Premier Energies (PREMIERENE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was INR 26,318.52m, up 43.28% YoY; profit for the period was INR 4,623.86m, up 30.82%.

• Cell production reached 916 MW and module production 1,199 MW; the order book was 10,729 MW, valued at INR 165.9bn.

• A 7 GW TOPCon cell line was commissioned and is ramping; management expects performance to step up as Naidupeta and Seetharampur volumes grow.

• Approved a INR 5,947 crore budget for a 10 GW ingot-wafer facility; Phase I is 5 GW, targeted for completion by December 31, 2027.

• Declared an interim dividend of INR 0.50 per share.

Financial highlights

• Revenue from operations was INR 26,318.52m versus INR 18,368.65m in Q2 FY26; total income was INR 26,560.44m.

• EBITDA was INR 7,599.53m, up 17.75% YoY; operational EBITDA was INR 7,357.61m, up 31.18%, with a 27.96% margin.

• Profit for the period rose 30.82% YoY to INR 4,623.86m; PAT margin was 17.41% versus 18.40% a year earlier.

• H1 FY27 revenue from operations was INR 50,944.46m and profit for the period was INR 9,343.04m.

• Transcon recorded Q2 revenue of INR 1,221.55m, EBITDA of INR 181.76m and PAT of INR 99.65m; EBITDA margin was 14.65%.

Outlook and guidance

• Naidupeta’s 7 GW cell line targets 25%-30% CUF in December and ~70% by end-March, subject to ALMM approval; average cell efficiency is 25.8%.

• The 10 GW ingot-wafer project is planned in two 5 GW phases; Phase I targets December 2027 and Phase II December 2028.

• A 6 GWh BESS Phase I is under construction, with commissioning targeted for September 2027; battery storage operations are also targeted for Q2 2027.

• Transformer capacity is expected to ramp to 80%-90% over three years, with revenue expected to more than treble; normalized margin guidance is 15%.

• FY27 CapEx is expected at ~INR 2,400 crore, including ~INR 700 crore over the next two quarters; Mission 2028 targets 10 GW+ integrated capacity.