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Premier Energies Ltd.
NSE: PREMIERENETechnologySolar
- Last close
- ₹853.30
- Day change
- −₹10.50 (−1.22%)vs
- Market cap
- ₹41,669 crIndian rupees
- Research updated
- 1 report
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About Premier Energies
Premier Energies Ltd. is a key player in the renewable energy sector, specializing in the manufacturing of solar modules, cells, and energy solutions. The primary function of the company lies in providing innovative and sustainable energy alternatives, contributing to the global shift towards renewable energy resources. Premier Energies is involved in the end-to-end production process of solar energy products, from raw material processing to the final product assembly. This capability allows them to maintain high-quality standards and cost efficiency in their solar solutions. The company serves a wide array of industries including residential, commercial, and industrial sectors, promoting the adoption of clean energy. With its advanced manufacturing facilities and a robust research and development team, Premier Energies Ltd. has cemented its role as a significant supplier in both domestic and international markets. The firm’s dedication to sustainability is underscored by its continuous investment in technological advancements and eco-friendly practices, reinforcing its market significance as a leader in the transition to renewable energy sources.
- Sector
- Technology
- Industry
- Solar
- Listing
- NSE: PREMIERENE
- Employees
- 2,636
- Headquarters
- Hyderabad, India
- ISIN
- INE0BS701011
- Website
- premierenergies.com
Public research · Report of
Business model & financial foundation
Premier Energies (NSE: PREMIERENE), Integrated solar cell and module manufacturing; power transformers: revenue of ₹7,824 crore in FY26 (+20.0% on FY25), an EBITDA margin of 33.0%, net profit of ₹1,510 crore and net debt of ₹1,124 crore.
- Revenue, FY26 (₹ crore)
- 7,824
- consolidated
- Revenue growth, FY26
- +20.0%
- on FY25
- EBITDA margin, FY26
- 33.0%
- EBITDA (Company EBITDA including other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,510
- to owners
- Return on equity, FY26
- 42.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,124
- Net debt after current bank balances and liquid funds
- Market capitalisation (₹ crore)
- 40,585
- at the close of 14 Oct 2026
Company profile
Premier Energies is an Indian integrated solar photovoltaic manufacturer headquartered in Hyderabad, making solar cells (10.6 GW nameplate after the Naidupeta 7 GW TOPCon plant commissioned on 21 Sep 2026) and modules (11.1 GW), selling mostly to Indian IPPs, C&I and DCR-mandated programmes (PM Surya Ghar, KUSUM). Since April 2026 it also consolidates Transcon, a power transformer maker, and it is building wafer, battery storage and aluminium frame capacity under a INR 12,500 cr three-year capex programme.
| Item | Value |
|---|---|
| Legal name | Premier Energies Limited |
| Exchange and ticker | NSE: PREMIERENE; BSE: 544238 |
| ISIN | INE0BS701011 |
| CIN | L40106TG1995PLC019909 |
| Sector | Capital Goods / Renewable Energy Equipment |
| Industry | Integrated solar cell and module manufacturing; power transformers |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells |
| Market capitalisation | ₹40,585 crore (14 Oct 2026) |
| Shares outstanding | 44.89 crore shares (FY26) |
| Price | ₹906.0 (close, 14 Oct 2026) |
| 52-week range | ₹660.0 - ₹1,134 (to 14 Oct 2026) |
| Website | https://www.premierenergies.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Premier Energies Photovoltaic Private Limited | 100% | Solar cell and module manufacturing |
| Premier Energies International Private Limited | 74% | Cell and module manufacturing (JV structure; remaining interest under contractual liability arrangement) |
| Premier Energies Global Environment Private Limited | 100% | Module manufacturing |
| Premier Photovoltaic Gajwel Private Limited | 100% | New capacity SPV |
| Premier Photovoltaic Zaheerabad Private Limited | 100% | New capacity SPV |
| Premier Solar Powertech Private Limited | 100% | Solar projects |
| Premier Energies Storage Solutions Private Limited | 100% | Battery energy storage (planned) |
| Premier Green Aluminium Private Limited | 80% | Aluminium frames (planned) |
| Heliosanthos Energies Private Limited | 51% | Subsidiary |
| Premier Energies Photovoltaic LLC | 100% | US subsidiary |
| Transcon (transformer maker) | 51% | Power transformers; associate 34.21% from 26 Dec 2025, subsidiary 51% from 3 Apr 2026 |
Transcon consolidation from Q1FY27 breaks comparability of FY27 versus FY26 (transformer segment Q1FY27 revenue INR 106.5 cr).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 63.94% | 63.94% | 63.94% | 58.49% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.23% | 4.48% | 5.72% | 7.92% |
| Domestic institutions | 13.26% | 12.71% | 13.70% | 17.97% |
| of which mutual funds | 8.39% | 8.08% | 9.46% | 12.91% |
| Retail | 5.48% | 5.73% | 5.37% | 4.73% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Premier Energies (NSE: PREMIERENE) makes solar cells and modules in Telangana and Andhra Pradesh. Its customers are mostly Indian buyers: IPPs, module makers buying cells, EPCs, and DCR programmes such as PM Surya Ghar and KUSUM. Exports were 1% of Q1FY27 revenue.
Capacity:
- Cells: 3.6 GW before the 7 GW Naidupeta TOPCon plant began trial runs on 21 Sep 2026, and 10.6 GW after.
- Modules: 11.1 GW.
From 3 Apr 2026 the company also consolidates Transcon, a transformer maker, at 51%. Transcon's Q1FY27 revenue was 106.5cr.
Economics:
- The company buys wafers (imported) and silver. It controls cell technology and capacity; it does not control wafer prices or policy.
| Segment | revenue, FY25 (₹ crore) | Share |
|---|---|---|
| Solar Cells and Modules (integrated solar business) | 6,519 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Waaree Energies (WAAREEENER) | Largest Indian module maker integrating into cells; closest scale and DCR exposure |
| Emmvee Photovoltaic Power (EMMVEE) | Integrated cell-module maker in South India with ~2.9 GW cells |
| Websol Energy System (WEBELSOLAR) | Listed cell maker; pure DCR cell exposure |
| Vikram Solar (VIKRAMSOLR) | Module maker building cell capacity |
| Saatvik Green Energy (SAATVIKGL) | Module maker, cell plans; recent listing |
| Insolation Energy (INSOLATION) | Module maker without cells; smaller scale benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 742.9 | 1,427 | 3,144 | 6,519 | 7,824 |
| Cost of revenue (vendor classification) * | 633.8 | 1,234 | 2,458 | 4,089 | 4,729 |
| Other operating costs (vendor classification) * | 34.0 | 30.8 | 98.0 | 645.4 | 413.1 |
| EBITDA (vendor classification) * | 41.3 | 90.7 | 470.7 | 1,915 | 2,506 |
| Operating EBIT excluding other income | 16.1 | 40.1 | 381.7 | 1,283 | 1,925 |
| Finance costs | 31.7 | 47.9 | 121.2 | 177.4 | 158.2 |
| Profit before tax including associates | -15.7 | -7.76 | 289.4 | 1,240 | 1,973 |
| Current and deferred tax expense | -1.28 | 5.58 | 58.0 | 302.8 | 463.5 |
| Profit after tax before attribution | -14.4 | -13.3 | 231.4 | 937.1 | 1,510 |
| Diluted earnings per share (₹) | -0.32 | -0.29 | 5.48 | 21.35 | 33.63 |
| Materials, traded purchases and inventory changes | 2,344 | 4,013 | 4,687 | ||
| Employee benefits expense | 61.5 | 105.7 | 158.1 | ||
| Other expenses including contract execution | 260.9 | 619.2 | 601.9 | ||
| Company EBITDA including other income | 505.3 | 1,914 | 2,579 | ||
| Operating EBITDA excluding other income | 477.8 | 1,781 | 2,377 | ||
| Other income | 27.5 | 133.3 | 201.5 | ||
| Depreciation and amortisation | 96.1 | 497.5 | 452.5 | ||
| Exceptional items excluding associates | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of associates, net of tax | 1.32 | 0.72 | 5.12 | ||
| Profit or loss attributable to non-controlling interests | 0.00 | 0.00 | -0.08 | ||
| Profit attributable to owners | 231.4 | 937.1 | 1,510 | ||
| Weighted-average diluted shares | 42.21 | 43.89 | 44.89 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 403.9 | 424.3 | 659.9 | 2,822 | 4,310 |
| Gross borrowings excluding lease liabilities | 454.0 | 764.0 | 1,392 | 1,893 | 3,617 |
| Cash and cash equivalents | 80.1 | 64.6 | 257.0 | 802.6 | 1,467 |
| Trade receivables | 145.2 | 59.5 | 609.0 | 800.9 | 982.8 |
| Inventories | 216.9 | 632.9 | 1,009 | 1,326 | 2,037 |
| Trade payables | 269.9 | 397.9 | 974.6 | 964.7 | 1,155 |
| Net property, plant and equipment * | 0.00 | 0.00 | 0.00 | 972.6 | 1,741 |
| Capital work in progress * | 127.5 | 399.2 | 53.0 | 430.2 | 2,487 |
| Total assets * | 1,341 | 2,111 | 3,554 | 6,841 | 10,845 |
| Lease liabilities | 8.85 | 60.0 | 90.3 | ||
| Bank balances other than cash equivalents | 145.7 | 1,200 | 623.0 | ||
| Current mutual fund investments | 0.00 | 835.7 | 403.8 | ||
| Net debt after current bank balances and liquid funds | 989.5 | -944.5 | 1,124 | ||
| Issued equity shares at period end | 26.35 | 45.08 | 45.30 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -116.0 | -137.8 | 90.2 | 1,348 | 1,261 |
| Free cash flow (vendor definition) * | -193.8 | -239.4 | -361.2 | 727.8 | -1,737 |
| Dividends paid | -22.4 | -33.6 | |||
| Capital expenditure (outflow negative) | -183.4 | -273.3 | -449.1 | -620.2 | -2,998 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 44.68 | 44.68 | 44.68 | 43.89 | 44.89 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,527 | 1,713 | 1,621 | 1,821 | 1,837 | 1,936 | 2,230 | 2,463 |
| Cost of revenue (vendor classification) * | 927.1 | 1,067 | 956.5 | 1,124 | 1,158 | 1,348 | 1,518 | |
| Other operating costs (vendor classification) * | 193.8 | 107.2 | 111.5 | 119.7 | 139.1 | 163.2 | 181.7 | |
| EBITDA (vendor classification) * | 406.9 | 549.7 | 587.9 | 597.3 | 622.8 | 718.5 | 760.0 | |
| Operating EBIT excluding other income | 290.8 | 361.8 | 351.9 | 390.7 | 415.2 | 523.1 | 595.7 | 618.7 |
| Finance costs | 42.1 | 47.0 | 43.2 | 36.8 | 32.5 | 47.4 | 41.5 | 43.9 |
| Profit before tax including associates | 275.2 | 351.0 | 368.1 | 403.0 | 467.2 | 505.2 | 597.9 | 620.4 |
| Current and deferred tax expense | 69.2 | 95.8 | 90.3 | 95.2 | 113.8 | 113.6 | 141.0 | 148.5 |
| Profit after tax before attribution | 205.9 | 255.2 | 277.8 | 307.8 | 353.4 | 391.6 | 456.8 | 471.9 |
| Diluted earnings per share (₹) | 5.71 | 5.66 | 6.16 | 6.83 | 7.89 | 8.72 | 10.14 | 10.45 |
| Materials, purchases and signed inventory change | 894.7 | 1,050 | 944.2 | 1,117 | 1,084 | 1,150 | 1,337 | 1,515 |
| Employee benefits expense | 25.7 | 25.7 | 24.3 | 28.5 | 39.0 | 46.1 | 44.5 | 48.9 |
| Other expenses including contract execution | 226.3 | 124.0 | 123.8 | 127.0 | 152.9 | 147.6 | 174.4 | 184.3 |
| Company EBITDA including other income | 406.9 | 549.6 | 588.0 | 597.1 | 645.4 | 622.9 | 713.4 | 759.4 |
| Operating EBITDA excluding other income | 380.5 | 513.5 | 528.5 | 548.3 | 560.9 | 593.2 | 674.8 | 714.4 |
| Other income | 26.4 | 36.1 | 59.5 | 48.8 | 84.5 | 29.7 | 38.6 | 45.0 |
| Depreciation and amortisation | 89.7 | 151.8 | 176.6 | 157.5 | 145.7 | 70.2 | 79.1 | 95.6 |
| Exceptional items excluding associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of associates, net of tax | 0.04 | 0.14 | -0.13 | 0.24 | -0.04 | -0.11 | 5.03 | 0.54 |
| Profit or loss attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.09 | 0.01 | 8.85 |
| Profit attributable to owners | 205.9 | 255.2 | 277.8 | 307.8 | 353.4 | 391.7 | 456.8 | 463.1 |
| Weighted-average diluted shares | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.9% | 92.1% | 120.2% | 107.4% | 20.0% |
| EBITDA margin | 16.1% | 29.4% | 33.0% | ||
| Net margin | 7.4% | 14.4% | 19.3% | ||
| Return on equity | 42.7% | 53.8% | 42.3% | ||
| Return on capital employed | 2.2% | 3.9% | 23.6% | 37.9% | 30.4% |
| Return on assets | 8.2% | 18.0% | 17.1% | ||
| Net debt (₹ crore) | 989.5 | -944.5 | 1,124 | ||
| Net debt / EBITDA | 1.96x | -0.49x | 0.44x | ||
| Interest cover | 0.51x | 0.84x | 3.15x | 7.23x | 12.2x |
| Asset turnover | 0.64x | 0.83x | 1.11x | 1.25x | 0.88x |
| Receivable days | 71 | 15 | 71 | 45 | 46 |
| Inventory days (on revenue) | 107 | 162 | 117 | 74 | 95 |
| Payable days (on revenue) | 133 | 102 | 113 | 54 | 54 |
| Cash conversion | 0.39x | 1.44x | 0.84x | ||
| Capex intensity | 24.7% | 19.1% | 14.3% | 9.5% | 38.3% |
| Free cash flow (₹ crore) | -299.3 | -411.1 | -358.9 | 727.9 | -1,737 |
| Dividend payout | 2.4% | 2.2% | |||
| EPS, diluted (₹) | -0.32 | -0.29 | 5.48 | 21.35 | 33.63 |
| Book value per share (₹) | 9.04 | 9.49 | 14.77 | 64.29 | 96.02 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt after current bank balances and liquid funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Premier Energies
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.