Target: ₹1,321
CMP: ₹971.95
Premier Energies is accelerating its growth as a vertically integrated solar manufacturer, aided by technology upgrade, cost-efficient expansion and disciplined execution. Its new high-efficiency automated line in Hyderabad and shift towards consolidated manufacturing in AP are set to aid productivity and margin. With deeper integration into ancillary systems ie, inverters, storage and aluminium frames, along with a strong order pipeline and ongoing R&D, it is well-placed to cash in on the industry tailwinds and sustain profitable growth.
We visited Premier Energies’ Hyderabad plant, which houses a 1.2 GW module and 3.2 GW cell manufacturing capacity. Its newly commissioned 1.2 GW TOPCon unit has achieved 25.2 cell efficiency (industry-best stabilisation). Operating at 65-70 per cent CUF since launch, the production is likely to ramp up to about 90 per cent soon. It features a highly automated setup, using a mix of European & Chinese equipment, including automated guided vehicles for internal wafer movement.
Premier continues to strengthen its leadership in cell manufacturing through process efficiency and technology upgrades, aided by a strong execution team and consistent R&D investment. While earlier commissioning could offer upside, we maintain our revenue/PAT CAGR estimate of 34/30 per cent for FY25-28, backed by a strong 9.1 GW OB. We retain our BUY rating with a TP of ₹1,321, valuing it at 30x Sep’27E earnings
Published on December 1, 2025
