Premier Energies Q2 FY27 Revenue Rises 38.2% to INR 26,560 Mn

For Q2 FY27 ended September 30, 2026, Premier Energies Limited reported consolidated revenue of INR 26,560 million, up 38.2% year on year. EBITDA rose 17.8% to INR 7,600 million and profit after tax increased 30.8% to INR 4,624 million, supported by high solar-cell utilisation and fresh order wins.

What did Premier Energies report in Q2 FY27?

Premier Energies reported consolidated revenue of INR 26,560 million for the September quarter, with year-on-year growth of 38.2%. Its revenue from operations was INR 26,318.52 million, according to the reported quarterly financial data. The difference reflects the distinction between total revenue and revenue from operations in the disclosed results.

Quarterly EBITDA was INR 7,600 million, 17.8% higher than a year earlier, and the reported EBITDA margin was 28.6%. Profit after tax, or PAT, reached INR 4,624 million, growing 30.8% year on year. PAT margin was 17.4% on the consolidated results basis.

Management said the solar manufacturing business recorded EBITDA and PAT margins of 29.3% and 17.9%, respectively. It said PAT margin moderated slightly because of higher depreciation and lower other income. These factors are relevant because profit growth exceeded EBITDA growth despite the stated margin moderation.

How did solar manufacturing operations perform during the quarter?

Premier Energies produced 916 MW of solar cells during Q2 FY27 and reported a record 99% capacity utilisation for cell manufacturing. It also produced 1,199 MW of solar modules and 761 MVA of transformers during the quarter.

The reported utilisation rate indicates that its existing cell production facilities were operating close to their available capacity. Cell and module output are central to the company’s integrated solar manufacturing operations, while transformer production is conducted through Transcon, its subsidiary.

Transcon reported quarterly revenue of INR 1,220 million and PAT of INR 180 million. The subsidiary’s EBITDA margin was 15% and its PAT margin was 8%, according to the earnings call. Premier Energies said higher transformer capacity contributed to order intake in this business.

The company also commissioned its 7 GW N-type TOPCon cell line at Naidupeta. Trial runs were underway as of the November 5 earnings call, and management said commercial production was expected to begin later in November. The commissioning takes the reported operational cell capacity to 10.6 GW and module capacity to 11.1 GW.

What orders and capacity projects did Premier Energies disclose?

Premier Energies said it received new cell and module orders worth INR 40,010 million during Q2 FY27. These wins increased its total solar order book to INR 162,600 million, providing disclosed visibility on contracted demand for its core products.

The transformer business reported a separate order book of INR 3,300 million. The company described the intake as healthy and linked it to increased capacity. An order book is not recognised revenue, but it shows the value of orders that remain to be executed, subject to delivery schedules and other contractual terms.

Separately, PEGEPL’s board approved a budget of INR 59,470 million for a 10 GW ingot and wafer facility at Naidupeta. The disclosed estimated completion date for the first 5 GW phase is December 31, 2027. This project would extend the company’s manufacturing chain upstream from cells and modules into ingots and wafers.

The TOPCon line and the ingot-wafer proposal reflect the company’s focus on expanding domestic solar manufacturing capabilities. The disclosed figures do not provide a revenue contribution estimate for the new facilities, so their financial impact cannot be quantified from the available information.

Why do the Q2 results matter for investors and the solar sector?

Premier Energies’ results matter because revenue, profitability and solar-cell utilisation all increased while the company continued to add manufacturing capacity. Revenue growth of 38.2% and PAT growth of 30.8% show expansion in the reported consolidated business, while the 99% cell utilisation rate points to strong use of operating capacity in the quarter.

The company operates in India’s growing domestic solar equipment market, where manufacturers are expanding production of cells and modules. Its new TOPCon line is designed for N-type cell technology, a higher-efficiency solar-cell category. The company has stated that trial runs are ongoing, with commercial production expected later in November.

For investors, the INR 162,600 million solar order book and INR 3,300 million transformer order book are important indicators of demand visibility. However, the information provided does not include order execution dates, pricing terms, or a specific conversion schedule into revenue. These details will affect how the order book is reflected in future quarterly financial results.

No share-price movement or market-capitalisation change was provided with the quarterly disclosures. As a result, the reported financial and operational figures, rather than a stated market reaction, are the direct basis for assessing the quarter.

What did Premier Energies announce on dividend and reporting dates?

Premier Energies declared an interim dividend of INR 0.50 per equity share for FY27, equal to 50% of the INR 1 face value. The record date is November 11, 2026, and the company said payment will be made on or before December 3, 2026.

The company approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, along with limited review reports. Standalone figures should not be compared directly with the consolidated performance without recognising the inclusion of subsidiary operations in the latter.

The company’s Q2 disclosure therefore combines financial expansion, near-full cell-facility utilisation, new order inflows and a capacity addition that remains in the trial-run stage. The announced dividend also sets a defined near-term date for shareholders on the company’s register as of the record date.

Conclusion

Premier Energies delivered higher consolidated revenue, EBITDA and PAT in Q2 FY27, alongside 99% solar-cell capacity utilisation and significant new cell and module orders. The figures show that the company’s existing solar manufacturing operations continued to generate growth while its transformer subsidiary also contributed revenue and profit.

The next disclosed operational milestone is the expected start of commercial production at the 7 GW TOPCon cell line later in November. Investors can also watch the November 11 dividend record date, the payment deadline of December 3, and progress towards the first 5 GW phase of the Naidupeta ingot and wafer project, targeted for completion by December 31, 2027.