'Buy' Premier Energies Shares Maintains ICICI Securities Citing Strong Industry Tailwinds

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ICICI Securities Report

India is aiming for a solar surge, targeting 200–210GW of capacity by 2030, as part of its green energy push. With renewables mandated to power 43% of consumption (up from just 24% today), demand for solar modules and cells is set to shine, and why not?

Solar is already the cheapest source of energy, making it the poster child of energy transition. To fuel domestic manufacturing, India’s government has rolled out a power-packed policy mix—PLI incentives, non-tariff barriers such as ALMM (compulsory local sourcing), and a protective 40% and 25% duty on imported modules and cells, respectively.

Premier Energies shall stand to benefit from the push for local. With strong tailwinds, we reiterate our Buy rating with a target price of Rs 1,320 (unchanged).

Key risks:

1. Delay in ALMM-1 applicability;

2. reduction of duties on Chinese imports;

3. delay/non-execution of DCR /schemes; and

4. slower-than-expected capacity addition.

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