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1 — At a Glance
Premier Energies makes solar cells and the modules, or panels, that hold them.
Revenue in the three months to June 2026 came to ₹2,463 crore. That is 35.2 per cent more than the ₹1,821 crore of a year earlier. Operating profit, the profit from trading before interest and tax, rose 30.3 per cent to ₹714 crore. Net profit was ₹463 crore for the quarter, against ₹308 crore a year earlier. Earnings per share, the profit attached to each share, were ₹10.20 against ₹6.83. Revenue has now moved in one direction for ten consecutive quarters. The company tells that run as both a policy story and an execution story.
The quarter also contains a transformer maker. Transcon Ind Limited became a subsidiary with effect from 3 April 2026. Premier Energies paid the remaining ₹250.30 crore of a ₹500.30 crore consideration for 51 per cent. Transcon added ₹110 crore of revenue in its first quarter inside the group, and ₹18 crore of net profit. Premier Energies now reports a second segment, power transmission and distribution equipment, after thirty years of reporting one.
Elsewhere in the quarter, a module plant at Seetharampur was inaugurated, with capacity of 5.6 gigawatts. That takes module capacity to 11.1 gigawatts. New orders of ₹3,011 crore arrived, and the board proposed raising up to ₹5,000 crore. Both Salujas were re-appointed for five years each from December 2026. The 7 gigawatt cell line at Naidupeta is at the stage engineers call tool-in and hook-up started, which is the stage before anything is made.
The market pays ₹27.70 for every ₹1 of yearly profit.
2 — Introduction
Premier Energies was incorporated in April 1995 and has made solar equipment ever since. Its first module line started in 1999 and its first cell line in 2011. A module is the finished panel, and a cell is the blue square inside it that turns light into electricity.
The steep part of the chart begins after 2021. Cell capacity went from 500 megawatts to 3,600 megawatts over that stretch. Module capacity went from 1,220 megawatts to 11,100 megawatts. Revenue went from ₹743 crore in the year to March 2022 to ₹7,824 crore in the year to March 2026.
The company listed on the NSE and the BSE on 3 September 2024, raising ₹1,291.4 crore of fresh capital. By 30 June 2026 the whole of the net proceeds, ₹1,238.89 crore, had been spent. ₹968.60 crore went into Premier Energies Global Environment, for a plant making cells and modules on the newer TOPCon design. The remaining ₹270.29 crore went to general corporate purposes. Crisil, a credit-rating agency acting here as monitoring agency, tracked that spending for the June quarter and flagged no major deviation.
The last twelve months have been an acquisition run. Transcon closed in stages, with 34.21 per cent bought in December 2025 and the balance to 51 per cent in the June quarter. HeliosAnthos Energies, a 51 per cent held engineering and construction vehicle with BA Prerna Renewables, arrived in March 2026. A wholly owned Premier Battery Technologies was incorporated on 15 July 2026 and has not begun operations. A subsidiary agreed in May 2026 to take at least 26 per cent of Hexa Energy BH Five, for ₹68.70 crore, subject to closing conditions. The proposed purchase of 51 per cent of KSolare Energy was terminated during the quarter, amicably, with no financial implications.
CARE Ratings, a credit-rating agency, assigned CARE A+ with a stable outlook and CARE A1+ to ₹120 crore of bank facilities in December 2025. CARE cited an established position in cell and module manufacturing, and the order book. The same report lists execution risk on the new lines and raw-material price sensitivity among its constraints.
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3 — Business Model: WTF Do They Even Do?
Premier Energies sells the flat panels that sit on roofs, and the wafery blue squares inside them. Modules were 86 per cent of revenue in the quarter, against 70 per cent a year earlier. Cells fell to 12 per cent of revenue from 24 per cent a year earlier. Everything else accounted for the remaining 2 per cent.
The everything else is expanding at a rate that makes the category name look lazy. It covers turnkey engineering and construction for ground-mounted, rooftop, floating and hybrid systems. It covers operations and maintenance on what the company has built. It also covers inverters, battery storage containers and aluminium frames. Transformers joined the list, with 6.75 gigavolt-amperes of capacity running and 10 more under construction, gigavolt-amperes being the usual measure of transformer size. Management expects allied products to contribute about 25 per cent of group revenues by the 2028 financial year, which is a polite way of saying that a quarter of the company has yet to be built.
The cells come in two flavours, both bifacial, meaning
