Premier Energies reported a healthy operational performance in the first quarter of FY27. Strong execution and stable profitability were key drivers behind the results.
The company successfully operationalised a 5.6GW fully automated Seetharampur module facility. This brings the firm’s total module capacity to 11.1GW, a significant milestone.
A 7GW TOPCon cell plant at Naidupeta is in advanced stages of commissioning. Trial runs are expected later this month, with the first revenue anticipated from September 2026.
Management highlighted that DCR demand remains robust, with sales already extending into FY28. The temporary ALMM‑II relaxation has led to an influx of non‑DCR module orders over the next two to three months.
The company reiterated a favourable demand outlook through FY27 and FY28, driven by momentum in PM Surya Ghar, KUSUM and C&I projects. It remains confident in maintaining industry‑leading margins, with EBITDA margins expected around 29‑30%.
We estimate revenue, EBITDA and PAT CAGR of 46.2%, 37.4% and 25.2% over FY26‑28E. Our FY27E and FY28E earnings estimates are revised up by 8.9% and 3.8% respectively.
We maintain an Accumulate rating and revise the target price to INR1,131. The valuation is based on a 12x March 2028E EV/EBITDA, implying a 22x FY28E PE.
Overall, Premier Energies’ expanding capacity, strong demand, and solid margins position it well for continued growth in the coming fiscal years.