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 record profit, with strong order book visibility and industry-leading utilization rates for both cell and module lines.

• PAT rose 53.4% year-over-year to INR 3,916 Mn, with EBITDA up 15.5% year-over-year to INR 6,229 Mn.

• 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 (March 2026), 4.8 GW cell line (June 2026), 2.2 GW cell line (September 2026), aiming for 10.6 GW cell and 11.1 GW module capacity.

• Transformer business (Transcon) acquisition completed, with capacity to reach 16.75 GVA by July 2026 and a shift to higher-value segments.

Financial highlights

• Consolidated revenue from operations for nine months ended December 31, 2025, was ₹55,940.71 million, up from ₹48,979.10 million year-over-year.

• PAT margin improved to 19.9% in Q3 FY2026 from 14.6% a year ago.

• Depreciation halved year-over-year due to full depreciation of Mono PERC lines; future depreciation to align with new asset commissioning.

• Total CapEx for the first nine months was INR 750 crores, mainly for new cell and module lines, plus INR 250 crores for Transcon acquisition.

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

Outlook and guidance

• Confident in maintaining margins and profitability 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 the 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.

• Ongoing investments in manufacturing capacity, including a 4 GW Solar PV TOPCon Cell and Module facility, funded by IPO proceeds.