Any current/future capex/capital investment/strategic investment?

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 inclu

Any current/future new fundraising through debt or equity?

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.

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

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 ex

Current/ Expected Orderbook/ Pending Orders?

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

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Australian Premium Solar (India) LtdQ3 FY25Electrical Equipment

Australian Premium Solar (India) Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹293P/E: 13.6Market Cap: ₹738 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

→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.

Capex plans

Yes

→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.

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

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