Australian Premium Solar Shines Bright: H1 FY26 Revenue Jumps 84%

Australian Premium Solar (India) Limited, a prominent indigenous solar solutions provider, has reported a robust financial performance for the first half of fiscal year 2026 (H1 FY26). The company, specializing in monocrystalline and TopCon solar modules, advanced solar water pumps, and comprehensive EPC services, announced an impressive 84.5% year-on-year (YoY) growth in total income, reaching ₹302.93 crore. This significant surge underscores the company's operational efficiency and execution excellence in a rapidly expanding renewable energy market.

EBITDA for H1 FY26 more than doubled, increasing by 121.9% to ₹43.28 crore, with the EBITDA margin improving to 14.29% from 11.88% in H1 FY25. Profit After Tax (PAT) also saw a substantial rise of 118.7% to ₹28.60 crore, pushing the PAT margin to 9.44% from 7.96% in the previous corresponding period. Diluted Earnings Per Share (EPS) grew by 114.03% to ₹14.19, up from ₹6.63. These figures reflect a strong demand for solar solutions and the company's effective strategy in leveraging market opportunities.

Segmental Performance and Strategic Diversification

The company's growth is well-distributed across its key business segments. The solar pump segment demonstrated continuous momentum, contributing ₹102.89 crore (33.97%) to the total income. Management anticipates this segment will contribute 35-40% of the total revenue by FY26, driven by government initiatives like the PM-KUSUM scheme and increasing rural adoption. The wholesale distribution segment, which includes solar panel and inverter sales, was the largest contributor with ₹165.78 crore (54.73%) in revenue. This segment is expanding its reach from Gujarat, Rajasthan, and Maharashtra to new geographies such as Madhya Pradesh, Chhattisgarh, Haryana, and South India, targeting 50% of the company's revenue for FY26.

The retail EPC (Engineering, Procurement, and Construction) business, encompassing residential rooftop and commercial & industrial (C&I) projects, generated ₹33.80 crore (11.16%) in H1 FY26. The EPC division is projected to grow by 15-20%, with expansion into Maharashtra and Rajasthan. This diversified portfolio across manufacturing, distribution, and services provides a robust foundation, enabling the company to mitigate demand fluctuations and maintain consistent performance.

Financial Summary (H1 FY26 vs H1 FY25)

Strategic Expansions and Future Outlook

A major highlight for Australian Premium Solar is the successful commissioning of its new 400 MW TopCon solar module manufacturing line in Sabarkantha, Gujarat, on October 28, 2025. This milestone increases the company's total module manufacturing capacity to 800 MW (400 MW Monocrystalline and 400 MW TopCon). The remaining 400 MW installation is expected to be completed by FY26, with commercial production commencing by Q1 FY26-27. This expansion solidifies the company's position as one of the few fully integrated domestic solar manufacturers capable of producing high-efficiency TopCon modules at scale.

Looking ahead, Australian Premium Solar has announced a strategic backward integration into solar cell manufacturing. In Q4 FY25, the company unveiled plans for a 4 GW TOPCon solar cell facility in Ahmedabad, Gujarat. This project will unfold in three phases, with the first 1 GW phase expected to be operational in 18-24 months. The remaining 3 GW will be added in subsequent 9-12-month intervals. This move is critical as solar cells constitute nearly 40% of the total module cost, and in-house manufacturing will significantly enhance value chain efficiency and margins. The company aims to utilize 65-70% of these internally produced solar cells, with the first 1 GW phase projected to generate ₹650-750 crore in revenue and an EBITDA margin of 25-30% in its inaugural year.

Management also addressed concerns regarding potential overcapacity in the indigenous solar market and margin pressures. They emphasized that their diversified portfolio and strategic vertical integration will help sustain profitability. The company is actively exploring export opportunities in the U.S. and other nearby countries, further expanding its market reach. Despite minor challenges like temporary GST regulation impacts and monsoon-related execution delays, the company's agile response, including the dismantling of poly panel capacity due to shifting demand, demonstrates its adaptability.

Conclusion: Paving the Way for Sustainable Growth

Australian Premium Solar is strategically positioned for sustained growth, aiming for over 75% CAGR in revenue for FY25-26. The company's disciplined capital management, reflected in its low net debt-to-equity ratio of 0.05, provides a strong foundation for its ambitious expansion plans. By focusing on product innovation, geographical expansion, and backward integration, Australian Premium Solar is not just reacting to market trends but actively shaping its future as a comprehensive solar solutions provider. The company's commitment to India's renewable energy vision, coupled with its robust operational and financial performance, instills confidence in its long-term trajectory.