Premier Energies (PREMIERENE) Q3 25/26 earnings summary

Executive summary

• Achieved record revenue of INR 19,661 Mn in Q3 FY2026, up 13% year-over-year and 5.4% sequentially, with PAT rising 53.4% year-over-year to INR 3,916 Mn and EBITDA up 15.5% to INR 6,229 Mn.

• Maintained high utilization rates: 96% for cells and 95% for modules in Q3 FY2026, with strong order book and robust domestic demand.

• Completed brownfield expansion, increasing cell and module capacity by 400 MW and 350 MW, respectively, at low CapEx.

• Major capacity additions underway: 5.6 GW module line (Mar 2026), 4.8 GW cell line (Jun 2026), 2.2 GW cell line (Sep 2026), targeting 10.6 GW cell and 11.1 GW module capacity.

• Completed acquisition of Transcon (transformers); Ksolare (inverters) acquisition to close soon.

Financial highlights

• Revenue from operations reached INR 19,365 Mn in Q3 FY2026, with operating EBITDA margin at 30.6% and PAT margin at 19.9%.

• Depreciation halved year-over-year due to completion of accelerated depreciation on old lines; new lines now on standard five-year schedule.

• Total CapEx for first nine months: INR 750 crores for new lines, plus INR 250 crores for Transcon acquisition.

• Aluminum frame project CapEx: INR 260 crores, commissioning by Dec 2026.

• Net debt increased to INR 3,867 Mn, with total debt/equity at 0.78.

Outlook and guidance

• Confident in maintaining margins despite input cost volatility, leveraging hedging, scale, and efficiency.

• Order book of 9.4 GW (INR 13,723 crores) extends to FY 2028, with 70–75% to be executed in next 12 months.

• Brownfield expansion to add 400 MW cell and 350 MW module capacity by January 2026, funded by internal accruals.

• Industry demand visibility strong, with 61 GW solar and 20 GW hybrid projects under development and policy support for domestic manufacturing.

• Demand for DCR market in FY 2027 expected at 30 GW+, with strong growth in rooftop, KUSUM, and open access segments.