Premier Energies Q2 FY26 results reflect another strong quarterly performance, underscoring the company’s rising leadership in India’s solar manufacturing landscape. The integrated solar PV manufacturer reported a consolidated net profit of INR 353.4 crore, up 71.6% year-on-year, driven by robust operations, higher margins, and sustained policy support for domestic manufacturing.
Since its blockbuster INR 2,830 crore IPO in September 2024, which was subscribed 74.3 times and listed at INR 839 per share — an 86.6% premium over its INR 450 issue price — Premier Energies has continued to deliver both operational and market outperformance. At the current trading price of INR 1,089.20, the stock offers a remarkable 142% gain from its allotment level, reaffirming its multibagger status within just a year of listing.
The scrip had touched a record high of INR 1,373.50, translating to an impressive 205% upside over the IPO price — positioning Premier Energies among India’s most successful renewable energy listings of 2024.
Premier Energies Q2 FY26: Financial Performance
| Financial Metric | Q2 FY26 | Q1 FY26 | Q2 FY25 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue from Operations | 1,836.9 | 1,820.7 | 1,527.2 | +0.9 | +20.3 |
| EBITDA | 560.9 | 548.3 | 380.5 | +2.3 | +47.4 |
| EBITDA Margin | 30.53 | 30.11 | 24.92 | – | +561 bps |
| Profit Before Tax (PBT) | 467.2 | 402.9 | 275.1 | +16.0 | +69.8 |
| Profit After Tax (PAT) | 353.4 | 307.8 | 205.9 | +14.8 | +71.6 |
| PAT Margin | 18.4 | 16.5 | 13.3 | – | +510 bps |
| Net Debt | 567 | 1,057 | 825 | ↓46 | Improved |
| Debt-to-Equity Ratio | 0.47x | 0.49x | 0.55x | ↓0.02x | ↓0.08x |
| Order Book (as of Sep 30, 2025) | 13,249.6 | 8,602.7 | 6,483.8 | +54 | +104 |
Premier Energies Q2 FY26: Operational Highlights
- Production volumes: 507 MW of solar cells and 961 MW of modules during Q2 FY26.
- Capacity utilisation: 79% for cells and 77% for modules.
- Domestic dominance: 99% of revenue from India; exports remain minimal due to ALMM compliance demand.
- Material efficiency: Cost of materials consumed rose 54.7% YoY, in line with expanded capacity.
Major Expansion Plans
| Project | Capacity / Scope | Location | Target Completion | Status / Investment |
|---|---|---|---|---|
| TOPCon Cell Manufacturing | Expanding from 4.8 GW → 7.0 GW | Naidupeta, Andhra Pradesh | Sep 2026 | INR 502 crore (internal accruals) |
| Ingot-Wafer Manufacturing | 5 GW integrated facility | Naidupeta, Andhra Pradesh | Dec 2027 | Land acquired; design work underway |
| Module Manufacturing | 5.6 GW facility | Seetharampur, Telangana | Mar 2026 | Debt financing tied up |
| Aluminium Frame Plant | 18,000 MT per annum | Telangana | Mar 2027 | Phase 1 under development |
| BESS Manufacturing | Battery systems & EMS integration | Pune, Maharashtra | Jun 2026 | Technology partner identification ongoing |
Strategic Diversification
Inverters (KSolare JV, 51:49):
- Capacity expansion to 1 million units/year by June 2026.
- FY25 revenue INR 342.8 crore; PAT INR 23.1 crore.
- Total investment INR 1,700 crore (INR 800 crore expansion).
Transformers (Transcon & Neotrafo JVs):
- Combined new capacity to reach 14.25 GVA by FY26.
- FY25 revenue INR 266.6 crore; PAT INR 16.3 crore.
- Total investment ~INR 2.4 billion planned.
These ventures are expected to contribute around 25% of consolidated revenues by FY27, complementing the solar product portfolio.
Policy Tailwinds and Market Outlook
- MNRE’s ALMM-II enforcement ensures 100% domestic solar cell and module use from mid-2026.
- GST cuts on solar equipment (12% → 5%) lower project costs and drive adoption.
- Anti-dumping duties on Chinese imports (up to 30%) and data localisation norms for inverters promote domestic self-reliance.
- India’s renewable expansion targets (280+ GW solar by 2030) and rising rooftop demand create long-term visibility.
Verdict
Premier Energies continues to build a comprehensive clean energy ecosystem, integrating upstream (ingots, wafers) and downstream (modules, BESS, inverters, transformers) capabilities. With steady margins, a strong order book, and a conservative balance sheet, it stands out as a beneficiary of India’s push for solar self-sufficiency under the “Make in India” and “ALMM” regimes.
Investor Takeaway
| Key Indicator | Q2 FY26 | Trend |
|---|---|---|
| Revenue Growth | +20% YoY | Sustained double-digit growth |
| Profit Growth | +72% YoY | Margin-driven profitability |
| EBITDA Margin | 30.5% | At record high |
| Order Book | INR 13,249 crore | Strong demand visibility |
| Net Debt / Equity | 0.47x | Conservative leverage |
| Outlook | Positive | Backward integration & policy boost |
In summary, Premier Energies Q2 FY26 results reaffirm its position as one of India’s fastest-growing renewable energy manufacturers. With disciplined capital deployment, expanding product breadth, and strategic alignment with national clean energy goals, the company appears poised to power India’s solar revolution through FY26 and beyond.
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