PREMIERENE · Capital Goods · filed 4 Nov 2026
Premier Energies Ltd. reported revenue of ₹2,632 cr for July to September 2026, +43.3% on the year and +6.9% on the quarter. That is slower than this quarter has grown in recent years (+70.2% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹9,260 cr, +32.4% on the four before.
Operating profit (EBITDA) was ₹736 cr, a margin of 28.0%, −258 bps on the year and −105 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 28.0% to 32.6%). Operating costs grew +48.6%, faster than revenue at +43.3%, so operating profit grew less than sales.
Net profit was ₹462 cr, +30.8% on the year and −2.0% on the quarter, with earnings per share of ₹10.24. Profit before other income, one-offs and tax grew faster, at +50.8%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,783 cr, +49.3% on the four before.
Renewable and solar earnings move with module prices, capacity commissioned and, for developers, units generated.
On earnings per share of ₹39.42 over the last four quarters, the stock at ₹886.00 trades at 22.5 times trailing earnings.
Depreciation fell while the business grew. Were asset lives changed?
Source: Results filing
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Operating margin slipped on the year.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹936 cr | ₹983 cr | ▼ 4.8% |
| Inventory | ₹2,968 cr | ₹2,037 cr | ▲ 45.7% |
| Cash | ₹403 cr | ₹1,467 cr | ▼ 72.5% |
| Bank balances | ₹727 cr | ₹623 cr | ▲ 16.8% |
| Long-term borrowings | ₹2,861 cr | ₹2,932 cr | ▼ 2.4% |
| Short-term borrowings | ₹784 cr | ₹685 cr | ▲ 14.5% |
| Trade payables | ₹1,512 cr | ₹1,155 cr | ▲ 30.9% |
| Net block | ₹2,428 cr | ₹1,653 cr | ▲ 46.9% |
| Capital work in progress | ₹2,990 cr | ₹2,144 cr | ▲ 39.5% |
| Equity | ₹5,169 cr | ₹4,308 cr | ▲ 20.0% |
| Total assets | ₹12,733 cr | ₹10,845 cr | ▲ 17.4% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹669 cr | ₹620 cr |
| Capital expenditure | −₹1,402 cr | −₹1,047 cr |
| Investing cash flow | −₹1,567 cr | −₹157 cr |
| Financing cash flow | −₹165 cr | −₹457 cr |
| Dividends paid | −₹33.9 cr | −₹33.7 cr |
Operating cash flow was 0.72× profit. Receivables at 34 days of sales (−12 days against the last year end). Inventory at 106 days of sales (+11 days).
Other matter 1: “We did not review the interim financial information of two subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total assets of ₹ 6,942.92 million as at September 30, 2026, total revenues of ₹ 1,244.06 million… Read in full
We did not review the interim financial information of two subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total assets of ₹ 6,942.92 million as at September 30, 2026, total revenues of ₹ 1,244.06 million and ₹ 2,308.74 million for the quarter and six months ended September 30, 2026 respectively, total net profit after tax of ₹ 104.30 million and ₹ 287.18 million for the quarter and six months ended September 30, 2026 respectively and total comprehensive income of ₹ 104.27 million and ₹ 286.77 million for the quarter and six months ended September 30, 2026 respectively and net cash flows of ₹ 41.95 million for the six months ended September 30, 2026, as considered in the Statement. The unaudited consolidated financial results also includes the Group's share of profit after tax of ₹ 1.46 million and ₹ 6.87 million for the quarter and six months ended September 30, 2026 respectively and total comprehensive income of ₹ 1.46 million and ₹ 6.87 million for the quarter and six months ended September 30, 2026 respectively, as considered in the Statement, in respect of two associates, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “The unaudited consolidated financial results includes the financial information of three subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of ₹ 0.05 million as at September 30, 2026, total revenue of ₹… Read in full
The unaudited consolidated financial results includes the financial information of three subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of ₹ 0.05 million as at September 30, 2026, total revenue of ₹ nil and ₹ nil for the quarter and six months ended September 30, 2026 respectively, total loss after tax of ₹ 0.59 million and ₹ 0.59 million for the quarter and six months ended September 30, 2026 respectively and total comprehensive loss of ₹ 0.59 million and ₹ 0.59 million for the quarter and six months ended September 30, 2026 respectively and net cash flows of ₹ nil for the six months ended September 30, 2026, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.
Filing p. consolidated limited review report p.1-2
₹0.0 cr still unused. “Net fresh issue proceeds of ₹1,238.89 crore fully utilised as of September 30, 2026 (₹968.60 crore invested in subsidiary PEGEPL for 4 GW Cell & 4 GW Module project, and ₹270.29 crore for general corporate purposes).… Read in full
₹0.0 cr still unused. “Net fresh issue proceeds of ₹1,238.89 crore fully utilised as of September 30, 2026 (₹968.60 crore invested in subsidiary PEGEPL for 4 GW Cell & 4 GW Module project, and ₹270.29 crore for general corporate purposes). Unutilised IPO expense amount of ₹1.71 crore held in bank.”
Board approved budget of ₹5,947 crore for setting up a 10 GW Ingot and Wafer Manufacturing Facility at Naidupeta, Andhra Pradesh by PEGEPL (wholly-owned subsidiary), with Phase I (5 GW) targeted by December 31, 2027. (p. outcome letter p.1)
Acquired 51% stake in Transcon Ind Limited for total consideration of ₹500.31 crore (Rs. 5,003.12 million), making Transcon a subsidiary effective April 03, 2026. (p. consolidated note 6)
Incorporated wholly-owned subsidiary Premier Battery Technologies Private Limited (PBTPL) and completed intra-group share swap reorganisation transferring PESSPL under PBTPL. (p. consolidated note 5)
Tax: Consolidated tax expense of ₹138.88 crore (current tax ₹143.90 crore, deferred tax credit ₹5.02 crore) on Profit before tax of ₹601.27 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 |
|---|---|---|
| Module or cell capacity (GW) | 21,700 | — |
| Order book (₹ cr) | 10,729 | 15,000 |
Worked out from filed numbers. Solar Cell & Module Capacity: Solar Cell capacity of 10,600 MW + Solar Module capacity of 11,100 MW as of September 30, 2026
Operational cell capacity stands at 10.6 GW and module capacity at 11.1 GW. Approved a budget of ₹5,947 crore for setting up a 10 GW Ingot and Wafer Manufacturing Facility at Naidupeta, Andhra Pradesh with 5 GW Phase I completion targeted by December 31, 2027. CWIP currently stands at ₹2,989.71 crore.
On-track execution of upstream backward integration into ingots and wafers expands vertically integrated manufacturing scale.
Operational EBITDA margin expanded to 28.0% in Q2 FY27 (Operational EBITDA ₹735.76 crore on Revenue of ₹2,631.85 crore), supported by strong domestic demand under ALMM mandates and DCR module sales.
ALMM compliance and domestic content requirement (DCR) rules protect domestic manufacturing margins against cheap imports.
Trade receivables stood at ₹935.79 crore as of September 30, 2026 (vs ₹982.78 crore as of March 31, 2026), representing 67 receivable days. Order book of ₹16,600 crore is 99% domestic sales across IPPs, EPCs, and C&I customers.
Receivables reduced YoY and remain well-controlled despite rapid top-line growth (+38% YoY).
Order book 16600 crore at quarter end.
Read using the Solar, renewables and energy transition framework (named in the filing read). Primary valuation lens: EV/EBITDA for assets; P/E against order book for manufacturers.
Read more closely in this sector: Capacity announced against commissioned · Import duty and ALMM protection in margin · Receivables from distribution companies.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Naidupeta 10 GW Ingot and Wafer Facility Capex Budget | 5947.00 | Phase I & II | unchanged or first given |
| Naidupeta Ingot and Wafer Facility Phase I Capacity Target | 5 | By December 31, 2027 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Solar products & related project activities | ₹2,510 cr | ▲ 36.6% | ₹623 cr | ▲ 47.9% |
| Power Transmission & Distribution Equipment | ₹124 cr | — | ₹14.7 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹712 cr | ₹1,127 cr | ₹1,657 cr | ₹1,527 cr | ₹1,713 cr | ₹1,621 cr | ₹1,821 cr | ₹1,837 cr | ₹1,936 cr | ₹2,230 cr | ₹2,463 cr | ₹2,632 cr |
| YoY | — | — | +171% | +120% | +141% | +44% | +10% | +20% | +13% | +38% | +35% | +43% |
| EBITDA margin | 17.3% | 16.3% | 21.6% | 25.0% | 30.0% | 32.6% | 30.1% | 30.5% | 30.6% | 30.3% | 29.0% | 28.0% |
| Other income, % of PBT | 3% | 10% | 5% | 9% | 10% | 16% | 12% | 18% | 6% | 7% | 7% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 9% | 19% | 25% | 27% | 25% | 24% | 24% | 22% | 24% | 24% | 23% |
| Net profit | ₹43.0 cr | ₹104 cr | ₹198 cr | ₹206 cr | ₹255 cr | ₹278 cr | ₹308 cr | ₹353 cr | ₹392 cr | ₹457 cr | ₹472 cr | ₹462 cr |
| YoY | — | — | +539% | +289% | +493% | +167% | +56% | +72% | +54% | +64% | +53% | +31% |
| Core profit YoY | — | — | +516% | +295% | +434% | +200% | +51% | +54% | +51% | +79% | +63% | +51% |
| EPS | ₹1.64 | ₹3.95 | ₹5.93 | ₹4.57 | ₹5.66 | ₹6.16 | ₹6.83 | ₹7.89 | ₹8.65 | ₹10.08 | ₹10.45 | ₹10.24 |
| Flags | · | 1 | 1 | ✓ | 1 | ✓ | ✓ | 1 | 1 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Premier Energies Ltd. reported revenue of ₹2,632 cr (+43.3% on the year) and net profit of ₹462 cr (+30.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +50.8% on the year, against +30.8% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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