Mumbai, 25 May 2026 – FY26 full-year revenue of ₹708.74 crore and PAT of ₹57.87 crore reflect disciplined execution and expanding market presence; management targets 30–35% revenue CAGR over the next 3 years backed by gigawatt-scale manufacturing, TopCon technology upgrade, and strategic diversification into integrated clean energy solutions.
Australian Premium Solar (India) Limited (APS; BSE/NSE listed), one of India’s leading indigenous solar module manufacturers, today announced audited financial results for H2 FY26 ending 31 March 2026. The company recorded total income of ₹405.80 crore in H2 FY26, reflecting 46.56% year-on-year growth, and closed FY26 with full-year revenue of ₹708.74 crore and PAT of ₹57.87 crore.
Strategic & industry context: The 46.56% H2 FY26 revenue growth reflects APS’s strengthening execution across residential, commercial, industrial, and utility solar segments. The 400 MW TopCon capacity addition positions APS among a select group of Indian manufacturers with technology-led gigawatt-scale differentiation; TopCon modules deliver superior energy conversion efficiency over conventional PERC, aligning APS with the evolving specification requirements of large-scale project developers, discoms, and institutional off-takers. Entry into BESS broadens addressable market toward integrated solar-plus-storage solutions, while captive power production supports operating margin expansion. Structurally, the sector benefits from: the PLI Scheme for Solar PV Modules accelerating indigenous manufacturing; the ALMM framework protecting domestic demand; India’s 500 GW renewable energy target by 2030 driving sustained annual deployment; and enabling BESS regulatory frameworks including viability gap funding and national storage policy targets — collectively positioning integrated solar manufacturers for compounding long-term growth.
Management commentary
“We are pleased to report a resilient H2 FY26 performance, with total income growing 46.56% YoY to ₹405.80 crore, closing FY26 with full-year revenue of ₹708.74 crore and PAT of ₹57.87 crore, reflecting the strength of our execution capabilities and growing demand for high-efficiency solar solutions. India’s solar manufacturing industry continues to witness strong structural growth, driven by the PLI scheme, the ALMM framework, and the nation’s 500 GW renewable energy target by 2030, creating significant long-term opportunities for integrated solar manufacturers like APS.
The commissioning of our 400 MW TopCon module line by end of August 2026 will increase total capacity to 1.2 GW, materially strengthening our scale, product portfolio, and competitive positioning. Our plans to enter into BESS and captive power production will enable APS to evolve into a comprehensive clean energy platform. Backed by expanding capacity, improving execution visibility, and strong industry tailwinds, we remain confident of delivering a revenue CAGR of 30–35% over the next three years.”
— Mr. Nikunj Kumar Chimanlal Patel, Chairman & Executive Director, Australian Premium Solar (India) Limited
Growth outlook: Management has guided for a revenue CAGR of 30–35% over the next 3 years, supported by:
- 1.2 GW total manufacturing capacity enabling higher order book execution across utility, C&I, and distributed solar segments
- TopCon module differentiation supporting premium positioning in domestic tenders and export markets
- BESS entry expanding addressable market to integrated solar-plus-storage customers across industrial, commercial, and grid-scale utility segments
- Captive solar power production at manufacturing facilities improving energy cost efficiency and operating margins
- Structural policy support: PLI scheme, ALMM framework, and India’s 500 GW renewable energy capacity target by 2030
