Premier Energies expects revenue to grow by nearly 50% in the current financial year, while ruling out any fresh equity raise despite an aggressive capacity expansion and backward integration drive.
"If you look at consensus estimates for us, most analysts are projecting revenues of between 12 to 13,000 crore rupees for the year, which will be almost 50% over FY26," Chief Business Officer Vinay Rustagi told NDTV Profit, adding that the company expects to "end up somewhere in the same territory."
He said the first quarter had already delivered a run rate in excess of Rs 10,000 crore, with growth expected to continue sequentially as new cell and module capacities come on stream.
The company's order book stood at around Rs 15,000 crore, with order intake remaining "very healthy" even after the end of the last quarter, he said.
On margins, Rustagi said Premier Energies aims to sustain its 29-30% EBITDA ( earnings before interest, taxes, depreciation, and amortisation) guidance over the next several years, backed by backward integration into ingots and wafers.
"This large capacities in the upstream space, which is where the margin comes from, will help us, we believe, in maintaining our margins and industry leadership," he said, noting the company's upcoming 7 GW cell line would be the largest single line in India.
He acknowledged, however, that return on capital employed (ROCE), currently above 30%, would likely moderate as the company undertakes capital-intensive investments in cells and wafers over the next two years.
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"As an industry, we believe that a 25% return on capital employed is the minimum threshold for a business to be sustainable and profitable on an ongoing basis," he said, adding that this remains the company's long-term target.
On funding, Rustagi reiterated that Premier Energies has no plans to raise fresh capital. "Our entire CapEx programme is fully funded. We have a very healthy balance sheet with enough liquidity, and our total debt to equity is less than one," he said, adding that the company's credit rating stood at A+.
He said an enabling resolution passed by the company was only meant to provide flexibility should new growth opportunities arise, not to signal an imminent fundraise.
Rustagi added that the company was also scaling up its battery storage and transformer businesses, alongside a US cell manufacturing joint venture under development, as part of its broader growth strategy.
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