Please find enclosed the Transcript of the Q4 and FY26 Earnings Conference Call held on Friday, May 08, 2026
VIKRAMSOLR · price
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Vikram Solar reported record FY26 results with revenue of INR 4,800 crores (up 40% YoY), EBITDA of INR 917 crores at 19% margins (expanded 500 bps), and PAT of INR 470 crores at 10%. Q4 alone delivered INR 1,450 crores revenue with 1 GW quarterly production and 1.9 GW order booking—both all-time highs. The company announced a three-phase backward integration roadmap: 9 GW TOPCon cell facility commissioning from December 2026, 6 GW wafer-ingot plant at Gangaikondan (INR 3,700 crores) by FY29, and 15 GWh BESS capacity by FY30. New CEO Sameer Nagpal outlined targets of 8 GW production in FY27 and full integration from ingot-to-module by FY30. The balance sheet remains strong with zero long-term debt and net-debt-to-equity of 0.03. Management guided EBITDA per watt peak of INR 1.75-2 for Non-DCR and INR 5 for DCR by FY28.
Strong execution and record financials position Vikram Solar to capture India's accelerating solar demand, though rising debt levels (INR 3,200 crores by FY27, INR 6,500 crores by FY28) and near-term margin pressure from raw material inflation warrant monitoring.