Premier Energies · Material risks, their source context, and severity in the latest available quarter.
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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.
