ICICI Securities research report on Premier Energies
We attended Premier Energies’ (Premier) analyst meet. Premier is among the only two players who are building and are ramping up solar manufacturing capacity. India is building barriers and fending off Chinese competition. A host of barriers kicked in from Apr’24. As a result, Premier has reported excellent results in the last fiscal. The company is using its experience and capital to scale up the business from 2GW cell + 3GW module to 10GW ingot+ 10GW wafer + 10GW cell + 10GW module. Premier reiterated its vantage with respect to: 1) process know-how leading to low-cost; 2) strong capital base; 3) scale; and 4) backward integration. Premier expects this to differentiate the company from its peers. It is also looking to enter into a few ancillary businesses such as: 1) aluminium frames; 2) solar inverters; and 3) battery manufacturing.
Outlook
We reiterate BUY with TP of INR 1,320 (based on 35x FY27E earnings).
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