One of India’s leading solar PV module manufacturers, Vikram Solar, has announced outstanding Q1 FY26 results. With revenue surging nearly 80% and profits multiplying nearly fivefold, the company is emerging as a key player in India’s renewable energy landscape. Following the news, shares of Vikram Solar surged 13%, reaching an intraday high of INR 407.85 per share.
Vikram Solar Q1 FY26 results highlight the company’s strong financial momentum, ambitious expansion plans, and industry-leading market positioning.
Vikram Solar Q1 FY26: Financial Performance
Vikram Solar Q1 FY26 performance reflects both robust demand and operational excellence. The results show strong year-on-year (YoY) growth compared to Q1 FY25 and reinforce the momentum from FY24 and FY25.
Vikram Solar Q1 FY26 vs Q1 FY25
| Metric | Q1 FY25 | Q1 FY26 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 630.9 | 1,133.6 | +79.7% |
| Gross Profit | 182.3 | 355.8 | +95.2% |
| Gross Profit Margin | 28.9% | 31.4% | +250 bps |
| EBITDA | 111.5 | 242.2 | +117.3% |
| EBITDA Margin | 17.7% | 21.4% | +370 bps |
| Profit Before Tax | 35.5 | 180.6 | +408.7% |
| Profit After Tax | 22.8 | 133.4 | +483.9% |
| PAT Margin | 3.6% | 11.7% | +810 bps |
| EPS (Basic) | 0.75 | 4.21 | +461% |
Vikram Solar has delivered multi-fold profitability growth, with PAT margins improving by over 800 bps in just one year.
Full-Year Comparison
| Metric | FY24 | FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 2,511 | 3,423.5 | +36.3% |
| Gross Profit | 832.1 | 868.9 | +4.4% |
| EBITDA | 398.6 | 492.0 | +23.4% |
| EBITDA Margin | 15.9% | 14.4% | -150 bps |
| Profit Before Tax | 107.3 | 217.4 | +102.6% |
| Profit After Tax | 79.7 | 139.8 | +75.4% |
| PAT Margin | 3.2% | 4.1% | +90 bps |
| EPS (Basic) | 3.08 | 4.61 | +49.7% |
FY25 full-year results already showed strong momentum, with PAT doubling year-on-year. Vikram Solar Q1 FY26 numbers now suggest an even sharper trajectory into FY26.
Order Book: Doubling Capacity Demand
As of 30 June 2025, Vikram Solar’s order book stood at 10.96 GW, over 2x its rated capacity of 4.5 GW.
Key orders won in Q1 FY26 include:
- 250 MW from Bondada Group (Maharashtra)
- 326 MW from Gujarat Industries Power Company Ltd (GIPCL)
- 336 MW from Larsen & Toubro (L&T)
The strong order inflows reinforce the company’s Tier-1 bankability status and credibility as a reliable supplier in India’s fast-growing renewable market.
Expansion Strategy: Scaling for India’s Solar Boom
Vikram Solar is executing one of the most ambitious capacity expansions in India’s solar sector.
- Current (FY25): 4.5 GW module capacity
- FY27 Target: 17.5 GW module capacity + 12 GW solar cell capacity + 5 GWh BESS
Ongoing Projects
- Vallam, Tamil Nadu (5 GW module plant): Engineering & procurement complete, construction underway.
- Gangaikondan, Tamil Nadu (6 GW module + 12 GW solar cell plant): Approvals received, equipment finalized, construction in progress.
This backward integration will significantly reduce dependence on imports, strengthen margins, and align with Domestic Content Requirement (DCR) and ALMM compliance policies.
India’s Energy Transition
India’s renewable sector is entering a supercycle with aggressive policy support:
- 180 GW solar additions by 2030
- PLI scheme: 48 GW bids sanctioned
- PM Surya Ghar Muft Bijli Yojana: 30 GW rooftop target
- KUSUM scheme: 34.8 GW decentralized capacity
- Green Hydrogen Mission: 125 GW capacity by 2030
- Net zero target by 2070
With India’s 10,830 GW solar potential (TERI, 2025), domestic manufacturers like Vikram Solar are strategically positioned to capture this growth.
Balance Sheet: Strengthening Financial Health
- Debt-to-Equity: 2.0x in FY23 → 0.2x in FY25
- Equity base: INR 365 crore in FY23 → INR 1,242 crore in FY25
- ROE: 20.8% in FY24 → 24.5% in FY25
- ROCE: 12.8% in FY23 → 16.6% in FY25
The deleveraged balance sheet gives Vikram Solar financial headroom to fund its expansion largely through equity and internal accruals.
Risks & Challenges
- Execution risk in scaling projects on schedule.
- Continued dependency on global wafer/polysilicon prices.
- Margin pressure if module prices decline globally.
- High working capital requirements in a fast-growing order book.
Outlook
Vikram Solar Q1 FY26 results showcase a company firing on all cylinders — rapid revenue growth, sharp profitability, robust order inflows, ESG recognition, and strong balance sheet fundamentals. With a clear roadmap to 17.5 GW module and 12 GW solar cell capacity by FY27, coupled with India’s favorable policy push, Vikram Solar is well positioned to consolidate its place as India’s most valuable solar manufacturer in the coming years.
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