Australian Premium Solar H1 FY26 Concall Highlights:

👉FY 2026 & Future Outlook :

▫️Guidance from management remains ~75%+ CAGR revenue growth for FY26 (also for FY27)

💠Driven by product mix, operating leverage, and new TopCon capacity

▫️Segment revenue contribution :

💠Solar pumps: 35–40% of FY26 revenue

💠EPC (C&I + retail rooftop): 15–20% growth YoY

💠Wholesale/distribution: 50% of FY26 revenue

 ▫️Gross margins: Sustained for next ~3 quarters

💠Pumps: 12–15%

💠Wholesale: 10–11% (may dip to ~10% due to competition

💠Retail/EPC (rooftop + C&I): 15–18%

💠Overall EBITDA margin expected to remain strong or improve slightly vs H1

💠PAT margin to stay ~9–10% or better

👉Order book / projects and pipeline:

▫️Current order book : 

💠~310cr+ for Solar Pumps (4-6 months execution)

💠Wholesale/distribution: Monthly rolling orders (no fixed long-term book; fluctuates ±15–20 paisa/watt).

💠Retail/EPC: Daily orders, no fixed book

▫️Active in KUSUM-C (pumps) and residential rooftop; not active in large ground-mounted KUSUM-A/B
▫️Pipeline: 

💠 Capacity ramp-up: 400 MW TopCon commissioned → total 800 MW (400 MW Mono PERC + 400 MW TopCon)

💠Q1 FY27 Additional 400 MW → 1.2 GW total module capacity

💠Solar cell plant (1 GW phase-1): CapEx ~900–950 Cr (30% equity, 70% debt); expected commissioning May–Jun 2027 (18–20 months from water approval, pending Gujarat govt clearance)

💠Pump segment: Approved in 10 states; strong tender wins continue (restricted entry for new players due to 1,000–10,000 pump experience criteria).

💠EPC: Expanding beyond Gujarat into Maharashtra & Rajasthan

💠Wholesale: Geographic expansion to Madhya Pradesh, Chhattisgarh, Haryana, South India

💠Long-term cell integration: First 1 GW cell line to support internal module needs; eventual 4 GW total cell capacity planned

👉 Others :

▫️Net debt/equity 0.05× (Sep'25); almost debt-free despite heavy Capex
▫️Demand-supply outlook :India needs 40–50 GW solar annually; only ~120–230 GW nameplate module capacity (actual output 70–75%)

💠Re-iterated no overcapacity fear for diversified players like APS (30% market in residential/C&I/pumps vs 70% ground-mount pure players who may face realization challenges)

💠ALMM/PLI from Jun 2026 → limited impact on APS (already ALMM-compliant; not chasing NTPC/Coal India tenders)

▫️Diversification strategy: Shifting from pure module sales to in-house consumption (pumps + EPC to use 600–800 MW internally)

💠Solar cell entry to capture 20–25% value chain margin currently lost to suppliers

💠New sales team hired for ground-mount supply (5–15 MW orders already feasible)

💠BESS under active evaluation 

💠Long-term contracts already secured with Jupiter (local cells) + TopCon suppliers

▫️Social media presence to be scaled (YouTube, Instagram, LinkedIn influencers) on suggestions

With thanks

Kalyan

Audio recording of conference call: link1