Synopsis: Under the PM Surya Ghar-Muft Bijli Yojana’s Utility-Led Aggregation framework, Australian Premium Solar (India) Limited has received a Letter of Award from South Bihar Power Distribution Company Limited for 16 MW of grid-connected rooftop solar installations covering 14,185 consumers in Gaya Circle.
A Gujarat-based solar module manufacturer and EPC services provider secured a government-backed rooftop solar contract from South Bihar Power Distribution Company Limited on Monday, covering 16 MW of installations for 14,185 consumers in Gaya district under the Centre’s PM Surya Ghar-Muft Bijli Yojana, per a Regulation 30 disclosure filed with NSE.
With a market capitalization of Rs. 636.35 crore, the shares of Australian Premium Solar (India) Limited last traded at Rs. 315.65 per share, up 1.87 percent from its previous close of Rs.309.85. It is trading at a P/E of 10.80.
The Letter of Award from SBPDCL covers 16 MW of grid-connected rooftop solar installations in SBPDCL’s Gaya Circle. Each system is sized at 1.1 kW, with 14,185 individual consumers as end-beneficiaries. The contract operates under a hybrid CAPEX-plus-RESCO structure authorized under the PM Surya Ghar-Muft Bijli Yojana’s Utility-Led Aggregation Model.
Under the CAPEX leg, APS is due to receive Rs.68 crore in the first year covering design, supply, installation and commissioning. Under the RESCO leg, the company will receive approximately Rs.9 crore per year for the following ten years for ongoing operation, maintenance and performance obligations. Total receipts aggregate to approximately Rs.158 crore over the contract period.
The RESCO component introduces an obligation that goes beyond standard EPC delivery. APS will be responsible for maintaining 14,185 dispersed residential rooftop systems in Bihar for a decade; performance shortfalls could affect RESCO receipts. The annuity of Rs.9 crore per year represents roughly 1.31 percent of current revenue meaningful as a recurring line item but not transformative in any single year. The Rs.68 crore CAPEX receipt, however, represents approximately 9.87 percent of revenue of Rs.689 crore and is the more immediate revenue contributor.
Government Scheme
PM Surya Ghar-Muft Bijli Yojana targets 1 crore household rooftop solar installations, with state distribution companies acting as project aggregators under the Utility-Led Aggregation Model. DISComs empanel private solar firms to execute installations within their licensed territory, with central subsidies supporting the consumer-facing cost. SBPDCL, a Government of Bihar undertaking, covers south Bihar’s distribution network.
An award from SBPDCL under the PMSG-MBY framework places APS in the government-backed residential solar rollout, a channel that has seen a pickup in order volumes across the solar EPC sector through FY25-26 as DISCom execution has gathered pace. The Gaya Circle order gives APS state-level government project credentials alongside its existing commercial and industrial EPC portfolio.
Business Overview
APS is one of the leading manufacturers in India’s solar energy industry, making substantial contributions over the past decade. As an NSE-listed company, we have developed, engineered, and manufactured over 700 MW of solar panels, resulting in a significant reduction of thousands of tons of CO2 emissions.
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