Renewable Equipments – Apr-Jun’26 Earnings Preview – Growth outlook remains cautiously positive
Published on 08 Jul 2026
We expect healthy performance in Q1FY27 across our solar equipment manufacturing coverage, supported by (1) sustained domestic solar capacity additions, (2) continued demand support from ALMM and government-led initiatives, (3) healthy order inflows and execution, and (4) ongoing capacity expansion and backward integration initiatives. For Premier, we expect revenue growth of 36.1% YoY, driven by improved capacity utilization and higher contribution from cell revenue. For Waaree, we forecast robust revenue growth of 82.7% YoY with 4.7% QoQ decline, and EBITDA margin at 18.5%, supported by module price hikes, but partly offset by higher raw material costs and weaker export realizations. For Vikram, we expect revenue to grow 52.6% YoY, with EBITDA margin contracting to 12.3% amid a weak module pricing environment and a relatively higher cost base. We expect our coverage universe to register sales/EBITDA/PAT growth of 66.6%/35.1%/16.5% YoY in Q1FY27. Furthermore, we anticipate Waaree to likely outperform on revenue growth, while continuing to lead on profitability.
