Premier Energies (PREMIERENE) Q3 25/26 earnings summary

Executive summary

• Achieved record revenue and profit, with Q3 FY2026 revenue at INR 19,661 Mn (up 13% YoY) and PAT up 53.4% YoY to INR 3,916 Mn, supported by best-in-industry utilization and a robust order book.

• Completed brownfield expansion, increasing cell and module capacity by 400 MW and 350 MW, respectively, with low CapEx and high utilization rates (96% for cells, 95% for modules in Q3 FY2026).

• Ongoing commissioning of new cell and module lines to reach 10.6 GW cell and 11.1 GW module capacity by September 2026, positioning as India's largest integrated manufacturer.

• Completed acquisition of Transcon (transformers), with capacity to increase to 16.75 GVA by July 2026 and expansion into higher-value segments.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board and reviewed by the Audit Committee and statutory auditors.

Financial highlights

• Consolidated revenue for nine months ended December 31, 2025, was ₹55,940.71 million, up from ₹48,979.10 million YoY; PAT for the period was ₹10,528.52 million.

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

• Depreciation halved YoY due to completion of accelerated depreciation on old lines; future depreciation to be stable and aligned with new assets.

• Total CapEx in the first nine months was INR 750 crores for new lines, plus INR 250 crores for Transcon acquisition; brownfield expansion funded through internal accruals.

• Net debt increased to INR 3,867 Mn, with total debt/equity at 0.78 as of Q3 FY2026.

Outlook and guidance

• Expecting full utilization of new lines within four to six months of commissioning.

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

• New 5.6 GW module plant in Telangana and 7 GW cell plant in Andhra Pradesh on track for phased completion by September 2026.

• Confident in maintaining margins despite commodity cost volatility, supported by hedging, scale, and efficiency improvements.

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