Premier Energies Secures INR 1,234 Crore Solar Orders, Plans Major Expansion

Premier Energies Ltd. has announced that its subsidiary, Premier Energies Photovoltaic Pvt. Ltd., has received and accepted orders worth INR 1,234 crore from existing domestic customers for the supply of solar PV modules. The supply of these modules is scheduled to commence from April 2025.

The company has clarified in its filing that these contracts are one-time in nature and do not fall under related party transactions. Neither the promoter group nor any group companies have any interest in the awarding entities.

Moreover, during its earnings call, Managing Director, Chiranjeev Singh Saluja revealed the firm’s investment plans, stating that it plans to invest INR 6,694 million in a 1 GW TOPCon cell line and INR 1,523 million in a 1 GW module line.

He said, "Our expansion plans include a 1 GW TOPCon cell and module line, expected to be completed by Q1 FY26, and a 4 GW TOPCon cell and module line, expected to be completed by Q1 FY27. With these facilities, our total capacity would reach 7 GW per annum for solar cells and 9.1 GW per annum for modules by June 2026. Simultaneously, we have planned further backward integration into wafers with a 2 GW per annum facility, which is coming up and is also targeted for commissioning by FY26."

The management also addressed key industry developments, including its technology transfer partnership with a Taiwanese firm for wafer manufacturing and the neutral impact of recent customs duty changes. It also acknowledged potential delays related to the Approved List of Models & Manufacturers (ALMM) List 2, which could affect DCR module procurement. Despite concerns about module availability under the PM Kusum scheme, the firm remains optimistic about sustained industry growth.

Premier Energies delivered a strong financial performance in Q3 FY25, with revenue rising 144.76 percent year-on-year to INR 17,494 million. Operating EBITDA soared 316.49 percent to INR 5,135 million, with margins reaching 29.97 percent. Profit after tax (PAT) recorded an impressive 490 percent increase to INR 2,552 million, driven by high plant utilisation and strong domestic demand, which accounts for over 97 percent of its order book.