| Revenue growth | 40% YoY growth reaching ₹4,800 crores in FY26. |
|---|---|
| Margins | EBITDA margins rose to 19%; aiming for ₹5/watt EBITDA post-integration. |
| Order book | 8.2 GW as of March 31, 2026; 69% from IPPs. |
| Demand visibility | Strong, backed by 8.2 GW order book and national non-fossil targets. |
| Management confidence | High, citing structural shift in solar demand and policy alignment. |
Growth
FY26 sales volume grew 76% YoY to 3.3 GW; EBITDA margins expanded 500 bps to 19%; PAT reached ₹470 cr.
Outlook
Targeting 15.5 GW module and 12 GW cell capacity; FY27 EBITDA guidance of ₹1,500-1,600 cr; 15 GWh BESS target by FY30.
Risks
Rising raw material costs (silver, aluminum), US market traceability requirements, and geopolitical disruptions in West Asia.
Earnings Call filed with NSE, NSE: VIKRAMSOLR. Summary written with AI assistance from the document.
Vikram Solar Ltd: key numbers
- Share price
- ₹160.31
- Market cap
- ₹5,809 Cr
- Revenue (annual)
- ₹4,802 Cr
- Net profit (annual)
- ₹470.4 Cr
- P/E (TTM)
- 16.3×Sector 45.9×
- Promoter holding
- 63.01%+0.00% QoQ
- FII holding
- 3.37%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Vikram Solar Ltd
All →Vikram Solar Bags ₹1,250 Cr Order from Avaada Electro Limited
Vikram Solar Limited signed a domestic supply agreement with Avaada Electro Limited to procure 1 GW of solar cells. The contract is valued at approximately Rs.1,250 Crore.
- Value
- ₹1,250 Cr
- From
- Avaada Electro Limited
- solar cell supply
- 1.0 GW
Vikram Solar Business Update
Vikram Solar signed a supply agreement with Avaada Electro to procure 1 GW of solar cells for Rs.1,250 crore, enhancing its domestic supply chain resilience.
- Value
- ₹1,250 Cr
- solar cell procurement
- 1.0 GW
Vikram Solar Bags ₹1.56 Cr Order from Capital Energy Private Limited
Vikram Solar won a ₹1.56 Crore order from Capital Energy Private Limited for 124 MW of G12R TOPCon modules. Delivery is due by end of Q3 2026.
- Value
- ₹1.56 Cr
- From
- Capital Energy Private Limited
- Execution
- By end of Q3 FY2026
- solar module supply
- 124 MW
Vikram Solar Bags New Order from Capital Energy Private Limited
Vikram Solar secured a 124 MW module supply order from Capital Energy for a solar project in Andhra Pradesh. G12R TOPCon module delivery begins October 2026.
- From
- Capital Energy Private Limited
- Execution
- By end of 3rd quarter, 2026
- solar module supply
- 124.0 MW
Vikram Solar Earnings Call Transcript: Key Takeaways
Vikram Solar reports record volumes but faces a margin squeeze due to high-cost inventory spillover and war-related raw material inflation. Management is pivoting towards higher-margin retail channels and backward integration to restore profitability.
Vikram Solar Investor Presentation: Key Takeaways
Vikram Solar Q1FY27 revenue grew 38% YoY to ₹1,563 Cr, driven by module manufacturing expansion and a 7.9 GW order book. Strategy focuses on full vertical integration at the Gangaikondan hub.