Premier Energies Ltd, an integrated solar cell and solar module manufacturing company, and a peer of Waaree Energies Ltd, has received a couple of 'Buy' calls from domestic brokerages, with its share price targets suggesting up to 22 per cent potential upside. 

MOFSL said Premier Energies delivered a strong performance, with its Q4 Ebitda beating the broking firm's estimate by 7 per cent. Ebitda margin at 30 per cent came in better than MOFSL estimate of 27 per cent, while its adjusted profit beat MOFSL estimates by 23 per cent, owing to lower-than-expected depreciation, finance costs, and tax. 

MOFSL, which has 'Buy' and a target of Rs 1,195 on the stock, said key things it liked about Premier Energies' Q4 results included the fact that the company's Ebitda margin was sustained through continued cost optimisation initiatives, operational efficiency improvements, operating leverage, and scale benefits. It said the 5.6GW module manufacturing facility got commissioned at FY26 end, in line with the guidance. Also, Premier Energies continued to maintain industry-leading cell utilization levels, with Cell CUF at 84 per cent in Q4. 

The Premier Energies management remained constructive on growth opportunities in both European and US markets and is evaluating the establishment of cell manufacturing capacity in the US and expects to finalize strategic partnership decisions over the coming months.

"The 7GW cell line, built at 35 per cent lower capex, has enabled low-cost future brownfield expansion. Ebitda margin were resilient at 30 per cent due to operating leverage, higher utilisation and DCR mix, which shall rise every quarter. Premier expects BESS policy in the next three–four months. Premier is pursuing inverter business despite KSolare transaction failing," Nuvama said. 

This brokerage suggested a 'Buy' rating and a target of Rs 1,190 on the stock.  

Shares of Premier Energies have climbed 16 per cent in 2026 so far compared with a 2.60 per cent rise in shares of Waaree Energies during the same period. 

MOFSL said the key monitorables would be the timely commissioning and ramp-up of the upcoming 7GW cell manufacturing capacity, the impact of volatility in commodity prices, and flow of new orders amid a slower utility-scale tendering activity.

"We now value the domestic module business at 14 times FY28E Ebitda (vs 13 times earlier) and the new business segment at 10 times FY28E Ebitda (unchanged). The sum of these segment valuations (adjusting for net debt) resulted in a target of Rs 1,195. Reiterate BUY," MOFSL said.