PREMIERENE Q3 FY26 earnings call.
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Revenue
₹1,936 Cr
verified against source
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Pending
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Premier Energies delivered another quarter of record performance with the company at peak utilization levels—cell lines running near 90% and modules at 75-80%. Management highlighted completion of 400MW brownfield expansion at industry-lowest capex of Rs101 crore, while the 1.2GW G12R TOPCon line reached 80% utilization ahead of schedule. 90% of current 3.6GW cell capacity is already sold out, with order book of Rs13,723 crore extending to FY2028. The 7GW TOPCon cell line remains on track for June-September 2026 commissioning, positioning the company as India's largest integrated cell-module manufacturer at 10.6GW/11.1GW. Transco acquisition completed in December 2025 is scaling toward Rs1,000 crore revenue by FY28. The primary risk is commodity cost inflation—silver costs have risen from 1 cent to 2.5-2.7 cents per watt—though management maintains 6-month hedging coverage and is advancing copper paste substitution to reduce silver intensity by an additional 30%. Demand visibility remains robust with the DCR market expected to reach 30GW+ in FY27 versus current domestic production of 20-21GW, supporting continued favorable supply-demand dynamics.
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Guidance to track
- 5.6GW module line (March 2026), 4.8GW cell line (June 2026), 2.2GW cell line (September 2026) to make Premier India's largest integrated cell-module manufacturer at 10.6GW/11.1GW.
- Transformer business to scale from current capacity to 16.75 GVA by July 2026, with execution cycle of 6-18 months for new larger transformer certifications completing post-July 2026.
- 10GW ingot-wafer line at Naidupeta with Rs5,900 crore total capex; Phase 1 (5GW) due December 2027, Phase 2 (5GW) December 2028. Land acquired, construction started.
- DCR market expected to reach 30GW+ in FY27 from residential rooftop (10GW), KUSUM (5-7GW), and open access/private rooftop segments, up from 20-21GW current annual run-rate.
Risks flagged
- Silver costs have risen from 1 cent to 2.5-2.7 cents per watt. While management has 6-month hedging in place and is advancing copper paste substitution, post-hedging period cost pass-through to customers remains uncertain and subject to negotiation.
- Management explicitly stated that 4-5% revenue tolerance exists quarter-to-quarter due to DCR versus non-DCR sales mix shifts driven by customer site readiness and receivables. Investors should view results on annual rather than quarterly basis.
- Analyst Amit Mahavar raised concerns about industry profitability floors and China anti-involution effects. Management acknowledged that newer entrants with smaller capacities, high debt, and limited technical expertise may struggle with TOPCon to newer technology transitions expected in 2028-29.
- Demand visibility depends heavily on continued government support including ALMM2 implementation for private rooftop/open access markets, draft BESS localization guidelines, and ALMM3 for ingot-wafer protection. Transco's MVHV/EHV expansion success depends on timely certification completion.
Key quotes
- Our cell capacities are not 50% sold out, they're almost 90% sold out. We are at 3.2 gigawatt and we have done a 400 megawatt expansion which is 3.6 gigawatt as we speak today. We do not have much capacity to sell, and that is the reason why we took up this 400 megawatt of debottlenecking at lowest ever capex of 101 crores which was a major achievement by our team.
- The discussion pipeline is at the highest number of all times. We are seeing a very good healthy mix across IPs, EPCs, both utility scale as well as the corporate market and the KUSUM market. The only reason we are not able to take more orders is because one, obviously we are kind of heavily sold out particularly 6 to 12 months.
- It is possible that many of these companies will basically struggle to sustain the business and compete with the benefit of scale and technology with some of the larger players such as ourselves. So I do believe that we will have a strong competitive advantage against many players, many of the newer players entering the segment.
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