Renewable Equipments – Jan-Mar’26 Earnings Preview – Growth momentum sustained; margins contracted QoQ
Published on 08 Apr 2026
We expect a healthy Q4FY26 performance across our solar equipment manufacturing coverage, supported by (1) healthy execution driven by continued solar project commissioning, (2) improving domestic opportunity led by ALMM-led demand support, (3) healthy order book replenishment backed by steady order inflows, and (4) ongoing backward integration initiatives to aid margin profile. For Premier, we expect modest revenue growth of 36.2% YoY, driven by healthy order execution and ramp-up in module production. For Waaree, we forecast robust revenue growth of 83.2% YoY with a 3.0% QoQ decline, with EBITDA margins at 23.0% (-260bps QoQ), contracting due to transition impact from the G12R cell upgrade which also effected yields. For Vikram, we expect revenues to grow 10.9% YoY, with a contraction of ~100bps in EBITDA margins to 17.7%, due to softness in module prices. We expect our coverage universe to register sales/EBITDA/PAT growth of 59.4%/53.2%/66.2% YoY in Q4FY26. Furthermore, we anticipate Waaree to likely outperform on revenue growth, while continuing to lead on profitability.
