Vikram Solar Ltd (VIKRAMSOLR)
🎯 Key Takeaways
- Vikram Solar is in a strategic transition phase, shifting from a traditional solar module assembler to an integrated manufacturer with vertical expansion into cells, BESS, and DCR, supported by significant capex and policy tailwinds. Despite strong order book growth and revenue expansion, profitability remains constrained by oversupply and margin pressure, placing it in a high-growth but capital-intensive turnaround phase.
- Revenue grew 7.6% QoQ to ₹1,563 in Q1FY27.
- ⚠️ 1) Persistent margin pressure due to global oversupply and policy uncertainty in key markets like the US and India, which could delay profitability re
- Market Cap
- ₹5,799
- P/E Ratio
- 15.8
- P/B Ratio
- 1.83
- ROE
- 11.3%
- ROCE
- 20.4%
- Debt/Equity
- 0.03
- Promoter
- 63.0%
📖 The Story
Vikram Solar is in a strategic transition phase, shifting from a traditional solar module assembler to an integrated manufacturer with vertical expansion into cells, BESS, and DCR, supported by significant capex and policy tailwinds. Despite strong order book growth and revenue expansion, profitability remains constrained by oversupply and margin pressure, placing it in a high-growth but capital-intensive turnaround phase.
📰 What's Happening
In Q1 FY27, Vikram Solar reported 38% YoY revenue growth to INR19.78 crores, driven by 1,006 MW volume growth and a 7.9 GW order book, with EBITDA margin stabilizing at 8.06% and PAT at INR20 crores. The company advanced its ₹500 crore capex deployment for integrated manufacturing, targeting 7.5 GWh BESS commercial operations by March 2027 and 9 GW cell capacity by Q4 FY29. It also completed the acquisition of Vikram Solar Australia Pty Ltd for USD 50,000, marking its first entry into the Australian market. Credit rating upgrades expanded rated bank facilities to Rs. 4,000 crores, enhancing liquidity for growth. Shareholder approval at the AGM ratified financials and board continuity, reinforcing governance stability.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,110 | 1,106 | 1,453 | 1,563 |
| Operating Profit | 200 | 168 | 177 | 62 |
| OPM % | 18.0% | 15.2% | 12.2% | 4.0% |
| Net Profit | 128 | 98 | 110 | 20 |
| EPS | ₹3.83 | ₹2.71 | ₹3.05 | ₹0.55 |
Revenue has grown sequentially and YoY, rising from INR1,106 crores in Dec 2025 to INR1,563 crores in Jun 2026, but operating margins have declined sharply from 18% to 4%, reflecting heavy investment and pricing pressure. Net profit fell from INR128 crores in Sep 2025 to INR20 crores in Jun 2026, indicating short-term margin compression despite volume growth. This trend aligns with management’s disclosure of margin improvement anticipated in Q2, driven by cost reduction initiatives and higher realizations, though near-term profitability remains under pressure from oversupply and policy uncertainty.
🔮 Management Outlook & What's Next
Management expects margin improvement in Q2 FY27, citing 6% per-watt cost savings and 11% lower finance costs, while targeting 7-8 GW module production by FY27 end and 9 GW cell capacity ramp-up by FY28. The 7.5 GWh BESS plant is on track for Q4 FY29 commercial operations, and DCR volumes are projected to grow 2-2.5x quarterly. Management emphasized reducing import dependence through integrated manufacturing and expanding the distributor network to 119+ partners across 24 states as key levers for long-term profitability.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 317 | 362 | 362 |
| Reserves | 925 | 2,811 | 2,588 |
| Borrowings | 272 | 100 | 262 |
| Total Liabilities | 2,832 | 5,636 | 4,809 |
| Fixed Assets | 545 | 1,079 | 622 |
| Investments | 0 | 742 | 0 |
| Total Assets | 2,832 | 5,636 | 4,809 |
The balance sheet shows a strengthening capital structure, with equity rising to ₹362 crores and reserves to ₹2,811 crores as of Mar 2026, while total assets grew to ₹5,636 crores. Borrowings remain low at ₹100 crores, and the company maintains a debt-free profile in operational metrics, supported by a recent credit rating upgrade that expanded rated facilities to Rs. 4,000 crores. This reflects enhanced borrowing capacity for capex without diluting equity, aligning with management’s strategy of funding growth internally and through debt.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +667 |
| Investing | -1,808 |
| Financing | +1,120 |
| Net Cash Flow | -21 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 63.1% | 63.0% | 63.0% | 63.0% |
| FII | 2.1% | 1.8% | 2.9% | 3.4% |
| DII | 6.2% | 4.7% | 4.8% | 4.0% |
| Public | 17.0% | 20.9% | 20.6% | 22.5% |
| # Shareholders | 3,06,426 | 2,87,437 | 2,85,301 | 3,03,976 |
Promoter holding remains stable at 63.01% over the past four quarters, indicating confidence in long-term prospects. FII ownership has fluctuated slightly, rising from 1.83% in Q3FY26 to 3.37% in Q1FY27, while DII increased from 4.71% to 4.03%, suggesting growing institutional interest. Public shareholding rose to 22.46% with 3,03,976 shareholders, up from 16.96% and 2,85,301 shareholders previously, indicating retail investor engagement and broadening ownership base.
⚖️ Peer Comparison — Capital Goods - Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ABB | 1.48 L Cr | 49.4 | 26.5% | — | 0.00 |
| BHEL | 1.43 L Cr | 58.9 | 11.6% | — | 0.30 |
| CGPOWER | 1.36 L Cr | 108.8 | 21.3% | — | 0.00 |
| SIEMENS | 1.35 L Cr | 41.3 | 14.2% | — | 0.00 |
| POWERINDIA | 1.35 L Cr | 117.2 | 29.9% | — | 0.00 |
| GVT&D | 1.07 L Cr | 82.0 | 99.4% | — | 0.00 |
| WAAREEENER | 70,618 | 18.5 | 33.2% | — | 0.17 |
| APARINDS | 69,389 | 58.7 | 33.0% | — | 0.16 |
| SUZLON | 54,531 | 17.4 | 44.5% | — | 0.05 |
| THERMAX | 40,349 | 64.3 | 12.5% | — | 0.41 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent margin pressure due to global oversupply and policy uncertainty in key markets like the US and India, which could delay profitability recovery. 2) Slow ramp-up of DCR volumes, currently at only 75 MW, despite management’s 2-2.5x growth expectations, which may delay margin improvement. 3) High capital intensity of the integrated manufacturing push, with ₹500 crore capex deployed this quarter and ₹4,700 crore planned, which could strain liquidity if order growth stalls or financing terms tighten.
📋 Recent Filings
- 🔴 Announcement2026-09-28Vikram Solar announced it received a 400 MW order for high-efficiency N-Type TOPCon G12R modules from a leading Indian EPC company for decentralized a…
- 🔴 Announcement2026-09-17Vikram Solar announced its participation in the Anand Rathi Annual Flagship Conference on September 22, 2026, at Taj Santacruz, Mumbai, where it will …
- 🔴 Announcement2026-09-15Vikram Solar announced a domestic solar cell supply agreement with Avaada Electro to procure 1 GW of ALMM-compliant N-Type G12R TOPCon cells, reinforc…
- 🔴 Announcement2026-09-11Vikram Solar announced on September 11, 2026, that it secured a 124 MW supply order for high-efficiency G12R TOPCon modules for a solar project in Ana…
- 🔴 Announcement2026-08-26Vikram Solar Limited announced it has completed the acquisition of 100% of Vikram Solar Australia Pty Ltd for USD 50,000, acquiring 67,683 shares at A…
- 🔴 Financial Results2026-08-13Vikram Solar reported Q1 FY27 revenue growth of 38% to INR19.78 crores, driven by strong order book and DCR expansion, with EBITDA margin at 8.06% and…
- 🔴 Announcement2026-08-12Vikram Solar Limited announced that India Ratings affirmed its existing bank loan rating and assigned a new rating to additional facilities, expanding…
- 🟡 Board Meeting2026-08-05Vikram Solar's 21st AGM on August 4, 2026, passed all eight resolutions with overwhelming shareholder approval, including adoption of audited financia…
- Announcement2026-08-03Vikram Solar announced an earnings conference call on August 7, 2026 at 2:00 PM IST to discuss Q1FY27 results, inviting analysts and investors to revi…
- Announcement2026-07-06Vikram Solar announced the successful commissioning of its new 600,000 sq. ft. solar module manufacturing facility in Gangaikondan, Tamil Nadu, markin…
🧠 Analyst's Read
Vikram Solar is executing a clear strategic shift toward integrated manufacturing, supported by strong order growth and policy tailwinds, but near-term profitability remains constrained by oversupply and investment intensity. The next key watchpoints are DCR volume acceleration, BESS plant progress, and whether margin improvement materializes in Q2 as guided, which will determine the trajectory of sustainable earnings growth.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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