Premier Energies (PREMIERE IN) – Management Meet Update – Building Scale Across Solar Manufacturing – Downgrade to ‘HOLD’
Published on 10 Jun 2026
We recently met the management of Premier Energies to discuss the global solar manufacturing landscape, competitive dynamics, data center-led demand tailwinds, international expansion strategy, capital expenditure plans, and opportunities in battery energy storage systems (BESS). The management highlighted global solar demand potential stood at ~500GW in 2025, while Chinese manufacturing capacity remains at ~2x global demand, resulting in continued rationalization pressures across the solar value chain. India remains strategically well positioned in the global solar ecosystem, although dependence on China for ingots and wafers continues. PREMIERE remains focused on strengthening its integrated manufacturing capabilities and expanding its presence across the high-growth renewable energy segment.
We estimate revenue/EBITDA/PAT CAGR of 46.4%/35.8%/23.0% over FY26-28E. We upward revise our FY27E/FY28E EBITDA estimates by 2.4%/3.5% and downgrade to ‘HOLD’ from ‘Accumulate’, with revised TP of INR1,138 (earlier INR1,071), based on 12x Mar’28E EV/EBITDA.
