Renewable Equipments – Jul-Sep’26 Earnings Preview – Moderate growth outlook with cautious margin recovery
Published on 07 Oct 2026
We expect moderate performance in Q2FY27 across our solar equipment manufacturing coverage, supported by (1) strong domestic solar capacity additions, (2) rising contribution from newly commissioned cell and module capacities, (3) healthy order inflows and execution, and (4) capacity expansion and backward integration, which should support volume growth and improve capacity utilization. For PREMIERE, we expect revenue growth of 35.6% YoY, driven by improved capacity utilization and higher contribution from cell revenue. For WAAREE, we forecast robust revenue growth of 27.6% YoY, +2.1% QoQ, and EBITDA margin at 15.1%, supported by higher contribution from the US market and domestic retail & C&I, partly offset by higher raw material costs. For VIKRAMSO, we expect revenue to grow 58% YoY, with EBITDA margin at 8.5%, supported by DCR module contribution and ramp-up of the Gangaikondan facility, though a competitive pricing environment could limit margin expansion. We expect our coverage universe to register sales growth of 33.0% and decline in EBITDA/PAT of 9.8%/18.1% YoY in Q2FY27 we roll forward our TP to Sep’28E and introduce FY29 estimates.
