Australian Premium Solar (India) Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 3 Aug 2026 | Electrical Equipment | Market Cap: ₹523 Cr

The company expects strong growth driven by increasing demand for renewable energy in India. Company expects better financial performance than last year with sustained or slightly improved margins over the next few quarters.

From Australian Premium Solar (India) Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹260

Market Cap

₹523 Cr

P/E Ratio

9.3

How does Australian Premium Solar (India) Ltd rank in Electrical Equipment?

Compare Australian Premium Solar (India) Ltd against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.

View Electrical Equipment leaderboard →

📊 Revenue & Sales Performance

→The company expects strong growth driven by increasing demand for renewable energy in India.
→Total income for H1 FY26 showed an 84.5% YoY growth, indicating ongoing momentum.
→They project 35-40% of revenue from the solar pump segment in the current financial year.
→EPC division (C&I segment) anticipates 15-20% growth, expanding beyond Gujarat to Maharashtra and Rajasthan.
→Wholesale distribution is expected to contribute about 50% of revenue, expanding to multiple new states.
→Capacity expansion to 1.2 GW (800 MW existing plus 400 MW coming soon) will support higher volumes.
→The company targets a 75%+ CAGR for the current and coming financial years.
→Diversified portfolio and backward integration with a 4 GW solar cell manufacturing facility (starting with 1 GW phase) aims to sustain long-term revenue growth.
→Sales in residential, pumps, and ground-mounted projects are expected to grow steadily over the next three to five years.

📈 Profitability & Margins

→Company expects better financial performance than last year with sustained or slightly improved margins over the next few quarters.
→EBITDA margin improved to 14.29% in H1 FY26 from 11.88% last year; PAT margin expanded by 148 basis points to 9.44%.
→Earnings per share (EPS) for H1 FY26 increased to 14.19 from 6.63 YoY, showing strong growth.
→Pump segment margins steady at 13-15%, retail at 15-18%, wholesale around 10-11%. Margins expected to sustain over next 3-4 quarters with slight potential decline in wholesale margins due to competition.
→Long-term growth anticipated from capacity expansion to 1.2 GW by Q1 FY27 with further CapEx plans including solar cell manufacturing.
→Revenue CAGR expected above 75% for current and coming year due to market expansion and product diversification.
→Overall, company is confident in maintaining and improving profitability through operational leverage and vertical integration.

See what Australian Premium Solar (India) Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→APS is advancing backward integration by adding a 4 GW solar cell manufacturing facility.
→The first phase includes a 1 GW machinery setup requiring INR 900-950 crore CapEx.
→Funding for this CapEx is expected to be 30% equity and 70% debt.
→The solar cell manufacturing facility land has been identified in Gujarat; water approvals are in process.
→APS already has long-term contracts for local solar cell supply and is eager to start solar cell manufacturing soon.
→APS is also interested in battery energy storage, monitoring its maturation especially from international markets.
→Current capacity includes an 800 MW facility (400 MW TopCon line commissioned recently plus 400 MW monocrystalline), with another 400 MW facility expected by Q1 of next financial year, reaching a total 1.2 GW capacity.
→Expansion of sales and marketing teams is underway to support growth, including plans to enter new states.

💰 Fundraising & Capital Structure

→The company plans a CapEx of INR 900 to 950 crore for the first phase of its 4 GW solar cell manufacturing facility.
→Funding is expected to be 30% from internal business sources and 70% through debt.
→No specific mention of equity fundraising was made in the discussed pages.
→The company maintains a healthy debt-to-equity ratio of 0.05 as of September 2025, indicating prudent capital management.
→The focus currently seems on debt funding for expansion rather than equity.

See what Australian Premium Solar (India) Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Solar Pump segment order book: INR 310 crores, executable over the next 4 to 6 months.
→Distribution segment: Orders are taken monthly; no fixed long-term order book due to price fluctuations.
→Retail segment: Receives orders daily; operates on a demand basis.
→Capacity constraints previously limited order execution to about 400 MW.
→Current capacity: 400 MW monocrystalline + 400 MW TOPCon.
→Poly capacity (200 MW) was sold due to low demand.
→Existing order book primarily covers short-term near 4-6 month horizon in the pump segment; other segments operate on rolling demand.
→No specific figures given for future expected orders, but expanding states and marketing efforts indicate growth in retail and solar pump orders.

Key Metrics

How does Australian Premium Solar (India) Ltd rank vs peers in Electrical Equipment?

Pro feature

1Australian Premium Solar (India) Ltd

See full Electrical Equipment sector rankings

What Australian Premium Solar (India) Ltd's management said in earlier quarters

Others in Electrical Equipment this season

WAAREEENER (Q2 FY26)
Utilization improvements at facilities like Indosolar (currently ~70-75%) will aid volume ramp-up. Key concall takeaways from Waaree Energies Ltd's Q2 FY26…
AVALON (Q2 FY26)
Order book stands healthy at INR 1,863 crore for the near term and INR 3,000+ crore including longer-term contracts. Key concall takeaways from Avalon…
KP Green Engineering Ltd (Q2 FY26)
Order book stands at INR 1,100 crores with an equivalent amount in the pipeline, supporting growth. Key concall takeaways from KP Green Engineering Ltd's Q2…
SUZLON (Q2 FY26)
Shift towards increasing EPC share from current 20% to 50% by FY '28. Key concall takeaways from Suzlon Energy's Q2 FY26 earnings call — and how it ranks…

Compare:vs ABB vs Bharat Heavy Electricals Ltd vs Siemens Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Australian Premium Solar (India) Ltd Q2 FY26 results?

What is Australian Premium Solar (India) Ltd share price analysis?

Australian Premium Solar (India) Ltd currently shows a neutral. The stock trades at a P/E of 9.2 with a market cap of ₹523 Cr. Investors should review the full earnings analysis for detailed insights.

Is Australian Premium Solar (India) Ltd planning capital expenditure?

APS is advancing backward integration by adding a 4 GW solar cell manufacturing facility.

Keep Australian Premium Solar (India) Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.