Premier Energies share price today

Premier Energies Ltd's share price was ₹890.00 at the close on 6 November 2026. It has been falling for 3 weeks. That is 7.3% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹683 and ₹1,117, and at that close it sat 48% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Premier Energies Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 18 weeks running.

Over the last 2.2 years the share price moved −19% while the NIFTY 500 moved −7%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 10 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 9 quarters in a row (every quarter we can compare), profit up on a year earlier for 9 quarters in a row (every quarter we can compare) and indian funds and insurers (DIIs) raised their stake for 3 quarters in a row.

1. Revenue up on a year earlier for 9 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹2,463 crore, +35.3% on a year earlier.

   Why: Revenue rose because extra orders filled spare module capacity after a policy extension.

   Next results: check whether the Naidupeta cell line brings first revenue in September and gets to close to 50-60% use in November.

   From the earnings call on 7 Aug 2026.

2. Profit up on a year earlier for 9 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹472 crore, +53.2% on a year earlier.

   Why: Profit rose faster than revenue because more modules used the company's own cells and more of what it sold was Indian-content modules as new plants started working.

   Next results: check whether the new plants earn enough to cover the higher depreciation, the wear-and-tear charge on new equipment, which management expects at Rs 240-250 crore a quarter in Q3-Q4.

   From the earnings call on 7 Aug 2026.

3. Indian funds and insurers (DIIs) raised their stake for 3 quarters in a row

   From 12.7% to 18.9% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Premier Energies reported revenue of ₹2,463 crore, up 35.3% from ₹1,821 crore a year earlier, and a profit of ₹472 crore, up 53.2% from ₹308 crore.

Premier Energies results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Premier Energies' management discussed these results on a call held on 7 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Premier Energies closed at ₹890.00 on 6 November 2026, down 13.6% from ₹1,029.80 a year earlier (7 November 2025). Its highest weekly close since September 2024 was ₹1,324.70 on 3 January 2025.

Premier Energies share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

121 weekly closes from 6 September 2024 to 6 November 2026.

11 Nov 2026: Coming up: ex-date for an interim dividend of ₹0.50 a share. 6 Nov 2026: Premier Energies closed at ₹890.00, up 1.6% on the week and down 0.6% on the month.

Earlier

• Our read, 22 Aug 2026: April to June 2026 delivered revenue of ₹2,463 crore (up 34% year on year), profit of ₹472 crore (up 53%), and operating margin of 30.3%, the fourth consecutive quarter at or above 29% despite non-DCR business now confirmed unprofitable.,ALMM-2 is live, DCR demand is fully booked into future delivery windows, and the 7 GW Naidupeta TOPCon cell line is in final commissioning, management guides first revenue in September and 50-60% utilization by November.,Six material guidance reversals are now documented across four concalls, and the Jun 2026 quarter shows promoter stake dropped from 63.94% to 58.48%, a single-quarter fall of 5.46 percentage points with no concall explanation.
• 7 Aug 2026: Premier Energies held its results call for April to June 2026. Management guided: Solar demand outlook: PM Surya Ghar average 1.2-1.3GW and Kusum 6-8GW AC, about 10GW DC, over the next 9 months; C&I DCR demand expected to become sizeable as compliance deadlines approach.
• Results for April to June 2026: Revenue up 35.3% and profit up 53.2% on a year earlier.
• 8 May 2026: ex-date for an interim dividend of ₹0.75 a share, record date 9 May 2026.

Our read of the business

April to June 2026 delivered revenue of ₹2,463 crore (up 34% year on year), profit of ₹472 crore (up 53%), and operating margin of 30.3%, the fourth consecutive quarter at or above 29% despite non-DCR business now confirmed unprofitable.,ALMM-2 is live, DCR demand is fully booked into future delivery windows, and the 7 GW Naidupeta TOPCon cell line is in final commissioning, management guides first revenue in September and 50-60% utilization by November.,Six material guidance reversals are now documented across four concalls, and the Jun 2026 quarter shows promoter stake dropped from 63.94% to 58.48%, a single-quarter fall of 5.46 percentage points with no concall explanation.

Latest quarter: Naidupeta in final commissioning; promoter stake drops 5.46pp.

Our read after the latest results, written 22 August 2026.

Premier Energies paid ₹0.75 a share in regular dividends in the 12 months to 7 November 2026 (1 payment), a yield of 0.08% at the ₹890.00 close on 6 November 2026. The last was an interim dividend of ₹0.75 a share, ex-date 8 May 2026. Next: ₹0.50 a share, ex-date 11 November 2026.

Premier Energies dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Premier Energies Ltd paid out 3% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 7 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for April to June 2026, held on 7 August 2026, Premier Energies' management guided: Solar demand outlook: PM Surya Ghar average 1.2-1.3GW and Kusum 6-8GW AC, about 10GW DC, over the next 9 months; C&I DCR demand expected to become sizeable as compliance deadlines approach.

“We have consistently informed you that we will maintain margins of 29-30%, plus or minus 100-150 basis points.”Chiranjeev Singh Saluja, on the call for April to June 2026

What management guided

• About 40-45% of the current order book expected to execute in FY27; DCR mix to rise steadily over 18-24 months as more cells are consumed internally.
• Operating margin expected to remain 29-30%, plus or minus 100-150 basis points, over the next 2-3 years.
• Naidupeta TOPCon line planned for first revenue in September, close to 50-60% utilisation in November and at least 70% in the March quarter.
• Quarterly depreciation expected at ₹240-250 crore in Q3-Q4 as new lines capitalize.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 7 August 2026.

The changes showing up in Premier Energies' own numbers are a bigger order book and new rules that force demand. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026.

Separately, if operating margin drop below 26% in any quarter before Naidupeta reaches 70% utilization, the pass-through mechanism on DCR contracts is failing and the margin thesis breaks.

Each change stops working if

• ALMM-2 Policy Demand Mandate: ALMM-2 is reversed or delayed further, or non-DCR module oversupply spills into the DCR segment through regulatory loopholes.
• DCR Mix Driving Margin Resilience: Silver prices spike beyond the six-month hedge window and new DCR contracts fail to include cost pass-through clauses, compressing margins below 26%.
• Naidupeta 7 GW Cell Line Ramp: Naidupeta commissioning slips beyond December 2026 or stabilization takes more than six months, compressing the ALMM-2 revenue capture window.
• Depreciation Headwind in H2 FY27: N/A, this is a modelled headwind, not a driver. If utilization ramps faster than guided, it shrinks.

The main risks

• Depreciation Surge H2 FY27, profit Headwind: Quarterly depreciation rising from ₹96 crore to ₹240-250 Cr as Naidupeta capitalizes will absorb ₹144-154 Cr per quarter of operating profit in H2 FY27. ✓ fact
• Capital spending-Funded Debt Escalation: Borrowings rose from ₹1,954 crore (March 2025) to ₹3,707 crore (March 2026); with ₹5,100 crore in FY27 capital spending, D/E is heading toward the 1.0x goal, interest expense rising toward ₹400 crore annually. ✓ fact
• Silver Cost Escalation Beyond Hedge Window: Silver rose from ₹1 cent per watt to ₹2.57 cents over 18 months; the six-month hedge provides near-term cover, but the copper-paste structural escape route is still 1.5-2 years away. ✓ fact
• BESS Strategy Stalled, Two Missed Milestones: BESS Phase 1 (6 GWh) missed the June 2026 completion milestone, construction is underway but the technology partner has not been finalized as of August 2026, now in the third quarter past the original date. ✓ fact

Our read after the latest results, written 22 August 2026.

When Premier Energies reports July to September 2026, these are the 6 checks that show whether the story is still on course. First: September 2026 quarter revenue above ₹2,400 crore with operating margin at or above 28% (management's 29-30% band minus its stated 100-150 basis-point tolerance), and the order book staying near ₹15,000 crore.

Premier Energies is on 3 of our India lists: Undervalued stocks, Small & mid cap stocks and Power & green energy stocks.

Premier Energies Ltd earned ₹472 Cr of net profit in the Jun 2026 quarter, +53.2% on the same quarter a year earlier. That is the 9th quarter in a row of profit growth. Full-year FY26 profit was ₹1,510 Cr. Over 6 years profit has grown 79.6% a year on average. That is 19.2% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹308 Cr.

For the full year, FY26 profit was ₹1,510 Cr (+61.2% on the year before).

Why profit moved: revenue changed +35.3% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +60.7% and revenue +26.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Premier Energies Ltd reported ₹2,463 Cr of revenue in the Jun 2026 quarter, +35.3% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 6 years it has grown 42.2% a year on average. The last full year, FY26, came in at ₹7,824 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The operating leverage catapult, fixed automation costs already installed, incremental cell volume drops to margin at minimal incremental cost, is the key mechanism. Management guided in August 2026 that Naidupeta will generate first revenue in September, reach 50-60% utilization in November, and at least 70% by the March quarter. This is the asset that converts ALMM-2 demand into revenue at Premier's cost structure. A four-to-six month stabilization window per line is the execution risk. The prior commissioning track record (Seetharampur, TOPCon line in FY26) has been reliable on the core solar plants.

The last four reported quarters add to ₹8,466 Cr.

FY26 revenue was ₹7,824 Cr, +20.0% on the year before.

Recent pace: the last four quarters grew +26.6% on average, against 42.2% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +26.7%, against +42.1% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +59.9%, against +105.1% a year (rolling over).

Premier Energies Ltd's operating margin was 29.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 4.0% and 30.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The August 2026 concall confirmed that non-DCR module business is not profitable across the industry. Premier's 30.3% Q1 FY27 EBITDA margin is therefore the DCR-only margin floor, a higher-quality number than prior quarters that blended in non-DCR volumes. As ALMM-2 compliance mandates grow the DCR share, the blended margin profile improves. Silver cost pass-throughs on all new DCR contracts and the six-month hedging programme provide near-term protection.

Why the margin moved: operating margin changed −1.1 percentage points on the year while gross margin changed −0.2 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 101% of Premier Energies Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,261 Cr of operating cash against ₹1,510 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Why this happened. ALMM-2 is live as of June 2026, rooftop and commercial segments must use domestic cells, mandating an estimated 10 GW DC of quarterly demand to India's integrated manufacturers.

After ₹3,123 Cr of spending on assets, free cash was −₹1,862 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 101% of profit came in as cash: the cash cycle got 101 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 3.8× depreciation over three years. The next section checks what that spending is building.

Premier Energies Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 115 days in FY26, up from 14 days in FY21. It spent ₹3,996 Cr on assets over the last 3 years. Customers take 46 days to pay, and stock sits for 159 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹7,824 Cr, each day of that cycle ties up about ₹21.4 Cr, so roughly ₹2,465 Cr is tied up in the business at any time.

FY26: customers took 46 days to pay and stock sat for 159 days, about 5.2 months of sales sitting as stock, for a full cycle of 115 days, longer than FY21's 14.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 159 days. Customers pay about 46 days after that. Suppliers are paid at 90 days. Together that makes the 115-day cycle.

Spending on assets: ₹3,996 Cr over the last 3 years, against ₹1,046 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹2,144 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Premier Energies Ltd's P/E is 24.3×, near the low end of its own history: it has been lower only 4% of the time. Its usual P/E (the middle reading) is 42.0×, over 2.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why this happened. This is a countervailing force, not a driver, but it is material enough to require quantification. Depreciation fell from Rs 158 Cr in Q1 FY26 to Rs 96 Cr in Q1 FY27 as old lines completed their five-year useful life. It will reverse sharply as the Naidupeta 7 GW cell line and other FY27 assets are capitalized. Management guided Rs 240-250 Cr per quarter by Q3-Q4 FY27. At the current PAT margin, this Rs 144-154 Cr increase offsets roughly five months of revenue growth before margin expansion compensates. The net effect is that H2 FY27 PAT growth will be structurally capped unless cell utilization ramps faster than guided.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +60.3% while the price moved −13.6%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 11 October 2026, Premier Energies Ltd's share price assumed profit growth of about 13.8% a year. Over the past 6 years its profit actually grew 79.6% a year. Today its P/E is 24.3×, lower than 96% of its own last 2.1 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 6 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Premier Energies Ltd's business is growing steadily. Revenue and profit growth have stayed positive throughout, and ROCE is steady at 40.2%. This is based on 10 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Premier Energies Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: STRONG EARNINGS DRIVEN COMPRESSION.

NOT YET CHECKED

From the numbers. This is…

From the price. Price stage 4, week 3, below its 200-day line, relative strength falling.

Where they disagree. The 11th percentile of available history (eight quarters since listing) reflects this earnings catch-up dynamic.

The test written in advance. Promoter Stake Drop, Unexplained 5.46pp in One Quarter. Measured by: Promoter Stake Drop, Unexplained 5.46pp in One Quarter by the next result.

The test written in advance. Depreciation Surge H2 FY27, PAT Headwind. Measured by: Depreciation Surge H2 FY27, PAT Headwind Q2 FY27 depreciation line vs guidance; Q3 FY27 PAT versus prior-year quarter. by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: FY26 OCF/PAT at 0.84 appears below par, suggesting cash quality is declining. The research reads it further: The gap between OCF and PAT is almost entirely inventory-driven (inventory days rose from 121 to 159, adding approximately Rs 300-400 Cr of working capital absorption). The concall explicitly confirms this was planned: a 4x inventory build ahead of Seetharampur ramp and as a Middle East supply chain hedge. The 3-year OCF/PAT aggregate of 1.01 shows long-run cash quality is intact, FY24 was weak (0.39) but for a completely different reason (the old growth phase).

• 1 · Operating leveragequiet
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalbuilding
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockbuilding
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualitybuilding

Lever 16 · Asset quality: building. ALMM-2 is live as of June 2026, rooftop and commercial segments must use domestic cells, mandating an estimated 10 GW DC of quarterly demand to India's integrated manufacturers. What proves it keeps working: ALMM-2 Policy Demand Mandate. It stops working if ALMM-2 is reversed or delayed further, or non-DCR module oversupply spills into the DCR segment through regulatory loopholes.

Lever 2 · Value-added mix: building. Non-DCR is now confirmed unprofitable across the industry; Premier's EBITDA at 30.3% in Q1 FY27 runs entirely on DCR cell and module realizations, the DCR-only margin floor is now established. What proves it keeps working: DCR Mix Driving Margin Resilience. It stops working if Silver prices spike beyond the six-month hedge window and new DCR contracts fail to include cost pass-through clauses, compressing margins below 26%.

Lever 6 · Order-book wins: building. The 7 GW TOPCon cell line at Naidupeta is in final commissioning, first revenue guided for September 2026, 50-60% utilization by November, 70%+ by March, tripling cell capacity from the current 3.6 GW. What proves it keeps working: Naidupeta 7 GW Cell Line Ramp. It stops working if Naidupeta commissioning slips beyond December 2026 or stabilization takes more than six months, compressing the ALMM-2 revenue capture window.

Lever 8 · Demerger or value unlock: building. Quarterly depreciation is guided to rise from Rs 96 Cr in Q1 FY27 to Rs 240-250 Cr in Q3-Q4 as Naidupeta capitalizes, a Rs 144-154 Cr quarterly PAT headwind that partially offsets operating leverage. What proves it keeps working: Depreciation Headwind in H2 FY27. It stops working if N/A, this is a modelled headwind, not a driver. If utilization ramps faster than guided, it shrinks.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Premier Energies Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Transformer Capacity Timeline Reversed · 7 August 2026. In the Oct 2025 and Jan 2026 calls, management said Transcon would reach 16.75 GVA by April or July 2026. In the Aug 2026 call, management instead described growth to only 16.25 GVA by FY28, implying both a lower goal and a material delay without reconciling the earlier milestone.

BESS Milestone Appears Missed · 7 August 2026. The Oct 2025 call expected the first 6 gigawatt-hour BESS phase to be completed by June 2026 and anticipated FY27 output. By Aug 2026, management said construction was still underway and the technology partner would only be finalized in the next 2-3 months; although management cited pending government guidelines, it did not explain the missed June milestone or provide a revised completion date.

Non-DCR Profitability Narrative Reversed · 7 August 2026. In the Jan 2026 call, management said it could maintain attractive margins in the non-DCR market despite overcapacity, while the Oct 2025 call described non-DCR pricing as increasing after only slight prior compression. By Aug 2026, management said the non-DCR business was not profitable and that module manufacturing margins had almost vanished, a material deterioration that was not reconciled with the earlier margin commentary.

Debt Financing Strategy Complete Reversal · 15 May 2026. By the May 2026 call, this position was unambiguously reversed, with management stating that debt levels will inevitably rise as the capex program is funded through a mix of internal accruals and debt. No explanation was offered in the May 2026 call for this fundamental change in capital structure philosophy.

Every quote above is taken word for word from the company’s own earnings calls.

Capital allocation and plant-commissioning record are genuine (TOPCon, Sitarampur 5.6 GW, brownfield cost discount), but forward guidance on funding and adjacencies has repeatedly broken without remediation.

Regulatory and governance record

No SEBI/CBI/ED action against the company; SEBI excerpts are generic enforcement boilerplate plus an unrelated power-regulator insider-trading case; SAST/insider page shows routine promoter/KMP disclosures only.

Checked 15 June 2026.

Premier Energies Ltd earned a ROCE of 33% in FY26. That is up from a low of 4% in FY22. Its return on capital used (ROIC) is 15.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 19.3% net margin and 0.72× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 19.3% net margin × 0.72× asset turnover × 2.52× leverage (assets divided by equity) ≈ 35.0% on equity. The margin does most of the work; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 27.3% − 12.0% = +15.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

The 27.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 35.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Premier Energies Ltd has total debt of ₹3,732 Cr against shareholder equity of ₹5,446 Cr as of Sep 2026, so its debt is 0.69× its equity. Year by year, that ratio went from 2.12 in FY24 to 0.86 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Premier Energies Ltd by 12.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 18.9% of the company. Promoters moved −5.8 points over the same period, to 58.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +12.2 points over 8 quarters, to 18.9%; Promoters: −5.8 points over 8 quarters, to 58.5%; Foreign institutions: +4.0 points over 8 quarters, to 7.1%.

Why the owners changed: domestic institutions drove it (+12.2 points), with the other side taken by promoters (−5.8 points). They raised their stake step by step.

For Premier Energies Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

Why this happened. Transcon is the only adjacency with confirmed quarterly revenue. The Q1 FY27 contribution of Rs 110 Cr at margins ahead of historical transformer industry levels demonstrates that the acquisition thesis, entering higher-value HV and EHV segments, has merit. However, the capacity expansion timeline was revised in August 2026 from 16.75 GVA by April-July 2026 to 16.25 GVA by FY28, a simultaneous reduction in goal and extension of timeline that management did not reconcile with prior guidance.

66.8 out of 100, rank 2 of 7 in Capital Goods - Solar, with 93% of the evidence available.

Premier Energies Ltd scores 66.8 out of 100 against the 7 companies it is compared with in Capital Goods - Solar, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 20.1 + 14.3 + 13.5 + 18.9 = 66.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Premier Energies ranks 2 of 7 Capital Goods - Solar companies on the 4-Factor Sector Score, with 66.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Capital Goods - Solar, all 7 compared on one page.

Premier Energies is the 2nd largest of 7 Capital Goods - Solar companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Waaree Energies. Just below it: Vikram Solar, Websol Energy System, Solex Energy, Australian Premium Solar (India) and Bright Solar.

Capital Goods - Solar companies close in size

1. Waaree Energies Ltd ₹66,275 crore
2. Premier Energies Ltd ₹39,766 crore
3. Vikram Solar Ltd ₹4,540 crore
4. Websol Energy System Ltd ₹2,849 crore
5. Solex Energy Ltd ₹580 crore
6. Australian Premium Solar (India) Ltd ₹474 crore
7. Bright Solar Ltd ₹7 crore

All 7 Capital Goods - Solar companies, largest first

Companies close in size in other industries

230. Supreme Industries Ltd ₹40,013 crore · Building Materials - Plastic Pipes
231. K P R Mill Ltd ₹39,925 crore · Textiles - Spinning
232. Premier Energies Ltd ₹39,766 crore
233. Vishal Mega Mart Ltd ₹39,540 crore · Textiles - Readymade Apparel
234. Anand Rathi Wealth Ltd ₹39,292 crore · Finance - Capital Markets - Wealth Management

Sector Alpha, written by code from the published numbers. Data as of 6 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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