Premier Energies
Listed Integrated — per-stock model.
Latest concall
Q4 FY26 · 15 May 2026- FY26 revenue ₹8,026 cr (+21%), PAT ₹1,510 cr (+61%), EBITDA margin 32.1%.
- Q4 revenue ₹2,269 cr (+35% YoY), PAT ₹457 cr (+64.5%), margin 20.1%.
- Cell capacity 3.6 GW, module 11.1 GW; FY26 cell output 2,268 MW, module 3,570 MW.
- Commissioned 5.6 GW automated TOPCon zero-busbar module line; ROE 42.4%, ROCE 33.5%.
Order book ₹14,010 cr (9,383 MW), almost fully domestic; cells 58%, modules 42% of value.
- 7 GW Naidupeta cell: 4.8 GW by Jun-2026, 2.2 GW Sep-2026 to reach cell 10.6 GW.
- 10 GW ingot-wafer: 5 GW Dec-2027, balance Dec-2028; net debt/EBITDA 0.41x.
- New verticals: 12 GWh BESS, 3 GW inverter (Dec-2026), aluminium frames, transformers by Mar-2027.
Q4 FY26 earnings call (Energetica / Business Standard)
Order book
Revenue FY26E
EBITDA margin
P/E
Target price
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Valuation
As of 21 Aug 2026
P/E
EV / EBITDA
P/B
Operating metrics
What the rest of the dashboard tracks for Premier Energies — capacity, auctions, offtake, manufacturing and returns.
Commissioning pipeline
Guided COD tracked from concalls, with slippage vs earlier guidance
| Project | Capacity | Original | Current | Slip | Status |
|---|---|---|---|---|---|
Fab City 1.2 GW TOPCon cell line (Hyderabad) | 1.2 GW | Q1 FY26 | Q1 FY26 | — | commissioned |
Naidupeta 7 GW cell fab (Andhra Pradesh) | 7 GW | Q1 FY27 | Q2 FY27 | +1Q | on track |
Policy exposure
Schemes whose impact note names this company
- ALMM List-III (Wafers & Ingots)ManufacturingAnnounced
Targets backward-integrators building wafer lines — Adani, Reliance, Premier Energies. With ~100% of wafers imported today, makers without wafer plans face a 2028 supply cliff.
- Basic Customs Duty (BCD) on Cells/ModulesTradeActive
Shields all domestic makers (Waaree, Premier, Vikram, Adani) by pricing up Chinese imports; raises input costs for EPCs and developers (Sterling & Wilson, Tata Power) still reliant on imported cells.
- ALMM List-II (Solar Cells)ManufacturingEffective
A major win for domestic cell makers — Premier Energies, Websol, Waaree, Adani — who can sell scarce Indian cells at a premium; assemblers without their own cell lines must now buy domestic cells or lose ALMM eligibility.
- Domestic Content Requirement (DCR)ManufacturingActive
Creates a high-margin premium market for integrated makers with domestic cells (Waaree, Premier, Adani); rooftop installers and PM-KUSUM vendors must source the pricier DCR kit.
- PM Surya Ghar Muft Bijli YojanaRooftopActive
A demand engine for rooftop installers and residential-kit makers — Tata Power Solar, Waaree, Premier, Luminous; DCR rules steer the orders to domestic-cell makers.
- PLI - High Efficiency Solar PV ModulesManufacturingActive
Cash incentive for the awarded integrated players — Reliance, Adani, Waaree, Premier Energies, Vikram, Tata Power — tied to hitting local-manufacturing and output milestones (disbursement has lagged badly).
- ALMM List-I (Solar PV Modules)ManufacturingActive
Protects listed Indian module makers whose panels are ALMM-approved — Waaree, Premier Energies, Vikram Solar, Adani Solar, Tata Power Solar; foreign and unlisted makers are locked out of subsidised and government demand.
Operating & order mix
Unit economics and the order book.
Shareholding
% · as of 31 Mar 2026
Shareholding pattern
%