocrystalline and fancy new TOPCon solar modules. Translation: panels that convert more sun into watts while making your roof look futuristic.
b) Inverters & PumpsThe only manufacturer in India offering both solar panelsandinverters under its brand. Also makes solar pumps, riding on government schemes like PM-KUSUM.
c) EPC ServicesTurnkey
rooftop solar solutions for residential, commercial, and agricultural customers. 15,000+ installs in 9MFY25, of which 12,000+ were rooftops and 2,500+ were pumps.
d) Revenue Mix FY25:
- Pumps – 34%
- Retail – 14%
- Wholesale – 52%
So half the business is wholesale — basically B2B hustling, while the rest is retail drama.
e) Capex Expansion4 GW solar cell facility (TOPCon technology) coming up. Phase 1 (400 MW) operational by Q1 FY26. Full 4 GW rollout over next 2–3 years. Capex plan: ₹750–800 Cr upfront, ₹500–600 Cr later. Internal accruals + debt + subsidies = a solar financing cocktail.
4. Financials Overview
Quarterly Snapshot (Q1 FY26 vs Q1 FY25 vs Q4 FY25):
| Metric | Latest Qtr (Q1 FY26) | YoY Qtr (Q1 FY25) | Prev Qtr (Q4 FY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 153 | 82 | 154 | 87.0% | -0.6% |
| EBITDA (₹ Cr) | 21 | 10 | 20 | 110.0% | 5.0% |
| PAT (₹ Cr) | 14.7 | 6.5 | 16 | 125.0% | -8.1% |
| EPS (₹) | 7.3 | 3.3 | 7.9 | 121.2% | -7.6% |
Commentary:Annualized EPS ~₹29.2 → P/E ≈ 17.3. Screener shows 21.0. Either way, valuation is less crazy than Suzlon at its 2008 peak.
5. Valuation (Fair Value RANGE only)
a) P/E MethodEPS annualized = ₹29.2. Industry average P/E = 46.8.FV Range = ₹900 – ₹1,200.
b) EV/EBITDA MethodFY25 EBITDA = ₹67 Cr. EV/EBITDA industry ~20.FV ≈ (67 × 20) / 2.01 Cr shares ≈ ₹660.
c) DCF (Quick & Dirty)PAT
