Premier Energies Limited demonstrated strong operational performance in Q3 FY26, reporting record revenue and profit numbers while maintaining industry-leading capacity utilization rates. The company's strategic expansion initiatives and robust order book position it well for continued growth in India's rapidly expanding solar market.

Financial Performance and Operational Highlights

The company delivered consistent performance with lines operating at best-in-industry utilization levels. Premier Energies completed a significant brownfield expansion during the quarter, increasing cell capacity by 400MW and module capacity by 350MW with relatively low capital expenditure, showcasing the team's strong engineering capabilities.

Technology Advancement and Capacity Expansion

Premier Energies' 1.2GW G12R TOPCon cell line demonstrated impressive ramp-up capabilities, currently operating at 80% utilization and expected to reach full utilization by February 2026. The company is actively working on efficiency improvements, targeting an increase from current levels of 25.2% to 25.8% by the end of the year using latest process technologies and know-how.

The aggressive expansion timeline includes:

• 5.6GW module line completion by March 2026
• 4.8GW cell line commissioning by June 2026
• 2.2GW additional cell line by September 2026

These expansions will establish Premier Energies as India's largest and most integrated cell and module manufacturer with total capacity of 10.6GW and 11.1GW respectively.

Strategic Acquisitions and Diversification

The company completed its transformer acquisition of Transcon in December 2025, which is performing exceptionally well. Total transformer capacity is expected to increase to 16.75 GVA by July 2026, with a strategic shift towards more lucrative MVHV and EHV segments. Management expects this business to achieve over INR1,000 crores in revenue within the next two to two and a half years.

Market Dynamics and Cost Management

Premier Energies highlighted the solar industry's tremendous scale achievement, growing at more than 50% annually over the last two years, making India the third largest solar market globally. The PM-Surya Ghar rooftop solar market showed exceptional growth with 2.7 million homes solarized in the last 18 months and 7.3 million additional installations expected over the next 24 months.

Regarding cost volatility, particularly silver price increases, the company demonstrated effective risk management through:

• Comprehensive hedging strategies covering six months of silver requirements
• Advanced planning and strong supplier relationships
• Successful cost pass-through mechanisms to customers
• Technology improvements reducing silver consumption by 68% over five years

Financial Management and Capital Expenditure

The company reported total capex of INR750 crores in the first nine months, primarily for new cell and module lines in Sitarampur and Naidupeta. Additionally, INR250 crores was paid as the first tranche for the Transcon acquisition. For the current calendar year, total planned capex stands at INR3,000 crores, covering new cell lines, acquisitions, and diversification into BESS and aluminum products.

Future Outlook and Market Position

With approximately 80-85% of the order book priced in dollars and strong demand visibility across residential rooftop, KUSUM schemes, and open access markets, Premier Energies is well-positioned for sustained growth. The company's focus on backward integration, including the 10GW ingot wafer line construction in Naidupeta, Andhra Pradesh, reinforces its strategy to capture value across the solar manufacturing chain while maintaining technological leadership in efficiency and production capabilities.

Premier Energies Limited has successfully commissioned a new 400 MW Solar Photovoltaic Cell manufacturing facility at its E-City plant in Maheshwaram, Telangana. The commissioning was completed through the company's wholly owned subsidiary, Premier Energies Photovoltaic Private Limited, as announced in a regulatory filing dated January 22, 2026.

Facility Expansion Details

The new facility represents a brownfield expansion of the company's existing cell manufacturing operations. The expansion was achieved through strategic installation of additional equipment while leveraging the existing infrastructure and utilities at the E-City facility.

Enhanced Manufacturing Capacity

Following the commissioning of this new cell line, Premier Energies Limited's total operational capacity for solar photovoltaic cells has reached 3.6 GW. This expansion significantly strengthens the company's manufacturing capabilities in the solar energy sector.

Strategic Implementation

The brownfield expansion approach allowed the company to optimize capital deployment by utilizing existing infrastructure and utilities at the E-City facility. This strategic implementation demonstrates efficient resource utilization while expanding manufacturing capabilities. The facility is located at the company's established E-City plant in Maheshwaram, Telangana, which serves as both the registered office location and a key manufacturing hub for Premier Energies Limited.

The commissioning announcement was made through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlighting the material nature of this capacity expansion for the company's operations.