APS
Australian Prem financials
- Market cap
- ₹482 Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Australian Prem Q4 FY26
What went well
- Total income for FY26 grew 60.70% YoY to ₹708.74 crore, reflecting strong demand.
- EBITDA for FY26 increased 62.6% to ₹95.6 crore, with EBITDA margin improving marginally to 13.49% from 13.33% in FY25.
- PAT for FY26 grew 44.3% to ₹57.87 crore, and EPS increased to ₹28.70 from ₹20.31 in FY25.
What to watch
- Experienced approximately 2% margin pressure in the last 3-6 months due to raw material price increases (glass, aluminum).
- Trade receivables significantly increased to ₹160 crore as of March 31, 2026, primarily from the solar pump segment with a longer collection cycle of 90-120 days.
What Australian Prem does
Australian Premium Solar (India) Limited manufactures Monocrystalline and N-Type TopCon solar panels at its facility in Tajpur, Sabarkantha (Gujarat), and also makes solar grid inverters and solar water pumps under its own APS brand — it describes itself as the only Indian manufacturer offering both solar panels and inverters under one brand. Alongside product sales, it earns through EPC (engineering, procurement and construction) installation services for residential, commercial, industrial and agricultural solar rooftop and solar pump systems. Products and services are currently distributed across Gujarat, Maharashtra, Rajasthan, Jharkhand, Bihar, Madhya Pradesh, Haryana, Tripura, Karnataka and Chhattisgarh.
Segments
- Wholesale
- Retail
- Pumps
- Solar module manufacturing capacity
- 800 MW (Sabarkantha, Gujarat)
- Manufacturing premises
- 3.27 lakh sq ft total facility, incl. 1.8 lakh sq ft production unit
- Team size / manpower
- 500+
- Successful installations
- 12,000+
- Customers served
- 17,000+
- Product SKUs
- 25+
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 3 delivered 2 missed 9 open- Capacity Expansion Timeline delivered said Q3 FY25 Promised: up and running by 30 June 2025 Q4 FY26: Promise previously achieved and confirmed in FY26 results.
- Solar Cell Plant Timeline missed said Q4 FY25 Promised: end of March 2027 / end of FY27 Q4 FY26: Strategic pivot announced; company will not enter the solar cell business, opting for BESS instead.
- Revenue Growth (CAGR) at risk said Q3 FY25 Promised: CAGR 70% to 75% over next two to three years Q4 FY26: FY26 revenue grew 60.7% YoY, below the 70-75% target range for the first year of the CAGR period.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 234.7%, net profit up 163.6% against the same quarter last year.
| Line item | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 75 | 82 | 164 | 121 | 275 +267% | 152 +85% | 302 +84% | 405 +235% |
| EBITDA | 5 | 10 | 19 | 16 | 38 +660% | 21 +110% | 43 +126% | 52 +225% |
| Net profit | 6 | 7 | 13 | 11 | 27 +350% | 14 +100% | 29 +123% | 29 +164% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −50.8% 1Y
1Y: ₹486.2 on 10 Sept 2025 → ₹239.3. High ₹530.2 (23 Oct 2025), low ₹233.75 (18 Aug 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.5%
- 27 May
- Q2 FY26
- +2.3%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY25 |
|---|---|
| Revenue | ₹642 Cr |
| Operating profit | ₹83 Cr |
| Operating margin | 12.9% |
| Interest | ₹2 Cr |
| Depreciation | ₹6 Cr |
| Net profit | ₹58 Cr |
| Net margin | 9.0% |
| Cash from operations | ₹24 Cr |
| Free cash flow | ₹24 Cr |
| ROCE | 71.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹8 Cr | ₹11 Cr | ₹15 Cr | ₹28 Cr | ₹113 Cr | ₹144 Cr |
| Borrowings | ₹3 Cr | ₹3 Cr | ₹2 Cr | ₹10 Cr | ₹31 Cr | ₹45 Cr |
| Other liabilities | ₹23 Cr | ₹21 Cr | ₹22 Cr | ₹23 Cr | ₹99 Cr | ₹178 Cr |
| Total liabilities | ₹35 Cr | ₹35 Cr | ₹39 Cr | ₹80 Cr | ₹264 Cr | ₹387 Cr |
| Fixed assets | ₹8 Cr | ₹7 Cr | ₹7 Cr | ₹19 Cr | ₹68 Cr | ₹67 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹26 Cr | ₹27 Cr | ₹32 Cr | ₹61 Cr | ₹196 Cr | ₹320 Cr |
| Total assets | ₹35 Cr | ₹35 Cr | ₹39 Cr | ₹80 Cr | ₹264 Cr | ₹387 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.79 pp while the public added +0.78 pp. The shareholder count grew 30% to 5,368.
- Promoters
- 72.6%
- DIIs
- 0.5%
- Public
- 26.9%
Since Jun 2025
- FIIs −0.79 pp
- Public +0.78 pp
- DIIs +0.36 pp
How it drifted, 7 quarters
Over this window the public went from 21.5% to 26.9% — +5.4 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 73.6%, FIIs 1.4%, DIIs 3.4%, Public 21.5%.Sep '24: Promoters 73.6%, FIIs 0.5%, DIIs 0.1%, Public 25.8%.Mar '25: Promoters 74.3%, FIIs 0.3%, DIIs 0.1%, Public 25.3%.Jun '25: Promoters 73.0%, FIIs 0.8%, DIIs 0.1%, Public 26.1%.Sep '25: Promoters 72.5%, DIIs 0.6%, Public 26.9%.Mar '26: Promoters 72.6%, DIIs 0.5%, Public 26.9%.Jun '26: Promoters 72.6%, DIIs 0.5%, Public 26.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Australian Prem above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nikunjkumar Chimanlal Patel | 37.13% | unchanged |
| Chimanbhai Ranchhodbhai Patel | 18.33% | unchanged |
| Savitaben Chimanbhai Patel | 16.55% | unchanged |
| Nitaben Alpeshbhai Patel | 1.51% | unchanged |
| Hency Monil Patel | 1.43% | −0.09 pp |
| Prashant Kumar Chimanlal Patel | 0.61% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -13.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Australian Prem
Guides on how to read this kind of business and the numbers that matter.