Solar module and cell manufacturer Premier Energies reported a net profit of ₹3.08 billion (~$36.94 million) in the first quarter (Q1) of the financial year (FY) 2026, a 55% year-over-year (YoY) rise from ₹1.98 billion (~$23.78 million).

The company’s income rose 12.03% to ₹18.7 billion (~$224.33 million) from ₹16.68 billion (~$191.4 million) in the same quarter of the previous year. 

The company attributed the strong quarterly performance to full-scale operations at its new 1.2 GW tunnel oxide passivated contact (TOPCon) cell and 1.4 GW module manufacturing facilities in Hyderabad, which were commissioned in June and May 2025, respectively. Capacity utilization for cell lines stood at 94% while module lines operated at 77%.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at ₹5.97 billion (~$71.65 million), growing 61.5% from ₹3.70 billion (~$44.37 million) in Q1 FY25.

Premier Energies is witnessing a notable increase in module prices in the non-domestic content requirement (DCR) market due to rising raw material costs in China. “As of now, if you are looking at the ALMM non-DCR market, we are seeing prices going up because polysilicon prices and ingot wafer sale prices in China have increased,” said Chiranjeev Saluja, Managing Director at Premier Energies.

Business Highlights

As of June 30, 2025, Premier Energies’ order book stood at ₹86.03 billion (~$1.03 billion), comprising approximately 5.5 GW capacity. The entire order book was domestic, with no export orders recorded during the quarter. Modules accounted for 60% of the order book, cells for 39%, and engineering, procurement, and construction projects for 0.6%.

The company is also developing multiple projects with targeted completion timelines over FY 2026 and FY 2027. It is constructing a 4.8 GW solar cell plant at Naidupeta in Andhra Pradesh, expected to be completed by June 2026. A 5.6 GW module manufacturing facility is being built at Seetharampur in Telangana, scheduled for completion by March 2026.

Premier Energies has also formed a joint venture with Sino-American Silicon to establish a 2 GW wafer manufacturing facility at Naidupeta, Andhra Pradesh, with commissioning targeted for June 2026.

The company is entering the battery energy storage systems (BESS) segment with a total planned capacity of 12 GWh, split into two phases of 6 GWh each, to be completed by June 2026 and March 2027, respectively.

Premier Energies said it has commenced setting up a 3 GW string inverter manufacturing line to cater to India’s rapidly expanding rooftop and distributed solar market, which currently has over 10 GW of annual demand.

On the demand front, Vinay Rustagi, Chief Strategy Officer at Premiere Energies, stated at an earnings call, “The DCR demand is steadily going up, given the introduction of ALMM-II. Our estimate is that the current run rate of demand for DCR modules is about 15 GW per annum.”

He attributed this rise to programs such as the PM Surya Ghar: Muft Bijli Yojana and the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, and procurement by public sector undertakings. “From early next year onwards, we will see the open access demand coming through, because projects commissioned by June 2026 will have to procure solar cells and modules made in India,” added Rustagi.

Outlook

The company aims to achieve capacity targets, including 10 GW for ingots and wafers, 10 GW for solar cells, 11 GW for solar modules, 3 GW for inverters, and 12 GWh for BESS. It also plans to manufacture 36,000 metric tons of aluminum frames annually to support its solar module production.

Premier Energies anticipates a substantial increase in DCR demand. By early 2026, the estimated demand run rate is expected to grow to around 25 GW per annum. Rustagi projected that towards the end of 2026 or early 2027, the entire market, which is about 40 GW to 45 GW, will shift towards DCR. He confirmed that the company’s sales mix will evolve in line with this broader market transition.

Chiranjeev Saluja stated, “We remain firmly on track to deliver on our Mission 2028, our ambitious roadmap to build an integrated 10 GW ingot-to-module manufacturing ecosystem, 12 GW of battery energy storage systems, and 3 GW of inverter capacity by the end of FY 2028.”

Premier Energies said it is delaying its proposed cell manufacturing plant in the U.S. while awaiting greater clarity on the country’s policies and tariffs. It emphasized that its core business strategy remains India-focused, with less than 1% of its total order book currently coming from the U.S. market.

Premier Energies reported a total income of ₹16.80 billion (~$196.55 million) in Q4 FY 2025, a 48% YoY increase from ₹11.38 billion (~$133.10 million).