A recently commissioned high-efficiency 1.2 GW TOPCon line at the Hyderabad facility has already achieved 25.2% cell efficiency, considered the best stabilization in the industry, and is expected to reach ~90% CUF.In Andhra Pradesh, the company is consolidating all expansions into a single 10.2 GW cell plant in Nadiupeta, with two phases – 4.8 GW by June 2026 and 2.2 GW by September 2026 – already underway. This move is expected to reduce energy costs and improve operational efficiency.
The company is also diversifying into additional product lines such as inverters, storage systems and aluminum frames, which could potentially account for approximately 25% of future sales.
Recent investments in KSolare and Transcon are expected to drive backward integration and margin expansion. The brokerage highlighted that “Premier continues to strengthen its leadership in cell manufacturing through process efficiencies and technology upgrades, aided by a strong execution team and consistent R&D investments.”
The domestic brokerage has maintained its revenue/PAT CAGR estimate of 34%/30% for FY25-28, supported by a robust order book of 9.1 GW. Management remains confident in maintaining margins despite increased competition.
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“It is well positioned for sustainable growth thanks to its solid competitive position and industry tailwinds,” the note said. At a valuation of 30x September 27E earnings, the brokerage views current levels as an attractive entry point and expects a meaningful revaluation once ongoing expansions and additional initiatives begin to impact the financial sector.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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