This article first appeared on GuruFocus .

Release Date: January 23, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Premier Energies Ltd ( NSE:PREMIERENE ) reported record revenue and profit numbers for Q3 FY26.

• The company completed a brownfield expansion, increasing cell and module capacity by 400 MW and 350 MW, respectively, with low CapEx.

• The 1.2 GW G12R cell line ramped up quickly, operating at 80% utilization, expected to reach full utilization by February 2026.

• Premier Energies is set to become India's largest integrated cell and module manufacturer with a total capacity of 10.6 GW and 11.1 GW, respectively.

• The company is effectively managing cost volatility through hedging, advanced planning, and strong supplier relationships.

Negative Points

• The cost environment is becoming more volatile, with some input costs rising sharply over the last few quarters.

• There are concerns about the impact of unsigned PPAs and transmission delays on the solar industry.

• The company faces challenges in maintaining margins amidst rising input costs, particularly silver.

• There is a potential risk of oversupply in the market due to numerous capacity announcements by competitors.

• The transition to new technologies and backward integration may pose challenges for some industry players.

Q & A Highlights

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Q: This quarter we've seen that depreciation is half, year-over-year. What can this decrease be attributed to? A: (Managing Director) The decrease is due to the completion of accelerated depreciation on our old cell and module lines. Going forward, depreciation will be more consistent with new assets coming online. (CFO) The new lines are being depreciated on a 5-year basis, but we monitor market trends for potential accelerated depreciation if needed.

Q: What is the progress on the capacity addition on the aluminum cranes side, and what is the CapEx undertaken in the first nine months of this year? A: (Managing Director) The land for aluminum capacity has been acquired, and equipment orders placed. The total CapEx is 260 crores, with commissioning expected by December 2026. (CFO) Total CapEx for the past nine months is about 750 crores, related to new cell and module lines and acquisitions.

Q: What will be the execution cycle for Transcon, and how much revenue can we expect post-expansion? A: (CFO) The typical turnaround time for transformers is 4-5 months. We expect the transformer business to reach a top-line of over 1,000 crore in the next 2 to 2.5 years, post-expansion to 16.75 GVA by July 2026.