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Vikram Solar Results: Latest Quarterly Results & Analysis

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Vikram Solar Ltd. 08 May 2026 13:27 PM
Result PDF

Q4FY26 & FY26 Result Announced for Vikram Solar Ltd.

Electrical Equipment & Products company Vikram Solar announced Q4FY26 & FY26 results

Q4FY26 Consolidated Financial Highlights:

  • Total Revenue from operations stood at Rs 14,528.16 million in Q4FY26, representing a YoY increase of 21.72% from Rs 11,935.21 million in Q4FY25.
  • Total Income for the quarter was Rs 14,710.12 million, compared to Rs 12,010.57 million in Q4FY25, a growth of 22.48% YoY.
  • Net Profit for the quarter reached Rs 1,104.22 million, reflecting a YoY growth of 21.86% from Rs 906.13 million.

FY26 Consolidated Financial Highlights:

  • Annual Revenue from operations for FY26 stood at Rs 48,022.51 million, up 40.28% YoY from Rs 34,234.53 million in FY25.
  • Total Income for the year reached Rs 48,607.78 million, compared to Rs 34,595.27 million in FY25, a growth of 40.50% YoY.
  • Profit Before Tax (PBT) for FY26 was Rs 6,469.61 million, a significant increase of 197.64% YoY from Rs 2,173.63 million in FY25.
  • Net Profit for the full year FY26 rose to Rs 4,704.21 million from Rs 1,398.31 million in FY25, representing a YoY growth of 236.42%.
  • Basic Earnings Per Share (EPS) for FY26 was Rs 13.68 as against Rs 4.61 in FY25.

Q4FY26 Standalone Financial Highlights:

  • Total Revenue from operations for Q4FY26 was Rs 14,525.97 million, up 22.77% YoY from Rs 11,832.20 million in Q4FY25.
  • Total Income stood at Rs 14,709.69 million, representing a YoY growth of 23.82% from Rs 11,879.69 million.
  • Net Profit reached Rs 1,099.74 million in Q4FY26, a growth of 32.76% YoY from Rs 828.40 million.

FY26 Standalone Financial Highlights:

  • Standalone Revenue from operations for FY26 reached Rs 48,034.33 million, reflecting a YoY growth of 40.64% over Rs 34,154.53 million in FY25.
  • Standalone Net Profit for FY26 was Rs 4,690.58 million, an increase of 237.22% YoY from Rs 1,390.96 million in FY25.
  • Profit Before Tax for the year stood at Rs 6,464.91 million as against Rs 2,161.53 million in FY25.

Business Highlights

  • Segment Performance: The Group operates in a single primary reportable segment, which includes the manufacturing of Solar Photovoltaic Modules, Engineering, Procurement and Construction (EPC) services, and operation & maintenance of solar power plants.
  • Expansion and Capex: The Board approved a Rs 3,726 crore capital expenditure to establish a 6 GW backward-integrated wafer and ingot facility at Gangaikondan, Tamil Nadu. This project is the first phase of a comprehensive 12 GW roadmap scheduled to be commissioned by FY30.
  • IPO Completion: During FY26, the Company completed its Initial Public Offer (IPO) of 62,631,604 equity shares at an issue price of Rs 332 per share, aggregating to Rs 20,793.69 million (including a fresh issue of Rs 15,000 million). The shares were listed on August 26, 2025.
  • Subsidiary Status: VSL Green Power Private Limited, a wholly owned subsidiary, has been designated as a material subsidiary of the Company.
  • Labour Code Assessment: The Group has assessed the financial implications of the new unified framework of four Labour Codes. The estimated increase in gratuity liability and compensated absences is Rs 56.15 million, which has been presented as an "Impact of Labour Codes" under exceptional items for FY26.
  • Safeguard Duty Receivable: The Company has accounted for a safeguard duty amount of Rs 1,485.20 million as a receivable, which is currently subject to litigation before the Supreme Court of India.

Result PDF

Result PDF

Electrical Equipment & Products company Vikram Solar announced Q3FY26 results

  • Revenue from Operations: Q3FY26 revenue stood at Rs 1,106 crore, an 8 % increase over the Rs 1,026 crore reported in Q3FY25.
  • EBITDA (Operating Profit): Q3FY26 EBITDA rose to Rs 205 crore, up 142 % versus the Rs 85 crore of Q3FY25, demonstrating stronger operating leverage.
  • EBITDA margin improved to 19 % in Q3FY26 from 8 % in Q3FY25.
  • Profit Before Tax (PBT): PBT for Q3FY26 reached Rs 143 crore, a 383 % jump from the Rs 30 crore earned in Q3FY25.
  • Profit After Tax (PAT): Q3FY26 PAT came in at Rs 98 crore, surging 416 % over the Rs 19 crore recorded a year earlier.
  • PAT margin expanded to 9 % in Q3FY26 (vs 2 % last year) and to 11 % for 9MFY26 (vs 2 % in 9MFY25).
  • Diluted Earnings per Share (EPS): EPS for Q3FY26 was Rs 2.70, nearly four times the Rs 0.69 posted in Q3FY25.
  • Order Book Updates:
    • Order Book: 10.6 GW as on 31st December 2025
    • Geography-wise Split: 84% Domestic & 16% Exports
    • Customer-wise Split: 55% from IPPs, 21% from C&I, 13% from Distribution Companies, 6%
      from Government Projects and 5% from EPC

Operational Highlights:

  • Module Sales: 796 MW compared to 590 MW in Q3FY25, growth of 35%
  • Capacity Utilization: Capacity utilization stands at 90% in Q3FY26

Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said: “During this quarter we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency. Revenues grew 8% on-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment. The broader solar industry continues to be firmly positioned for long-term growth supported by robust demand fundamentals, enabling policy frameworks, and a growing shift toward high-efficiency and technologically advanced solutions.

Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across operations at our 5 GW Vallam manufacturing facility, which is ramping up as planned and meaningfully strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers.

In parallel, our Gangaikondan cell and module projects continue to progress in line with our roadmap, reinforcing our focus on backward integration, cost competitiveness, and long-term resilience of the value chain. These initiatives are central to building a scalable, future-ready manufacturing platform.

As we operate in an industry where technology cycles are evolving at an unprecedented pace, this quarter reinforced the importance of staying aligned with global benchmarks while executing at scale. During the quarter, we successfully transitioned our entire portfolio to high-efficiency N-Type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability.

Looking ahead, we remain focused on scaling the business in a disciplined, capital-efficient manner while strengthening our manufacturing footprint, product portfolio, and execution capabilities. With strong order book, expanding capacities, and supportive industry tailwinds, we are optimistic about the opportunities ahead and confident in our ability to deliver sustainable, long-term value for all stakeholders.”

Result PDF

Electrical Equipment & Products company Vikram Solar announced Q2FY26 results

  • Revenue for Q2FY26 grew by 93.7% on a YoY basis, standing at Rs 1,109.9 crore.
  • EBITDA for the quarter stood at Rs 235.0 crore, an increase of 225.9% YoY. EBITDA margins stood at 21.17% for Q2FY26 compared to 12.59% in Q2FY25.
  • PAT for Q2FY26 grew by 1,636.5% on a YoY basis, standing at Rs 128.5 crore and PAT margins stood at 11.58%.

Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said: “The solar industry is playing a pivotal role in driving India’s energy transition, supported by strong policy initiatives and increasing adoption across sectors. With rising demand and the momentum of ‘Make in India’, the domestic solar sector is poised for significant growth in the coming years. Vikram Solar, with its best-in-class products, advanced technology, strong brand presence, and a diversified customer base, is well-positioned to take a leading role in this transformative journey towards sustainable energy in India.

Building on the growth momentum from Q1, we are pleased to report another strong performance this quarter as well. Despite the temporary slowdown caused by monsoon-related logistical challenges, we delivered a strong revenue growth of 93.7% compared to the same period last year. This remarkable growth demonstrates strength and resilience of our operations. With improved operating leverage and enhanced internal efficiencies, our margins also witnessed a significant uptick — standing at 21.17%, as against 12.59% in the corresponding quarter of the previous year. Moving forward, we remain committed on strengthening our foundation across technology, governance, and execution, with a sharp focus on profitability and timely project delivery.

On the operational front, module sales during the quarter stood at 784 MW, compared to 271 MW in the same period last year, reflecting a healthy year-on-year growth of 189%. This consistent performance was driven by strong industry tailwinds, deep customer relationships, and our proven execution capabilities. We continue to work across end user segments and strengthen our order book, which stands at 11.15 GW as on 30th September 2025, along with a rapidly growing order pipeline, providing us strong revenue visibility for the coming quarters.

To support this growing demand, we are expanding our capacities and are on track to scale up our module manufacturing capacity from 4.5GW to 17.5GW. Additionally, we plan to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by FY27. In tandem with our capacity expansion, we are also ramping up our workforce to support our growth ambitions and enhance operational excellence.

With new capacities coming online, backward integration strengthening our value chain, and a robust demand outlook driven by India’s energy transition, we are confident of sustaining growth momentum in the quarters ahead and further solidifying our position as one of India’s leading solar manufacturers.”

Result PDF

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