1. At a Glance
If solar energy had a swagger,Australian Premium Solar (India) Ltd (APSL)would be doing the bhangra on a rooftop right now. For the quarter endedSeptember 2025 (Q2 FY26), APSL reported a revenue of₹302.93 crore— up a scorching83.9% YoY, and a PAT of₹28.6 crore, leaping a blistering114% YoY. The company recentlycommissioned a 400 MW TopCon line, making its total solar module capacity a sun-sized800 MW.
At a market cap of₹863 crore, trading around₹428 per share, the stock sits at aP/E of 15.9, far below the industry’s solar-powered 46x. WithROCE at 70.8%andROE at 57.8%, APSL is literally printing profits faster than your local inverter prints errors during load-shedding.
But not everything glows — promoters havetrimmed their holding slightly (-0.45%), and returns over the past six months have dipped27%, proving that even the sunniest companies can have cloudy investor moods.
Still, with Gujarat sun, solar dreams, and subsidies all aligning, this story is one power-packed wattage of financial drama.
2. Introduction
What happens when a Gujarati family looks at the sun and says, “Yeh toh free mein milta hai, paisa kyon na banaye?” You getAustralian Premium Solar (India) Ltd— a name that sounds like it should sell kangaroo panels, but actually sells some of India’s most efficient solar modules.
Founded in2013, APSL started modestly — designing and installing rooftop solar systems in Gujarat. Fast forward toFY25, and it’s clocking₹570 crore in salesand₹54 crore in profits, proving thatsolar is the new masala.
In a world where every company claims to be “green,” APSL actually manufactures the core of the clean revolution —Monocrystalline and N-Type TopCon panels, and now eveninverters. ItsEPC (Engineering, Procurement, and Construction)wing gives it end-to-end control, from shiny panels to those awkward selfies customers take on rooftops post-installation.
While most solar players are import-dependent, APSL is pushingAtmanirbhar Bharatwith a massive₹900–950 crore capexinsolar cell manufacturing— a 4 GW dream that could turn this SME into a serious national player.
Still, investors are left wondering — can this Gujarati juggernaut sustain the wattage, or will it get short-circuited under capex pressure?
3. Business Model – WTF Do They Even Do?
In one line: APSL turns sunlight into rupees — legally and efficiently.
Let’s break it down:
- Solar Panels & Modules– The bread and butter. The company manufacturesMonocrystallineandTopCon modules, both of which sound fancy enough to impress even Elon Musk. These modules are the shiny squares that sit on rooftops soaking sunshine and guilt-tripping your electricity bill.
- Inverters– The middlemen of the solar world. APSL is the only Indian manufacturer offering bothpanels and invertersunder one brand. That’s like Amul selling both butter and the toast.
- EPC Services– For lazy customers who don’t want to deal with electricians, APSL offers fullinstallation and maintenancefor rooftop systems, agricultural solar pumps, and industrial projects.
- Solar Water Pumps– For farmers who now irrigate with photons instead of diesel fumes.
Revenue split is as solar as it gets:Pumps (34%),Retail (14%), andWholesale (52%)— proving that while APSL sells to everyone, it clearly loves B2B clients more than mango-people.
If you’re inGujarat, Maharashtra, Rajasthan, or Bihar, chances are your neighbor’s roof already glitters courtesy APSL.
4. Financials Overview
| Metric (₹ Cr) | Sep 2025 (Q2 FY26) | Sep 2024 (Q2 FY25) | Jun 2025 (Q1 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 301 | 164 | 270 | 83.9% | 11.5% |
| EBITDA | 42 | 19 | 37 | 121% | 13.5% |
| PAT | 28.6 | 13 | 26 | 114% | 10.0% |
| EPS (₹) | 13.95 | 6.65 | 13.20 | 109.8% | 5.7% |
Annualised EPS:13.95 × 4 = ₹55.8 per shareAt CMP ₹428, that’s a P/E of7.7xon an annualised basis — practically a solar sale!
Commentary:While the world debates climate change, APSL debates how fast it
can count cash. Its YoY revenue growth of83.9%shows demand isn’t cooling off anytime soon. With OPM of14%, the company is entering serious profitability territory — finally, solar power that pays more than your bank FD.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Let’s put the sunlight under a valuation lens.
(a) P/E Method:
- FY26E Annualised EPS = ₹55.8
- Industry P/E = 46.2x
- APSL’s conservative range = 15x–25x
👉 Fair Value = ₹55.8 × 15 = ₹837 (lower bound)👉 ₹55.8 × 25 = ₹1,395 (upper bound)
(b) EV/EBITDA Method:
- EV = ₹871 Cr
- FY25 EBITDA = ₹79 Cr → EV/EBITDA = 11xAssuming FY26 EBITDA rises 30% to ~₹103 Cr → fair range = 10x–14x → ₹1,030–₹1,442 Cr EV → ~₹500–₹700/share range.
(c) DCF (simplified):Assume 20% growth, 15% WACC, terminal at 3%.DCF range → ₹850–₹1,000/share.
🎯Educational Fair Value Range: ₹800 – ₹1,000/share.
Disclaimer: This range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
The past few quarters have been pure solar soap opera.
- Oct 28, 2025:APSL kicked offcommercial production of its 400 MW TopCon lineat Sabarkantha, Gujarat — half of its planned 800 MW expansion. The next 400 MW arrives in April 2026.
- Nov 2025:Declared₹302.93 Cr revenue and ₹28.6 Cr PATfor H1 FY26 — up 84% and 114% respectively. Even the sun blinked twice.
- Sep 2025:Received₹109.48 Cr ordersfor PV modules and inverters.
- Apr 2025:Bagged a₹10.76 Cr PM-KUSUM orderfor 633 solar pumps in Tripura.
- June 2025:Raised₹18.18 Crthrough a preferential allotment to fund expansion.
And yes, they’re building a₹900–950 Cr, 1 GW solar cell facilityin Ahmedabad. Phase 1 (400 MW) will be operational by Q1 FY26. Phase 2 follows a year later. Total 4 GW potential!
Government subsidies of25–30%will cushion this ambitious leap — but as every desi
