ALFA Finder| 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
- ₹139.23
- Market cap
- ₹5,045 Cr
- Revenue (annual)
- ₹4,802 Cr
- Net profit (annual)
- ₹470.4 Cr
- P/E (TTM)
- 14.1×Sector 44.3×
- Promoter holding
- 63.01%+0.00% QoQ
- FII holding
- 3.10%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 Board Meeting Date
Vikram Solar scheduled a board meeting for November 14, 2026 to consider Q2FY27 results. The trading window remains closed until 48 hours after results are disclosed.
Vikram Solar Bags New Order from NLC India Limited
Vikram Solar secured a 289.87 MWp module order from NLC India Limited for a Rajasthan solar park. No rupee value disclosed; delivery due by March 2027.
- From
- NLC India Limited (on behalf of NLC India Renewables Limited)
- Execution
- By March 2027
- solar module supply capacity
- 289.87 MWp
Vikram Solar Capacity Expansion
Vikram Solar's 9-GW TOPCon cell plant in Tamil Nadu will produce first cells in December 2026. It marks entry into cell manufacturing, expandable to 12 GW.
- solar cell manufacturing capacity
- 9 GW
Vikram Solar Other Announcement
Vikram Solar Ltd has filed its quarterly shareholding pattern for the period ended September 30, 2026, as per regulatory requirements.
Vikram Solar Bags New Order from A leading renewable energy developer in India
Vikram Solar won a 187 MW module supply order for solar projects in Karnataka and Tamil Nadu. Delivery is due by December 2026.
- From
- A leading renewable energy developer in India (unnamed)
- Execution
- By December 2026
- solar module supply capacity
- 187 MW
Vikram Solar Management Change
Vikram Solar Ltd announced the resignation of Senior Management Personnel Mr. Rony Banerjee and the appointment of Mr. Nimish Jain as Chief Business Officer.