India’s solar cell and module sector is rapidly expanding, with 74 GW of module manufacturing capacity and 25 GW of cell manufacturing capacity as of March 2025. The country added 6.7 GW of solar capacity in Q1 2025, and solar now accounts for 47.6% of India’s renewable energy capacity.
With a market capitalization of Rs 46,517.66 crore, the shares of Premier Energies Ltd were trading at Rs 1,031.95 per share, decreasing around 2.40 percent as compared to the previous closing price of Rs 1,057.35 apiece.
ICICI Securities Limited, one of the well-known brokerages in India, gave a ‘Buy’ rating on this solar stock with a target price of Rs 1,320 apiece, indicating a potential upside of 28 percent from Thursday’s price of Rs 1,031.95 per share.
As per the brokerage, India is set for a solar surge, targeting 200–220 GW capacity by 2030. With renewables mandated to meet 43% of power demand (up from 24%), solar modules and cells will see strong demand, as solar remains the most cost-effective and leading energy transition solution.
Further, to boost domestic manufacturing, India has introduced strong policy support, including PLI incentives, non-tariff barriers like ALMM, and import duties of 40% on modules and 25% on cells. These measures create a favorable environment for local players like Premier, positioning them to benefit significantly from the government’s push.
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Premier Energies reported strong FY2025 results with Rs 66,521 Mn revenue, Rs 19,142 Mn EBITDA, and Rs 9,371 Mn PAT. Backed by a 0.69 debt-equity ratio and Rs 13,480 Mn cash flow. By FY2028, it targets 10 GW of cell and 11 GW of module capacity, with Rs 125,000 Mn in estimated capex and expansion into inverters and battery solutions.
Premier Energies outlines an aggressive expansion plan across the solar value chain. Its current capacities include 2 GW cells and 5.1 GW modules. By FY2028, it targets 10 GW ingots, 8 GW wafers, and 1.6 GW cells. Ongoing projects will add significant capacity by FY2026, reflecting strong execution focus and alignment with India’s renewable energy goals.
As of March 31, 2025, Premier Energies holds an order book of Rs 84,456 million, totaling 5,303 MW. The value split is led by modules (73%), followed by cells (27%), with EPC at 0.6%. Geography-wise, 99% is domestic.
Premier Energies is a manufacturer of solar cells and modules, with its core operations centred around the production of solar photovoltaic (PV) cells, specifically bifacial monocrystalline PERC cells using the M10 wafer size in a 182mm x 182mm format, which could be assembled into solar modules.
Written by Abhishek Singh
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