Premier Energies Limited (PREMIERENE)
₹853.30 -1.22% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Premier Energies' revenue was ₹2,463 Cr (+35.3% year on year, +10.4% on the previous quarter), and net profit ₹472 Cr (+53.3% year on year); the operating margin was 29.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,463 | +35.3% | +10.4% |
| Operating profit | ₹714 | +30.3% | +5.8% |
| Net profit | ₹472 | +53.3% | +3.3% |
| EPS (₹) | 10.45 | +53.0% | +3.7% |
| Operating margin | 29.0% | — | — |
PREMIERENE delivery percentage and open interest
NSE end-of-day data for
On Fri, 23 Oct 2026, 36.76% of the PREMIERENE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.54%. That is close to its usual level. In PREMIERENE futures, open interest fell 44.26% while the futures price fell 1.32%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 59.1% · 28.6% · 54.5% · 36.8% · 36.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Premier Energies' wholly-owned subsidiary Premier Battery Technologies (PBTPL) executed a Share Allotment cum Shareholders Agreement with RCT Nexor Energy (RCT Group, Germany) to establish a 12 GWh Battery Energy Storage Systems (BESS) manufacturing JV. The plant will be located at Seetharampur, Telangana, with Phase 1 comprising a 6 GWh capacity targeted for FY27-28. Under the agreement, RCT Nexor Energy will receive a milestone-linked 15% equity stake in the JV company across four tranches, with an option to purchase an additional 5% post Phase 1. The JV company board will include two nominees from PBTPL and one from RCT.
- Joint venture planned for a total 12 GWh BESS manufacturing facility at Seetharampur, Telangana
- Phase 1 capacity targeted at 6 GWh with expected completion in FY 27-28
- RCT Nexor Energy granted milestone-linked 15% equity allotment across 4 tranches, with an option for an additional 5%
- JV board composition set at 2 nominees from PBTPL and 1 nominee from RCT Nexor Energy
Premier Energies announced new order wins aggregating to ₹4,001 crore during Q2 FY27 (July–September quarter). These orders encompass 2,308 MW of solar cells and module supplies along with EPC project execution from power producers, module makers, and EPC companies. The order intake represents approximately 47.3% of the company's TTM revenue of ₹8,466 crore. Additionally, the company highlighted recent capacity expansions, with cell capacity rising from 3.6 GW to 10.6 GW following a 7 GW TOPCon facility commissioning at Naidupeta, and module capacity reaching 11.1 GW.
- New order inflow aggregating to ₹4,001 crore secured in Q2 FY27
- Orders cover a combined total of 2,308 MW of solar cell and module supplies plus EPC execution
- Solar cell manufacturing capacity scaled up from 3.6 GW to 10.6 GW via a 7 GW TOPCon facility at Naidupeta
- Total module manufacturing capacity expanded nearly twofold to 11.1 GW
Premier Energies Limited announced that Singapore's ACRA approved the incorporation of its wholly owned subsidiary, PE Horizon Pte. Ltd., on September 23, 2026. The subsidiary is incorporated with an initial share capital of 10,000 ordinary shares of SGD 1 each, funded via 100% cash subscription. PE Horizon will focus on wholesale trading, management consulting, and ancillary activities in the clean energy industry, supporting the company's international expansion strategy beyond its domestic core.
- Approved and incorporated on September 23, 2026, by ACRA Singapore
- Share capital of 10,000 Ordinary Shares of SGD 1 each (total SGD 10,000)
- Funded 100% via cash consideration by Premier Energies Limited
- Focuses on wholesale trading, management consulting, and capital goods in clean energy
Premier Energies has concluded its 31st Annual General Meeting with shareholders passing all 8 resolutions, notably approving an enabling resolution to raise up to ₹5,000 crore via equity or convertible securities (passed with 99.25% votes in favour). The ₹5,000 crore fundraising limit represents approximately 12.2% of its ₹40,889 crore market cap and 59% of TTM revenue (₹8,466 crore), potentially funding its multi-GW cell and module expansion plans. Shareholders also approved the confirmation of total ₹1.00 per share interim dividend (₹0.25 and ₹0.75 already paid) as final dividend, and re-appointed key management including Managing Director Chiranjeev Singh Saluja and Chairman Surenderpal Singh Saluja.
- Shareholders approved capital raise limit not exceeding ₹5,000 crore with 99.25% votes in favour
- Confirmed ₹1.00 total dividend per share (₹0.25 first interim and ₹0.75 second interim already paid) as final dividend
- Managing Director Chiranjeev Singh Saluja re-appointed with 96.65% majority support
- All 8 resolutions passed at the AGM held on September 21, 2026, with 3,35,616 total shareholders on record
At its 31st AGM, Premier Energies reiterated major expansion plans, including developing a 10 GW ingot and wafer facility at Naidupeta to achieve end-to-end integration outside China. Additionally, the company is building a 12 GWh battery energy storage (BESS) business with RCT Solutions Germany, targeting 6 GWh commissioning by June 2027. For FY26, the company reviewed financial performance showing revenue of ₹7,824 crore (up 20.7%), EBITDA of ₹2,579 crore (up 35%), and PAT of ₹1,510 crore (up 61%). The board declared a dividend of ₹1.00 per share across two tranches.
- Developing 10 GW ingot and wafer manufacturing capacity at Naidupeta
- Partnered with RCT Solutions Germany for 12 GWh BESS, with 6 GWh targeted by June 2027
- FY26 revenue reached ₹7,824 crore, up 20.7%, with PAT up 61% to ₹1,510 crore
- FY26 ROCE reported at 33.5% and ROE at 42%
- Total dividend of ₹1.00 per share declared for FY26 across two tranches
Premier Energies Limited conducted its 31st Annual General Meeting on September 21, 2026. The key item presented for shareholder approval was an enabling resolution to raise capital up to ₹5,000 crore via equity or convertible securities, representing ~12.3% of its current market cap of ₹40,551 crore. Shareholders also voted on regular business, including confirmation of ₹1.00 per share total dividend for FY26 (interim dividends of ₹0.25 and ₹0.75 already paid) and the re-appointment of key executives and auditors. The voting results will be declared separately following the Scrutinizer's report.
- Proposed enabling resolution to raise capital up to ₹5,000 crore through equity or convertible securities
- Confirmed total dividend of ₹1.00 per share (aggregating ₹0.25 first interim and ₹0.75 second interim) for FY26
- Re-appointment of Mr. Surenderpal Singh Saluja as Chairman & Whole-time Director and Mr. Chiranjeev Singh Saluja as MD
- Re-appointment of M/s. Deloitte Haskins & Sells as Statutory Auditors
Premier Energies has commissioned its 7 GW N-type TOPCon G12R solar cell manufacturing facility at Naidupeta, Andhra Pradesh, initiating trial runs. Developed at a capital expenditure of ₹3,293 crore, this addition takes the company's total solar cell capacity to 10.6 GW, making it India's largest cell manufacturer. The capex of ₹3,293 crore represents approximately 38.9% of its TTM revenue (₹8,466 crore) and 170% of its net worth (₹1,935 crore). The facility is designed to produce ~88,000 cells per hour with a targeted cell efficiency of ~25.8%.
- Commissioned 7 GW N-type TOPCon G12R facility at Naidupeta, Andhra Pradesh, taking total cell capacity to 10.6 GW
- Incurred capital expenditure of ₹3,293 crore, which is ~38.9% of TTM revenue (₹8,466 crore)
- Spread across 101 acres with throughput capacity of approximately 88,000 solar cells per hour
- Targets an average solar cell efficiency of approximately 25.8% post stabilisation and ramp-up
- Part of a larger ₹12,500 crore 3-year capex plan for solar manufacturing and backward integration
Premier Energies has completed the voluntary winding-up of its step-down wholly owned subsidiary, IBD Solar Powertech (Pvt.) Ltd, incorporated in Bangladesh. The subsidiary held no commercial operations and generated nil revenue as of March 31, 2026, with a net worth of negative Rs 2.09 lakh. The certificate of winding-up was received on September 16, 2026, effective from September 13, 2026, formally closing the entity following an application initiated in October 2023. Given the negligible financial footprint relative to Premier Energies' TTM revenue of Rs 8,466 crore, the event is financially immaterial.
- IBD Solar Powertech had nil revenue from operations as of March 31, 2026
- Net worth of the subsidiary stood at (Rs 2.09 lakh) as of March 31, 2026
- Voluntary winding-up application was originally filed on October 10, 2023
- Winding-up certificate received on September 16, 2026, effective from September 13, 2026
Premier Energies has signed a binding term sheet with RCT India (part of RCT Group, Germany) to establish a 12 GWh Battery Energy Storage System (BESS) manufacturing facility in Telangana. The project will be executed via subsidiary Premier Battery Technologies Pvt. Ltd., with Phase 1 planned at 6 GWh. The facility will target domestic utility/C&I demand as well as international export markets. Total project capex and equity split details were not disclosed in the filing.
- Binding term sheet executed for a 12 GWh BESS manufacturing facility in Telangana
- Phase 1 capacity targeted at 6 GWh
- Implementation through subsidiary Premier Battery Technologies Pvt. Ltd.
- Partner RCT Solutions Group brings over 10 GW of global BESS project experience
Premier Energies Limited has informed the exchanges that its management will participate in a group investor interaction on September 16, 2026. The meeting will take place virtually via Zoom at the Virtual India Industrials & Energy Seminar organized by Morgan Stanley. The company clarified that discussions will be based strictly on publicly available information, with no unpublished price-sensitive information shared.
- Management participating in Morgan Stanley Virtual India Industrials & Energy Seminar on September 16, 2026
- Meeting format scheduled as a Group Virtual interaction over Zoom
- Filing submitted under Regulation 30 of SEBI LODR Regulations on September 09, 2026
- Company confirmed only publicly available information will be discussed
Premier Energies Limited has informed the exchanges about its upcoming participation in two institutional investor conferences. The management will attend the UBS Conference in Mumbai on September 10, 2026, and the Jefferies Conference in Delhi on September 17, 2026. Interactions will be conducted in Group/One-on-One formats, relying strictly on publicly available information without sharing unpublished price-sensitive data.
- Participation in UBS Conference in Mumbai scheduled for September 10, 2026
- Participation in Jefferies Conference in Delhi scheduled for September 17, 2026
- Interactions planned in Group and One-on-One meeting formats
Premier Energies Limited has informed the exchanges regarding its schedule for upcoming institutional investor and analyst conferences. Management will participate in the UBS Conference in Mumbai on September 10, 2026, followed by the JEFFERIES Conference in Delhi on September 17, 2026. The interactions will include group and one-on-one sessions based strictly on publicly available information. No unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Management to attend UBS Conference in Mumbai on September 10, 2026
- Management to attend JEFFERIES Conference in Delhi on September 17, 2026
- Format includes Group and One-on-One meetings with institutional investors
- Discussions restricted to publicly available information with no UPSI shared
Premier Energies' Board has approved an internal shareholding reorganization to consolidate its battery and energy storage businesses under Premier Battery Technologies Private Limited (PBTPL). Under the scheme, the company's 100% stake in Premier Energies Storage Solutions Private Limited (PESSPL) will be transferred to PBTPL via a non-cash share swap valued at ₹85.06 lakh (8,50,579 equity shares of ₹10 each). Additionally, the company approved the incorporation of a wholly-owned subsidiary in Singapore, PE Horizon Pte. Ltd., with an overseas direct investment of up to SGD 100,000 (initial SGD 10,000). There is no change in the ultimate beneficial ownership or control of any entity.
- Transfer of 100% stake in PESSPL to PBTPL via share swap worth ₹85.06 lakh (8,50,579 shares of ₹10 each)
- PESSPL becomes a step-down subsidiary with no change in ultimate economic interest or control
- Incorporation of Singapore wholly-owned subsidiary 'PE Horizon Pte. Ltd.' with planned ODI up to SGD 1,00,000 (initial SGD 10,000)
- Reorganization transaction expected to be completed within approximately 60 days
Premier Energies' Board has approved the incorporation of a wholly-owned subsidiary in Singapore, 'PE Horizon Pte. Ltd.', with an Overseas Direct Investment limit of up to SGD 1,00,000 (initial investment of SGD 10,000) for trading and consulting in clean energy. The Board also approved an intra-group shareholding reorganization to consolidate its battery and energy storage businesses under Premier Battery Technologies Private Limited (PBTPL). Under the reorganization, Premier Energies Storage Solutions Private Limited (PESSPL) will become a step-down subsidiary via a non-cash share swap of 8,50,579 equity shares valued at ₹85.06 lakh. There is no change in beneficial ownership or economic interest, making the financial impact on the company's ₹8,466 crore TTM revenue base immaterial.
- Approved incorporation of Singapore subsidiary 'PE Horizon Pte. Ltd.' with an ODI limit of up to SGD 1,00,000 (initial subscription of SGD 10,000).
- Intra-group reorganization to transfer 100% of PESSPL to PBTPL via share swap worth ₹85,05,790 (8,50,579 shares of ₹10 each).
- Company retains 100% beneficial ownership across both entities before and after the transaction.
- Reorganization transaction is expected to be completed within approximately 60 days.
Premier Energies Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI LODR Regulation 34(2)(f). The report includes an Independent Practitioner's Assurance Report provided by Deloitte Haskins & Sells LLP. Disclosures confirm zero product recalls, zero data breaches, and zero pending consumer privacy complaints during the fiscal year. This is a routine annual statutory compliance disclosure without financial or operational change.
- 100% of product/service turnover carries disclosures on environmental/social parameters, safe usage, and safe disposal
- Reported 0 instances of voluntary or forced product recalls on safety or quality issues in FY26
- Reported 0 instances of data breaches or pending data privacy complaints in FY26
- Standard customer complaint resolution timeframe maintained at 5–7 working days
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 107.35% YoY to INR 6,518.7 Cr in FY25. In Q2 FY26, the Cell segment contributed 24% of revenue, Modules 72%, and Others 5%. Standalone turnover for FY25 was INR 989.06 Cr, a slight decrease from INR 1,050.25 Cr in FY24.
Geographic Revenue Split
In Q2 FY26, Domestic sales accounted for 99% of revenue, while Exports contributed 1%. This reflects a shift from FY24 where exports were higher (9% in Q2 FY25). The company has a presence across 23 Indian states.
Profitability Margins
PAT margin for FY25 stood at 14.38%. Q2 FY26 PAT margin was 18.40%, up from 13.26% YoY. Gross margins saw a marginal increase in Q2 FY26 due to a higher proportion of cell sales and fixed cost operating leverage.
EBITDA Margin
EBITDA margin improved significantly to 29.3% in FY25 from 16.1% in FY24. Operational EBITDA margin in Q2 FY26 was 30.53%, representing a 47.39% YoY growth in absolute EBITDA value to INR 560.87 Cr.
Capital Expenditure
The company raised INR 1,239 Cr through an IPO in 2024 to support ongoing capex. Planned expansion includes increasing cell capacity to >7 GW and module capacity to >9 GW by FY27, along with 5 GW of wafer/ingot facilities.
Credit Rating & Borrowing
CRISIL assigned a Long Term Bank Facility rating of CRISIL A+ with a Positive outlook. Finance costs for FY25 were INR 177.44 Cr, up from INR 121.17 Cr YoY due to increased scale.
Operational Drivers
Raw Materials
Solar wafers, silver paste, solar glass, and aluminum frames. Wafers represent a critical input cost and are currently a major import dependency.
Import Sources
Raw materials and machinery are primarily imported, though the company maintains a well-diversified supplier mix to avoid reliance on any single region.
Key Suppliers
Not specifically named in the documents, but described as a well-diversified mix of international and domestic vendors.
Capacity Expansion
Current installed capacity is 2 GW for cells and 4.1 GW for modules. Planned expansion to >7 GW cell and >9 GW module by FY27, plus 5 GW of backward-integrated wafer and ingot facilities.
Raw Material Costs
Cost of materials consumed in Q2 FY26 was INR 1,270.6 Cr, representing 69.1% of revenue. The company uses variable contracts with pass-through clauses to mitigate wafer pricing volatility.
Manufacturing Efficiency
Effective average utilization rates in FY24 were 81% for cells and 60% for modules, significantly improved from 41% and 43% respectively in FY23.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through massive capacity expansion (7GW cell/9GW module), backward integration into wafers/ingots to secure supply and margins, and diversification into high-margin ancillary products like solar inverters, BESS, and aluminum frames (36,000 MTPA).
Products & Services
Solar cells, solar modules (DCR and non-DCR), EPC project services, solar inverters, and Battery Energy Storage Systems (BESS).
Brand Portfolio
Premier Energies.
New Products/Services
Solar inverters and BESS are expected to have structurally lower margins similar to module assembly but contribute to overall revenue scale. Aluminum frames (36,000 MTPA) will support internal requirements and external sales.
Market Expansion
Targeting expansion in both domestic (currently 99% of Q2 FY26 revenue) and international markets, leveraging 30 years of manufacturing experience.
Market Share & Ranking
One of the largest integrated solar cell and module manufacturers in India.
Strategic Alliances
The company has incorporated new subsidiaries to enhance control over the solar value chain and build a portfolio of complementary products.
External Factors
Industry Trends
The industry is shifting toward higher cell-level integration and larger, specialized products like transformers where leading players achieve 20-25% EBITDA margins.
Competitive Landscape
Faces intense competition from both large-scale domestic manufacturers and imported modules.
Competitive Moat
Moat is built on 30 years of experience, integrated manufacturing (cell + module), and high entry barriers due to capital intensity and technological requirements.
Macro Economic Sensitivity
Highly sensitive to government renewable energy policies and fiscal incentives; GDP growth drives overall energy demand.
Consumer Behavior
Increasing shift toward sustainable energy solutions and government-mandated domestic content is driving demand for PEL's products.
Geopolitical Risks
Susceptible to trade barriers and regulatory changes affecting the competitiveness of domestic manufacturers against international (primarily Chinese) players.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the Approved List of Models and Manufacturers (ALMM) and Domestic Content Requirement (DCR) policies which protect domestic manufacturers.
Taxation Policy Impact
Tax expense for FY25 was INR 302.8 Cr on a consolidated basis.
Risk Analysis
Key Uncertainties
Volatility in raw material (wafer) prices and potential withdrawal of government fiscal incentives could impact margins by 5-10%.
Geographic Concentration Risk
99% of Q2 FY26 revenue was derived from the domestic Indian market, indicating high concentration risk.
Third Party Dependencies
Significant dependency on imported wafers and machinery until backward integration is fully operational.
Technology Obsolescence Risk
The company is transitioning to higher cell level integration to mitigate technology risks in the rapidly evolving solar sector.
Credit & Counterparty Risk
Risk of non-payment by EPC contractors or government agencies is mitigated by advance payments and LCs.
