Premier Energies (PREMIERE IN) (Neutral) - Operating performance beats estimates in 4Q

Research evidence excerpt

Premier Energies (PREMIERE IN) (Neutral) - Operating performance beats estimates in 4Q

Nomura | Premier Energies 18 May 2026

Company profile

Incorporated in 1995 by Mr Surinder Pal Singh, Premier Energies Limited (PEL) is currently one of the largest manufacturer of solar modules and

cells in India. As of May 2025, the company had installed module manufacturing and cell manufacturing capacities of 5.1 GW and 3 GW,

respectively. Furthermore, PEL has also announced its plans to foray into allied businesses, such as manufacturing of wafers, battery packs, solar

inverters and aluminium frames with the respective capacities likely to be commissioned between FY26 and FY28, according to management.

Valuation Methodology

We value PEL using EV/EBITDA methodology. We value PEL at 13x FY28F EV/EBITDA with a target price of INR1,120. The benchmark of the

stock is NIFTY50.

Risks that may impede the achievement of the target price

Key risks for PEL include slower than expected commissioning of under construction capacities and intensifying competition in the sector

ESG

Premier Energies Limited demonstrates a strong commitment to sustainability across its ESG profile. Environmentally, they prioritize reducing their

carbon footprint through energy-efficient manufacturing, utilizing solar roofing for captive consumption (6.61 MW), and implementing a zero liquid

discharge system that recycles 100% of water used in manufacturing. Socially, they are recognized as a "Great Place To Work" with ISO 45001

certification for occupational health and safety, emphasizing employee well-being, diversity, and inclusion with increased women's representation.

Governance-wise, Premier Energies employs an Integrated Management System (IMS) for transparent and ethical operations, ensuring compliance