Working capital strain from solar pump receivables
Trade receivables surged to ~₹160 Cr (from ~₹40 Cr in FY25) due to 90-120 day payment cycle for solar pump segment; only ₹40 Cr collected post-March.
AUSTRALIANPREMIUMSOLAR / bear-case history
Track the concerns that keep returning.
Australian Premium Solar · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Solar cell supply risk post-ALMM policy
With ALMM for cells effective June 2026, domestic cell supply is tight (20-25 GW capacity vs 40 GW demand); APS relies on long-term supplier relationships but faces execution risk.
Margin pressure from raw material volatility
Glass and aluminium price increases in H2 FY26 compressed margins by ~2%; while pass-through is practiced, short-term order commitments could impact profitability.