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Informist, Monday, May 11, 2026

 

By Ashutosh Pati

 

MUMBAI – Premier Energies Ltd. is likely to have continued growing at a rapid pace in the March quarter, with a sharp rise in both its top line and bottom line, according to analysts. An increase in production of solar cells and modules and healthy execution of orders is expected to drive the March quarter earnings.

 

The solar equipment manufacturer's consolidated net profit for the March quarter is seen rising 40% on year to INR 3.89 billion, according to an average of estimates from eight brokerages. The company's revenue from operations is expected to rise over 37% on year to INR 22.23 billion, per the average of estimates. Sequentially, the company's top line is expected to rise around 15% while its bottom line is expected to fall slightly.

 

The highest estimate for the company's bottom line is INR 4.82 billion from Kotak Securities Ltd. while the lowest estimate is INR 3.10 billion from Elara Securities (India) Pvt. Ltd. Estimates for the company's revenue range from a high of INR 25.04 billion from Kotak Securities to a low of INR 20.20 billion from Nuvama Wealth Management Ltd.

 

Premier Energies is an integrated solar cell and solar module manufacturer and is involved in the entire solar value chain, including engineering, procurement, and construction services. The company's cell production is likely to have risen by 38-43% on year and module production by 45% in the March quarter, according to brokerages. Nuvama sees module output for the quarter at 970 megawatts and cell production at 650 megawatts while Prabhudas Lilladher expects module output at 1 gigawatt and cell output at 670 megawatts. Brokerage Motilal Oswal Financial Services Ltd. said the company's operational module capacity increased to 5.4 gigawatts in the quarter from 4 gigawatts a year ago.

 

Kotak Securities said the company's revenue growth will be driven by a ramp-up in production at its 1.2 gigawatt cell facility. This will be further supported by a sharp increase in module pricing, it added. "We expect 35% y-y (year-on-year) revenue growth led by higher volumes due to execution of the healthy order book," Nomura said. The brokerage said Premier Energies secured orders worth INR 25.77 billion in the March quarter.

 

"Despite elevated input costs (partly mitigated by silver hedging), a strong orderbook with healthy execution visibility continues to support the overall outlook," YES Securities (India) Ltd. said.

 

The company's earnings before interest, tax, depreciation, and amortisation for the reporting quarter are seen at INR 6.37 billion, up over 8% on year and 2% sequentially, according to an average of seven brokerage estimates. The highest estimate for the EBITDA is INR 7.75 billion from Kotak Securities while the lowest is INR 5.50 billion from Elara Securities (India) Pvt. Ltd.

 

Nomura sees the company's EBITDA margin being sustained at a healthy level owing to its strong presence in the domestic content requirement segment and external sale of cells. However, Kotak Securities sees the EBITDA margin falling 164 basis points to 31%. It sees an improvement of 33 bps sequentially in the margin on an improvement in cell profitability as the company's 1.2 gigawatt cell line stabilises. "This benefit is partly offset by a likely moderation in module margins," the broking firm said.

 

In the post-December-quarter earnings conference call with analysts, the company had said it aims to protect its margins and will pass on the increase in cost to its customers for new orders. "...we are trying to maintain our margins and pass on the cost of increase, any increases in cost to our customers for new orders wherever possible, and the intent is to maintain the profitability and overall margins," the management had said.

 

Nomura said investors will closely track management commentary on the intensity of competition in the market, the company's capital expenditure plans, and updates on new business verticals.

 

The company will release its March quarter results Friday. Of the eight brokerage reports on the company available with Informist, seven have a "buy" or equivalent recommendation on the stock while the eighth says "hold".

 

Monday, shares of Premier Energies ended 0.8% lower from Friday at INR 1,003.80 on the National Stock Exchange. The company had reported a consolidated net profit of INR 3.92 billion for the December quarter on revenues of INR 19.36 billion. Since then, its shares have surged around 48%.

 

Following are the March quarter earnings estimates for Premier Energies, in INR billion, from eight brokerages in descending order of the net profit estimate:

 

Brokerage	Net Sales	Net Profit	EBITDA
Kotak Securities Ltd.	25.04	4.82	7.75
YES Securities (India) Ltd.	21.85	4.09	6.24
Prabhudas Lilladher Pvt. Ltd.	22.07	3.94	6.44
Anand Rathi Share and Stock Brokers Ltd.	22.87	3.86	--
Nuvama Wealth Management Ltd.	20.20	3.83	5.79
Nomura Equity Research	21.85	3.79	6.50
Motilal Oswal Financial Services Ltd.	23.32	3.70	6.33
Elara Securities (India) Pvt. Ltd.	20.60	3.10	5.50
Average	22.23	3.89	6.37

 

End

 

Edited by Rajeev Pai

 

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