Australian Premium Solar (APS) reported strong H1FY26 financials.

Total Income soared 84.45% YoY to ₹302.93 Cr, with PAT leaping 118.66% to ₹28.60 Cr, and EBITDA up 121.90% to ₹43.28 Cr (14.29% margin). EPS grew 114.03% to ₹14.19. APS, a leader in Gujarat, is expanding its reach across states like Maharashtra and Rajasthan.

Key growth drivers include expanding manufacturing capacity, now at 800 MW after launching a new 400 MW TOPCon line in Oct 2025. A major strategic shift is backward integration into solar cell manufacturing, planning a 4 GW TOPCon facility.

The first 1 GW phase is expected to be operational in 18-24 months, potentially adding ₹650-750 Cr revenue and 25-30% EBITDA margin.

The company is also aggressively expanding higher-margin EPC services and expects solar pumps to contribute 35-40% of FY26 revenue.

Management targets a 75% CAGR for FY25-26 and aims to maintain its current net debt-free status.