Premier Energies reported a consolidated net profit of ₹15,097 million for FY26, a 61.1% increase from the previous year, while revenue from operations rose 20.7% to ₹80,259 million. The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026 at a meeting held on May 15, 2026. Additionally, the board approved raising funds up to ₹5,000 crore through Qualified Institutional Placement (QIP) or other permissible modes.

Full-Year Financial Performance

For the financial year ended March 31, 2026, Premier Energies achieved an EBITDA of ₹25,787 million, a 34.7% year-on-year increase with a margin of 32.1%. Profit After Tax (PAT) stood at ₹15,097 million, registering an 18.8% margin. The following table summarises the full-year financial performance:

Quarterly Financial Performance

For the quarter ended March 31, 2026, Premier Energies delivered robust year-on-year growth across key metrics. Revenue came in at ₹22.3 billion compared to ₹16 billion in the same quarter of the previous year, while consolidated net profit rose to ₹4.6 billion against ₹2.8 billion year-on-year. EBITDA for the quarter stood at ₹6.7 billion versus ₹5.3 billion year-on-year, though the EBITDA margin contracted to 30.26% from 32.6% in the corresponding period. The quarter-on-quarter revenue of ₹22,689 million reflected a 15.4% sequential increase, with a PAT of ₹4,568 million.

Key Corporate Decisions

The Board of Directors approved raising funds up to ₹5,000 crore through Qualified Institutional Placement (QIP) or other modes. The board also re-appointed M/s. Deloitte Haskins & Sells as Statutory Auditors for a second term of five consecutive years and M/s Protiviti India Member Private Limited as the Internal Auditor for FY26-27. Furthermore, the board took note of the resignation of Mr. Ravella Sreenivasa Rao as Company Secretary and Compliance Officer effective May 15, 2026, and appointed Mr. Hitesh Kumar Jain as Company Secretary and Compliance Officer effective May 16, 2026.

Management Commentary and Outlook

During the Q4 FY26 earnings conference call, management highlighted that the company's total revenue increased by 20.7% year-on-year to INR8,026 crores, with an operational EBITDA margin of 30.4% and a PAT margin of 18.8%. The company completed construction of its 5.6 gigawatt module plant at Sitarampur in Telangana, expected to achieve full ramp-up in the next 2 months. New products, including Zero Busbar cells and All-Black modules, have been launched and are receiving market acceptance.

The company's proposed acquisition of a 51% stake in Transcon is complete, with Transcon reporting annual revenue of INR423 crores and a PAT of INR45 crores. Premier Energies is embarking on a major growth trajectory, with total capacity set to increase nearly sevenfold to 16.75 GVA by July 2026. The order book stands at INR14,010 crores, up 66% year-on-year. Management stated that FY27 will be a year of large capex at INR5,100 crores to be deployed across cells, ingot wafers, batteries, and inverters.

Three prominent brokerages have issued updated ratings on Premier Energies , reflecting contrasting views on the company's near-term revenue trajectory, margin sustainability, and capacity expansion progress. While Jefferies and UBS remain constructive with Buy ratings, Kotak Institutional Equities maintains a cautious Sell stance, underscoring divergent interpretations of the same set of quarterly results.

Analyst Ratings at a Glance

The following table summarises the current recommendations and target prices from the three brokerages:

Jefferies: Earnings Beat and Margin Hedging Drive Confidence

Jefferies has maintained its Buy rating on Premier Energies with a target price of ₹1135, highlighting that the company delivered EBITDA and PAT beats of 5% and 21%, respectively, above estimates. The brokerage notes that margin support has been aided by silver price hedging, which has helped cushion input cost pressures. Jefferies further points to strong revenue and EBITDA visibility through FY27–1HFY28, underpinned by a stable order book. The firm expects a 33% FY26–28 earnings CAGR, supported by recovery in power demand. However, it acknowledges working capital pressure as a headwind on cash flows.

UBS: Order Book Strength and Capacity Expansion Underpin Bullish View

UBS has also retained its Buy rating with a target price of ₹1340, the highest among the three brokerages. The firm cites a Q4 margin beat driven by a favourable product mix as a key positive. UBS highlights the company's strong ₹140 billion order book with 9.4GW capacity as a significant visibility driver. A robust cell production ramp-up is seen as supportive of margins going forward. The brokerage also points to aggressive capacity expansion and backward integration plans, along with sustained FY27 demand momentum backed by policy tailwinds, as factors reinforcing its constructive stance.

Kotak Institutional Equities: Revenue Miss and Execution Risks Warrant Caution

In contrast, Kotak Institutional Equities maintains a Sell rating, though it has raised its target price to ₹900. The brokerage flags weaker-than-expected Q4 revenue as a concern, even as EBITDA margins remained stable amid commodity pressures. On the positive side, Kotak acknowledges timely module capacity expansion and an on-track cell capacity ramp-up. However, it identifies delays in BESS (Battery Energy Storage System) commissioning and the failure of the KSolare inverter acquisition as key negatives. The brokerage has made modest upgrades to its FY27/28 EPS estimates, but the overall risk-reward remains unfavourable in its assessment.

Key Themes Across Analyst Views

Despite differing conclusions, the three brokerages converge on several common themes:

• Margin performance: All three note stable to improving EBITDA margins, with hedging and product mix cited as supportive factors.
• Capacity expansion: Module and cell capacity ramp-ups are acknowledged positively across reports.
• Order book visibility: The robust order book is a shared positive, particularly highlighted by UBS.
• Execution risks: Kotak specifically flags BESS delays and the KSolare acquisition failure as unresolved concerns.
• Earnings growth outlook: Jefferies projects a 33% FY26–28 earnings CAGR, while Kotak makes only modest EPS upgrades for FY27/28.

The divergence in analyst views reflects the broader debate around Premier Energies' ability to convert strong order visibility and capacity additions into consistent revenue growth, while managing working capital and executing on its diversification strategy.