Solar stocks remained in focus on Friday after Premier Energies reported a strong set of June quarter earnings, although the broader pack traded mixed as investors weighed solid operational performance against recent gains in renewable energy stocks.
Premier Energies shares were down around 0.7% in early trade after the company posted a 50% year-on-year jump in consolidated net profit to Rs 463 crore for the June quarter, compared with Rs 308 crore a year earlier. Revenue rose 35% to Rs 2,463 crore, while EBITDA increased 30% to Rs 715 crore. EBITDA margin eased marginally to 29% from 30% in the year-ago quarter.
The earnings also kept the broader renewable energy space on investors' radar. Waaree Energies also traded lower, slipping about 1%, while Suzlon Energy outperformed the pack, rising nearly 1% in morning trade. The mixed performance comes after a strong run for solar and renewable energy stocks over the past year.
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Brokerages largely retained their positive stance on Premier Energies following the earnings announcement. Jefferies maintained its Buy rating and raised its target price to Rs 1,205 from Rs 1,135, citing robust execution and a growing order book that provides visibility into FY27 and the first half of FY28.
JPMorgan also maintained its Overweight rating with a target price of Rs 1,095, saying the company's greater focus on the domestic market provided stability during the quarter.
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