Vikram Solar Limited has informed the Exchange about Transcript
VIKRAMSOLR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Vikram Solar reported record FY26 results with revenue of INR4,800 crores (up 40% YoY) and sales volume of 3.3 GW (up 76% from 1.9 GW). EBITDA reached INR917 crores with 19% margin (500 bps improvement), and PAT was INR470 crores at 10% margin. Q4 alone saw revenue of INR1,450 crores. The company has an order book of 8.2 GW as of March 2026. Key strategic updates include: 6 GW module facility at Gangaikondan commissioning in June 2026; 9 GW TOPCon cell facility on track for December 2026; Board approved 6 GW wafer-ingot facility (INR3,700 crore) at Gangaikondan; BESS capacity target of 15 GWh by FY30 with 5 GWh assembly by March 2027. The CFO highlighted strong balance sheet with no long-term debt and working capital cycle compressed from 82 to 44 days. Management guided EBITDA per watt peak to improve from INR1.75-2 to INR5 by FY28 after full cell integration.
The company demonstrates strong execution with record financials and clear backward integration roadmap. However, near-term margin pressure exists due to higher input costs and industry-wide competitive dynamics, with full margin accretion expected only after cell and wafer-ingot facilities are commissioned from FY28 onwards.