Vikram Solar, India’s leading solar energy solutions provider, delivered a standout performance in the second quarter of FY26, underscoring the strength of its domestic and global operations amid a buoyant renewable energy landscape.
Vikram Solar Q2 FY26: Headline Numbers
For the quarter ended 30 September 2025, Vikram Solar reported:
- Revenue: INR 1,110 crore, up 94% YoY (from INR 573 crore in Q2 FY25)
- EBITDA: INR 235 crore, up 226% YoY, translating to an EBITDA margin of 21%
- PAT: INR 128 crore, a 1,636% YoY increase from INR 7 crore in the same quarter last year
- Net Debt: Just INR 12 crore, maintaining a Debt-to-Equity ratio of 0.03x
The company’s sales volume rose 189% YoY to 784 MW, supported by strong demand from both domestic and international markets.
Vikram Solar H1 FY26 revenue nearly doubled to INR 2,243 crore, with PAT climbing 767% YoY to INR 262 crore.
Vikram Solar Q2 FY26: Operational Highlights
Vikram Solar Q2 FY26 ended with an effective capacity utilization factor (CUF) of 84%, indicating efficient plant operations. The company’s order book stood at 11.15 GW, a 36% increase YoY from 8.21 GW as of September 2024.
The order mix reflects a diversifying customer base:
- Domestic market: 80% (down from 85% last year)
- Exports: 20%, reflecting growing global traction
- By customer category: IPP (52%), C&I (20%), Government (8%), EPC (7%), Distribution (13%)
Financial Strengthening and Cash Flow
Vikram Solar’s balance sheet continues to strengthen post-IPO, with shareholders’ funds rising to INR 2,950 crore as of September 2025. Operating cash flow surged to INR 515 crore, compared with a negative INR 224 crore in the first half of FY25 — signaling a significant turnaround in working capital management. Total cash and cash equivalents rose to INR 1,117 crore, underlining robust liquidity.
Strategic Capacity Expansion: Scaling for the Future
The company is aggressively expanding its manufacturing footprint, targeting 17.5 GW of solar module and 12 GW of solar cell capacity by FY27, positioning it among India’s largest integrated solar manufacturers.
Key highlights of the expansion strategy include:
- 75% backward integration to reduce dependency on imports
- Establishment of India’s largest solar cell giga factory at a single location
- Integration of robotic automation and N-Type technology across manufacturing lines
Currently, Vikram Solar operates 4.5 GW of module capacity across Falta SEZ (Kolkata) and Chennai, with both facilities certified under ISO 9001, 14001, 45001, and SA 8000 standards.
Industry Context
The company’s strong quarterly performance comes as India’s solar energy sector reaches an inflection point.
According to CRISIL and MNRE data, India has a solar pipeline of 115 GW, and demand projections suggest 300 GW DC installations by 2030.
Recent government policy moves — such as the DGTR’s recommendation of anti-dumping duties on Chinese solar cells, MNRE’s ALMM-3 framework mandating domestic wafer listing by June 2028, and GST cuts to 5% for renewable energy equipment — are expected to further boost domestic manufacturers like Vikram Solar.
Global Expansion and Strategic Positioning
Vikram Solar is rapidly emerging as a global clean-tech brand with expanding footprints across Asia, Europe, and North America. The company’s international offices in Berlin, Shanghai, and Massachusetts enable closer engagement with customers and supply chain partners worldwide.
With BloombergNEF Tier-1 ranking for six consecutive quarters and recognition as a Top Performer in KIWA PVEL’s Reliability Scorecard for the eighth time, Vikram Solar continues to consolidate its position as one of the world’s most bankable module manufacturers.
Its export contribution, now forming one-fifth of total sales, underscores growing global demand for its high-quality, India-made solar solutions. The company’s ability to balance domestic leadership with export expansion positions it strongly for long-term growth.
Leadership and Governance
The board, led by Chairman & Managing Director Gyanesh Chaudhary, continues to blend operational depth and strategic foresight. The company recently appointed Sumit Binani and Subramanya Krishnappa as independent directors, alongside the induction of Vikram Limaye on the advisory board — signaling a stronger governance and strategic advisory framework ahead of its next growth phase.
A Strong Quarter Setting the Tone for FY26
Vikram Solar Q2 FY26 results mark a sharp inflection in its profitability trajectory. With sustained demand in India’s renewable sector, a robust order book, near-zero debt, and strategic manufacturing expansion, the company appears well-positioned to capture value from both domestic and export markets.
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