PREMIERENE Q2 FY26 earnings call.
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₹1,837 Cr
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Premier Energies reported record Q2 FY26 results with management highlighting operational excellence and strategic expansion. The company won Rs 6,511 crore in new orders, bringing the order book to 12-18 months of visibility. Key strategic moves include accelerating cell capacity to 10.6 GW by September 2026 (18 months ahead of schedule) at just Rs 502 crore incremental capex via brownfield expansion, and expanding the ingot-wafer project to 5 GW by December 2027. The K Solair inverter acquisition (Rs 143 crore) and Transcon transformer acquisition (expanding to 16.75 GVA) are expected to contribute ~30% of revenue over time. BESS first phase (50 MWh) should generate ~Rs 1,000 crore in FY27. Management confirmed no new debt; all capex funded through internal accruals with plans to become debt-free. Gross margins improved due to operating leverage and higher DCR module sales mix. The primary risk is that revenue/profit figures were not explicitly stated in the call, making quarter-on-quarter performance assessment difficult for investors.
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Guidance to track
- Brownfield expansion from 4.8 GW to 7 GW at incremental capex of Rs 502 crore, leveraging existing infrastructure, building, and utilities. The entire 7 GW TOPCon line will be housed in one building.
- Expanded from original 2 GW plan following ALMM List 3 draft guidelines and government push for domestic manufacturing. Stabilization expected 4-6 months post-commissioning.
- First phase (50 MWh/4 GWh capacity) completing June 2026; expects ~50% utilization yielding 2-3 GWh production in FY27 at current market realizations of Rs 60-65 lakh/GWh.
- Combined BESS, inverter (K Solair), and transformer (Transcon) businesses expected to reach 30% revenue share as these diversify the company beyond solar modules.
Risks flagged
- Deepak Krishna from Kotak Bank noted revenue appeared to grow only ~5% QoQ (Rs 420-440 crore) despite strong DCR portal volumes (347 MW to 424 MW), questioning whether ASPs declined 10-15%. Management clarified DCR portal includes inter-company sales and that cell realizations marginally increased.
- Unprecedented customer site delays prevented delivery completions; GST rate reduction (effective post-September 22) led IP customers to postpone shipments. FG inventory levels increased, which management expects to clear in Q3.
- Analyst Mohit Kumar noted Transcon Industries' PBT has declined for the last three years. Management attributed current run rate improvement to strong execution and growing order book, but historical performance raises questions about turnaround timing.
- Management paused US manufacturing plans due to unpredictable IRA changes, tariff volatility, and anti-dumping investigations. While they view US cell capacity as attractive (insufficient domestic supply), no final investment decision has been made pending policy clarity.
Key quotes
- The total capacity of our cell lines would be 10.6 gigawatt by September 2026, aligning closely with our module capacity and our mission 2028 target. What is important to note is that this upgrade is being done at a nominal cost taking advantage of design efficiency and it's funded entirely through internal accruals.
- There will be a clear differentiator over the next 24 months in terms of players having experience, high quality, efficiency, scale and continuous investment in future technology. The large IPP clients want to work with suppliers with proven track record offering the latest technology and the best products.
- FY27 would be an inflection point for our company as we more than double our cell and module capacity and create additional revenues from BESS, inverters and ingot wafer.
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