PREMIERENE · Capital Goods · filed 4 Nov 2026
Premier Energies Ltd. reported revenue of ₹253 cr for July to September 2026, +31.2% on the year and +43.3% on the quarter.
Operating profit (EBITDA) was ₹47.6 cr, a margin of 18.8%, +111 bps on the year and −515 bps on the quarter. Operating costs grew +29.4% against revenue growth of +31.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹36.0 cr, −34.7% on the year and +25.4% on the quarter, with earnings per share of ₹0.80. Profit before other income, one-offs and tax grew faster, at −9.7%; other income, one-offs or tax held the headline back.
Renewable and solar earnings move with module prices, capacity commissioned and, for developers, units generated.
Customers are taking much longer to pay. Is revenue being booked ahead of cash?
Source: Balance sheet
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹272 cr | ₹172 cr | ▲ 58.6% |
| Inventory | ₹52.1 cr | ₹65.8 cr | ▼ 20.8% |
| Cash | ₹48.3 cr | ₹66.5 cr | ▼ 27.4% |
| Bank balances | ₹30.4 cr | ₹46.8 cr | ▼ 34.9% |
| Long-term borrowings | ₹839 cr | ₹589 cr | ▲ 42.4% |
| Trade payables | ₹180 cr | ₹200 cr | ▼ 10.0% |
| Net block | ₹19.0 cr | ₹51.0 cr | ▼ 62.8% |
| Equity | ₹1,974 cr | ₹1,935 cr | ▲ 2.0% |
| Total assets | ₹3,139 cr | ₹2,846 cr | ▲ 10.3% |
Receivables at 116 days of sales (+37 days against the last year end). Inventory at 22 days of sales (−8 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 | — |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹193 cr | ₹176 cr | ₹253 cr |
| YoY | — | — | +31% |
| EBITDA margin | 17.7% | 24.0% | 18.8% |
| Other income, % of PBT | 56% | 36% | 40% |
| Exceptional items | — | — | — |
| Tax rate | 22% | 24% | 24% |
| Net profit | ₹55.1 cr | ₹28.7 cr | ₹36.0 cr |
| YoY | — | — | −35% |
| Core profit YoY | — | — | −10% |
| EPS | ₹1.23 | ₹0.64 | ₹0.80 |
| Flags | 1 | 1 | 2 |
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 ₹253 cr (+31.2% on the year) and net profit of ₹36.0 cr (−34.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −9.7% on the year, against −34.7% for reported profit.
2 checks raised a question: Customers are taking much longer to pay. Is revenue being booked ahead of cash?
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