Slides
Page 1
PREMIER ENERGIES LIMITED Q4 FY 2025 & FY 2025 Results Earnings Call 17 May 2025
Page 2
2 Disclaimer About Us This presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. Certain matters discussed in this presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward- looking statements are not guarantees for the future performance of the Company and subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict by the Company. These risks and uncertainties include but are not limited to, performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and worldwide competition, the Company’s ability to successfully implement its strategy, Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, withdrawal of governmental fiscal incentives, the Company’s market preferences and its exposure to market risks, as well as other risks.
Page 3
3 Key highlights About Us FY 2025 results Revenue 66,521 INR Mn EBITDA 19,142 INR Mn PAT 9,371 INR Mn Successful IPO fund raise 12,920 INR Mn Growing order book 84,456 INR Mn Strong capital base Cash flow from operations 13,480 INR Mn Total Debt / Equity 0.69 Total estimated capex 125,000 INR Mn Target annual capacity by FY 2028 Ingots and wafers 10 GW Cells 10 GW Aluminum frames 36,000 MT Battery storage cell-pack and container solutions 12 GWh Modules 11GW Inverters 3 GW
Page 4
4 03 Business Updates 04 Financial Performance 05 Sustainability and ESG AG E N DA 02 Industry Highlights 01 About Us
Page 5
ABOUT US
Page 6
6 30 years of solar manufacturing excellence 1995 1999 2011 2021 2022 2023 2024 Incorporation First module line First cell line 2024 IPO Fresh capital raise of INR 12.9 Bn About Us Equity investment INR 1.8 Bn by GEF Capital Capacity expansion Capacity: Cells 2,000 MW Module 3,260 MW Capacity: Cell 750 MW Module 1,370 MW Capacity: Cell 2,000 MW Module 4,134 MW Capacity: Cell 75 MW Module 100 MW Capacity: Cell 500 MW Module 1,220 MW
Page 7
7 Leading Indian manufacturer of cells and modules Note : ALMM - Approved List of Models and Manufacturers; DCR – Domestic Content Requirement 30 years of successful manufacturing track record Nearly 100% market share in solar cell exports to US from India One of the first Indian companies to manufacture cells Top Performer in Kiwa Module Reliability Scorecard in 2023, 2024, 2025 Mono-PERC → TOPCon technology upgradation underway ALMM, DCR and BIS compliant, meeting all major Indian and international quality standards About Us Banked by top Indian IPPs and EPC contractors Backward integration into wafers in JV with Taiwan based Sino-American Silicon Products Inc, the world’s third largest semiconductor silicon wafer manufacturer The only USGBC-LEED gold rated solar manufacturing facility in India
Page 8
8 To become India’s leading provider of cleantech solutions with an integrated solar module manufacturing capacity of 10 GW Consolidate market position, upgrade technologyBackward integration Entry into allied products and services Ingots Wafers Cells Modules Mission 2028 Aluminium frames BESS solutions Solar inverters About Us
Page 9
9 INDUST RY HIGHLIGH TS
Page 10
10 Growing demand in India and worldwide Source: IRENA, CEA Industry Highlights 2844 78 131 175 204 253 306 392 609 886 82 86 90 94 102 118 137 163 204 255 321 16 22 34 42 50 60 75 94 113 138 168 3 5 10 18 27 35 39 50 63 73 96 2014 2016 2018 2020 2022 2024 2015 2017 2019 2021 2023 2014 2016 2018 2020 2022 2024 2015 2017 2019 2021 2023 China United States Solar PV installed capacity, GW Power generation capacity addition in India from FY 2025-2032, GW 432 GW Coal 42 Nuclear 12 Large Hydro 15 Solar 283 Wind 76 Biomass 5 China Europe (EU 27) United States India| China | Europe (EU 27) | United States | India |
Page 11
11 Technology complexity Capex intensity China market share India self- sufficiency Policy support Complex upstream manufacturing value chain Industry Highlights Polysilicon Ingot Wafer Cell Module HighLow MediumSource: Internal research
Page 12
12 Strong policy tailwinds for solar sector Industry Highlights Solar park scheme 37.7 GW land and transmission infrastructure for project developers by FY2026 Renewable Purchase Obligation RPO target for DISCOMs and bulk users rising from 29.9% in FY 2025 to 43.3% in FY 2030 PM Surya Ghar Muft Bijli Yojana (residential rooftop) 25-30 GW residential rooftop installations in 3 years using DCR modules PM Kusum Scheme (agri-solar) 34.8 GW capacity addition by March 2026 using domestic modules CPSU Scheme – Phase II 12 GW grid-connected solar power capacity with DCR modules Green Open Access Rules Grid access for consumers with over 100 kW consumption Demand-side support Transmission and evacuation system upgrades INR 2.4 trillion capital expenditure by FY 2030 focused mainly on renewable capacity addition Standard competitive bidding framework 100% transparency in allocation of all projects Liberalised investment regime 100% FDI in sector Supply-side support Mandatory storage capacity for solar projects Minimum 10% storage capacity for 2 hours
Page 13
13 Attractive growth prospects for solar manufacturing Industry Highlights Production Linked Incentives INR 240 Bn incentives for 48.3 GW integrated capacity ALMM Enlisting requirement for cell and module manufacturing Import Duties BCD of 40% on modules, 25% on cells State Government Subsidies Up to 30% subsidies on capital and/ or operating expenditure by multiple states, plus rebates on GST, water and electricity charges Lower Corporate Tax Rate 15% tax for companies incorporated on or after October 2019 Domestic Content Requirement For residential solar, agri-solar and PSU schemes Source: Bridge To India, Infolink Consulting | Note: DC:AC ratio has been assumed as 1.4 for utility scale and open access projects. Policy support measures Solar capacity addition in India, GW DC 0 5 10 15 20 25 30 35 2020 2021 2022 2023 2024 Utility scale Open access Rooftop solar Off-grid
Page 14
14 Strong demand visibility for DCR modules Industry Highlights Source: Internal research; estimates as of 31 March 2025 | Notes: For corporate projects, ALMM-cell is applicable only to grid-connected projects. KUSUM scheme validity is expected to be extended to at least FY 2027. PM-KUSUM Yojana (Agri-solar) PM-Surya Ghar Yojana (Residential rooftops) CPSU Scheme-II (PSU projects) ALMM-cell already applicable ALMM-cell applicable to projects completed from June 2026 onwards Corporate rooftop solar and open access markets ALMM-cell applicable to projects auctioned from 9 Dec 2024 onwards Utility scale solar (Power supply to DISCOMs) Estimated annual demand from 2027 onwards Estimated demand over next two years 27 GW 30 GW 5 GW Estimated demand over next two years Estimated demand in FY 2026 Estimated annual demand starting Q1-2026 10 GW 20+ GW
Page 15
15 Key sector developments Industry Highlights Solar Glass Import Duty India has imposed a minimum import price on solar glass to reduce dependence on imports and strengthen the local solar supply chain – increasing cost of solar modules by about 4-6% US Inflation Reduction Act on Hold Implementation of IRA, offering significant incentives for local solar manufacturing and renewable project development, was put on hold in Jan-2025 creating uncertainty for the sector New Impetus for Manufacturing In the Union Budget 2025, the government announced a ‘National Manufacturing Mission’ with a focus on manufacturing solar PV , batteries and wind turbines. The government has also allocated INR 15 Bn for R&D in advanced solar technologies Boost to PM-Surya Ghar Yojana The Union Budget 2025 increased allocation for the flagship rooftop solar scheme by 80% to INR 200 Bn to accelerate execution with a target of completing 3 million installations in the year Record Renewable Project Auctions in 2024 Various government agencies allocated a total 59 GW of renewable projects in the year, more than double the volume in 2023, providing great growth visibility in the coming years (Source: BNEF)
Page 16
16 Evolution in solar cell technology Industry Highlights Solar cell technology market share Source: Infolink Consulting 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2023 2024 2025E 2026E 2027E 2028E 2029E 20230E PERC TOPCon HJT xBC Thin film
Page 17
17 BUSINESS UPDATES
Page 18
18 Module manufacturing capacity plans About Us Current capacity Future expansion Ongoing projects Wafers 2.0 GW COD by June 2026 8.0 GW COD by FY 2028 Modules 6.0 GW COD by March 2026 Ingots 10.0 GW COD by FY 2028 Cells 6.4 GW COD by June 2026 1.6 GW COD by FY28 5.1 GW2.0 GW Note: The ongoing cell and module capacity expansion plans have been optimised based on revised engineering designs, vendor quotes and site parameters.
Page 19
19 Other growth initiatives About Us Solar inverters 3 GW capacity COD by FY 2026 BESS cell-to-pack and container solutions 12 GWh capacity COD by FY 2028 Aluminium frames 36,000 MT capacity COD by FY 2027 Ground-mounted, rooftop, solar pump and BESS projects EPC
Page 20
20 Other business updates Business Updates Technology Partnership Partnership with Rena, Germany for process innovation in n-type solar cell and next-gen tandem technologies Aluminium Frames JV with Nuevosol for 36,000 MT/ year Aluminium frame plant for captive consumption R&D MOU MOU signed with BITS Pilani, Hyderabad for R&D on cutting-edge solar technologies Capacity Upgrade Commissioned 1.4 GW TOPCON Module manufacturing line in Telangana Rating Upgrade Long-term facilities revised to A-/ Positive from BBB+/ Stable Short-term facilities revised to A2+ from A2 Wafer Manufacturing JV with Taiwan-based Sino- American Silicon Products Inc., for 2GW solar wafer manufacturing Certifications Received BIS, IEC and TUV certification for G12 and G12R modules up to 710 W in size Great Place to Work Awarded Great Place to Work for the fourth consecutive year
Page 21
21 Selected by the Government of India to support a landmark USD 17 Mn India – Sri Lanka clean energy initiative • 5,000 rooftop solar systems for religious institutions across Sri Lanka • 25 MW solar capacity • 37 million kWh power generation annually Other business updates
Page 22
22 2023 Best ESG performance in responsible sourcing 2023 Leading RE manufacturer & excellence in sustainability award 2022 Silver category in best sustainability practices 2022 India’s first LEED gold rated solar manufacturing facility Certifications, awards and accreditations 2024 Star labelling certification with 4-Star rating 2024 Environmental responsibility initiatives of the year 2025 Recognized among India’s 500 most valuable companies 2024 Best in industry in the energy, oil & gas sector Business Updates
Page 23
23 Order book 5,303 MW 84,456 INR Mn Split by value Order book, INR Mn As on 31 March 2025 Business Updates Cell, 27% Module, 73% EPC, 0.6% Export 1% Domestic 99% Split by geography 69,461 -16,208 31,204 84,456 Dec' 24 Order book Volume sold New bookings Mar' 25 Order book
Page 24
24 Financial Performance Robust risk mitigation Prudent Industry specific Dynamic Key input costs hedging to protect from volatility in prices Change in law and import duties pass down to customers Foreign exchange exposure hedging to protect from market shocks Customer default adequate payment security mechanism Low demand diversification across market segments Technology obsolescence investment in new lines, tie-ups with leading partners
Page 25
25 FINANCIAL PERFORMANCE
Page 26
26 Operational performance and revenues Financial Performance Quarterly revenue, INR MnCapacity utilisation Note: All numbers are rounded off to the nearest whole number. Annual revenue, INR Mn 11,385 17,494 16,803 Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 68% 96% 95% 60% 74% 75% Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 Cells Module 14,632 31,713 66,521 FY 2023 FY 2024 FY 2025 CAGR 113.2% +110% YOY-4% QOQ +48% YOY
Page 27
27 Profitability Financial Performance Quarterly PAT INR Mn Note: All numbers are rounded off to the nearest whole number. Quarterly Op. EBITDA INR Mn 1,040 2,552 2,778 9.1% 14.6% 16.5% -0.5% 1.5% 3.5% 5.5% 7.5% 9.5% 11.5% 13.5% 15.5% 17.5% - 500 1,000 1,500 2,000 2,500 3,000 3,500 Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 Margin -133 2,314 9,371 -0.9% 7.3% 14.1% -18.0% -13.0% -8.0% -3.0% 2.0% 7.0% 12.0% -2,000 - 2,000 4,000 6,000 8,000 10,000 12,000 FY 2023 FY 2024 FY 2025 Margin 782 4,778 17,809 5.5% 15.2% 27.3% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% -5,000 1,000 7,000 13,000 19,000 25,000 FY 2023 FY 2024 FY 2025 Margin Annual Op. EBITDA INR Mn Annual PAT INR Mn +3% QOQ +186% YOY +9% QOQ +167% YOY +273% YOY CAGR 377% +305% YOY 1,845 5,135 5,285 16.4% 30.0% 32.6% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% -500 500 1,500 2,500 3,500 4,500 5,500 6,500 Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 Margin
Page 28
28 28 Financial Performance Revenue mix Revenue mix by geography Revenue mix by business 4% 3% 6% 96% 97% 94% Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 Domestic sales Exports 25% 33% 23% 71% 64% 74% 4% 4% 3% Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 Cell Module Others
Page 29
29 Financial Performance Other financial indicators Net debt, INR Mn Note: Net debt equals total debt less cash and bank balances including IPO proceeds. 0.69 Total D-E FYE 2025 9,627 - 4,971 - 9,919 Q4 FY 2024 Q3 FY 2025 Q4 FY 2025 88 83 72 - 10 20 30 40 50 60 70 80 90 100 FY 2023 FY 2024 FY 2025 Net Working Capital, Days -0.52 Net Debt/EBITDA FYE 2025
Page 30
30 Consolidated P&L Financial Performance Amounts, INR Mn Q4 FY25 Q4 FY24 Y-O-Y Q3 FY25 Q-O-Q FY25 FY24 Y-O-Y Revenue from Operations 16,208.35 11265.87 43.87% 17,133.23 -5.40% 65,187.45 31,437.93 107.35% Other Income 594.88 119.62 397.31% 360.58 63.45% 1,333.41 275.18 382.56% Total Income 16,803.23 11,385.49 47.58% 17,493.81 -3.98% 66,520.86 31,713.11 109.76% Cost of materials consumed 7,329.32 6,619.88 10.72% 9,426.09 -22.24% 34,364.20 22,280.15 54.24% Purchases of stock-in-trade 1,773.92 1,107.39 60.19% 1,146.42 54.74% 6,388.43 2,398.83 166.31% Changes in inventories of finished goods, stock in trade & work in progress 338.77 624.15 -45.72% -71.43 -574.27% -622.78 -1,243.02 -49.90% Other manufacturing and Engineering, Procurement & construction project expenses 122.90 65.15 88.64% 169.01 -27.28% 761.10 473.72 60.66% Employee benefits expense 243.47 213.25 14.17% 256.54 -5.09% 1,056.85 614.94 71.86% Sales, administration and other expenses 1,114.79 791.06 40.92% 1,071.46 5.93% 5,430.90 2,135.31 154.34% EBITDA 5,880.06 1,964.61 199.30% 5,495.72 6.53% 19,142.16 5,053.18 278.81% EBITDA Margin (%) 34.99% 17.26% 31.42% 28.78% 15.93% Depreciation and amortization expense 1,766.10 370.47 376.72% 1,517.50 14.67% 4,975.19 960.93 417.75% Finance costs 431.77 451.83 -4.44% 469.87 -8.11% 1,774.46 1,211.76 46.44% Profit before tax and exceptional items 3,682.19 1,142.31 222.35% 3,508.35 4.96% 12,392.51 2,880.49 330.22% Exceptional items/Share of Profits from Associates -1.28 3.36 1.39 7.16 13.23 Profit before tax (after exceptional items) 3,680.91 1,145.67 221.29% 3,509.74 4.89% 12,399.67 2,893.72 328.50% Tax expenses 902.86 106.09 957.53 3,028.35 580.12 PAT 2,778.05 1,039.58 167.23% 2,552.21 8.86% 9,371.32 2,313.60 305.05% PAT Margin (%) 16.53% 9.13% 14.59% 14.09% 7.30%
Page 31
31 Consolidated Balance Sheet & Cash Flows Statements Amounts, INR Mn FYE 2025 FYE 2024 Shareholders' Funds 28,221.06 6,598.85 Non-Current Liabilities 12,358.61 10,083.34 Current Liabilities 27,834.35 18,859.06 Total Liabilities 68,414.02 35,541.25 PPE (Including intangible assets and CWIP) 12,203.28 12,229.48 Other Non-Current Assets 3,881.18 1,493.23 Current Assets 52,329.56 21,818.54 Total Assets 68,414.02 35,541.25 Amounts, INR Mn FY 2025 FY 2024 Net Cash Inflow/(Outflow) From Operating Activities 13,480.31 901.54 Cash Flow From Investing Activities -24,102.71 -4,466.33 Cash Flow From Financing Activities 16,078.21 5489.10 Net Increase / (Decrease) in Cash and Cash Equivalent 5,455.81 1,924.31 Cash and Cash Equivalents at Beginning of Period 2570.01 645.70 Effect of Foreign Exchange in Cash and Cash Equivalent - - Cash and Cash Equivalents at End of Period 8,025.82 2,570.01
Page 32
32 S U S TA I N A B I L I T Y A N D E S G
Page 33
33 Sustainability goals Sustainability and ESG Adoption of UN Sustainable Development Goals (7/17)
Page 34
34 Sustainability goals Sustainability and ESG 34% Female employees on shop floor 25% Women on company board Rainwater harvesting facility 35 million litres capacity Zero Liquid Discharge Recycle 75% of water Reuse 80% of water recycled Avoided emission 49.7 MMTCO2e in FY 2025 by supply of modules Enhanced plant capacity potential carbon emissions reduction of 167 MMTCO2e for every year of production Total green jobs: 6,006 20,000+ hours of employee training annually ESOP scheme Certified Great Place to Work for the fourth year in a row
Page 35
35 Sustainability and ESG India’s only LEED gold rated solar manufacturing facility certification by US Green Building Council Zero waste to land fill Traceable and audited sourcing Technology automation Sustainability goals Adopted 9.74 acres for greenbelt development in agreement with state authority GHG emission accounting process implemented for scope 1 and 2 emissions 6.6 MW rooftop solar project reducing scope 2 emissions by 10,765 tCO2e Kiwa Top Performer– 2023, 2024, 2025
Page 36
36 Empowering communities Pediatric Neurology and Epilepsy Centre at Nizam Institute of Medical Sciences Electrification of 405 homes in Kondareddypalli village with 3 kW rooftop system per home Diagnostic Centre equipment and specialized room for Swarg Vatika Trust, an NGO 45 kW rooftop solar installations at an orphanage in Hyderabad Sustainability and ESG In partnership with Rotary Club
Page 37
37 Thank you! Corporate office 8th floor, Orbit Tower 1, Sy. No. 83/1, Hyderabad Knowledge City, TSIIC, Raidurgam, Hyderabad- 500081, Telangana, India Web www.premierenergies.com Email investors@premierenergies.com Production facilities Plot No. 8/B/1&2, E-City, (Fab City) Maheshwaram Mandal, Raviryala Village, Ranga Reddy District, Telangana 501359 , India Plot No 8/B/1 and 8/B/2, E City, Raviryala Village Maheshwaram Dispensary, Maheshwaram, Rangareddy Telangana 501359, India Plot No S-95, Maheshwaram mandal, Srinagar Village Raviryal Industrial Area, FAB city, Rangareddy, Telangana 501359, India Naidupeta, Tirupati District, Andra Pradesh, India UDL-5, TSIIC Industrial Park, Seetharampur Ranga Reddy District, Telangana, India PREMIER ENERGIES LIMITED CIN: U40106TG1995PLC019909