Vikram Solar Limited has informed the Exchange about Investor Presentation
VIKRAMSOLR · price
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Vikram Solar submitted to the exchanges the investor presentation from its March 24, 2026 analyst meet in Mumbai. The company reported strong 9MFY26 performance: revenue of ₹3,350 Cr (up 50% YoY) and EBITDA of ₹682 Cr (up 154% YoY), with 9.5 GW of module capacity operational and a 10.6 GW order book (84% domestic, 16% export). Management outlined a multi-year roadmap to reach 100% backward integration by FY30 — 9 GW cell plant in FY27, 3 GW XBC cell plant by FY28, and 12 GW wafer-ingot by FY29-30 — plus 15 GWh of BESS capacity, targeting India's 321 GWh national storage requirement. The export strategy positions Vikram as a non-Chinese, FEOC/CBAM-compliant supplier for the US, Europe, and APAC. The CFO noted D:E at peak under 1.0x.
This is a comprehensive growth update: near-term numbers are strong (EBITDA up 154%) and the multi-year roadmap into cells, wafers, and BESS opens new revenue streams and supports a potential re-rating. Investors should watch execution of the aggressive capacity build-out, since timelines stretch to FY30 and module overcapacity (173 GW supply vs 75 GW demand) could pressure pricing even as cell/BESS remain tight.