| Revenue growth | 38% YoY growth driven by record 1,006 MW quarterly dispatch volumes. |
|---|---|
| Margins | Margins squeezed to 8% by inventory spillovers and input cost inflation. |
| Order book | Large account order book stands at 7.9 GW; excludes retail distribution. |
| Demand visibility | Strong domestic demand visibility from PM Surya Ghar and industrial segments. |
| Management confidence | Cautiously optimistic, pivoting to retail to combat utility segment margin pressure. |
Growth
Revenue grew 38% YoY, driven by record 1,006 MW quarterly dispatch volume.
Outlook
Backward integration targets 9GW cell and wafer capacity by FY27 and FY28 respectively.
Risks
EBITDA margins contracted significantly to 8.06% due to non-pass-through raw material price spikes.
Last quarter's promises, checked
Delivered
- Guided 1GW quarterly run rate → delivered 1,006 MW (= BEAT)
- Guided FY26 Revenue ~INR 4,800 Cr → delivered INR 4,800 Cr (= BEAT)
- Guided FY26 EBITDA Margin ~19% → delivered 19% (= BEAT)
Partly delivered
- Guided 6GW module plant June 2026 → remains on track but not yet operational (= PARTIAL)
Missed
- Guided 1.9GW quarterly order booking → delivered 7.9GW total vs 8.2GW previous (= MISS)
Earnings Call Transcript 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 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.
Vikram Solar Q1 FY27 Results: Net Profit ₹19.8 Cr, Down 85.2% YoY
Vikram Solar Ltd reported revenue from operations of ₹1,563 Cr (+37.9% YoY) and net profit of ₹19.8 Cr (-85.2% YoY) for Q1 FY27.
- Key figure
- Net profit ₹19.8 Cr · -85.2% YoY