Premier Energies bags ₹2,577 crore orders in FY26 Q4

What the new Q4 order win covers

Premier Energies Limited said it secured orders worth ₹2,577 crore in the fourth quarter of FY26 for supplying 1,600 MW of solar cells and modules. The company said the contracts were awarded by domestic independent power producers (IPPs), module manufacturers, and EPC contractors in India. It added that the orders will be executed over FY27 and FY28. The update points to continued demand across the domestic solar value chain, spanning developers, system integrators, and downstream manufacturers. While the company did not name customers, it categorised them as domestic entities. The stated execution period also indicates that the revenue conversion from these orders is expected over the next two financial years. The order mix covers both solar cells and modules, consistent with Premier Energies’ integrated manufacturing presence.

FY26 order pipeline builds across quarters

The Q4 FY26 disclosure follows an earlier update that Premier Energies had secured new orders worth ₹2,307.30 crore during the third quarter of FY26, with execution also scheduled across FY27 and FY28. After that Q3 order update, the stock rose 1.01% to ₹861.65, as reported. The company said those Q3 orders were awarded by a mix of leading domestic IPPs and other prominent customers, which it said reflected confidence in its product quality and execution capabilities. Both quarters’ updates underline a multi-quarter order inflow trend tied to domestic demand. The company has positioned these inflows as providing revenue visibility and supporting capacity expansion plans. Together, the Q3 and Q4 figures indicate sustained contracting activity through FY26.

Capacity ramp-up: cells 10.6 GW and modules 11.1 GW by Sep 2026

Premier Energies linked fresh order inflows to its expansion roadmap. It said the order visibility supports plans to scale solar cell capacity to 10.6 GW and solar module capacity to 11.1 GW by September 2026. The company has also outlined a broader expansion agenda under "Mission 2028", targeting a 10 GW integrated solar manufacturing capacity. It plans to expand into Battery Energy Storage System (BESS) assembly, inverter manufacturing, and aluminium frame production, as per the provided details. These initiatives are being framed as responses to growing domestic solar demand and manufacturing-led policy focus. Nuvama Institutional Equities, as cited, noted acceleration in domestic demand from utility-scale projects, commercial and industrial requirements, and rooftop installations.

Profit and revenue snapshots that investors track

Premier Energies has reported strong year-on-year changes in recent quarters cited in the provided text. For Q2 FY26, consolidated net profit rose 71.61% year on year to ₹353.44 crore compared with ₹205.95 crore in Q2 FY25. Revenue from operations in that quarter increased 20.27% to ₹1,836.87 crore for the period ended 30 September 2025.

The company also posted robust Q4 FY25 numbers. Revenue in Q4 FY25 rose 43.9% year on year to ₹1,620.8 crore from ₹1,126.5 crore in Q4 FY24. Profit after tax in Q4 FY25 jumped 167% to ₹277.8 crore versus ₹103.9 crore in Q4 FY24. EBITDA increased 187% to ₹528.6 crore from ₹184.5 crore, and EBITDA margin expanded to 32.6% from 16.4%.

FY25 full-year performance and order book position

For FY25, Premier Energies said total revenue rose 107% to ₹6,518.7 crore from ₹3,143.7 crore in FY24. Net profit for the year was ₹937 crore, up 307% compared to FY24. Full-year EBITDA margin increased to 28.8% in FY25 from 15.9% in FY24.

The company’s order book at FY25-end was reported at 5,303 MW, valued at ₹8,445.6 crore. It said 73% of the order book was solar modules and 27% was solar cells. The module production site operated at 75% utilisation, while the cell factory ran at 95% utilisation. These figures give a view of capacity usage and the balance of product demand within the backlog.

Stock moves, market cap milestone, and the June block deal

Premier Energies’ shares were reported to have surged more than 5.17% in a session to hit ₹1,119.80 amid heavy trading volumes, and the company crossed a market capitalisation of ₹50,000 crore. The stock was also reported to be up more than 48% from its 52-week low of ₹755.55, which was hit in April 2025.

A large block deal was also reported on Tuesday, June 10. Data cited said shares worth ₹2,629 crore changed hands in the pre-open window, involving 2.5 crore shares or 5.54% of outstanding equity, at an average price of ₹1,052 per share. The identities of buyers and sellers were not disclosed in the cited data. Media reports referenced South Asia Growth Fund II as the party offloading about 5.5% of the company’s equity. Separately, it was stated that GEF South Asia exited from Premier Energies with a cumulative 40 times return valued at $1 billion on its investments. The same section also mentioned a floor price of ₹1,501 per share, described as a 1% discount to the previous day’s close.

Capex, FY28 targets, and joint ventures in wafers

Premier Energies has laid out targets for FY28 that include scaling cells to 10 GW and modules to 11 GW, along with 10 GW of ingots and wafers. It also set targets of 36,000 MT of aluminium frame production, 12 GWh of battery storage cell pack capacity, and 3 GW of inverter manufacturing by FY28. The estimated capex needed to meet FY28 targets was indicated at ₹1,250 crore in the provided text. In another cited analyst note, the total capex expected was stated as INR 125bn, which is ₹12,500 crore.

The company also said agreements were signed for two joint ventures to expand its solar wafer business. One 50:50 JV is with Nuevosol Energy, alongside Nuevosol’s subsidiary Premier-Green Aluminium, where Premier is to hold 80% stake and Nuevosol the balance. Another JV is with Sino-American Silicon (SAS) Products, with Premier holding 74% and SAS the rest. Both JV entities will manufacture and sell solar-grade silicon wafers.

What brokerages and demand signals suggest

ICICI Securities reiterated a ‘BUY’ recommendation on Premier Energies with a target price of ₹1,320, based on projected FY27 earnings, as cited. Kotak Institutional Equities issued a ‘sell’ rating with a target price of ₹900. Alongside these views, the broader demand narrative referenced India’s renewable capacity push, including an expectation that installed energy capacity from renewables could reach 500 GW by 2030 from 172 GW now, with solar expected to be a major contributor. It was also stated that India’s installed solar capacity has grown nearly fourfold in the last six years and is expected to reach nearly 200 GW by FY28.

Key facts table

Why the order updates matter for FY27-FY28 visibility

The Q4 FY26 and Q3 FY26 order wins are notable mainly because both are slated for execution over FY27 and FY28, effectively extending revenue visibility beyond the current fiscal year. The company’s stated cell and module capacity expansion targets by September 2026 also sit within the same window as the execution timeline, which can be relevant when investors assess delivery capability against a growing backlog. Separately, the FY25-end order book mix and utilisation rates provide context on how heavily the company’s cell lines were running versus modules, and how future capacity additions could be absorbed.

Conclusion

Premier Energies’ FY26 order announcements, including ₹2,577 crore in Q4 for 1,600 MW of cells and modules, reinforce a demand pipeline that management expects to convert into execution during FY27 and FY28. The next checkpoints for investors are the pace of capacity additions toward 10.6 GW cells and 11.1 GW modules by September 2026, and further disclosures on the company’s broader "Mission 2028" manufacturing expansion and joint venture progress in wafers.