1. At a Glance
Premier Energies delivered a bright Q1 FY26 with revenue rising 9.9% QoQ to ₹1,821 Cr and PAT glowing at ₹308 Cr (+55% YoY). Margins stayed at a sizzling 30%. The stock trades at ₹1,089 (P/E 47x), proving solar investors will pay premium prices for rays of hope.
2. Introduction with Hook
If solar panels could talk, Premier’s would say, “Move aside, Waaree, the sun loves me more.” After a 3-year 298% profit CAGR, Premier is basking in sunlight. But with 17x P/BV, even the market’s sunscreen is starting to peel.
3. Business Model (WTF Do They Even Do?)
Premier Energies manufactures solar cells and modules, plus EPC and O&M services. Their arsenal includes:
- Monofacial & Bifacial Modules – panels that sunbathe on both sides.
- EPC Projects – build solar plants.
- Storage & BESS (new) – because the sun doesn’t work at night.
Basically, they sell sunlight in boxes and then maintain it for a fee.
4. Financials Overview
- Q1 FY26 Revenue: ₹1,821 Cr (+9.9% QoQ)
- EBITDA: ₹548 Cr (EBITDA margin 30%)
- PAT: ₹308 Cr (+55% YoY)
- 3-year CAGR: Sales +106%, Profits +298%
Margins hotter than Hyderabad in May. Growth still shining.
5. Valuation
At P/E 47x and P/BV 17x, Premier is priced like it’s the next Tesla of solar. Fair Value range: ₹950–₹1,150. Above that, you’re paying for sunshine that’s already free.
6. What’s Cooking – News, Triggers, Drama
- Capacity Boost: Commissioned 1.2 GW TOPCon solar cell line (total 3.2 GW).
- Massive Capex: ₹4,500 Cr planned for expansion to 10GW by 2028.
- New JVs: Solar wafers (74% stake), aluminium frames (80% stake).
- Orders: ₹1,234 Cr module order – big pipeline.
- Battery Storage Entry: Future growth kicker.
7. Balance Sheet
| ₹ Cr | Mar 2024 | Mar 2025 |
|---|---|---|
| Assets | 3,537 | 6,841 |
| Net Worth | 646 | 2,822 |
| Debt | 1,402 | 1,954 |
Equity up thanks to profits; debt rising with capex. Leverage still healthy.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| CFO | 37 | 90 | 1,348 |
| CFI | -304 | -447 | -2,410 |
| CFF | 252 | 549 | 1,608 |
Strong operating cash inflow, but capex guzzles liquidity faster than a solar farm in Rajasthan.
9. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROE | 54% |
| ROCE | 41% |
| P/E | 47x |
| D/E | 0.69 |
| OPM | 29% |
ROE and ROCE are blindingly strong. D/E manageable, but rising.
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 1,429 | 3,144 | 6,519 |
| EBITDA | 78 | 478 | 1,781 |
| PAT | -13 | 231 | 937 |
From losses to multi-bagger profits in 3 years. That’s not a turnaround; that’s a solar revolution.
11. Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| Waaree Energies | 14,445 | 1,870 | 49x |
| Websol Energy | 575 | 155 | 39x |
| Premier Energies | 6,682 | 1,047 | 47x |
Premier is catching up to Waaree with similar multiples. The market loves both.
12. Miscellaneous – Shareholding, Promoters
Promoters hold 64.3%. FIIs raised stake to 4.4%. DIIs doubled to 13%. Public at 17.7%. Institutional money clearly believes in the sunny future.
13. EduInvesting Verdict™
Premier Energies is the solar star shining bright with record profits, ROE above 50%, and a growth runway full of capacity additions. But the valuation is already glowing hot. A great company – just watch out for price burns.
Written by EduInvesting Team | 26 July 2025
Tags: Premier Energies, Solar Manufacturing, TOPCon Modules, Q1 FY26 Results, EduInvesting Premium, Renewable Energy, Green Stocks
