Premier Energies FY26 Profit Jumps 61% On Demand Growth

Indian solar manufacturer reports record revenue and margins, backed by rising domestic demand, new capacity additions, and a growing order book

Premier Energies posted record FY2026 earnings as revenue crossed INR 80,000 million and margins remained steady during the year. (Photo Credit: Premier Energies Ltd.)

Published on:

May 20, 2026, 8:36 am

Key Takeaways

Premier Energies’ FY2026 revenue rose 20.7% to INR 80,259 million, while PAT increased 61.1% to INR 15,097 million
The company commissioned a 5.6 GW module plant in Telangana and plans major FY2027 expansion across cells, wafers, batteries, and inverters
The manufacturer sees strong domestic demand ahead of ALMM List-II implementation, with its order book rising 66% YoY

Premier Energies reported record financial results for FY2026 (ended March 31, 2026), attributing it to strong solar demand and higher manufacturing utilization, despite higher commodity and freight prices during the year.

Chiranjeev Saluja, the Managing Director of Premier Energies, said the company’s operational EBITDA margin stood at 30.4%, while profit after tax (PAT) margin reached 18.8% during FY2026. PAT increased by 61.1% year-on-year (YoY) for the year with INR 15,097 million, while revenue increased 20.7% YoY to INR 80,259 million.

To the annual total revenue, Q4 FY26 contributed INR 22,303 million, representing 37.6% annual growth. EBITDA for the year improved by 34.72% to INR 25,787 million, while increasing 21.33% to INR 7,134 million for the reporting quarter. PAT for Q4 FY26 was an improvement of 64.45% with INR 4,568 million.

The company’s module and cell production during the year totaled 3.57 GW and 2.268 GW (Q4 FY2026: 918 MW and 722 MW), respectively.

Premier Energies maintained strong profitability in Q4 FY2026, as high manufacturing utilization and operational efficiencies helped offset rising input costs. (Photo Credit: Premier Energies Ltd.)

During the reporting quarter, Premier Energies commissioned its 5.6 GW TOPCon solar PV module fab in Telangana, expanding its total solar module production capacity to 11.1 GW, with a target of reaching 10.6 GW of cell capacity by September 2026 (see Premier Energies Commissions 5.6 GW TOPCon Factory).

Management described the 5.6 GW fab as one of the largest and most automated module facilities in India and said the plant is expected to achieve full ramp-up within the next 2 months. The fab uses 40% less manpower on a per MW basis, it added.

Premier Energies also launched new products, including Zero Busbar Cells and All Black Modules, during the year. The company said the products are receiving positive market response and reflect its focus on technology and product innovation (see Inside Premier Energies’ All-Black TOPCon Module).

Premier Energies’ order book rose 66% year-on-year to INR 140,100 million, with most project execution expected during FY2027. (Photo Credit: Premier Energies Ltd.)

Management said the company’s manufacturing plants continued operating at near-peak utilization levels. Its TOPCon cell manufacturing line, commissioned in June 2025, has stabilized and is currently running at above 90% utilization.

The company also completed the acquisition of a 51% stake in transformer and inverter manufacturer Transcon. Premier Energies said Transcon’s current order book stands at INR 2,314 million with a 22% export share. By July 2026, Transcon targets to increase its total production capacity by 7-fold to 16.75 GVA with a focus on lucrative high-voltage and extra-high-voltage segments.

However, Premier has dropped its plans to acquire solar inverter maker K-Solare Energy Private Limited in collaboration with Syrma SGS Technology Limited. It is now exploring other strategic partnerships.

Premier Energies’ total order book increased 66% YoY to INR 140,100 million for 9.38 GW of capacity, all from the domestic market, with 58% for cells and 42% for modules. This includes 1.6 GW secured in Q4 FY26 (see Premier Energies Secures 1.6 GW Solar Orders In Q4 FY26). Management said most of the order execution is expected to occur in FY2027, supported by strong demand across the solar sector.

Saluja stressed, “The Middle East crisis is turning into a moment for renewables as all stakeholders look to rethink energy mix and reduce consumption of fossil fuels. We believe this is going to provide a major boost to long-term demand for the sector.” He added, “The momentum is expected to carry through into the current year, and I emphasise not withstanding concerns around tendering slowdown and transmission delays.”

Management added that the implementation of ALMM List-II is likely to increase demand for domestic solar cells and modules, especially in rooftop, commercial & industrial, and open-access projects.

The company plans to invest around INR 51,000 million in FY2027 across solar cells, ingot wafers, batteries, and inverter manufacturing. It said the expansion is part of a broader strategy to diversify its clean energy equipment portfolio. Premier currently has a 10 GW ingot-wafer plant under construction, along with an 18,000 MT aluminum frame, a 12 GWh battery energy storage system (BESS) container plant, and a 3 GW inverter plant also being built.

Premier Energies also said it is focusing on automation, AI, and digital technologies to improve productivity, optimize processes, and maintain its position as a low-cost manufacturer, reiterating what the company’s Chief Strategy Officer, Sudhir M Reddy, shared during the executive panel discussion at the TaiyangNews Solar Technology Conference India 2026 (STC.I 2026) (see Integration & Scale Key To Competing In Solar Manufacturing).

financial results