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Premier Energies valuations attractive after stock drops 40% from peak, JPMorgan saysJPMorgan said that the approved list of models and manufacturers (ALMM)-List 2 will become applicable from June 1, supporting the demand for locally-made solar cells.By Shloka Badkar  March 4, 2026, 10:03:52 AM IST (Published)3 Min ReadShares of Premier Energies Ltd. have declined in four out of the last five trading sessions, after another 2% fall on Wednesday, March 4, in-line with the general broader market sentiment. However, brokerage firm JPMorgan says the correction in the stock from its record highs has made its valuations attractive.

JPMorgan has maintained its "overweight" rating on Premier Energies with a price target of ₹915 per share, indicating a potential upside of 28% from its previous close.

It said the approved list of models and manufacturers (ALMM)-List 2 will become applicable from June 1, supporting the demand for locally-made solar cells. Yet, the supply of such cells is increasing rapidly, which should put pressure on the present pricing premiums, the brokerage said.

The ALMM is a crucial regulatory measure designed to ensure that the government-backed projects use only approved solar products.

The recent US tariffs should add to the local cell availability, JPMorgan said.

The US Commerce Department has imposed countervailing duties on solar cells and panels imported from India, Laos and Indonesia, citing government subsidies that it said give the Asian manufacturers an unfair pricing advantage over American producers.

The move is part of a broader effort to protect domestic solar manufacturing and it adds to a series of trade measures that were introduced over the past decade to target low-cost solar imports largely linked to the Chinese supply chains. Premier Energies has clarified that it has no export exposure currently.

Premier Energies said it has material new cell / module capacities commissioning through 2026. This should help maintain, and even grow, earnings despite some margin connection.

Last week, Premier Energies' chief business officer Vinay Rustagi told CNBC-TV18 that the solar sector in India continues to offer strong demand visibility, permitting the company to remain insulated from global trade disruptions.

Rustagi said the company had evaluated export opportunities in overseas markets such as Europe and the US but chose to prioritise domestic demand because of policy uncertainty abroad.

He said the company at the moment has no meaningful exposure to exports.

His comments came just a day before the US and Israel launched strikes on Iran, killing its Supreme Leader Ali Khamenei. Iran responded with attacks on US naval bases in the gulf region along with a barrage of attacks on the nations including UAE, Bahrain, Israel, among others.

The ongoing war, which Israel and the US said was started to prevent Iran from building nuclear weapons, has once again caused disruption in global markets and trade.

Meanwhile, JPMorgan said Premier Energies' valuations look attractive post the recent correction.

17 analysts have coverage on Premier Energies, of which 13 have a "buy" rating, one has a "hold" rating, while three have a "sell" rating.

Shares of Premier Energies are trading 2.4% lower on Wednesday at ₹695.8. The stock is down 11% from last one month and are down 40% from their post-listing high of over ₹1,150.

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