Premier Energies FY26 Results: PAT surges 61% YoY to ₹15,097 million

Premier Energies filed its Annual Report for FY 2025-26, reporting consolidated Profit After Tax of ₹15,097 million, a 61.1% year-on-year increase, on total income of ₹80,259 million.

Financial Performance

The company delivered strong growth across key financial metrics in FY26, driven by higher operating revenue and improved profitability. Revenue from operations rose 20.0% YoY to ₹78,244 million, while EBITDA grew 34.7% to ₹25,788 million, with EBITDA margin improving to 32.13% from 28.7% in FY25. PAT margin expanded to 18.81% from 14.09% in the previous year.

Metric	FY26	FY25	Change
Revenue from operations (₹ million)	78,244	65,187	+20.0%
Total income (₹ million)	80,259	66,521	+20.7%
EBITDA (₹ million)	25,788	19,142	+34.7%
PAT (₹ million)	15,097	9,371	+61.1%
Net worth (₹ million)	42,811.23	27,928.67	—
Basic EPS (₹)	33.63	21.35	—
ROE	42%	54%	—
ROCE	34%	42%	—
Net debt to EBITDA	0.41x	—	—
Debt to equity	0.86x	0.69x	—

Return on equity moderated to 42% in FY26 from 54% in FY25, and ROCE declined to 34% from 42%, as the company continued to deploy capital towards capacity expansion and vertical integration. Two interim dividends of ₹0.25 per equity share and ₹0.75 per equity share were paid during the year, aggregating to ₹1 per equity share as the final dividend for FY26.

Manufacturing Scale-Up

FY26 marked significant capacity additions. Solar module capacity expanded from 5.1 GW to 11.1 GW, following the commissioning of a 5.6 GW TOPCon module facility at Seetharampur, Telangana. Solar cell capacity increased from 2.0 GW to 3.6 GW.

Capability	Capacity	Status
Solar Cells	10.6 GW	7 GW under construction
Solar Modules	11.1 GW	Operational
Ingot-Wafer facility	10 GW	Under construction
Power & Distribution Transformers	16.75 GVA	6.75 GVA operational, 10 GVA under construction
BESS container plant	12 GWh	Under construction
Aluminium frame facility	18,000 MT	Under construction

Actual production in FY26 reached 3,570 MW of modules and 2,268 MW of cells. The company's order book as on March 31, 2026 stood at 9,383 MW of cells and modules, with a total value of ₹140.1 billion.

Production Trend

Metric	FY22	FY23	FY24	FY25	FY26
Cell production (MW)	110	228	769	1,611	2,268
Module production (MW)	234	488	1,047	2,431	3,570
Total Revenue (INR Mn)	7,670	14,632	31,713	66,521	80,259
EBITDA (INR Mn)	537	1,129	5,053	19,142	25,787
PAT (INR Mn)	(144)	(133)	2,314	9,371	15,097

Expansion Roadmap and Strategic Initiatives

Under Mission 2028, the company is scaling vertically integrated manufacturing across Telangana and Andhra Pradesh. Key milestones include:

7 GW TOPCon Solar Cell Facility at Naidupeta, Andhra Pradesh — targeted by September 2026
10 GW Ingot-Wafer Facility — 5 GW by December 2027, 5 GW by December 2028
12 GWh BESS Container Manufacturing — 6 GWh by June 2027, 6 GWh by June 2028
18,000 MT Aluminium Frame Facility — by June 2027
10.75 GVA Transformer Manufacturing — by September 2026

The company completed a 51% acquisition of Transcon Ind Limited (post-year end), taking operational transformer capacity to 6.75 GVA. It also incorporated HeliosAnthos Energies Private Limited, a 51:49 joint venture for EPC work across solar, wind and BESS projects.

Credit Ratings and Governance

CRISIL Ratings upgraded the company's long-term bank facilities to Crisil A/Positive (from Crisil A-/Positive) and short-term facilities to Crisil A1 (from Crisil A2+) in June 2025. CARE Ratings assigned CARE A+; Stable for long-term and CARE A1+ for short-term facilities in December 2025.

The 31st Annual General Meeting is scheduled for September 21, 2026. The Board has recommended re-appointment of M/s. Deloitte Haskins & Sells as statutory auditors for a further term of five years, subject to member approval.

ESG and Workforce

The company's total workforce stood at 9,080 as at year-end, with women representing 29.2% of the total. In FY26, 16,160 training and awareness hours were conducted. Zero work-related fatalities were reported, with one Lost Time Injury recorded during the year. The company published its inaugural Sustainability Report in January 2026 and joined the United Nations Global Compact as a participant. Scope 1 emissions stood at 4,898.56 tCO2e and Scope 2 emissions at 123,730.26 tCO2e for FY26. CSR expenditure for the year amounted to ₹20.12 million against a mandatory requirement of ₹11.14 million.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.39%	-2.51%	-2.50%	+38.70%	+0.27%	0.0%

Premier Energies reported an order book worth ₹15,000 crore, a figure that stands at double the company's revenue for FY26. The solar equipment manufacturer indicated robust pipeline visibility, signaling sustained operational activity over the medium term.

Management expressed confidence in the demand outlook for the next two years. The company anticipates significant growth in upcoming quarters, driven by the conversion of this substantial order backlog into revenue.

What the Numbers Show

The scale of the order book relative to current annual revenue highlights a significant conversion opportunity for Premier Energies. With the backlog at twice the level of FY26 revenue, the company has a clear path to top-line expansion without requiring immediate new business acquisition to maintain growth momentum. This ratio suggests that execution capacity rather than sales generation may be the primary constraint on near-term revenue realization.

Management Outlook

Premier Energies management stated that it expects to surpass analysts' forecasts on both margins and EBITDA. This projection implies an expectation of improved operational efficiency or favorable cost dynamics as production scales up to meet the existing order demand.