Australian Premium Solar is not an Australian company - it is a homegrown Indian manufacturer that borrowed its name from the international experience of its founders and has spent over a decade building a quiet, vertically integrated solar business from a single factory in Gujarat. It began in 2013 with a 5 MW module line, and by 2026 it runs 800 MW of panel-making capacity, installs rooftop systems and solar pumps across ten states, and sells its own brand of inverters - all while staying almost debt-free and refusing to lock itself into long-term contracts that could be wrecked by volatile raw-material prices. The recurring approach is simple: make the panel yourself, install it yourself, and sell it for cash or against government tenders with short payment cycles - never bet the company on a single big customer or a price you cannot change next month. # Business segments A single integrated solar business that makes panels, puts them on roofs and farms, and sells the complementary electronics - all under one brand, with manufacturing feeding installation and installation pulling manufacturing. ## 1. Solar panel manufacturing: the engine that makes everything else possible **The company runs two Gujarat factories that turn imported solar cells into finished panels under its own brand, giving it control over the product it installs and sells to distributors.** - **Makes two generations of panel** - the original Monocrystalline line (535W to 555W) and the newer, more efficient N-Type TOPCon line (560W to 650W), with the TOPCon facility alone planned to reach 800 MW of capacity in two phases. - **Capacity grew in deliberate steps** - it started with 5 MW, upgraded its first factory to 600 MW by mid-2024, and fired up a separate 400 MW TOPCon unit in October 2025, with a further 400 MW TopCon module line to be commissioned by the end of July 2026. - **The cell is half the cost** - solar cells represent about 50% of a panel’s cost, so the company secures supply through decade-long relationships and a long-term contract for 140 MW of domestically compliant cells, while paying cash for all raw materials. - **Capacity has a pecking order** - when supply is tight, the company allocates panels first to its wholesale distributors, then to its own retail channel, then to solar pump tenders, and only then to external projects or exports. ## 2. EPC and installation: where half the profit comes from **The company does not just sell panels - it designs, delivers and installs complete rooftop and solar-pump systems on short, flexible contracts that protect its margins.** - **Projects last weeks, not years** - EPC contracts run one to two months, so the company can revise its selling prices every month as raw-material costs move, avoiding the risk of being locked into a fixed price when input costs spike. - **Avoids the big-ground-mount trap** - it stays away from utility-scale projects above 4 MW, which face grid-connection delays; less than 3% of its turnover in the last year came from ground-mounting work. - **Installation pulls manufacturing** - the EPC business contributes half or more of total profit, meaning the company is not a pure manufacturer dependent on factory margins alone. - **Service teams close to the customer** - it deploys technicians roughly every 50 to 100 kilometres in areas with strong penetration, and has never been penalised for a delayed project. ## 3. Solar water pumps: the government-backed growth engine **The company pairs its own panels with pumps bought from other manufacturers and installs them for farmers under state and central schemes, building an order book that is set to become the largest slice of revenue.** - **Driven by rural policy** - demand comes from government programmes like PM-KUSUM, with an order book exceeding ₹150 crore as of early 2026 and an expectation that pumps will contribute 35-40% of total revenue by the following year. - **Margins are strong, but cash takes time** - the payment cycle stretches to 90-120 days because the government pays only after installation and bill submission, creating a two-to-three-month cash gap that the company manages within its conservative balance-sheet philosophy. - **Proven at scale** - it has already completed more than 5,000 agricultural solar-pump installations, giving it a track record that helps win new tenders. ## 4. Solar grid inverters: the brand-completion piece **The company makes its own inverters - the box that turns the panel’s direct current into usable alternating current - so it can sell a complete APS-branded system rather than just a panel.** - **One brand, both main components** - APS claims to be the only manufacturer in India offering both solar panels and inverters under its own name, which lets it present a unified warranty and after-sales story to retail and wholesale buyers. - **Covers homes and businesses** - the range runs from small single-phase units (1 KW to 6 KW) up to three-phase commercial units (5.5 KW to 110 KW), all with a ten-year warranty and remote monitoring via WiFi and GPRS. # Distribution and go-to-market **The company sells through three distinct channels - wholesale, retail, and government pump tenders - each with a different payment rhythm, and it extends no credit to its distributors.** - **Wholesale pays before dispatch** - distributors, numbering around 45 to 50 who buy regularly every two weeks, must pay upfront, a practice the company says is standard among non-Tier-1 solar players. - **Retail pays on installation** - residential rooftop customers settle within about 60 days, with roughly 40% of government-subsidised rooftop payments also arriving within that window. - **Pump business pays last** - government pump contracts take 90 to 120 days, reflecting the bureaucratic cycle of installation, inspection and bill clearance. - **Geography is expanding fast** - the company has grown from two states to ten, including Gujarat, Maharashtra, Rajasthan, Bihar, Madhya Pradesh and Karnataka, and is working with 38 cities on solar-city projects. # Group structure and partners **The company is promoter-controlled, listed on the NSE, and has built a set of subsidiaries that handle installation and a fledgling solar-cell manufacturing venture.** - **Tightly held** - the promoter group owns 72.62% of the shares, with the public holding the remaining 27.38%. - **The cell-making bet** - APLUS Solar, originally acquired as a 51% stake in early 2025 and made wholly owned in June 2026, was set up to manufacture TOPCon and monocrystalline solar cells, and has signed an agreement for industrial land in Ahmedabad to build a cell plant in phases. - **Lean banking** - the company’s main banker is HDFC Bank, and it carries negligible debt relative to its net worth of ₹164.28 crore.