Application	Lot	Shares
Minimum Lot Investment (Retail)	1 lot	2,000
Maximum Lot Investment (Retail)	1 lot	2,000
Minimum Lot Investment (HNI)	2 lot	4,000

 

Australian Premium Solar (India) IPO Reservation:

QIB Shares Offered	Minimum 50%
Retail Shares Offered	Maximum 35%
Other Shares Offered	Maximum 15%

 

 

Company Financial

As of March 31, FY23, the company's financials show positive growth in various aspects compared to previous years.

(Amount in Lakhs)

Period	Mar 31  FY 23	Mar 31  FY 22	Mar 31  FY 21
Total Assets	3,918.90	3,468.37	3,501.67
Total Revenue	9,495.86	9,832.92	7,443.97
PAT	333.43	270.48	180.11
Net worth	1,446.62	1,113.19	847.10
Reserve & Surplus	1,444.62	1,111.19	845.10
Total Borrowings	222.13	299.37	328.96

 

 

Geography-wise Revenue Bifurcation          

In FY23, all revenue came from domestic sales, like in FY22. In FY21, some revenue was from export sales, with the majority from domestic sales.

( in % age)

Particulars	Mar 31  FY 23	Mar 31  FY 22	Mar 31  FY 21
Export Sales	-	-	0.47%
Domestic Sales	100.00%	100.00%	99.53%
Total	100.00%	100.00%	100.00%

 

Particulars of Revenue Segment-Wise

 Revenue segments in FY22 included the manufacturing of solar panels, installation services for solar rooftops, and installation services for solar pumps.

( in % age)

Particulars	Mar 31  FY 22	Mar 31  FY 21
Manufacturing of Solar Panels	32.96%	53.20%
Installation Services for Solar rooftop	65.72%	46.36%
Installation Services for Solar pump	1.32%	0.44%
Total	100.00%	100.00%

Revenue By operations

Revenue from operations in FY23 showed growth, contributing to the total revenue, which also included other operating income. 
(amount in Lakhs)

Particulars	Mar 31  FY 23	Mar 31  FY 22	Mar 31  FY 21
Revenue from operations	9455.92	9812.13	7416.24
Other Operating Income	39.94	20.79	27.73
Total Revenue from operations	9495.86	9832.92	7443.97

 

 

The Objective of the Issue

The company intends to use the net proceeds for the following objectives:

1. Funding capital expenditure.

2. To Meet Working Capital Requirements.

3. General Corporate Purpose.

4. To meet Public Issue Expenses.

 

Promoters and Management of Australian Premium Solar (India) IPO

1. Mr. Chimanbhai Ranchhodbhai Patel.

2. Mrs. Savitaben Chimanbhai Patel.

3. Mr. Nikunjkumar Chimanlal Patel.

Pre-issue Promoter Shareholding	99.98%
Post-issue Promoter Shareholding	73.64%

Australian Premium Solar (India) IPO Lead Managers

• Beeline Capital Advisors Pvt Ltd.

 

Peers of Australian Premium Solar (India) IPO

The IPO shows favourable indicators compared to peers, with a lower P/E ratio, and higher EPS.

Name of the company	Face value (Rs. per share)	P/ E	EPS (Basic) (Rs.)
Australian Premium Solar (India) Limited	10.00	23.58	2.29
Zodiac Energy Limited	10.00	40.79	2.18

 

Evaluation

The IPO is priced within the range of Rs. 51 to Rs. 54 per share.

Evaluation of P/E Ratio

- Considering the FY23 EPS of Rs 2.29 from the last year, the resulting P/E ratio is 23.59x.

- Taking into account the weighted EPS of Rs 1.97 for the last three years, the P/E ratio amounts to 27.41x.

    

Comparative Analysis with Listed Peers

- The industry's average P/E is 40.79x.

 

The IPO price range, with a P/E ratio ranging from 23.59x to 27.41x is considered highly undervalued when compared to the industry average P/E ratio of 40.79x.

 

Dividend Policy

The company hasn't paid dividends in past fiscal years. Whether we can pay them in the future depends on factors like profits, past dividend trends, capital needs, legal restrictions, and other relevant considerations evaluated by our Board.

 

IPO's Strengths

➢ Experienced Promoters and Management Team.

➢ Long term Relationship with the Clients.

➢ Scalable Business Model.

 

IPO's Weaknesses

➢ Exposed to borrowing costs and inflation changes.
➢ Current exposure due to outstanding loans.
➢ Inflation impacts operating and staff costs.

 

 

 

IPO GMP Today

The latest GMP of Australian Premium Solar (India) IPO is Rs.55.

 

Conclusion

In conclusion, the Australian Premium Solar (India) IPO presents an exciting investment opportunity positioned as a formidable player in the market. Moreover, APS India's foray into installation services for both solar panels and solar pumps further solidifies its presence in the solar energy ecosystem. The IPO's valuation, with a favourable P/E ratio range of 23.59x to 27.41x, positions it as highly undervalued compared to the industry average. This factor, combined with the company's growth trajectory, underscores the potential for attractive returns.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

 

Thank You for reading this blog.
Hope you loved the IPO analysis.
Please Comment Below with your feedback because Your feedback motivates us to deliver more such content.

 

Follow MUKUL AGRAWAL for the latest IPO news and reviews. You can connect with us on social media platforms like Twitter, Facebook, and Instagram. You can also subscribe to our YouTube Channel for the latest videos of the stock market.