Premier Energies’ Q1 FY27 revenue rose 34.1% YoY to INR 25.08 billion, with EBITDA and PAT going up as well
The company secured INR 33 billion of new orders, taking its order book to INR 150 billion, with DCR modules gaining share
Premier Energies expects its new 7 GW TOPCon cell line to begin trial runs in August, while its DCR module capacity is sold out through FY28
Indian solar PV manufacturer Premier Energies Limited reported strong growth in Q1 FY27 (quarter ended June 30, 2026), which it attributes to higher solar manufacturing output and continued demand for its products.
Its total revenue rose 34.1% year-on-year (YoY) to INR 25,0768 million, while EBITDA increased 27.2% to INR 7,594 million, and profit after tax (PAT) rose by 53.3% to INR 4,719 million. EBITDA and PAT margins stood at 30.3% and 18.8%, respectively.
The results include the company's 51% stake in Transcon. The transformer business contributed INR 1,100 million in revenue and INR 183 million in PAT during the quarter.
During the reporting quarter, Premier Energies produced 844 MW of solar cells, 953 MW of solar modules, and 570 MVA of transformers. Its operating cell plants recorded a capacity utilization of 92%, whereas it was 63% for modules, according to the company.
Premier secured INR 33 billion of new orders, including INR 30.11 billion for cells and modules, taking its total order book to about INR 150 billion, representing 9.86 GW of capacity. It said that 100% of the order book is for the domestic market, with 58% for cells and 40% for modules, and 2% for transformers.
Management said the order mix is gradually shifting toward domestic content requirement (DCR) modules. Its DCR module capacity is sold out through FY28.
The order pipeline is also reflecting changes in India's module market. The company said India’s module market is facing significant oversupply, with around 250 GW of module manufacturing capacity compared with annual demand of about 60 GW, including roughly 30 GW of DCR demand. As a result, non-DCR module business remains largely unprofitable, although a government deadline extension has led to a rush to commission projects before December and slightly improved pricing for this segment in the near term (see MNRE Grants ALMM Relief For Net-Metering, Open Access).
“We have a little bit of extra module capacity for the next two to three months,” management said, adding that the influx of non-DCR orders had helped fill that capacity. Premier Energies expects the DCR share to increase steadily over the next 18 to 24 months.
The company expects to focus more on DCR modules following the commissioning of its 5.6 GW module line. Its cell order book has also grown, but most cell orders are scheduled for delivery in FY28 and FY29, while most module orders are for delivery over the next six to nine months.
Cell prices have remained broadly stable, with long-term contracts linked to factors such as silver prices and exchange rates. The company currently uses its limited TOPCon cell capacity for its own modules and expects to supply TOPCon cells to customers after its planned capacity expansion in 2030.
Having commissioned its 5.6 GW fully automated Seetharampur module plant recently, the manufacturer is now advancing a 7 GW TOPCon cell line, with trial runs expected to start later in August 2026 (see Premier Energies Doubles Module Capacity To Exceed 11 GW).
It expects the first revenue from the new cell facility in September, while utilization could reach about 70% by the March quarter.
Management said the new cell line and growing module capacity will allow the company to retain more production within its integrated manufacturing operations. It is also constructing 10 GW ingot-wafer capacity, along with 18,000 MT aluminum frames and 12 GWh of BESS capacity.
