Vikram Solar Limited (VIKRAMSOLR)
₹144.00 +1.14% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vikram Solar's revenue was ₹1,563 Cr (+37.9% year on year, +7.6% on the previous quarter), and net profit ₹20.0 Cr (-85.0% year on year); the operating margin was 8.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,563 | +37.9% | +7.6% |
| Operating profit | ₹126 | -48.0% | -46.2% |
| Net profit | ₹20.0 | -85.0% | -81.8% |
| EPS (₹) | 0.55 | -86.9% | -82.0% |
| Operating margin | 8.1% | — | — |
VIKRAMSOLR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.13% of the VIKRAMSOLR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.13%. That is close to its usual level.
Delivery in the last 5 sessions: 37.4% · 41.1% · 31.9% · 47.7% · 38.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vikram Solar has secured a module supply contract for 187 MW of high-efficiency N-Type TOPCon G12R modules from a leading domestic renewable energy developer. The modules will be supplied for solar projects across three locations in Karnataka and Tamil Nadu. The execution window is short, with completion scheduled by December 2026. While the contract value in rupees was not disclosed, this order reinforces the company's order backlog and expands its adoption of bifacial TOPCon technology.
- Order size of 187 MW for solar projects across 3 locations in Karnataka and Tamil Nadu
- Scope covers supply of N-Type TOPCon G12R modules rated between 615–625 Wp
- Execution timeline set for completion by December 2026
- Contract is domestic, one-time, and with no related party interest
Vikram Solar Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued on October 3, 2026, by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that all securities received for dematerialisation during the quarter were duly processed, verified, and confirmed to depositories within prescribed timelines. This is a mandatory procedural filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing dated October 6, 2026 confirms demat requests were verified and cancelled within prescribed timelines
Vikram Solar announced the resignation of Mr. Rony Banerjee, Executive Vice President – Sales & Business Development, effective from the close of business hours on September 28, 2026. Concurrently, the company appointed Mr. Nimish Jain as Chief Business Officer to lead the company's commercial agenda across sales and business development. Mr. Jain brings over 17 years of leadership experience in solar manufacturing, international sales, and P&L management. This transition comes as Vikram Solar manages an order book of 11.15 GW and reported TTM revenue of ₹3,349 Cr.
- Mr. Rony Banerjee stepped down as EVP – Sales & BD effective September 28, 2026
- Mr. Nimish Jain appointed as Chief Business Officer to head sales and business development
- Mr. Jain brings over 17 years of leadership experience across solar manufacturing and international sales
- Company is currently executing an 11.15 GW order book with TTM revenue of ₹3,349 Cr
Vikram Solar has bagged a 400 MW solar module supply order from a leading domestic EPC player for decentralised agricultural solar projects in Maharashtra. The contract entails supplying high-efficiency N-Type TOPCon G12R bifacial modules (620 Wp). Deliveries are set to commence in October 2026 and complete by March 2027. While the contract value is not disclosed, the volume adds meaningfully to its existing ~11.15 GW order book.
- Secured order to supply 400 MW of high-efficiency N-Type TOPCon G12R modules
- Modules feature bifacial glass-to-glass technology with 620 Wp power output
- Supplies scheduled to commence in October 2026 and complete by March 2027
- Contract is a domestic, one-time order from a leading Indian EPC company
Vikram Solar Limited has informed exchanges about its participation in an institutional investor conference. Company officials are scheduled to attend the Anand Rathi Annual Flagship Conference G-200 Summit 2026 on Tuesday, September 22, 2026, starting at 10:00 a.m. IST in Mumbai. The interactions will involve group and one-on-one meetings. The company confirmed that discussions will rely exclusively on publicly available information and no unpublished price sensitive information (UPSI) will be shared.
- Scheduled meeting date is Tuesday, 22nd September 2026 from 10.00 a.m. onwards
- Participating event is the Anand Rathi Annual Flagship Conference G- 200 Summit 2026
- Interaction format includes Group and One on One meetings held physically at Taj Santacruz, Mumbai
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
Vikram Solar Limited has signed a domestic cell supply agreement with Avaada Electro Limited valued at approximately ₹1,250 crore. Under the contract, Avaada will supply 1 GW of ALMM-compliant half-cut N-Type G12R TOPCon solar cells. Deliveries are scheduled to commence in September 2026. The contract represents an input procurement commitment equal to ~37.3% of Vikram Solar's TTM revenue (₹3,349 Cr), bridging supply needs ahead of its own 9 GW cell facility commissioning in Q4 FY27.
- Supply agreement valued at approximately ₹1,250 crore (~37.3% of TTM revenue)
- Procures 1 GW of ALMM-compliant N-Type G12R TOPCon solar cells from Avaada Electro
- Deliveries are scheduled to commence in September 2026
- Complements company's own planned 9 GW solar cell plant commissioning in Q4 FY27
Vikram Solar has secured a 124 MW module supply contract from Capital Energy Private Limited for a solar project located in Anantapur, Andhra Pradesh. The company will deliver its high-efficiency G12R TOPCon modules ranging between 620 Wp and 630 Wp. Deliveries are scheduled to commence in October 2026, with overall execution slated for completion by the end of the third quarter of 2026. Financial consideration for the contract was not disclosed, but the order supplements the company's active 15.5 GW module manufacturing capacity footprint.
- Secured 124 MW module supply order from Capital Energy Private Limited
- Supply of high-efficiency G12R TOPCon modules with ratings of 620 Wp to 630 Wp
- Module supplies scheduled to commence in October 2026
- Contract execution scheduled by the end of 3rd quarter, 2026
- Order leverages company's expanded module manufacturing capacity of 15.5 GW
Vikram Solar Limited has completed the acquisition of a 100% equity stake in Vikram Solar Australia Pty Ltd for a total cash consideration of USD 50,000. Consequent to this transaction, the target entity has become a wholly owned subsidiary to support overseas market expansion. The acquired entity was incorporated on March 4, 2026, and is yet to commence commercial operations. Given the nominal acquisition cost (under ₹0.5 crore vs TTM revenue of ₹3,349 crore), the financial impact is minimal.
- Acquired 100% shareholding comprising 67,683 equity shares of face value AUD 1.00 each
- Total cash consideration paid is USD 50,000
- Acquisition completed on August 26, 2026
- Target entity was incorporated on March 4, 2026, and has not yet commenced commercial operations
Vikram Solar reported a strong Q1 FY27 with revenue growing 38% YoY, supported by record quarterly volumes of 1,006 MW (up 32% YoY). The company is undertaking a massive ₹5,000 Cr capex in FY27, which is approximately 91% of its current market cap, to achieve 70% backward integration by Q4 FY27. While ALMM 2 policy uncertainty and rising freight costs impacted margins, the order book remains robust at 7.9 GW. Management is pivoting toward higher-margin distribution and mid-market segments, doubling its distribution run-rate to 80 MW per month.
- Achieved highest ever quarterly volume of 1,006 MW, representing a 32% YoY increase.
- Order book stands at 7.9 GW with a strategic shift toward diversified mid-market and distribution customers.
- Planned FY27 capex of ₹5,000 Cr, primarily funded through a 70:30 debt-equity structure.
- Targeting first cell production by Q4 FY27 at the Gangaikondan facility to reach 70% backward integration.
- DCR module sales reached 76 MW in Q1, already exceeding the total volume for the previous full fiscal year.
Vikram Solar Limited has scheduled an interaction with institutional investors at the Equirus India Growth Summit in Mumbai on August 14, 2026. The engagement will include both group and one-to-one meetings. Management intends to discuss publicly available information only, with no unpublished price-sensitive information (UPSI) to be shared. This meeting occurs as the company works toward its target of 17.5 GW module capacity by FY2027.
- Investor meeting scheduled for August 14, 2026, at 09:00 A.M. IST in Mumbai.
- Interaction type includes both Group and One-to-One meetings.
- Company currently manages a TTM revenue of ₹3,349.435 crore.
- Order book visibility remains strong at 11.15 GW as per latest qualitative disclosures.
India Ratings and Research has affirmed the 'IND A+' rating for Vikram Solar's existing ₹2,700 Cr bank facilities and assigned the same rating to additional facilities of ₹1,300 Cr. This brings the total rated bank loan facilities to ₹4,000 Cr, a 48% increase in rated limits. The affirmation with a 'Stable' outlook indicates credit stability as the company scales. The enhanced limits are significant, representing approximately 119% of the company's TTM revenue of ₹3,349 Cr, providing headroom for its massive FY2027 expansion plans.
- Total rated bank loan facilities enhanced from ₹2,700 Crores to ₹4,000 Crores.
- India Ratings assigned 'IND A+' (Long-Term) and 'IND A1+' (Short-Term) to the additional ₹1,300 Crores facility.
- Existing ₹2,700 Crores bank loan facilities affirmed at 'IND A+' with a Stable outlook.
- Enhanced credit limits now represent ~119% of the company's TTM revenue of ₹3,349.44 Crores.
- The rating action supports the company's strategy to reach 17.5 GW module capacity by FY2027.
Vikram Solar has disclosed the audio recording link for its Q1FY27 earnings conference call held on August 07, 2026. The call discussed the company's financial performance for the quarter ended June 30, 2026. While this specific filing is procedural, it provides a channel for investors to hear management's commentary on the execution of its 11.15 GW order book and the progress toward its 17.5 GW module capacity target for FY2027. The company reported a TTM revenue of • 3,349 Cr and a PAT of • 360 Cr as of the latest annual cycle.
- Earnings conference call conducted on August 07, 2026, at 02:00 PM IST.
- Discussion covered financial performance for the quarter ended June 30, 2026 (Q1FY27).
- Company maintains a significant order book of 11.15 GW providing long-term revenue visibility.
- Strategic target remains 17.5 GW module capacity and 12 GW cell capacity by FY2027.
- Audio link made available on the company's official website per SEBI Regulation 30.
Vikram Solar reported a strong 38% YoY revenue growth to 1,563 Cr for Q1 FY27, driven by sales volumes of 1,006 MW. However, profitability was severely impacted as EBITDA margins collapsed from 21% to 8%, leading to an 85% YoY decline in PAT to 20 Cr. The margin drop is primarily attributed to a 63% surge in Cost of Goods Sold (COGS). Despite the bottom-line pressure, the company maintains a robust order book of 7.9 GW and has successfully scaled its module capacity to 15.5 GW.
- Revenue from operations increased 38% YoY to 1,563 Cr in Q1 FY27.
- PAT declined 85% YoY to 20 Cr from 133 Cr in the previous year's quarter.
- EBITDA margin contracted significantly to 8% compared to 21% in Q1 FY26.
- Order book remains strong at 7.9 GW as of June 30, 2026, providing revenue visibility.
- Manufacturing capacity reached 15.5 GW for modules in 2026, with a target of 9 GW for cells by FY27.
Vikram Solar has announced a significant expansion of its proposed backward-integrated wafer and ingot manufacturing facility in Tamil Nadu, increasing the target capacity from 6 GW to 9 GW. The project requires an investment of up to ₹5,589 crore, which represents approximately 96% of the company's current market capitalization. For Q1 FY27, the company reported revenue of ₹1,536.03 crore, a 35% increase year-on-year, though net profit remained thin at ₹18.73 crore. The company also re-appointed Ernst & Young LLP as internal auditors and is currently contesting ₹148.52 crore in safeguard duty receivables in court.
- Proposed wafer and ingot manufacturing capacity enhanced from 6 GW to 9 GW at the Gangaikondan site.
- Total investment for the expansion project estimated at ₹5,589 crore, to be funded via debt, internal accruals, and other arrangements.
- Q1 FY27 revenue grew to ₹1,536.03 crore from ₹1,135.16 crore in the same quarter previous year.
- ₹148.52 crore safeguard duty payment is being treated as a receivable pending a Supreme Court decision.
- The expanded facility is scheduled for commissioning by April 2029 to align with ALMM-3 regulatory shifts.
Vikram Solar reported a strong 35% YoY growth in Q1 FY27 revenue to ₹1,536.03 Cr, but Net Profit (PAT) plummeted 86% to ₹18.73 Cr due to a sharp rise in material costs. The company announced a massive expansion of its proposed wafer and ingot manufacturing facility in Tamil Nadu from 6 GW to 9 GW, requiring an investment of ₹5,589 Cr by FY29. This capex is highly significant, representing approximately 96% of the company's current market capitalization. Auditors highlighted ₹148.52 Cr in disputed safeguard duty receivables and ₹52.81 Cr in withheld trade receivables currently under arbitration.
- Q1 FY27 Revenue from operations grew 35% YoY to ₹1,536.03 Cr compared to ₹1,135.16 Cr in Q1 FY26.
- Net Profit (PAT) for the quarter fell 86% YoY to ₹18.73 Cr from ₹134.42 Cr in the previous year's quarter.
- Announced a ₹5,589 Cr investment to expand proposed wafer and ingot capacity to 9 GW at the Gangaikondan site.
- Safeguard duty of ₹148.52 Cr is being carried as a receivable despite being subjudice at the Supreme Court.
- Trade receivables of ₹52.81 Cr are currently withheld by customers for liquidated damages and are under dispute resolution.
Financial Performance
Revenue Growth by Segment
The company reported a consolidated revenue of INR 3,430.57 Cr in FY2025, representing a 40% YoY growth from INR 2,444.20 Cr in FY2024. For H1 FY2026, revenue reached INR 2,244 Cr, an 86.4% increase YoY, driven primarily by a 119% increase in sales volume of solar PV modules.
Geographic Revenue Split
While specific percentage splits by region are not provided, the company operates corporate offices in Kolkata, Gurugram, and Chennai, with international presence in Massachusetts (USA), Berlin (Germany), and Shanghai (China) to support global sales of solar modules.
Profitability Margins
Net Profit ratio improved from 3.17% in FY2024 to 4.08% in FY2025 due to higher turnover. In Q2 FY2026, PAT margins expanded significantly to 11.58% compared to 1.29% in Q2 FY2025, driven by operational efficiencies and scale.
EBITDA Margin
EBITDA margin for Q2 FY2026 stood at 21.2%, a substantial increase from 12.59% in the same quarter previous year. EBITDA grew 3x YoY to INR 235 Cr in Q2 FY2026, reflecting improved core profitability through better cost management and higher capacity utilization.
Capital Expenditure
The company has planned a massive backward integration project involving an investment of INR 1,400 Cr into its subsidiary, VSL Green Power Private Limited. This is part of a broader strategy to reach 17.5 GW module and 12 GW cell capacity by FY2027.
Credit Rating & Borrowing
The company's credit rating was upgraded from A to A+ in Q2 FY2026, reflecting a strong liquidity profile and prudent leverage. Gross debt stands at a low INR 80 Cr against a net worth of INR 2,950 Cr, resulting in a Debt/Equity ratio of 0.03x.
Operational Drivers
Raw Materials
Key raw materials include solar photovoltaic cells, wafers, and critical minerals. Solar cells and wafers represent the most significant portion of the cost structure, though specific percentage breakdowns per material are not disclosed.
Import Sources
Raw materials are sourced from international markets, with the company monitoring global price volatility and regulatory changes regarding imports to ensure supply chain resilience.
Capacity Expansion
Current capacity is being expanded to reach a target of 17.5 GW for solar modules and 12 GW for solar cells by FY2027, aiming for 75% backward integration to secure the supply chain.
Raw Material Costs
Raw material costs are subject to market volatility; however, the company utilizes pass-through clauses in contracts and order-backed procurement to mitigate the impact of price fluctuations on its 14.74% operating margin.
Manufacturing Efficiency
The company reported an effective Capacity Utilization Factor (CUF) of 84% as of September 30, 2025, indicating high operational efficiency across its manufacturing facilities.
Strategic Growth
Expected Growth Rate
86%
Growth Strategy
Growth will be achieved through a massive capacity ramp-up to 17.5 GW modules by FY2027, 75% backward integration into cell manufacturing to capture more value chain margin, and the execution of a robust 11.15 GW order book. The company also raised INR 704.02 Cr via private placement and completed an IPO to fund these expansions.
Products & Services
The company primarily manufactures and sells Solar Photovoltaic (PV) Modules and provides related project execution and manufacturing services.
Brand Portfolio
Vikram Solar
New Products/Services
The company is focusing on high-efficiency technical and R&D roles to drive innovation in module technology, though specific new product revenue contributions are not yet quantified.
Market Expansion
Expansion plans focus on domestic Indian markets supported by policy tailwinds and international markets where the company already maintains a presence (USA, Germany, China).
Market Share & Ranking
The company identifies as one of the leading solar PV module manufacturers in India, leveraging 20 years of industry experience.
Strategic Alliances
The company entered into a Shareholder’s Agreement on June 10, 2024, for private placement investments and maintains wholly-owned subsidiaries like VSL Green Power and VSL Powerhive for specialized operations.
External Factors
Industry Trends
The solar industry is a central pillar of India's energy transition. Trends include rapid build-out of domestic manufacturing and policy support (like ALMM), which favors established players like Vikram Solar.
Competitive Landscape
The company faces rising competition from both domestic Indian manufacturers and large international entities in the solar PV space.
Competitive Moat
The moat is built on a 20-year brand reputation, strong product certifications, and a massive 11.15 GW order book which provides long-term revenue visibility. This is sustained by moving toward 75% backward integration, making the company less vulnerable to supply shocks.
Macro Economic Sensitivity
The business is sensitive to the Indian economy's energy transition policies and global shifts toward renewable energy, which drive the demand for its 11.15 GW order book.
Consumer Behavior
There is a growing adoption of solar energy across various segments in India, shifting demand toward high-efficiency modules.
Geopolitical Risks
Trade barriers or changes in import duties on solar cells and wafers from international markets pose a risk to the cost structure of module manufacturing.
Regulatory & Governance
Industry Regulations
Operations are governed by the Factories Act 1948, Solar PV manufacturing standards, and various Legal Metrology Rules. The company must also adhere to the Environment (Protection) Act and Trade Marks Act.
Environmental Compliance
The company spent INR 7.22 million on CSR activities in FY2025, including projects like 'Swachh Urja Ujjwal Bhavishya'. It complies with the Environment (Protection) Act, 1986.
Taxation Policy Impact
The company paid INR 103 Cr in taxes for H1 FY2026, compared to INR 17 Cr in H1 FY2025, reflecting the massive jump in taxable profits.
Legal Contingencies
The Secretarial Audit Report for FY2025 indicates compliance with the Companies Act and other applicable laws, with no major dissenting views or pending material litigation values disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Diversification Risk,' as the majority of revenue comes from solar PV modules; a decline in solar demand could significantly impact the business.
Geographic Concentration Risk
The company has a strong concentration in India but is diversifying through international offices in the US, Europe, and China.
Third Party Dependencies
There is a high dependency on third-party suppliers for solar cells and wafers, which the company is addressing through a INR 1,400 Cr backward integration capex.
Technology Obsolescence Risk
The company manages technology risk by investing in R&D and technical hiring to ensure its modules remain competitive against evolving solar technologies.
Credit & Counterparty Risk
Trade Receivable Turnover Ratio improved from 2.34 to 2.84, indicating better collection efficiency and lower counterparty credit risk.
