Premier Energies (PREMIERE IN) – Q3FY26 Result Update – Execution momentum stays strong – BUY
Published on 23 Jan 2026
Premier Energies (PREMIERE) reported strong module revenue growth of 39%, which was offset by 29% decline in cell revenue. It had a strong domestic order book of 9.4GW/Rs137bn as of Dec’25, with delivery visibility up to FY28. Beyond cells/modules, the company has commenced work on a 10GW ingot-wafer facility at Naidupeta, AP, at a capex of Rs59bn, with Phase 1 (5GW) targeted to be completed by Dec’27 and Phase 2 (5GW) by Dec’28. It has completed its brownfield expansion of 400MW cell & 350MW module in Jan’26. Transcon’s transformer manufacturing capacity is expected to reach 16.7GVA by Jul’26, with mix upgradation toward MV/HV/IDT. KSolare acquisition is expected to be closed by Feb’26. Silver usage has gone down by 68% in the last 5 years and is expected to reduce by another 30%; suppliers are also close to introducing copper-based paste, instead of silver-based paste, over the next few quarters. PREMIERE expects domestic demand to be driven by PM Surya Ghar: Muft Bijli Yojana, KUSUM Scheme, IPP projects, and supported by utility-scale and EPC demand. We estimate revenue/EBITDA/PAT CAGR of 47.2%/ 34.2%/22.5% over FY26-28E. We tweak our FY27E earnings while downward revise our FY28E earnings estimate by 3.7%. Maintain ‘BUY’, with TP of Rs892 (earlier Rs1,106) valuing at 10x EV of Mar’28E EBITDA with an implying PE of 18x FY28E
