Thought I’d start a dedicated thread on Australian Premium Solar (APS) since I couldn’t find much discussion around the company.
APS is an Indian solar company that has been around since 2013. While the name sounds international, it’s a Gujarat-based manufacturer focused on the domestic market. The company manufactures Mono PERC and N-Type TOPCon solar modules, and has gradually expanded into solar inverters, solar water pumps, rooftop EPC solutions, and agricultural solar projects, making it more than just a panel manufacturer.
A few things that caught my attention:
- Current manufacturing capacity of 800 MW with over 12,000 installations and 20,000+ customers served.
- Presence across multiple states with a mix of wholesale, retail, and pump businesses, reducing dependence on a single revenue stream.
- The company claims to be the only manufacturer offering both solar panels and solar inverters under its own brand, which is an interesting differentiator if it scales well.
Financially, FY26 was a strong year:
- Revenue: ₹708.74 Cr
- EBITDA: ₹95.60 Cr
- PAT: ₹57.87 Cr
The broader industry also looks supportive with government incentives, rooftop solar adoption, domestic manufacturing initiatives, and increasing demand for renewable energy.
I’m still researching the company, so I’d love to hear from others.
Some questions I’m trying to understand:
- How sustainable are APS’s margins as competition increases?
- Does the company have any meaningful technological edge over larger listed peers?
- What is the long-term opportunity in solar pumps and inverters compared to modules?
- Any insights on management execution, order book, or customer concentration?