Renewable Equipments – Oct-Dec’25 Earnings Preview – Healthy volume continues while prices lags
Published on 08 Jan 2026
We expect a healthy Q3FY26 performance across our solar equipment manufacturing coverage, supported by (1) sustained solar capacity additions, (2) production scale-up at Waaree’s 5.4 GW cell facility and Premier’s incremental 1.2 GW capacity, (3) strong order books, and (4) ramp-up in capacity utilization. That said, near-term pricing correction—particularly in DCR modules—remains a key concern for the sector. For Premier, we expect revenue growth of 21% YoY, driven by sequential improvement in capacity utilization, partly offset by moderation in pricing. For Waaree, we forecast robust revenue growth of 89.7% YoY and 8.1% QoQ, along with a 260 bps YoY improvement in EBITDA margins, led by a higher contribution from DCR modules following the cell capacity ramp-up, improved utilization, and healthy growth in the EPC segment. For Vikram, we expect revenues to grow 13.7% YoY, with a sharp YoY improvement in EBITDA margins to 19.5%, driven by module capacity additions and a healthy order book, partly offset by moderation in pricing. We expect our coverage universe to register sales/EBITDA/PAT growth of 58.2%/77.3%/87.7% YoY in Q3FY26. Furthermore, we anticipate Waaree likely to outperform on revenue growth, while Vikram is expected to lead in profitability.
