Premier Energies

PREMIERENE · NSE · Mid Cap

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Solar Cells·Listed·Directness 96/100

Premier Energies

Integrated cell + module manufacturer. ALMM-II cell capacity 3,283 MW (FY26E production 2,235 MW at 80%), expanding from 3.6 GW to 10.4 GW by FY28E. Key ALMM-II / DCR beneficiary.

Solar CellsSolar Modules
Hold
Last price
₹1012.00
52W: ₹660 – ₹1,164
-13.1% from 52W high
Mkt Cap
₹45.92K Cr
P/E
34.5x
EV/EBITDA
26.9x
ROCE
41.1%
ROE
53.6%
Book Value
₹76.2
Promoter
63.9%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B+
Fundamental (30%)
89
Valuation (20%)
40
Technical (20%)
68
Solar exposure (10%)
96
Policy beneficiary (7.5%)
92
Project pipeline (5%)
85
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹660Current: ₹1,012₹1,164
P/E
34.5x
P/B
13.3x
Div Yield
0.10%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Premier Energies: domestic cell scarcity + ALMM List-II protection compound margins through FY27.

Bull case

Bull case for Premier Energies: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Premier Energies: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover
  • 05Realization per watt vs cost per watt (EBITDA/watt)
  • 06Imported BOM dependence and ALMM/PLI compliance
  • 07Cell sourcing in light of ALMM List-II

Solar exposure

Directness · policy linkage · BOM

Primary segmentSolar Cells
Directness96/100
ALMM eligibleYes
PLI beneficiaryYes
Imported BOM30%
Module capacity5 GW
Cell capacity3.6 GW

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)34.5x—
Forward P/E——
EV/EBITDA26.9x—
EV/Sales7.3x—
P/B13.3x—
FCF Yield-2.3%—
EV / GW (Module)₹9,575 cr—

Project pipeline

1 tracked project

Premier Hyderabad TOPCon
Telangana · Cell Mfg
Under Construction
4,000 MW· ₹5.40K Cr· COD FY26

Financials

Source: Screener.in (consolidated) · ticker PREMIERENE · last updated 2026-05-11

Open on Screener.in
Market Cap
₹45.92K Cr
Price
₹1,012.00
Stock P/E
34.5x
Book Value
₹76.2
ROCE
41.1%
ROE
53.6%
Div Yield
0.10%
52W Range
₹660 – ₹1,164

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y107.3%
Sales 3Y CAGR106.3%
Sales 5Y CAGR74.6%
PAT 1Y305.6%
PAT 3Y CAGR—
PAT 5Y CAGR145.0%
Profitability
OPM latest27.0%
PAT margin latest14.4%
PAT margin 3Y avg6.9%
ROE53.6%
ROCE41.1%
Asset turnover0.95x
Leverage & cash
D / E0.69x
Net Debt / EBITDA1.10x
Borrowings / Assets28.6%
CFO / EBITDA0.76x
CFO / PAT1.44x
FCF (TTM proxy)₹-1.06K Cr
Valuation
P/E34.5x
EV/EBITDA26.9x
EV/Sales7.34x
P/B13.28x
FCF Yield-2.31%
Div Yield0.10%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales7017431,4293,1446,519
Operating Profit5430784781,781
OPM %8%4%5%15%27%
Net Profit26-14-13231937
EPS (₹)0.94-0.55-0.498.7820.79

Quarterly results · last 4 quarters

₹ Crore.

MetricMar 2025Jun 2025Sep 2025Dec 2025
Sales1,6211,8211,8371,936
OPM %33%30%31%31%
Net Profit278308353392

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital2526262645
Reserves1973683856202,777
Borrowings3474557651,4011,954
Fixed Assets4254795921,203978
Total Assets9751,3402,1103,5376,841

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating237537901,348
Investing-353-218-304-447-2,410
Financing1092792525491,608
Net Cash Flow-766-15192546

Shareholding pattern

Latest disclosed

Promoters
63.94%
FII
5.72%
DII
13.69%
Public
16.28%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

PM Surya Ghar: Muft Bijli Yojana
MNRE · 2024-02-13
Likely

Rooftop cell + module supply

Solar PLI (High-Efficiency PV Modules)
MNRE · 2021-04-28
Confirmed

Tranche II awardee

ALMM-I (Modules) · Active
MNRE · 2021-03-10
Confirmed

Listed module supply

ALMM-II (Cells) · Effective June 2026
MNRE · 2026-06-01
Confirmed

ALMM-II cell listing 3,283 MW; expansion to 10.4 GW by FY28

ALMM-III (Wafers) · Effective June 2028
MNRE · 2028-06-01
Possible

Wafer integration path needed

Basic Customs Duty (BCD)
Ministry of Finance · 2022-04-01
Confirmed

Cell + module margin protection