Whalesbook
Capacity ka booster dose, growth ki ummeed!
Premier Energies ne apna module manufacturing capacity ko zabardast badhaya hai, ab total 11.1 GW ho gaya hai, jismein naya 5.6 GW ka facility bhi shuru ho gaya hai. Yeh sab PM Surya Ghar aur KUSUM jaise government schemes ke chalte aa rahi solar demand ko catch karne ke liye kiya ja raha hai. Company ki module revenue mein 69.1% ki tezi dikhi hai, lekin cell revenue 31.2% gir gaya, jo thoda surprising hai.
Market ko inke growth se kaafi umeed hai aur 2026 tak P/E ratio 30x ke aas paas expect kiya ja raha hai. Compare karein toh Vikram Solar 35x, Adani Solar 40x aur Waaree Energies 25x ke aas paas hain. Ab dekhte hain ki badhi hui capacity se company consistently profit bana paati hai ya nahi, kyunki is expansion mein paisa kaafi laga hai.
Desh aur videsh, dono jagah planning!
Future ke liye, Premier Energies 10 GW ki ingot-wafer facility bhi bana rahi hai, jo backward integration mein madad karega. Sath hi, yeh US aur Europe mein export ke mauke bhi khoj rahe hain, jisse China par dependency kam ho sake. US mein cell manufacturing ke liye joint venture ki baat bhi phir se shuru ho gayi hai. Par bhai, videsh mein business karna itna aasan nahi hota, wahan politics, regulations aur competition ka alag hi scene hai.
Analyst ka 'Accumulate' call, par risk pe dhyan!
Prabhudas Lilladher ne stock ko 'Accumulate' karne ki salah di hai aur target price ₹1,071 set kiya hai. Unka kehna hai ki FY26-28E ke beech revenue 45.6%, EBITDA 33.5% aur PAT 19.9% se grow kar sakta hai. Lekin, company ne jo aggressive capital expenditure plan banaya hai, uske liye loan bhi zyada lena padega, jisse interest rates aur operational issues ka risk badh sakta hai. Manufacturing margins bhi global polysilicon prices aur competition se dab sakte hain. Solar stocks waise bhi policy changes aur price fluctuations se kaafi volatile hote hain, toh zyada valuation par stock gir bhi sakta hai agar execution mein gadbad hui toh.