NSE: VIKRAMSOLR · BSE: 544488
VIKRAM SOLAR LIMITED
Manufactures solar photovoltaic modules and is building a fully integrated solar value chain from ingot to module. The business is currently a module assembler and is moving backward into solar cells — a 9 GW TOPCon cell facility is to start producing in December 2026, with another 3 GW in FY28 — and into wafer and ingot, with the first 6 GW to commission in March 2028 and scale to 12 GW by FY30. Module nameplate capacity is set to reach 15.5 GW by Q1 FY27 via a new Gangaikondan, Tamil Nadu plant; cumulative module deployment has crossed 10 GW, powering more than 5 million Indian homes. The new Hypersol N-Type TOPCon G12R modules deliver 615-640 Wp at up to 23.69% efficiency. The company is also entering battery energy storage, targeting 5 GWh of cell-to-pack capacity by March 2027 and 15 GWh by FY30. The order book stood at 8.2 GW. The biggest cost line is materials at 70.9% of revenue, covering silicon, wafers, cells and other inputs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar PV modules, Solar cells (under build-out), Wafer and ingot (under build-out), Battery energy storage (BESS). Capital-intensive, capacity-led solar manufacturing in a policy-driven, cyclical sector.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 4,802 |
| EBITDA (ex other income) | 911 |
| margin % | 19.0 |
| Owners' profit | 470 |
| EPS, as reported (₹) | 13.68 |
| ROE % · ROCE % | 14.9 · 21.5 |
| Debt / equity (x) | 0.03 |
| Cash from operations | 630 |
| Capex | (722) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 1,134 | 1,110 | 1,106 | 1,453 | 1,563 |
| Profit before tax | 181 | 184 | 143 | 139 | 25 |
| Net profit | 133 | 128 | 98 | 110 | 20 |
| EPS (₹) | 4.21 | 3.83 | 2.71 | 3.05 | 0.55 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.8 | 22.6 | 16 of 52 | 71% |
| P/B | 1.5 | 3.3 | 12 of 49 | 77% |
| ROCE | 17.3 | 12.4 | 24 of 55 | 57% |
| ROE | 14.8 | 12.4 | 22 of 50 | 57% |
| Debt / Equity | 0.0 | 0.3 | 6 of 50 | 90% |
| EBITDA margin | 8.9 | 12.6 | 36 of 51 | 30% |
| Revenue growth | 37.9 | 20.7 | 18 of 46 | 62% |
| Profit growth | (85.2) | 37.7 | 40 of 45 | 11% |
| Market cap | 4719 | 576 | 11 of 56 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Vikram Solar wins 289.87 MWp domestic solar module order | business updates | high | — | — |
| 23 Oct 2026 · 9 GW solar cell plant on schedule for December 2026 start | compliance | low | — | — |
| 15 Oct 2026 · Vikram Solar wins 187 MW solar module order from domestic renewable developer | business updates | high | — | — |
| 6 Oct 2026 · Compliance certificate for dematerialisation of securities for July to September 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closed from Oct 1 Until Q2FY27 Results Announcement | compliance | minimal | — | — |
| 29 Sept 2026 · Vikram Solar EVP Sales resigns, Nimish Jain named Chief Business Officer | management changes | medium | — | — |
| 28 Sept 2026 · Vikram Solar wins 400 MW solar module order for Maharashtra agri-solar projects | business updates | high | — | — |
| 17 Sept 2026 · Vikram Solar to attend Anand Rathi G-200 Summit 2026 on Sept 22 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Vikram Solar signs 1 GW solar cell supply deal worth about Rs 1,250 cr with Avaada Electro | business updates | high | — | — |
| 11 Sept 2026 · Vikram Solar wins 124 MW module supply order for Andhra Pradesh project | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.