Premier Energies Get Crisil Rating Upgrade On Better Credit Profile, Order Book

Premier Energies Ltd. on Monday said Crisil Ratings has upgraded its long-term credit rating to 'A' from 'A-' while maintaining a positive outlook, citing better operational performance and a strong order book. The short-term rating was also raised to 'A1' from 'A2+', the company said in a stock exchange filing.

The rating upgrade covers ₹100 million of long-term and ₹400 million of short-term bank facilities.

Crisil Ratings said the upgrade reflects improved credit risk profile driven by higher cell integration and a rising scale of operations, resulting in stronger-than-expected operating cash flows. The company had a consolidated order book of ₹84.45 billion as of March 31, providing solid revenue visibility for 2025-26.

The positive outlook reflects expectations of continued growth in operating cash flow, aided by expanding cell and module capacities and robust utilisation rates. Crisil expects the company to maintain a healthy operating margin in the 23–25% range, despite additional debt for ongoing capital expenditure.

Risks flagged by the agency include exposure to industry competition, raw material price volatility, regulatory uncertainty, and timely stabilisation of new capacities.

Founded in 1995, Premier Energies operates one of India’s largest integrated solar manufacturing units, with module capacity of 5.5 GW and cell capacity of 2 GW as of June. The company also generates a small portion of revenue from its solar EPC business.