Premier Energies Rs 15,000 crore order book gives revenue and margin visibility through FY28, even as solar module supply rises.

According to Chief Business Officer Vinay Rustagi, this backlog gives the company clear visibility into its earnings not just for this year but well into FY28. Here’s why that matters.

A lot of solar companies are staring at oversupply right now. Module manufacturing capacity in India has ballooned to around 250 GW, far more than current demand, which is squeezing margins in that part of the business toward almost nothing.

Premier Energies, though, sits a step earlier in the chain, in solar cell manufacturing, where the picture looks very different.

Cell capacity stands at 32 GW against supply of just 22 GW, a gap Rustagi expects to persist for at least another two years, keeping pricing power intact.

The company backed this up with strong numbers for the April to June quarter. Revenue rose 34% year on year to Rs 2,508 crore, while net profit jumped an even sharper 53.3% to Rs 472 crore.

EBITDA margins held steady at around 29 to 30%, helped by capacity additions like the newly commissioned 5.6 GW module plant in Seetharampur, which pushed total module capacity to 11.1 GW.

Looking ahead, Rustagi pointed to two fresh growth avenues. Europe is expected to source close to 30 GW of solar equipment from non-China suppliers by 2030, up sharply from just 5 to 7 GW next year, and the company wants a piece of that.

Domestically, battery storage is another target, with the segment projected to touch 40 gigawatt hours and roughly Rs 40,000 crore in annual value soon.

The company also picked up a credit rating upgrade to A+ from CRISIL last week, adding to a generally upbeat run of updates.

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