Australian Premium Solar (India) Ltd Q2FY26 – ₹301 Cr Revenue, ₹28 Cr PAT, and 114% YoY Profit Boom
1. At a Glance
Australian Premium Solar (India) Ltd (APSL) — the desi startup with an Aussie accent and Gujarati execution — just dropped another bright quarter, and investors are wearing shades already. With a market cap of ₹978 Cr, the company trades around ₹487/share, down 9% in 3 months, because apparently the market still can’t decide whether this solar story is a powerhouse or a flash in the pan.
In Q2FY26, APSL clocked ₹301 Cr revenue (up 83.9% YoY) and ₹28.1 Cr profit (up 114% YoY). That’s not a growth story — that’s a solar flare. Margins are shining too, with OPM at 13.8%, ROE at 57.8%, and ROCE at 70.8%. If you squint hard enough, it looks like Gujarat’s answer to Adani Green — minus the SEBI drama.
Debt? A modest ₹31 Cr. Dividend? ₹0.10 per share — just enough to remind you they know what dividends are. And with a new 400 MW TOPCon line now live and another 400 MW due by April 2026, APSL seems ready to turn its 600 MW capacity into a glowing 1 GW-plus powerhouse.
But can this smallcap solar soldier maintain its shine when the subsidies fade and competition gets ruthless? Buckle up, we’re going to find out.
2. Introduction
Welcome to Gujarat’s latest export that doesn’t need a visa — Australian Premium Solar (India) Ltd, or as locals might call it, “Aapdu Solar.” Founded in 2013, this company has turned sunlight into serious business — selling solar panels, inverters, and full EPC (Engineering, Procurement, Construction) services with the kind of confidence usually seen in a Garba dancer during Navratri.
From humble beginnings in a 16,500 sq. ft. manufacturing unit to announcing a ₹1,000 crore solar cell plant, APSL’s journey reads like a classic smallcap-to-midcap daydream. What started as a solar panel assembler is now gunning for the big league — with a 4 GW TOPCon cell project in Ahmedabad and orders flowing in from government schemes like PM-KUSUM.
Their latest order from Tripura’s Renewable Energy Development Agency (worth ₹10.77 Cr) is a small one, but symbolic — it means APSL is no longer just a Gujarat story. It’s taking the solar show national.
But here’s the twist — the stock P/E is just 18.2, while industry peers like Siemens, ABB, and CG Power trade at sky-high 60x to 200x earnings. Either the market hasn’t caught up, or it suspects APSL’s “premium” tag hides a few performance scratches.
Let’s investigate, solar detective style.
3. Business Model – WTF Do They Even Do?
APSL’s pitch is simple — “We sell sunlight in boxes.” They manufacture solar panels and inverters, install them for homes, farms, and factories, and smile as the sun does the rest.
Their business verticals:
Solar Panels: Monocrystalline and N-Type Topcon modules — think of them as the “iPhones” of the solar world: expensive, sleek, and high-efficiency.
EPC Services: Installation of solar rooftops and water pumps under schemes like PM-KUSUM. The company claims over 15,000+ installations across homes and farmlands by FY25.
Inverters & Pumps: The rare combo — APSL sells both solar panels and inverters under its own brand, making it a true full-stack solar player.
Their revenue mix for FY25 is like a Gujarati thali — balanced yet spicy:
Wholesale – 52%
Pumps – 34%
Retail – 14%
That’s right, the pump business alone is one-third of revenue — mostly government-linked, meaning it shines when subsidies flow and fades when bureaucrats nap.
Manufacturing: The company operates from Gujarat with 600 MW+ module capacity, running at 70–80% utilization. It just launched a 400 MW TOPCon line in October 2025, with another 400 MW to follow by April 2026.
So yes, they make panels, install them, and collect both sunlight and subsidies — a proper “Make in Gujarat, Shine in India” business.
4. Financials Overview
Metric
Q2 FY26 (Jun 2025)
Q2 FY25 (YoY)
Q1 FY26 (QoQ)
YoY %
QoQ %
Revenue (₹ Cr)
301
164
152
+83.9%
+98%
EBITDA (₹ Cr)
41.6
19.0
21.0
+119%
+98%
PAT (₹ Cr)
28.1
13.1
14.0
+114%
+101%
EPS (₹)
7.2
3.3
7.19
+118%
Flat QoQ
Annualized EPS = ₹28.1 × 4 / 2.01 Cr shares = ₹55.9; implying a P/E of ~8.7x!
So, Screener says 18.2x P/E, but if we annualize the latest earnings, it’s cheaper than a used Ola scooter. Either way, the growth story is undeniable — sales doubled, profit more than doubled, and operating margins crossed 13%.
The only thing growing faster than the profit is the CEO’s electricity savings.
5. Valuation Discussion – Fair Value Range (Educational Only)
