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Premier Energies

PREMIERENE NSE

Key Fundamentals

MidcapOther Electrical EquipmentCapital Goods
Market Cap
₹43,696 Cr
Volatility
Moderate
P/E Ratio
26.52
EBITDA
₹2,377 Cr
Return on Equity
33.21%
Debt to Equity
0.86
Book Value
₹94.9
52W High
₹1,134
52W Low
₹660

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 133% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 45.8%

Weaknesses

3
  • Stock is trading at 10.2 times its book value
  • Promoter holding has decreased over last quarter: -5.46%
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
17.62% lower than 3Y
Net Income Growth
58.22% lower than 3Y
Cash Flow Change
—
ROE
-5.28% lower than 3Y
ROCE
41.93% lower than 3Y
EBITDA Margin (Avg.)
2.85% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Premier Energies Ltd is India's second-largest integrated solar cell and module manufacturer with a market cap of approximately ₹43,696 crore, trading at a P/E of 26.3x and P/B of 10.2x. The company has delivered exceptional profit growth of 133% CAGR over 5 years and 370% CAGR over 3 years, with Q3 FY25 PAT surging 491% YoY to ₹255 crore on revenue of ₹1,713 crore (up 140% YoY). However, the stock trades at a steep valuation relative to book value, promoter holding has declined, and the company operates in a policy-sensitive sector with evolving regulatory risks.

Bull Case 8
  • Exceptional profit growth trajectory — compounded profit CAGR of 133% over 5 years and 370% over 3 years, with TTM profit growth at 59%, indicating strong operating leverage as capacity scales
  • Q3 FY25 PAT surged 491% YoY to ₹255 crore while revenue jumped 140% YoY to ₹1,713 crore, with EBITDA crossing ₹500 crore mark at ₹514 crore, demonstrating rapid revenue conversion
  • Robust return on equity — 3-year average ROE of approximately 46% and last year ROE of 42%, well above capital goods sector averages, reflecting efficient capital deployment
  • Strong order book of approximately ₹8,600 crore (5.5 GW) providing 12-15 months of revenue visibility, with over 90% pricing pass-throughs reducing margin risk
  • Aggressive capacity expansion underway — cell capacity scaling to 10.6 GW and module capacity to 11.1 GW by September 2026 from 2 GW cells and 4.13 GW modules, positioning for India's projected 78 GW solar cell demand by FY28
  • Favourable policy tailwinds — ALMM List-II mandate for domestic solar cells effective June 2026 and 40% BCD on imported modules create a structural demand moat for domestic manufacturers like Premier Energies
  • Net debt/EBITDA improved sharply from 9.51x in Q3 FY24 to 0.62x in Q3 FY25 and turned negative at -0.52x by FY25-end, indicating rapid deleveraging and strengthening balance sheet
  • Compounded sales CAGR of 76% over 3 years and 62% over 5 years, with TTM sales growth still at 27%, showing sustained top-line momentum even on a larger base
Bear Case 8
  • Stock trades at 10.2x book value — a steep premium that prices in significant future growth and leaves limited margin of safety if execution or policy assumptions disappoint
  • Promoter holding decreased by 5.46% in the most recent quarter, with promoter stake falling from 63.94% to 58.65% after a ₹2,291 crore block deal, which may signal insider monetisation at elevated valuations
  • The company might be capitalising interest costs, which would inflate reported asset values and understate true operating expenses, making profitability appear better than underlying economics
  • Heavy dependence on government policy — any relaxation or delay in ALMM enforcement or BCD duties could expose domestic manufacturers to cheaper Chinese imports, as evidenced by the July 2025 ALMM-related 6% stock selloff
  • Massive capacity expansion from 2 GW cells to 10.6 GW cells implies significant capex and execution risk; debt/equity stood at 0.69x as of FY25-end and rose to 0.86x subsequently, suggesting rising leverage to fund growth
  • Stock has delivered negative 1-year CAGR of -9% despite strong earnings growth, indicating the market may have already priced in near-term upside at IPO listing levels
  • Solar manufacturing is inherently cyclical and commodity-linked — cell and module prices are subject to global oversupply risks, particularly from Chinese manufacturers operating at 105-115% dumping margins as identified by Indian trade authorities
  • Dividend yield of just 0.1% offers negligible income return, meaning investor returns are entirely dependent on capital appreciation in a stock already trading at premium multiples

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 7
  • FY26 PAT up 61% YoY Aug 29

    Consolidated PAT rose 61.1% YoY to ₹15,097 million on revenue of ₹78,244 million in FY26, with order book of 9,383 MW worth ₹14,010 crore.

  • CRISIL upgrades rating to A+ Aug 18

    CRISIL upgraded long-term bank facilities to A+/Positive from A/Positive effective Aug 17, 2026, citing strong financials with net debt/EBITDA of 0.4x and interest coverage of 16x.

  • 12 GWh BESS JV with RCT Sep 10

    Premier Energies signed binding term sheet with RCT Energy India for a 12 GWh battery energy storage manufacturing JV, with Phase 1 of 6 GWh expected to commence in FY27-28. Premier holds 85% stake.

  • 50% revenue growth target FY27 Aug 26

    Management targets ~50% revenue growth in FY27 to ₹12,000-13,000 crore, with 29-30% EBITDA margin guidance sustained by backward integration into ingots and wafers. CapEx is fully funded with no fresh equity raise planned.

  • ₹5,000 Cr fundraising proposal Aug 29

    AGM scheduled for Sep 21 includes enabling resolution for up to ₹5,000 crore fundraise via equity or convertible securities, though management has indicated no imminent plans to use it.

  • Q1 FY27 PAT up 50% YoY Sep 10

    Q1 FY27 consolidated PAT rose 50.45% YoY to ₹463.07 crore on revenue of ₹2,462.59 crore (up 35.25% YoY), with EBITDA margin at 30.3%.

  • ₹15,000 Cr order book Aug 20

    Order book reached ₹15,000 crore as of June 30, 2026, nearly double FY26 consolidated revenue. Management expects strong demand visibility for next two years.

Neutral 3
  • Morgan Stanley investor seminar Sep 9

    Premier Energies to participate in Morgan Stanley's India Industrials & Energy virtual seminar on Sep 16, engaging with institutional investors and analysts.

  • Singapore sub and battery restructure Sep 1

    Board approved a Singapore subsidiary for clean energy trading and an intra-group share swap to consolidate battery storage business under a single holding structure.

  • FY26 BRSR filed with assurance Aug 29

    Filed Business Responsibility and Sustainability Report for FY26 with Deloitte providing reasonable assurance on core KPIs including energy consumption and GHG emissions.

TL;DR: Premier Energies is firing on all cylinders with 61% PAT growth in FY26, a ₹15,000 crore order book at nearly 2x revenue, and a CRISIL rating upgrade to A+/Positive reflecting strong credit fundamentals. The BESS JV with RCT and backward integration into ingots/wafers signal meaningful diversification. Key risks to watch include ROCE moderation from capital-intensive expansion, susceptibility to competition and raw material price volatility, and potential dilution from the ₹5,000 crore enabling resolution. The trend is clearly improving with strong execution momentum heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
611
694
712
1,127
1,657
1,527
1,713
1,621
1,821
1,837
1,936
2,230
2,463
Expenses
540
595
589
942
1,299
1,147
1,200
1,092
1,272
1,276
1,343
1,555
1,748
Operating Profit
71
99
123
184
358
381
514
528
548
561
593
675
714
OPM %
12%
14%
17%
16%
22%
25%
30%
33%
30%
31%
31%
30%
29%
Other Income
6
8
2
12
12
26
36
59
49
84
30
44
46
Interest
18
21
37
45
45
42
47
43
37
32
47
41
44
Depreciation
15
16
28
37
79
90
152
177
158
146
70
79
96
PBT
44
71
61
115
246
275
351
368
403
467
505
598
620
Tax %
28%
25%
29%
9%
19%
25%
27%
25%
24%
24%
22%
24%
24%
Net Profit
31
53
43
104
198
206
255
278
308
353
392
457
472
EPS in Rs
1.19
2.01
1.64
3.95
5.93
4.57
5.66
6.16
6.83
7.8
8.65
10.08
10.2
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
947
701
743
1,429
3,144
6,519
7,824
8,466
Expenses
853
648
713
1,350
2,666
4,738
5,447
5,923
Operating Profit
94
54
30
78
478
1,781
2,377
2,543
OPM %
10%
8%
4%
5%
15%
27%
30%
30%
Other Income
19
35
25
36
29
134
207
203
Interest
35
22
43
69
121
177
158
165
Depreciation
17
12
28
53
96
498
452
391
PBT
61
56
-16
-8
289
1,240
1,973
2,191
Tax %
26%
54%
-8%
72%
20%
24%
23%
—
Net Profit
45
26
-14
-13
231
937
1,510
1,674
EPS in Rs
1.5
0.94
-0.55
-0.49
8.78
20.79
33.33
36.73
Div. Payout %
0%
0%
0%
0%
0%
2%
1%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
25
25
26
26
26
45
45
Reserves
206
197
368
385
620
2,777
4,262
Borrowings
256
347
455
765
1,402
1,954
3,707
Other Liabilities
342
406
491
934
1,489
2,065
2,830
Total Liabilities
828
975
1,340
2,110
3,537
6,841
10,845
Fixed Assets
263
425
479
592
1,203
978
1,747
CWIP
21
0
114
349
20
242
2,144
Investments
6
9
55
59
9
845
670
Other Assets
538
541
693
1,110
2,305
4,775
6,285
Total Assets
828
975
1,340
2,110
3,537
6,841
10,845
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-66
237
5
37
90
1,348
1,261
Investing
-56
-353
-218
-304
-447
-2,410
-2,156
Financing
134
109
279
252
549
1,608
1,559
Net Cash Flow
13
-7
66
-16
192
546
664
Free Cash Flow
-90
-83
-178
-237
-359
728
-1,736
CFO/OP
-50
467
57
60
24
98
70
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
74
84
71
15
71
45
46
Inventory Days
56
44
135
197
157
121
159
Days Payable
76
114
168
124
152
88
90
Cash Conversion Cycle
55
14
38
88
76
78
115
Working Capital Days
52
-24
-28
-58
-12
-22
27
ROCE %
—
13%
4%
6%
25%
41%
33%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Public4.94%Promot.58.49%FIIs7.92%Others10.68%DIIs17.97%As ofJun 2026

Documents

Frequently Asked Questions about Premier Energies

What does Premier Energies Ltd do?
Incorporated in April 1995, Premier Energies Limited specializes in manufacturing integrated solar cells and solar panels. Its product portfolio includes solar cells, solar modules, monofacial and bifacial modules, as well as EPC and O&M solutions.[1]
Where is Premier Energies Ltd (PREMIERENE) listed?
Premier Energies Ltd trades as PREMIERENE on the NSE and under code 544238 on the BSE.
Which sector does Premier Energies Ltd belong to?
Premier Energies Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the market capitalisation of Premier Energies Ltd?
Premier Energies Ltd has a market capitalisation of ₹43,696 Cr, which places it in the Large Cap band.
What is the PE ratio of Premier Energies Ltd?
Premier Energies Ltd trades at a PE ratio of 26.52, against a book value of ₹94.9 per share.
What is the 52-week high and low of Premier Energies Ltd?
Over the last 52 weeks Premier Energies Ltd has traded between ₹660 and ₹1,134.
Does Premier Energies Ltd pay dividends?
Premier Energies Ltd has a dividend yield of 0.10%.
What is the Return on Equity (ROE) of Premier Energies Ltd?
Premier Energies Ltd reported a return on equity of 33.21%. Its debt-to-equity ratio is 0.86.

Company Information

Incorporated in April 1995, Premier Energies Limited specializes in manufacturing integrated solar cells and solar panels. Its product portfolio includes solar cells, solar modules, monofacial and bifacial modules, as well as EPC and O&M solutions.[1]

Website premierenergies.com
Listed 2024-09-03
Face Value ₹ 1
Issued Size 45,29,94,368

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