Australian Premium Solar (India) Limited IPO
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1. Manufacturing of Solar Panels:
- The company manufactures both monocrystalline and polycrystalline solar panels.
- The manufacturing facility is located in Sabarkantha, Gujarat, with a capacity of 200 MW per annum.
- Monocrystalline panels are known for higher efficiency and a uniform appearance, while polycrystalline panels have a speckled appearance.
- Solar cells, made of semiconductor materials like silicon wafers, are integral to the solar panels.
- The company’s manufacturing facility covers 25,375 square meters.
2. EPC Services:
- The company provides Engineering, Procurement, and Construction services.
- Installation services are offered for both solar rooftop systems and solar pumps.
Types of Solar Panels Manufactured:
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
Installation Services:
- Rooftop Solar Installation:
- Offered for residential and commercial usage.
- On-grid rooftop installation services are provided, considering locational requirements to maximize energy harvesting.
- Solar Pump Installation:
- Installation services for solar pumps, which include submersible pumps and self-manufactured solar modules.
- Procurement of solar pumps from various manufacturers based on client requirements.
Business Model:
- Revenue is derived from two major business verticals:
Manufacturing of Solar Panels:
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- Procurement of solar cells and raw materials.
- Processing at the manufacturing facility to produce solar modules.
- Sales of solar modules to residential, commercial, and agricultural customers.
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EPC Services:
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- Comprehensive installation services, handling all aspects from design to delivery and installation.
- Tailored installations for unique client needs.
- Installation services for rooftop solar and solar pump projects.
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Certification:
- The company is certified with ISO 9001:2015 for Quality Management System, emphasizing its commitment to delivering quality products and services.
Business Statistics (as of August 31, 2023):
- Served more than 10,000 unique customers.
- Over 9,500 rooftop installations for residential use.
- Over 1,300 solar pump installations for agricultural use.
Conclusion:
The company operates across the entire value chain of the solar industry, from manufacturing solar panels to providing end-to-end installation services. Its focus on quality, diverse product offerings, and a strong track record of installations position it as a comprehensive player in the solar energy sector.
Objects of the Australian Premium Solar (India) Limited IPO:
The Issue Proceeds from the Fresh Issue will be utilized towards the following objects:
i. Funding capital expenditure.
ii. To Meet Working Capital Requirements.
iii. General Corporate Purpose.
iv. To meet Public Issue Expenses.
Australian Premium Solar (India) Limited IPO Details:
| Open Date: | Jan 11 2024 |
| Close Date: | Jan 15 2024 |
| Total Shares: | 5,200,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 28.08 Cr. |
| Lot Size: | 2000 Shares |
| Issue Price: | ₹ 51 - 54 Per Equity Share |
| Listing At: | NSE Emerge |
| Listing Date: | Jan 18 2024 |
Promoters And Management:
Mr. Nikunjkumar Chimanlal Patel aged 42 years is Chairman and Executive Director of the Company. He holds Degree of Master of Engineering from University of South Australia. He is having more than 10 years in the Solar Industry. He plays key role in overall operation of the company.
Mr. Dhaval Jayeshkumar Suthar aged 40 years is Whole Time Director of the company. He holds the Degree of Bachelor of Commerce from the Hemchandracharya North Gujarat University. He is having more than 8 years in the Solar Industry. He plays significant role in the production department of the company
Mr. Chimanbhai Ranchhodbhai Patel aged 69 years is Promoter-Non-Executive Director of the company. He holds the Degree of Bachelor of Education (B.E) from the Gujarat University. He is having more than 9 years of experience in the Solar industry.
Financials of Australian Premium Solar (India) Limited IPO:
Particulars ( In Lakhs ) |
2021 |
2022 |
2023 |
4M-FY24 |
| Revenue from Operations | 7,416 | 9,812 | 9,456 | 5,017 |
| Other Income | 28 | 21 | 40 | 10 |
| Total Revenue | 7,444 | 9,833 | 9,496 | 5,027 |
| Cost of Material Consumed | 6,065 | 7,868 | 7,605 | 4,436 |
| Change in Inventories | -159 | 44 | 149 | 43 |
| Employees Benefit Expenses | 291 | 378 | 382 | 112 |
| Other Expenses | 867 | 1,007 | 736 | 227 |
| EBITDA | 380 | 536 | 623 | 210 |
| Depreciation & Amortisation | 114 | 141 | 130 | 39 |
| Finance Cost | 26 | 29 | 41 | 19 |
| EBIT | 267 | 395 | 493 | 171 |
| OPM (%) | 5.11% | 5.45% | 6.56% | 4.17% |
| PBT | 241 | 366 | 452 | 151 |
| Tax | 61.1 | 95 | 119 | 38.3 |
| PAT | 180 | 270 | 333 | 113 |
| NPM (%) | 2.42% | 2.75% | 3.51% | 2.25% |
| No.of Shares | 197.4 | 197.4 | 197.4 | 197.4 |
| EPS | 0.91 | 1.37 | 1.68 | 0.57 |
Comparison With Peers:
| Name of the Company | Revenue (In Crore) | PAT (In Crore) | EPS ( in Rs) | P/E | CMP | Mcap (In Crore) |
| Australian Premium Solar (India) Limited | 95 | 3 | 1.68 | 32.0 | 54 | 107 |
| Zodiac Energy Limited | 138 | 3 | 2.18 | 77.3 | 267 | 390 |
Recommendation on Australian Premium Solar (India) Limited IPO:
Review And Recommendation of Australian Solar SME IPO by IZ team is 4/10
1. Product Range: The company produces both monocrystalline and polycrystalline solar panels. Monocrystalline panels are noted for their higher efficiency and uniform look, while polycrystalline panels are distinguished by a speckled appearance.
2. Manufacturing Capacity: Located in Sabarkantha, Gujarat, the manufacturing facility has an annual capacity of 200 MW. However, in FY23, the capacity utilization was only 13.69%.
3. Pricing and Revenue: Solar panels are typically sold at INR 20-25 per watt in India. Based on this, the total capacity utilization translates to approximately INR 500 crore. In FY23, the company reported a revenue of INR 94 Crore with a Net Profit Margin (NPM) of 3.51%. The company operates exclusively within the Indian market.
4. Revenue Streams: The company's revenue is split between solar panel sales (67%) and its EPC (Engineering, Procurement, and Construction) business (33%).
5. Market Position and Competition: The solar sector is highly competitive with major players like Waaree, Adani, and Vikram Solar. The industry is also characterized by frequent technological advancements, necessitating continuous research and development.
6. IPO Valuation: The company plans to go public with a Price-to-Earnings (P/E) ratio of 32x and a market capitalization of INR 107 Crore. This valuation is considered high for a small to medium-sized enterprise (SME) in the solar industry.
Lead Manager of Australian Premium Solar (India) Limited IPO:
Registrar of Australian Premium Solar (India) Limited IPO:
Company Address:
Australian Premium Solar (India) Limited
Tajpur,
NH-08 TA-Prantij,
Sabarkantha - 383205
Phone: +91 87359 32511
Email: compliance@australianpremiumsolar.co.in
Website: http://www.australianpremiumsolar.co.in/
Discussion on Australian Premium Solar (India) Limited IPO:
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Nothing much to entice in the company.