Solar cell and module manufacturer Premier Energies reported a revenue of ₹26.32 billion (~$278.25 million) in the second quarter (Q2) of the financial year (FY) 2027, a 43.3% year-over-year (YoY) increase from ₹18.37 billion (~$194.21 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 17.8% YoY to ₹7.60 billion (~$80.35 million) from ₹6.45 billion (~$68.19 million). The EBITDA margin declined to 28.6% from 33.6% in the corresponding quarter last year.

Profit after tax (PAT) increased 30.8% YoY to ₹4.62 billion (~$48.84 million) from ₹3.53 billion (~$37.32 million). The PAT margin declined to 17.4% from 18.4%.

Diluted earnings per share (EPS) increased to ₹10.24 (~$0.11) from ₹7.89 (~$0.08) in the corresponding quarter last year.

First Half FY 2027

Premier Energies’ revenue stood at ₹50.94 billion (~$538.53 million) in the first half (H1) of FY 2027, a 39.3% YoY increase from ₹36.58 billion (~$386.72 million).

EBITDA came in at ₹15.19 billion (~$160.59 million).

PAT increased 41.3% YoY to ₹9.34 billion (~$98.74 million) from ₹6.61 billion (~$69.88 million).

Diluted EPS increased to ₹20.70 (~$0.22) from ₹14.77 (~$0.16) in the corresponding period last year.

Operational Highlights

Premier Energies produced 916 MW of solar cells during the quarter, compared to 507 MW in Q2 FY 2026, representing an increase of approximately 80.7%.

Solar module production increased 24.8% YoY to 1,199 MW from 961 MW.

The company’s effective solar cell manufacturing capacity utilization reached 99%, compared to 79% in the corresponding quarter last year. Module capacity utilization declined to 55% from 79%.

During September 2026, Premier Energies commissioned its 7 GW N-type tunnel oxide passivated contact (TOPCon) solar cell manufacturing facility at Naidupeta, Andhra Pradesh.

Following the commissioning, the company’s total solar cell manufacturing capacity increased to 10.6 GW, while its module manufacturing capacity reached 11.1 GW.

The new facility will manufacture N-type TOPCon G12R solar cells with a targeted average efficiency of 25.8% and a production capacity of 88,000 cells per hour.

Commercial production at the facility is expected to commence shortly.

Order Book

Premier Energies’ order book stood at ₹165.9 billion (~$1.75 billion), representing 10,729 MW of capacity, as of September 30, 2026.

Solar cells and modules accounted for approximately 48% each of the order book by value, while transformers contributed 2% and engineering, procurement, and construction (EPC) projects accounted for 1%.

Domestic orders represented 99% of the order book, with exports accounting for the remaining 1%.

The company’s order book increased from ₹150 billion (~$1.59 billion) at the end of June 2026, supported by new orders worth ₹42.2 billion (~$446.14 million) during the quarter, partially offset by sales of ₹26.3 billion (~$278.04 million).

Business Updates

Premier Energies’ transformer subsidiary, Transcon, produced 761 MVA of transformers during the quarter.

The transformer business had an operational manufacturing capacity of 10.75 GVA, with another 6 GVA under construction.

The company commissioned 4 GVA of capacity at its Neotrafo facility and expects the remaining 6 GVA to achieve commercial operation by December 2026. This will increase the transformer business’s total manufacturing capacity to 16.75 GVA.

The transformer business secured its first extra-high-voltage transformer order and received approved vendor status from an international company.

Transcon’s order book stood at ₹3.3 billion (~$34.89 million), while the combined order book, including Neotrafo, totaled approximately ₹3.4 billion (~$35.94 million). Export orders accounted for 30% of Neotrafo’s order book, while 60% of the combined order book included provisions for passing through material costs.

Premier Energies is also expanding into battery energy storage systems (BESS), aluminum frames, and upstream solar manufacturing.

The company is developing a BESS manufacturing facility with a planned capacity of 12 GWh, including 6 GWh under Phase I. Site development and civil construction are underway. It has signed an agreement with RCT as its technology and equity partner and expects to commission the first phase in July 2027.

Under the agreement involving Premier Battery Technologies, Premier Energies Storage Solutions, and RCT Nexor Energy, RCT India will receive milestone-linked equity allotments aggregating to 15% of Premier Energies Storage Solutions’ issued and paid-up equity share capital, subject to the agreement’s terms.

For its aluminum frame manufacturing project, site development activities are underway, and machinery orders have been placed. The facility is scheduled for commissioning in September 2027.

The company is also developing a 10 GW ingot and wafer manufacturing facility. Land acquisition has been completed, and site development and design work are underway.

Premier Energies has placed machinery orders for the first phase and targets commissioning 5 GW by December 2027, followed by another 5 GW by December 2028.

The company is undertaking a ₹125 billion (~$1.32 billion) capital expenditure program to expand its manufacturing capabilities, strengthen backward integration into ingots and wafers, and diversify into inverters, transformers, and BESS.

Premier Energies reported a revenue of ₹24.63 billion (~$258.6 million) in the previous quarter, rising 35.25% YoY from ₹18.21 billion (~$191.18 million).