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1 — At a Glance
Quarterly revenue of ₹2,463 crore, up 35.2% from ₹1,821 crore a year ago. Operating profit ₹714 crore, up 30.3%. Net profit ₹463 crore against ₹308 crore. EPS ₹10.20 against ₹6.83. Ten consecutive quarters of revenue moving in one direction, which for a solar manufacturer in India is either a policy story or an execution story and in this case is being told as both.
The period also contains a transformer company. Transcon Ind Limited became a subsidiary with effect from 3 April 2026 after the company paid the remaining ₹250.30 crore of a ₹500.30 crore consideration for 51%, and it contributed ₹110 crore of revenue and ₹18 crore of PAT in its first quarter inside the fold. Premier Energies now reports a second segment called Power Transmission & Distribution Equipment, having spent thirty years reporting one.
Elsewhere in the quarter: a 5.6 GW module plant at Seetharampur was inaugurated, taking module capacity to 11.1 GW; ₹3,011 crore of new orders came in; the board proposed raising up to ₹5,000 crore; and both Salujas were re-appointed for five years each from December 2026. The 7 GW cell line at Naidupeta is at the stage engineers call “tool in and hookup started” and everyone else calls “not yet making anything.”
The market currently pays 27.7 times earnings for all of this. What the earnings are made of comes later.
2 — Introduction
Premier Energies was incorporated in April 1995 and has been making solar equipment since before most of its current order book existed as government policy. Its first module line came in 1999, its first cell line in 2011, and the interesting part of the chart happens after 2021: cell capacity from 500 MW to 3,600 MW, module capacity from 1,220 MW to 11,100 MW, and revenue from ₹743 crore in FY22 to ₹7,824 crore in FY26.
The company listed on NSE and BSE on 3 September 2024, raising ₹1,291.4 crore fresh at ₹450 a share. As of 30 June 2026 the entire net proceeds of ₹1,238.89 crore stand utilised — ₹968.60 crore into Premier Energies Global Environment for the TOPCon cell and module facility, ₹270.29 crore to general corporate purposes. Crisil’s monitoring agency report for the June quarter tracked the utilisation with no major deviation flagged.
The last twelve months have been an acquisition run. Transcon closed in stages — 34.21% in December 2025, the balance to 51% in the June quarter. HeliosAnthos Energies, a 51%-held EPC joint vehicle with BA Prerna Renewables, came in March 2026. A wholly owned Premier Battery Technologies was incorporated on 15 July 2026 and has not commenced operations. A subsidiary agreed in May 2026 to subscribe to a minimum 26% stake in Hexa Energy BH Five for ₹68.70 crore, subject to closing conditions. One that didn’t happen: the proposed 51% acquisition of KSolare Energy was terminated during the quarter, amicably, with no financial implications.
CARE Ratings assigned CARE A+; Stable / CARE A1+ to ₹120 crore of bank facilities in December 2025, citing 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?
They make the flat rectangles on roofs, and — this is the part that matters — the wafery blue squares inside the flat rectangles. Modules were 86% of Q4 FY26 revenue against 70% a year earlier; cells 12% against 24%; everything else 2%.
The everything else is expanding at a rate that makes the category name look lazy. Turnkey EPC for ground-mounted, rooftop, floating and hybrid systems. O&M on what they’ve built. Inverters. BESS containers. Aluminium frames. And now transformers, 6.75 GVA operational with 10 GVA under construction. Management expects allied products to contribute about 25% of group revenues by FY28, which is a polite way of saying a quarter of the company hasn’t been built yet.
The cells come in two flavours: Mono PERC Bifacial (182mm x 182mm) and G12R Monocrystalline Bifacial TOPCon (182.2mm x 210mm). Premier was among the first Indian manufacturers to produce TOPCon cells and currently doesn’t sell them — management states TOPCon cells go entirely into its own modules, with external supply contracts to begin once the new capacity is live. It also holds approximately 100% market share of solar cell exports from India to the United States, a statistic that pairs oddly with exports being 0% of Q4 FY26 revenue. Both are true; monopolising a category and participating in it are separate
