PREMIER

ENE

ENE Hyderabad-based solar manufacturer founded in 1995. Business: solar cells, modules, EPC services, O&M and power generation. It is India’s 2nd-largest integrated solar cell & module manufacturer with 2 GW cell capacity and 4.13 GW module capacity. Beneficiary of India’s renewable energy push. Key strengths 1️⃣ Solar sector growth India’s renewable capacity targets create strong demand. 2️⃣ Integrated manufacturing Cells + modules → better margins and entry barriers. 3️⃣ Strong order book Visibility for next 12–18 months. 4️⃣ Capacity expansion New 4 GW TOPCon cell + module plant planned. Long-term positive factors Solar manufacturing theme Government PLI & renewable push Strong capacity expansion Concerns High valuation risk Global solar pricing cycles Trade policy risks