According to Anand Rathi, the company is accelerating growth as a vertically integrated solar manufacturer, aided by a mix of technology upgrades, cost discipline, and consolidated execution.
A newly commissioned high-efficiency 1.2GW TOPCon line at its Hyderabad facility has already achieved 25.2% cell efficiency, considered industry-best stabilisation, and is expected to ramp up to ~90% CUF.
In Andhra Pradesh, the firm is consolidating all expansion into a single 10.2GW cell plant at Nadiupeta, with two phases—4.8GW by June 2026 and 2.2GW by September 2026—already underway. This move is expected to reduce power costs and improve operational efficiency.
The company is also diversifying into ancillary product lines such as inverters, storage systems, and aluminium frames, which could potentially account for around 25% of its future revenue.
Recent investments in KSolare and Transcon are expected to aid backward integration and margin expansion. The brokerage highlighted that “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.”
The domestic brokerage firm has maintained its revenue/PAT CAGR estimate of 34%/30% for FY25–28, backed by a robust 9.1GW order book. Management remains confident in sustaining margins despite higher competition.
“It is well-placed for sustained growth owing to solid competitive position and sector tailwinds,” the note said. At a valuation of 30x Sep’27E earnings, the brokerage sees the current levels as an attractive entry point and expects a meaningful re-rating once the ongoing expansions and ancillary initiatives begin to reflect in financials.
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