Vikram Solar Q1 FY26 results: net profit ₹133.36 crore

How did Vikram Solar perform in Q1 FY26?

Vikram Solar reported consolidated revenue of ₹1,134 crore, EBITDA of ₹242.19 crore and an EBITDA margin of 21.4% for the quarter ended 30 June 2025. Profit before tax was ₹180.62 crore, total expenses were ₹957.15 crore and net profit was ₹133.36 crore. Basic EPS was ₹4.21, while other income was ₹4.20 crore and there was no exceptional item. The supplied filing excerpt did not state comparative figures for the year-ago quarter or the previous quarter.

On a standalone basis, revenue was ₹1,135.16 crore and profit after tax was ₹134.41 crore. The board approved unaudited standalone and consolidated results for Q1 FY26 along with the auditors’ limited review report. The comparative standalone figures for the quarter ended 30 June 2024 and the quarter ended 31 March 2025 were represented by management and were not subjected to audit or review because the company was listed on 26 August 2025.

What else did the company announce?

On 9 September 2025, the board appointed Ernst & Young LLP as the company’s internal auditor for FY 2025-26. It also approved a postal ballot notice covering ratification of the Vikram Solar Employee Stock Option Plan — 2021 and the determination of fees for delivering documents to members by a particular delivery mode. The same-day board filing did not mention a dividend or a further fund raise.

The auditors’ review report highlighted a payment of safeguard money of Rs. 1,485.20 million, treated as a receivable while the matter was sub judice. It also noted Rs. 843.88 million included in trade receivables that certain EPC and other-contract customers had withheld or recovered over liquidated damages, generation loss and related matters. Management said it was hopeful of resolution in the company’s favour, with financial adjustments dependent on the legal outcome.

What did Vikram Solar's management say?

Management said module capacity would scale from 4.5 GW to 17.5 GW by FY27, alongside planned cell capacity of 12 GW. The company expects total capex of ~INR6,000+ crores for the module and cell expansion, funded through IPO equity, PSU or private bank debt and internal accruals; management said no further equity raise was planned. The 5 GW Vallam module facility was expected to be commissioned in Q3 FY26, while effective capacity utilisation was 89% in Q1.

Management said the 10.96 GW order book was supported by a 38 GW pipeline, with a 14% export mix and near-100% domestic shipments currently. It also described a BESS entry involving initial manufacturing capacity of 1 GWh, expandable to 5 GWh and commissioned in FY27, under a manufacturing-only model without IPP or EPC operations. Management identified US tariff uncertainty, polysilicon price volatility, industry capacity expansion and government contracts without price-variation clauses as risks.

Chairman and Managing Director Gyanesh Chaudhary said: “This call is not just about quarterly numbers. It is about the larger story we are all a part of, the story of India's energy transition.” CFO Ranjan Jindal said: “This quarter marks a clear shift in the quality of our earnings.” No analyst questions were included in the supplied earnings-call material.

How did Vikram Solar shares react?

The shares initially fell 0.5% within 5 minutes of the filing, then rose 4.2% after 15 minutes and 5.3% after 30 minutes. From the pre-results close of ₹359.70, the stock was up 5.0% on the reaction day and, by the next day’s close, was up 3.2% from that pre-results close. The Other Electrical Equipment industry median moved up 1.1% on the reaction day and 2.3% by the next day’s close, giving Vikram Solar an excess-sector move of 3.9 percentage points and 0.9 percentage points, respectively.

By the fifth-session close, the stock was down 3.3% from its pre-results close, while the industry median was up 3.3% and the Nifty Microcap 250 was up 2.2%. Vikram Solar therefore trailed the industry median by 6.6 percentage points over that period. No earlier results-day reactions were available in the supplied data.

How did other Other Electrical Equipment companies do?

Among the 36 Other Electrical Equipment companies compared for this quarter, the median revenue growth was 25.5%. The company’s own revenue growth was higher than the peers growing slower than the company and lower than the peers growing faster than the company. Of the 39 peers for which profit was compared, 27 reported higher profit.