Synopsis: A leading Indian solar manufacturer has kicked off the new financial year with a bang, bagging orders worth over ₹3,000 crore in just three months. With capacity expansion in full swing and policy tailwinds building, is this the start of another blockbuster year?
Fresh order wins worth thousands of crores, capacity nearly doubling within months, and a policy shift favouring domestic manufacturers, this solar player’s start to the new year has caught investor attention. Coming off a record-breaking previous year with sharp profit growth, the company now looks to build on that momentum. But with rising input costs and an aggressive capex cycle underway, the road ahead comes with its own set of questions.
With a market cap of Rs. 46,729 Crores, the shares of Premier Energies Ltd. are trading at Rs.1,029 i.e. 0.59% up from its previous closing price of Rs.1,022.9. It is trading at a P/E ratio of 30.86.
A Blockbuster Start to FY27
Premier Energies secured orders totalling ₹3,011 crore during the first quarter of FY2027. These orders cover the supply of 1,846 MW of solar cells and modules, with deliveries spread across FY27 and FY28.
What stands out is the diversity of customers behind these orders. The company said the contracts came from a mix of power producers, module manufacturers, EPC players, and other buyers, a sign that its manufacturing quality and execution track record are winning confidence across the value chain.
Managing Director Chiranjeev Saluja linked the order inflow to booming solar demand and the government’s Make-in-India push, particularly the upcoming ALMM-2 policy, which mandates domestic sourcing of solar cells for a large chunk of the market.
Capacity Is Scaling Up Fast
Behind these order wins is an aggressive capacity build-out. Premier Energies recently expanded its module manufacturing capacity from 5.5 GW to 11.1 GW. Solar cell capacity is next in line, expected to more than double from 3.6 GW to 10.6 GW by September 2026.
This isn’t a one-off push. On the Q4 FY26 earnings call held in May, management had already flagged plans to take total capacity to nearly 16.75 GVA by July 2026, a nearly sevenfold jump, with a sharper focus on the more lucrative HV and EHV segments. A new 5.6 GW module plant at Sitarampur, Telangana, one of the most automated in India, was also completed during the year and is expected to reach full ramp-up within a couple of months.
FY26 Numbers Set the Stage
The order surge builds on an already strong FY26. Premier Energies reported consolidated revenue of ₹8,026 crore for the year, up 20.7% year-on-year. Profitability held firm too, with an operating EBITDA margin of 30.4% and a PAT margin of 18.8%. Net profit jumped a sharp 61.1% year-on-year to ₹1,510 crore.
Management attributed this resilience to better utilisation of cell lines, a favourable shift in sales mix toward DCR modules, and cost efficiencies that helped offset rising commodity and freight prices. The order book stood at ₹14,010 crore as of the Q4 FY26 call, up 66% year-on-year, giving decent revenue visibility for the year ahead.
What Could Support Growth Ahead
A few factors could keep the growth story going. First, the rollout of ALMM-2 from June 2026 is expected to push a large part of the private rooftop and C&I market toward domestic cells almost immediately, a segment management called “very substantial” in size.
Second, the company’s FY27 capex plan of ₹5,100 crore, part of a broader ₹12,000 crore, three-year investment cycle, targets expansion across cells, ingot wafers, batteries, and inverters, positioning Premier Energies as a more diversified clean-energy equipment player rather than just a cell-and-module maker.
Third, the completed 51% acquisition of Transcon, which posted annual revenue of ₹423 crore and PAT of ₹45 crore with expanding margins, adds another growth lever in the transformer and EHV space.
The Watch-Outs
That said, the ride isn’t without risks. Rising silver and copper prices have pressured input costs across the industry, and net debt has already risen as the company funds its capex cycle, though management maintains a target debt-to-equity ratio of around 1. Execution timelines on new capacity, and how quickly the C&I segment shifts to domestic sourcing, will be key things to track in the coming quarters.
About the Company:
Premier Energies is one of India’s leading integrated solar manufacturers, with over 30 years of experience in the industry. It focuses on manufacturing high-efficiency solar cells and modules and is steadily expanding its integrated capabilities across the solar value chain. Known for its emphasis on technology innovation and sustainability. It continues to invest heavily in scaling capacity and diversifying into new clean-energy segments as part of its long-term growth strategy.
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