Premier Energies posted a 30% year-on-year rise in consolidated net profit to ₹458 crore for the second quarter of FY27, up from ₹353 crore in the corresponding quarter of the previous financial year, even as operating margins narrowed modestly. Revenue from operations climbed 43.3% year-on-year to ₹2,632 crore, compared with ₹1,837 crore in Q2 FY26.

The solar cell and module manufacturer is simultaneously building out a large order book while advancing a heavy capital expenditure pipeline that spans a new 7 GW solar cell plant, a 6 GWh battery energy storage system (BESS), aluminium frames and an ingot-wafer facility. Because 99% of that order book is domestic, the quarter doubles as a snapshot of demand across India's solar manufacturing ecosystem, and it makes execution on the expansion pipeline the storyline to track alongside the headline numbers.

Q2 FY27 financial performance

Consolidated net profit for the September quarter came in at ₹458 crore, a 30% year-on-year (YoY) increase from ₹353 crore in Q2 FY26. Profit after tax (PAT) rose 30.8% YoY to ₹462 crore, against ₹353 crore in the year-ago period, with the PAT margin standing at 17.4%, compared with 18.4% a year earlier.

Revenue from operations rose 43.3% YoY to ₹2,632 crore from ₹1,837 crore. Total income, including other income, advanced 38.2% YoY to ₹2,656 crore, compared with ₹1,921 crore in the corresponding quarter of the previous financial year.

Operational EBITDA increased 31.2% YoY to ₹736 crore from ₹561 crore in the year-ago period. The operational EBITDA margin, however, contracted to 28% from 30.5% a year earlier — a 250-basis-point squeeze that reflects revenue growing faster than operating profit, not an absolute decline, since EBITDA itself still rose 31.2%.

Operational performance

Solar cell production stood at 916 MW during the quarter, while module production reached 1,199 MW. The company's installed cell manufacturing capacity was 10.6 GW, and module capacity stood at 11.1 GW. Capacity at that scale matters in a sector where India has been working to deepen domestic manufacturing across the solar value chain, and output from the existing lines will be worth tracking against the additional 7 GW of cell capacity about to come online.

Order book

As of September 30, 2026, the order book stood at 10,729 MW, valued at approximately ₹16,600 crore. Modules and cells accounted for 48% each of the order book by value, while transformers and engineering, procurement and construction (EPC) contributed 2% and 1%, respectively. Domestic orders made up 99% of the order book, with exports accounting for the remaining 1%. A book of this size provides multi-quarter revenue visibility, and its heavy domestic weighting ties the company's growth to India's own solar deployment pipeline.

Capacity expansion

The company also outlined updates on its capacity expansion plans. Its 7 GW solar cell plant is expected to begin commercial production shortly, and the facility will manufacture N-type TOPCon G12R solar cells with a targeted average efficiency of 25.8%. N-type TOPCon has become the prevailing platform for new high-efficiency cell capacity, so how the new line ramps against that efficiency target is one execution detail worth watching.

Work is also underway on the battery energy storage system (BESS), aluminium frames and ingot-wafer projects. The first phase of the 6 GWh BESS project is targeted for commissioning in July 2027, while the aluminium frames facility is expected to be commissioned in September 2027. Storage complements solar generation, whose output varies with sunlight, and the dated commissioning targets give clear checkpoints for tracking execution over the coming quarters.

For the 10 GW ingot-wafer plant, the company said land acquisition had been completed and site development and design work were underway. Machinery orders for the first phase have also been placed. That facility adds an upstream ingot-to-wafer leg to a portfolio already spanning cells, modules, frames and storage.

Balance sheet and stock performance

Premier Energies reported a total debt-to-equity ratio of 0.72 as of September 2026, while its cash flow from operations to PAT ratio stood at 0.72 for the first half of FY27. In practical terms, total debt equalled 72% of shareholders' equity, and 72% of first-half reported profit converted into operating cash flow.

On the exchanges, Premier Energies shares closed at ₹904 on the National Stock Exchange (NSE), up ₹14, or 1.57%, from the previous close.

Source: CNBC-TV18