Leading Indian solar manufacturer Premier Energies Ltd delivered robust financial results for the first quarter of FY27, with consolidated net profit surging 53% year-on-year to ₹471.9 crore compared to ₹307.8 crore in the corresponding period last year. According to the latest investor presentation, total income increased to ₹2,507.6 crore from ₹1,869.5 crore in Q1 FY26. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 30% to ₹715 million, with EBITDA margin at 29% in Q1 FY27. Earnings per share (diluted) were ₹10.45, up from ₹6.83 in the corresponding quarter of the previous year. The company produced 844 MW of solar cells, 953 MW of solar modules, and 570 MVA of transformers during the quarter. As per The Economic Times, the uptick in revenue can be attributed to robust demand across vital business sectors, with the company delivering another quarter of strong growth driven by robust execution, expanding manufacturing capabilities and strong demand for domestically manufactured solar modules.
The company secured solar cell and module supply orders worth ₹3,011 crore during Q1 FY27, demonstrating strong execution velocity and conversion of its order book. As reported by The Hindu BusinessLine, Premier Energies commissioned a 5.6 GW module manufacturing plant in Seetharampur, Telangana, which doubled its total module capacity to 11.1 GW. The company also incorporated a wholly owned subsidiary, Premier Battery Technologies Private Limited, on July 15, 2026, to manage its foray into Battery Energy Storage Systems (BESS) and battery cell markets. Quarterly production figures showed 844 MW of cells and 953 MW of modules, while the 7 GW cell plant in Naidupeta is nearing completion with civil work finished and machinery installation underway; trial runs are expected by the end of August 2026. The company is in the process of more than doubling its annual solar cell manufacturing capacity to 10.6 GW and has a solar module making capacity of 11.1 GW. As per The Economic Times, the company is making significant progress on its 7 GW solar cell manufacturing facility at Naidupeta, where machinery installation is underway and trial runs are expected to commence shortly.
The acquisition of Transcon Ind Limited, effective April 03, 2026, created a new reportable segment: Power Transmission & Distribution Equipment. According to the investor presentation, Transcon contributed ₹1,100 million in revenue and ₹294 million in EBITDA in Q1 FY27. The company paid the remaining consideration of ₹2,503 million for Transcon during the quarter, bringing the total acquisition cost to ₹5,003 million for a 51% stake, with goodwill of ₹2,422 million recognized provisionally. The newly inaugurated Transformer plant with 10 GVA HV and EHV transformer capacity is expected to achieve commercial operation by September 2026, adding diversification to the company's revenue streams.
The company announced plans to seek shareholders' approval for raising funds of up to ₹5,000 crore through various financial instruments. As reported by CNBC TV18, the fund raising will be conducted through issuance of equity shares, non-convertible debentures along with warrants, or any other eligible securities convertible into equity shares through a qualified institutional placement (QIP) or other permitted modes. The board has approved convening the AGM on September 21, 2026, where shareholders will seek approval for raising up to ₹5,000 crore through a Qualified Institutional Placement (QIP) or other permissible securities issuance. The company also terminated its proposed acquisition of KSolare Energy Private Limited amicably during the quarter. All IPO proceeds of ₹12,389 million have been fully utilized towards the 4 GW Solar PV TOPCon Cell and Module manufacturing facility and general corporate purposes. The company is in the process of investing over ₹12,500 crore to build solar capacities and foray into new areas like ingots, wafers, inverters, and batteries.
The board has approved re-appointment of Managing Director Chiranjeev Singh Saluja for a period of five years with effect from December 19, 2026. According to The Economic Times, Managing Director Chiranjeev Singh Saluja stated that the company recently inaugurated the 5.6 GW module manufacturing facility at Seetharampur and is making significant progress on its 7 GW solar cell manufacturing facility at Naidupeta, where machinery installation is underway and trial runs are expected to commence shortly. The company will also seek approval for reappointment of Chiranjeev Singh Saluja as Managing Director for the same five-year period from December 19, 2026, to December 18, 2031. The reappointment is based on the recommendation of the Nomination and Remuneration Committee, ensuring continuity in leadership during the company's growth phase and strategic expansion into diversified clean energy segments. Premier Energies is an integrated solar manufacturing company, with three decades of experience in photovoltaic technology.
