Australian Premium Solar reports 60.7% FY26 revenue growth
Australian Premium Solar (India) Limited reported a 60.7% year-on-year increase in FY26 total income to ₹708.74 crore, with PAT rising 44.3% to ₹57.87 crore. H2 FY26 revenue reached ₹405.80 crore. The company commissioned a 400 MW TopCon line, taking total capacity to 800 MW, and plans to add another 400 MW by August 2026. Management expects a 30–35% revenue CAGR over the next three years and announced plans to enter the BESS segment with a 1 GWh assembly line, while opting against immediate backward integration into solar cell manufacturing.
*this image is generated using AI for illustrative purposes only.
Australian Premium Solar (India) Limited has reported its audited financial results for the half-year and year ended March 31, 2026, disclosing a 60.7% year-on-year increase in total income to ₹708.74 crore for FY26. Profit After Tax (PAT) for the full year stood at ₹57.87 crore, a growth of 44.3% compared to the previous year. The company’s H2 FY26 revenue rose to ₹405.80 crore from ₹276.90 crore in the prior year. Management attributes the performance to robust demand across solar modules, EPC, and solar pump businesses, supported by favourable government policies such as the Production Linked Incentive (PLI) scheme and the Approved List of Models and Manufacturers (ALMM) framework.
FY26 and H2 Financial Performance
For the full year FY26, EBITDA increased to ₹95.6 crore from ₹58.81 crore in FY25, registering a growth of 62.6%. The EBITDA margin improved to 13.49% compared to 13.33% in FY25. Earnings per share (EPS) increased to ₹28.70 in FY26 from ₹20.31 in FY25. In H2 FY26, EBITDA grew 33.1% to ₹52.32 crore, while PAT increased to ₹29.26 crore from ₹27.01 crore. The company maintains a healthy, almost debt-free balance sheet with a net worth of ₹164.28 crore.
| Metric | FY25 | FY26 | H2 FY25 | H2 FY26 |
|---|---|---|---|---|
| Total Income (₹ Cr) | 441.14 | 708.74 | 276.90 | 405.80 |
| EBITDA (₹ Cr) | 58.81 | 95.60 | 39.30 | 52.32 |
| PAT (₹ Cr) | 40.10 | 57.87 | 27.01 | 29.26 |
| EBITDA Margin (%) | 13.33% | 13.49% | 14.19% | 12.89% |
| Diluted EPS (₹) | 20.31 | 28.70 | 13.68 | 14.52 |
Operational Highlights and Expansion
The company successfully commissioned a 400 MW TopCon solar module manufacturing line at its Prantij factory, increasing total module manufacturing capacity to 800 MW. The remaining 400 MW expansion is progressing and is expected to become operational by August 2026. The solar water pump business witnessed strong traction, contributing over ₹305 crore in turnover for the financial year, with expectations that this segment will contribute nearly 35 to 40% of revenue by FY27. Geographically, the company expanded its presence beyond Gujarat into states including Maharashtra, Rajasthan, and Karnataka.
Strategic Outlook and BESS Entry
Australian Premium Solar (India) Limited is actively evaluating opportunities in the Battery Energy Storage Systems (BESS) segment and captive power solutions. The company plans to start with a 1 GWh BESS assembly line, with a total expected utility of 3 GWh. Management expects a revenue CAGR of 30–35% over the next three years and aims to increase net assets by a minimum of 30% annually. The company has decided against entering solar cell manufacturing in the near term, preferring to secure cells from existing stakeholders and focus capital allocation on BESS and EPC projects.
Historical Stock Returns for Australian Premium Solar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.27% | +2.84% | -10.04% | -16.99% | -47.59% | +112.11% |
How will the capital allocation strategy shift to fund the new BESS assembly line while maintaining a debt-free balance sheet?
What specific market opportunities are driving the decision to enter the BESS segment, and who are the target customers for the initial 1 GWh capacity?
Can the solar pump business sustain its growth trajectory to achieve the projected 35-40% revenue contribution by FY27 amidst increasing competition?
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