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?
2 Likes
Continuing my research on Australian Premium Solar APS and looking for insights from the community
The company has an 800 MW manufacturing capacity with businesses across solar modules inverters solar pumps and EPC solutions FY26 was strong with Revenue of over ₹700 Cr EBITDA of around ₹96 Cr and PAT of ₹58 Cr.
What Im trying to understand is whether this growth is sustainable Does APS have a real competitive edge over larger players How scalable are its inverter and solar pump businesses and are there any key risks around margins management execution or future expansion
Would love to hear views from members who have been tracking the company?
2 Likes
APS Acquisition: Building the Foundation for its Next Growth Engine
Australian Premium Solar has acquired the remaining 49% stake in Aplus Solar Cell Ltd., taking its ownership to 100%, for ₹99,990. Aplus manufactures primary and rechargeable batteries, giving APS an in-house battery manufacturing platform.
The move supports APS’s planned entry into BESS and captive power, creating potential for integrated solar + storage solutions. India’s BESS market is projected to grow from USD 1.54 Bn in 2025 to USD 8.59 Bn by 2031, a 33.2% CAGR.
With ₹708.74 Cr FY26 income and 800 MW solar manufacturing capacity, APS now has a low-cost platform to develop its next growth vertical. The key monitorables will be the scale-up of battery manufacturing, BESS project execution and eventual revenue contribution.
From an investment perspective, current records as of today show no mutual fund participation. This indicates the financials lack the third-party scrutiny that fund houses typically perform before participating, presenting a notable risk.
Think of it like a US visa: holding one grants access to many countries because you’ve already been scrutinized for risk. Similarly, mutual fund participation means a company’s financials have already been vetted.
2 Likes
APS Expands Solar Manufacturing Capacity to 1.2 GW
Australian Premium Solar (India) Ltd has commenced commercial production at its new 400 MW TOPCon solar module line in Sabarkantha, Gujarat, effective October 13, 2026. With this addition, APS’s total manufacturing capacity has increased from 800 MW to 1.2 GW.
What makes this development important?
-
Higher production capacity: The new line strengthens APS’s ability to cater to growing demand for solar modules.
-
Focus on advanced technology: The addition of TOPCon capacity strengthens its presence in high-efficiency solar modules.
-
Integrated business model: APS can leverage its manufacturing capabilities alongside its EPC services, solar pumps and inverters.
-
Strong FY26 performance: Revenue (total income) grew 60.7% to ₹708.74 crore, EBITDA increased 62.6% to ₹95.60 crore, and PAT rose 44.3% to ₹57.87 crore.
-
Looking ahead: The company plans to expand its reach, grow its solar pump business and explore new opportunities in battery energy storage systems (BESS) and captive power.
I feel that this expansion is an important step in APS’s growth journey because now the focus shifts to how efficiently the company utilises its expanded capacity, sustains margins and converts its investments into business growth. Its progress in new business segments will also be worth tracking.