Australian Premium Solar has secured a work order from South Bihar Power Distribution Company Limited (SBPDCL) for setting up 16 MW grid-connected rooftop solar projects. Valued at ₹68 crore, the project will be executed under the CAPEX plus RESCO mode Utility-Led Aggregation Model of the PM Surya Ghar-Muft Bijli Yojana (PMSG-MBY) in the Gaya Circle of SBPDCL. The company expects this order to enhance its customer base and contribute to profitability.

Deal Structure and Financials

The contract is structured to provide immediate and long-term revenue visibility. The project entails a CAPEX of ₹68 crore to be received in the first year, followed by approximately ₹9 crore in annual earnings over the subsequent 10 years. The deployment covers 14,185 consumers, with each plant having a capacity of 1.1 kW.

Strategic Context

This order aligns with the government's initiative to promote renewable energy through the PM Surya Ghar-Muft Bijli Yojana. By participating in this utility-led aggregation model, Australian Premium Solar expands its footprint in the residential rooftop solar segment. The steady income stream from the RESCO component offers financial stability over the contract duration.

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.

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.