Solar module and cell manufacturer Premier Energies reported a revenue of ₹18.37 billion (~$208.5 million) in the second quarter (Q2) of the financial year (FY) 2026, a 20.3% year-over-year (YoY) increase from ₹15.27 billion (~$173.3 million).

The company attributed this increase to higher operational efficiency, improved product mix, and steady domestic demand.

Profit after tax rose 71.6% to ₹3.53 billion (~$40 million) from ₹2.05 billion (~$23.25 million) in the previous year. The earnings per share for Q2 stood at ₹7.89 (~$0.089) compared to ₹5.71 (~$0.064) in the same quarter last year.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter rose 47.4% YoY to ₹5.61 billion (~$63.63 million).

1H

For the first half (1H) of FY26, Premier Energies reported consolidated revenue from operations of ₹36.58 billion (~$438.80 million) as against ₹31.85 billion (~$382 million) in 1H FY25.

Profit after tax rose 63.6% YoY to ₹6.61 billion (~$79.21 million) from ₹4.04 billion (~$48.42 million).

Total comprehensive income for 1H stood at ₹6.60 billion (~$79.09 million) as against ₹4.03 billion (~$48.30 million) in the same period of the previous year.

Performance Highlights

Premier Energies reported a production of 507 MW of solar cells and 961 MW of modules during Q2 FY26, with both cell and module capacity utilization levels at 79%. The company operates 3.2 GW of solar cell and 5.1 GW of module manufacturing capacity.

Domestic sales accounted for 99% of the company’s total revenue, while exports accounted for 1%.

Segment-wise, modules contributed 72%, cells 24%, and other allied products and EPC services the remaining 5%.

Premier Energies secured key orders during the quarter, including a ₹1.74 billion (~$20.86 million) project in Benin involving 750 rooftop solar systems, 4,400 solar streetlights, and 650 solar water heaters, and a ₹583 million (~$6.99 million) order under the PM-KUSUM program in Maharashtra and Madhya Pradesh for 2,630 solar pump systems.

Ongoing Projects and Expansion

The solar cell facility at Naidupeta, Andhra Pradesh, is being expanded from 4.8 GW to 7 GW with an additional investment of ₹5.02 billion (~$60.17 million) funded through internal accruals. Land development and construction are in progress, with completion of 4.8 GW scheduled for June 2026 and the remaining 2.2 GW by September 2026.

Premier Energies is also expanding its ingot-wafer manufacturing project at Naidupeta from 2 GW to 5 GW, with completion expected by December 2027. In Seetharampur, Telangana, the company is developing a 5.6 GW solar module facility, which is expected to be operational by March 2026.

It is also constructing an aluminum manufacturing plant at the same site with a Phase 1 capacity of 18,000 metric tons per annum, targeted for commissioning by March 2027. A battery energy storage system (BESS) manufacturing facility is planned in Pune, Maharashtra, with commissioning slated for June 2026.

Outlook

Looking ahead, the company remains on track to achieve its 2028 targets, focusing on backward integration into ingot-wafer manufacturing and expanding into new revenue streams such as inverters, transformers, and BESS.

It expects allied businesses to contribute around 25% of total group revenues in the coming years. The company also anticipates growth opportunities in international markets despite evolving trade conditions, including U.S. tariffs on Indian solar imports and the continued incentives under the Inflation Reduction Act through 2029.

In August, Premier Energies reported a net profit of ₹3.08 billion (~$36.94 million) in the first quarter of the financial year 2026.

In May this year, the company reported a total income of ₹16.80 billion (~$196.55 million) in the fourth quarter of the financial year 2025.