India’s renewable energy revolution is moving faster than most people expected, and Vikram Solar sits right at the center of it. The country crossed 119 gigawatts of installed capacity by July 2025, with solar panels covering rooftops, factories, and mega solar parks from north to south.
Walking through any large industrial zone today, you notice how sunlight is no longer wasted; companies like Vikram Solar are converting it into serious electricity at scale.
Vikram Solar Results
What makes this company genuinely interesting is how it serves both Indian markets and international markets through high-efficiency solar PV modules that meet global benchmarks. The company also handles complete engineering procurement and construction services, managing solar power projects right from the design stage through commissioning.
I first came across Vikram Solar when researching peers like MB Photovoltaic and Premier Energies, and the contrast in growth trajectory and transformation speed immediately caught my attention.
Understanding Vikram Solar properly requires knowing the broader context, long-term growth drivers, government policy support, import substitution opportunities, and the tailwinds reshaping India’s entire solar manufacturing ecosystem.
This is purely educational and informational content, and readers must do their own due diligence and consult a SEBI-registered investment advisor before making any decision.
This piece covers business background, industry outlook, fundamentals, Q4 FY26 results, management guidance, the cell import mandate, peer comparison, technical setup, growth roadmap to 2030, valuation, key risks, and what top brokerages say about the stock.
About Vikram Solar Limited
Vikram Solar results stand today as one of India’s most recognized Indian solar module manufacturers, combining photovoltaic expertise with deep manufacturing capabilities and a genuine international presence across 39 countries.
Headquartered in Kolkata, West Bengal, the company has built itself into one of the largest PV module manufacturers in India.
Reaching a cumulative production capacity of 4.5 GW while earning the Top Performer badge from PVEL’s PV Module Reliability Scorecard 2025. It also holds a place on the Tier 1 solar PV module manufacturer list by Bloomberg NEF, which is not a small achievement in a fiercely competitive global market.
The company’s roots go back to 2006, when Ganesh Chaudhary established it under the Vikram Group banner right here in Kolkata.
Module manufacturing began in 2009 with a modest 12 megawatts of capacity, and a major milestone came in 2015 when Vikram Solar commissioned India’s first floating solar power plant, signaling its commitment to innovation from early on.
That spirit of pushing boundaries helped the company scale aggressively to reach 9.5 gigawatts of capacity across West Bengal and Tamil Nadu facilities.
The August 2025 IPO became a watershed moment, raising 2079 crore rupees and drawing investor demand so strong that total subscription hit 54 times the issue size.
The company also built an impressive ground-level pan-India presence through a network of 95 authorized distributors, more than 375 dealers, and 75 system integrators spread across the country.
Key Strengths
Vikram Solar’s reputation as one of the largest Indian solar PV module manufacturers did not come by accident; it came through sustained investment in capacity, quality, and reach.
By the end of FY24, the company had 350 gigawatts of operational capacity running efficiently, backed by a serious R&D focus that drives constant improvement in cell and module design.
That combination of quality control and deep proficiency in solar PV manufacturing gives the company a competitive edge that peers find difficult to replicate quickly.
The company’s global presence is another genuine strength that adds credibility to every order it wins domestically. Solar projects using Vikram Solar’s modules operate actively in the United States, Canada, Belgium, Germany, the United Kingdom, and the UAE, reflecting how seriously international markets take the brand.
Winning business in markets with strict quality and reliability standards validates the company’s manufacturing standards in ways that domestic certifications alone cannot.
Industry Outlook
India’s energy ambition is enormous. The government targets 500 gigawatts of non-fossil fuel capacity by 2030, jumping from roughly 156 gigawatts today, and solar is leading this transition at a remarkable 39% CAGR between FY14 and FY26.
The country has already reached 136 gigawatts of installed capacity, and module demand looks set to stay strong at around 75 gigawatts annually through FY27 to FY30.
Utility-scale solar capacity alone could expand from 106 gigawatts today to 181 gigawatts by FY30, creating enormous sustained demand for manufacturers.
The industry’s sharpest bottleneck right now sits in cell manufacturing. India has built close to 80 gigawatts of module capacity but only around 7 gigawatts of domestic cell capacity, creating a serious supply gap that policymakers are working urgently to close.
Four major forces are driving the opportunity: the 24000 crore rupees PLI scheme, ALMM protections, a 40% basic customs duty on imported modules, and anti-dumping duties of 23% to 30% on Chinese solar imports that took effect from September 2025.
These policies together push India from simply installing solar to building a complete domestic solar manufacturing ecosystem, and vertically integrated players like Vikram Solar stand to gain the most from this solar revolution shaped by strong policy support and rising import substitution across the green energy value chain.
Business Overview / Fundamentals
Vikram Solar runs three distinct businesses under one roof: solar module manufacturing, EPC execution, and O&M services, but the real value engine is its deliberate move away from low-margin, fixed-price EPC contracts toward higher-margin module sales.
This strategic pivot fundamentally changed the company’s profitability profile, pushing EBITDA margins from just 3% in FY22 all the way to 19% by FY26.
That kind of margin expansion over four years tells you more about management quality than almost any other metric.
The company today operates 9.5 gigawatts of manufacturing capacity with peak 89% utilization, serving customers across 19 states through a distribution and project network built steadily over the years.
A record order book of 10.96 gigawatts in Q1 FY26 provides exceptionally strong revenue visibility well into future quarters, reducing the uncertainty that typically dogs manufacturing businesses.
The combination of high utilization, geographic spread across 19 states, and a strong pipeline makes this fundamentals story genuinely compelling.
Key Financials / Revenue, Profit & CAGR
Revenue from operations climbed steadily through FY2024 and then jumped sharply in FY2025, reaching 3,423 crores, a trajectory that reflects both volume growth and the shift toward better-quality business.
Profit after tax followed a similar steep climb in FY24 and FY25, landing at nearly 140 crores and confirming that margin expansion was real, not accounting-driven.
Between FY23 and FY26, the company delivered a 32% revenue CAGR, a 66% EBITDA CAGR, and an extraordinary 218% PAT CAGR that puts it among India’s fastest-growing mid-cap manufacturing stories.
Revenue more than doubled from 2073 crore rupees to 4802 crore rupees in that period, while PAT surged from 14.5 crore rupees to 470 crore rupees, a 32-fold increase that shows what happens when operating leverage kicks in alongside margin recovery.
The starting point was painful, a 63 crore rupees loss in FY22, but the company’s exit from low-return EPC projects alongside serious margin expansion and rapid growth in module volumes drove the turnaround.
EBITDA margins expanded from 3% to 19% over this period, confirming that the shift toward higher-margin module manufacturing was not a one-year blip.
Looking ahead, Equirus projects a 68% revenue CAGR, 81% EBITDA CAGR, and 110% PAT CAGR between FY25 and FY28, with consensus estimates pointing toward FY28 revenue of 13170 crore rupees—nearly three times FY26 levels.
For context, most sector peers have delivered PAT growth in the 40% to 50% range, making Vikram Solar’s numbers genuinely stand out.
The story here is straightforward: disciplined exit from bad business, strong module volume growth, and margin expansion compounding together into one of the sharpest earnings recoveries in recent Indian manufacturing history.
Q1FY26 Performance
Q1FY26 set a strong tone for the year, with Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar Limited, reporting 79.7% year-on-year growth in revenue from operations, which reached 1133.6 crore rupees, a number that surprised even cautious observers.
EBITDA grew by 117.3% to reach 242.2 crore rupees, while PAT delivered a stunning 483.9% jump to stand at 133.4 crore rupees, reflecting the power of operating leverage at work as volumes scaled.
The order book pipeline as of 30th June stayed healthy at 10.96 GW, underlining solid customer trust and genuine market demand beyond just one good quarter.
Management highlighted that expanding capacities and faster turnaround times gave the company confidence to execute these orders on schedule and at scale through the rest of FY26. The capex program underway represents a transformational growth journey, with manufacturing capacities targeting roughly 4x expansion supported by a backward integration push into solar cell manufacturing that directly improves supply chain security and cost competitiveness across the value chain.
Tailwinds like Atmanirbhar Bharat, PLI schemes, custom duties, domestic production incentives, and green hydrogen ambitions together create the right environment.
It built a truly self-reliant solar value chain that benefits long-term stakeholders, bankers, and investors who backed the IPO with confidence in the company’s commitment to sustainable performance and India’s renewable energy ambitions.
Q4FY26 Performance
Q4 FY26 emerged as the company’s single strongest quarter on record, delivering record production, record revenue, and record profitability simultaneously, a combination that manufacturing businesses rarely achieve.
Quarterly revenue hit 1,453 crore rupees, up 21.7% year-over-year, while PAT rose 21% year-over-year to 110 crore rupees, supported by production touching 971 MW, a new company high, reflecting both strong capacity utilization and genuine demand.
For the full year, FY26 closed with 4802 crore rupees in revenue, 917 crore rupees in EBITDA, and 470 crore rupees in PAT, all record highs that validated the multi-year transformation story.
Net profit surged 236% year-over-year, demonstrating the operating leverage built into the business as fixed costs get absorbed across rising volumes.
Operating margins moderated slightly from 17.9% to 16.1%, but this came from pre-commissioning and expansion costs rather than any structural weakness, a distinction that matters significantly for how investors should read the numbers.
The improvement in customer concentration stands out equally, with the top five customers contributing 47% of revenue versus 80% earlier, dramatically improving revenue diversification and resilience of the earnings base.
The company closed FY26 with a 9.5 gigawatt manufacturing base, 917 crore rupees of EBITDA, and a debt-to-equity ratio of just 0.20 times, arguably the strongest balance sheet it will carry before entering its next major expansion phase.
Multiple milestones came together in this single year: revenue crossing 4800 crore rupees, PAT crossing 470 crore rupees, and EBITDA margins expanding beyond 19% for the first time.
The fall in customer concentration below 50% for the first time also made revenue streams meaningfully more stable going forward.
Q4 FY26 Earnings Call — What Management Is Saying
The Q4 FY26 earnings call carried one dominant message: management’s strong confidence in the demand outlook for the years immediately ahead.
CEO Sameer Nagpal pointed out that DCR-linked demand could reach 20 gigawatts to 25 gigawatts in FY27, up sharply from roughly 10 gigawatts last year, while domestic supply remains constrained and unable to keep pace.
In management’s view, demand will likely exceed supply through both fiscal year 27 and fiscal year 28, creating a favorable pricing and volume environment for established manufacturers.
On the numbers side, management expects non-DCR EBITDA of 1.75 rupees per watt to 2 rupees per watt and targets FY27 EBITDA of 1490 crore rupees to 1600 crore rupees, implying roughly 70% growth over FY26, an ambitious but credible projection given the order pipeline.
The March 2026 analyst meet saw CMD Gyanesh Choudhary lay out a detailed roadmap for vertical integration, targeting 70% backward integration by FY27 and 90% by FY28, powered by 3 gigawatts of XBC cell capacity coming online.
Management also stated that debt to equity will stay below onetimes even at peak investment, with the business turning free cash flow positive from FY28 onward.
IPO Details
Vikram Solar launched its IPO on 19th August 2025, setting a price band of 315 per share to 332 per share with a lot size of 45 shares, making it accessible to a wide range of retail investors watching the solar sector.
The issue combined a fresh issue component with an offer for sale, giving both the company and early investors the opportunity to participate in the listing event.
The IPO proceedings carry three specific purposes: funding the phase 1 project to build a new integrated facility in Tamil Nadu, then using phase 2 funds to double solar module capacity at the same site from 3000 megawatt to 6000 megawatt.
Finally, allocating a portion toward general corporate purposes to maintain operational flexibility during the capacity expansion cycle.
Capacity Expansion Roadmap
FY27 marks the beginning of Vikram Solar’s most aggressive growth phase, with 6 GW of additional module capacity pushing total capacity to 15.5 GW while the landmark 9 GW TopCon cell plant prepares to start production in December 2026, ramping fully by quarter 4 of fiscal year 2027.
This transition from cell importer to cell manufacturer is genuinely transformational, driving 70% backward integration and delivering meaningful margin improvement across the entire production chain.
By FY28, cell capacity climbs further to 12 GW, taking integration to approximately 90% and compounding the cost and margin benefits already flowing from the initial ramp.
FY29 sees the company enter wafers and ingots through a board-approved 6 GW project worth 3726 crore rupees, pushing integration deeper into raw material supply and reducing external dependency at every layer.
The FY30 vision targets over 20 GW of fully integrated capacity spanning modules, cells, wafers, and ingots, a complete solar manufacturing stack that few Indian companies are attempting at this scale.
Beyond solar hardware, the company is simultaneously building energy storage capability through VSL Power Hive, targeting a 5 GWh BESS facility by fiscal year 27 and 7.5 GWh of battery cell capacity by fiscal year 29, creating a genuinely diversified clean energy manufacturing ecosystem built on disciplined vertical integration and steady margin improvement.
EBITDA Per Watt Story
The single most revealing number in Vikram Solar’s financial story is EBITDA per watt, because it captures the margin story more cleanly than any headline revenue or profit figure.
This metric climbed from 2 rupees 60 paise in FY25 to 2 rupees 80 paise in FY26, showing consistent margin expansion even before the big integration projects come online.
Management has guided for a temporary dip to 1.90 rupees per watt in FY’277 as the new cell plant ramp-up absorbs costs before stabilizing, which is a normal pattern for large manufacturing transitions.
Once backward integration takes hold, the rebound looks compelling: 3.20 rupees per watt expected in FY28, with the potential to reach 4 rupees to 5 rupees per watt by FY29 and FY30 as wafer integration and ingot integration add further layers of cost savings.
Multiply any 1 rupee per watt improvement across 15 gigawatts to 20 gigawatts of annual volumes, and the impact on profits runsinto hundredss of crores, making this metric the cleanest way to track whether the thesis is working.
The shape of this story is a short-term dip followed by a sustained multi-year expansion cycle, and that pattern is entirely consistent with how deep manufacturing integration plays out in practice.
The Cell Import Mandate — A Game-Changer
From July 2026, all government solar projects must source domestically manufactured cells under ALMM List 2, a structural policy shift that fundamentally changes the competitive dynamics for every solar manufacturer in India.
The numbers behind this mandate reveal the urgency. India has nearly 80 gigawatts of module capacity but only 7 gigawatts of cell capacity, meaning demand is being directed toward a supply gap that the existing industry simply cannot fill immediately.
Manufacturers still dependent on imported Chinese cells now risk losing access to government tenders entirely, while 23% to 30% anti-dumping duties add further protection for domestic players who have made the investment.
Vikram Solar’s 9-gigawatt cell plant, scheduled for December 2026, positions the company as one of the earliest large-scale beneficiaries of this mandate, moving cleanly from cell importer to cell manufacturer at exactly the right moment. This shift arguably carries more long-term significance than the 40% BCD because it doesn’t just tax imports; it locks out non-compliant players from the largest procurement channel in the country.
The resulting supply shortage in compliant domestic cells creates a genuine pricing power window for manufacturers like Vikram Solar, who invested early in domestic manufacturing and built real cell manufacturer credentials ahead of the policy deadline.
Technical Analysis: Price vs Fundamentals
Vikram Solar’s results, listed at 338 rupees in August 2025, briefly touched 408 rupees and then corrected sharply to a 52-week low of 162 rupees in December 2025, a fall that spooked many retail investors but created an interesting setup for those focused on fundamentals.
Today, the stock trades around 183 rupees to 220 rupees, well below the IPO price, even though FY26 profit grew 236% and the business is demonstrably stronger than at listing.
The 100-day moving average and 200-day moving average both sit above the current price, confirming that the primary trend remains weak on pure chart analysis.
A decisive close above 240 rupees to 250 rupees would signal the beginning of a genuine trend reversal, shifting this from a recovery story to a confirmed uptrend that draws broader market attention.
On the momentum side, RSI, MACD, Stochastic RSI, Williams % R, and CCI all sit in buy or neutral territory, with none currently signaling a sell, a classic setup where the 20-day average and 50-day average provide near-term support while the stock builds the momentum needed to reclaim higher levels.
This range-bound bottoming pattern typically resolves with a sharp move once a catalyst arrives, and the commissioning of the 9 GW cell plant in December 2026 could be exactly that trigger.
The valuation compression story adds weight to the bull case; the stock has derated from roughly 86 times earnings at IPO to approximately 15 times today, with FY28 estimates implying just 9 times to 10 times earnings.
The market derating happened even as the business accelerated, creating a gap between price and fundamental value that rarely stays open indefinitely.
At these levels, the market is pricing in execution failure rather than execution success, and that asymmetry is what makes the technical setup worth watching carefully.
Peer Comparison
Waaree leads the Indian solar manufacturing space with 15 GW of capacity, Premier operates 5.1 GW, and Vikram Solar has rapidly scaled to 9.5 GW while carrying an order book exceeding 10 GW, larger than Premier’s installed base, which puts Vikram’s pipeline in sharp perspective.
FY25 EBITDA margins showed a clear gap: 14.4% for Vikram versus 21% for Waaree and 28.8% for Premier, confirming that while capacity has scaled, profitability still has room to catch up.
FY26 narrowed this gap meaningfully, with margins improving to 19%, and the backward integration roadmap suggests further upside as cell capacity comes online.
Despite delivering record earnings, Vikram Solar’s stock declined roughly 10% in 2026 while both Premier and Waaree posted positive returns, creating an unusual divergence between operating performance and market reward.
On FY28 estimates, the stock trades at just 6.6 times EV/EBITDA versus double-digit multiples for peers, a gap that even Elara describes as excessive, noting a 35% to 40% valuation discount relative to the sector.
The positioning is clear: Waaree is the leader on capacity, Premier is the profitability champion, and Vikram Solar is the rerating bet for investors willing to wait for integration benefits to flow through.
Road to 2030 Revenue and Profit
Starting from FY26’s base of 4802 crore rupees in revenue and 470 crore rupees in PAT, Vikram Solar’s roadmap targets a dramatically larger business within four years, with each phase building on the previous one in a logical sequence.
FY27E should deliver revenue between 7200 crore rupees and 8000 crore rupees, though PAT may stay subdued at 380 crore rupees to 480 crore rupees as the cell plant ramp-up absorbs near-term costs, a temporary compression that investors need to look through rather than react to.
FY28E represents the real inflection year, where revenue could reach 12000 crore rupees to 13170 crore rupees, and PAT climbs to 700 crore rupees to 800 crore rupees as integration benefits start compounding meaningfully.
The FY30 vision reaches for 21000 crore rupees to 25000 crore rupees in revenue and 2000 crore rupees to 2800 crore rupees in PAT, supported by complete integration across modules, cells, wafers, ingots, and BESS, a five-layer manufacturing stack that transforms the margin profile entirely.
At the current price of around 200 rupees per share, successful FY30 execution would leave the stock trading at a forward PE of roughly 3 times to 4times,s a number that almost sounds too low to be real, which is exactly why the bull case depends entirely on execution.
Revenue growth and profit growth of this magnitude require flawless operational delivery across multiple simultaneous projects, but the management team’s track record through FY22 to FY26 shows they understand how to drive full integration results under pressure.
Road to 2030 — CAPEX and PE Compression
The FY30 growth plan demands a total CAPEX of 16800 crore rupees, broken down into 6700 crore rupees for modules and cells, 3726 crore rupees for wafers and ingots, and 4371 crore rupees for BESS, a structured investment sequence that builds integration layer by layer rather than all at once.
Around 65% of this will be debt-funded, with D/E peaking near 1.4 times in FY28 before free cash flow turns positive and the balance sheet begins deleveraging.
This leverage profile is manageable given the order visibility and policy tailwinds, but debt levels will remain a key monitoring point through the expansion cycle.
The PE compression math is what makes the long-term case compelling: from roughly 15 times FY26 earnings today, the multiple could compress to 9 times to 10 times in FY28, then 5 times to 6 times in FY29, and ultimately 3 times to 4 times by FY30, assuming execution stays on track.
Vikram Solar results currently trade at 28 times to 34 times earnings, and Vikram Solar’s 40% discount to the sector average on trailing PE reflects market skepticism about delivery rather than a fundamental view on the industry.
The 7263 crore rupees market cap is less than one-tenth of Waaree’s, despite a 10 gigawatt order book and some of the fastest projected earnings growth in the sector, and stocks trading at 6.6 times to 8 times EV/EBITDA typically do not stay at those levels through a successful expansion cycle with improving mature businesses’ level cash flows.
Key Investment Risks
The 9-gigawatt cell plant is both the biggest opportunity and the biggest risk. Any meaningful delay past December 2026 pushes the earnings inflection from FY28 to FY29, extending the waiting period for investors who backed the thesis early.
CapEx has already crept up by roughly 10% due to project modifications, signaling that cost discipline will need active management as multiple large projects run simultaneously.
FY27 shapes up as a genuine patience test, where revenue growth continues but profit dip risk is real as new capacity ramp-up creates temporary margin compression and market pressure on the stock.
Promoter pledging has fallen sharply from 30% to 5%, which is a significant positive, but it remains a number worth tracking quarterly, given the scale of debt-funded capex ahead.
The business carries structural risks. Too heavy dependence on solar PV modules for revenue means any demand dip hits hard, and revenue dependency on the top 10 customers creates concentration risk that the company is only gradually reducing.
External risks round out the picture: global module oversupply, a potential WTO challenge from China on India’s duties, and supply disruption risks from Tamil Nadu manufacturing facility delays.
The sheer scale of executing 16800 crore rupees of largely debt-funded capex across multiple simultaneous projects, any of which can slip a timeline, even when the underlying story remains intact.
What the Street Says
Elara Capital leads with the most aggressive buy call, setting a target of 323 rupees that implies substantial upside from current trading levels.
Equirus also rates it a buy at 290 rupees, backing its case with strong projected earnings growth through the integration cycle, while Prabhudas Lilladher maintains a buy at 226 rupees but flags caution around near-term EBITDA estimates and the lingering pledging situation.
Anand Rathi takes a more measured hold stance at 229 rupees, reflecting a conservative view on the debt outlook, and JM Financial sits at Add with a 202 rupee target based on a lower valuation multiple applied to integration-phase earnings.
The consensus target across these brokerages lands near 280 rupees, implying roughly 40% upside from current levels, and the range of views from “add” to “buy” suggests the street is broadly constructive even if individual assumptions differ.
Institutional ownership stays relatively thin, with FII holding at just 2.94%, leaving room for significant re-rating if execution proves the skeptics wrong.
The IPO anchor book featured Goldman Sachs, Morgan Stanley, and BNP Paribas names; Vikram Solar’s results signal genuine institutional credibility, and successful commissioning of the cell plant could trigger a wave of fresh institutional participation that pushes brokerage targets toward the 50% upside end of the range.
FAQs about Vikram Solar Results
Is Vikram Solar good to buy?
Vikram Solar trades at just 15 times PE against a sector average of 28 to 34 times, with brokerage targets pointing to 40 to 50% upside, making it a strong long-term bet for patient investors.
What is the prediction for Vikram Solar?
Vikram Solar targets 21000 to 25000 crore rupees in revenue by FY30, backed by full vertical integration across modules, cells, wafers, and ingots, with Equirus projecting a 68% revenue CAGR and 110% PAT CAGR through FY28.
What is the quarterly result of Vikram Solar 2026?
Vikram Solar’s Q4 FY26 delivered record revenue of 1453 crore rupees, record PAT of 110 crore rupees, and record production of 971 MW, closing FY26 with 4802 crore rupees in revenue and 470 crore rupees in PAT.
Who is No. 1 in solar energy?
In India’s solar manufacturing space, Waaree Energies leads with 15 GW of installed capacity, while globally, Chinese manufacturers dominate solar PV module production volumes by a significant margin.