VIKRAMSOLR
Vikram Solar share price & financials
- Price
- ₹192.22
- Market cap
- ₹5.9k Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Vikram Solar Limited Q1 FY27
What went well
- Revenue of ₹1,563 crores, up 38% YoY, driven by a record 1,006 megawatts volume, up 32% YoY.
- EBITDA at ₹126 crores, with a margin of 8.06%, and PAT at ₹19.78 crores.
- Per-watt peak realization rose to ₹15.02, up 8% sequentially, driven by a favorable product mix including DCR.
What to watch
- ALMM 2 enforcement uncertainty held back buying decisions and affected order flow for most of the quarter.
- Gulf conflict pushed up costs of metal, crude-linked raw materials, and freight, impacting the unit cost of goods by ₹1.86 per watt peak.
What Vikram Solar Limited does
Vikram Solar manufactures solar photovoltaic (PV) modules — including N-Type Bifacial, Mono-PERC and HJT variants — at three plants in West Bengal and Tamil Nadu, selling to utility-scale IPPs, EPC contractors, commercial & industrial (C&I) customers, government projects and export markets. It also earns from turnkey EPC execution (design, procurement, construction) and long-term operations & maintenance contracts on commissioned solar plants. The company is backward-integrating into solar cell and wafer/ingot manufacturing, and diversifying into battery energy storage systems (BESS) under its VION brand.
Segments
- Solar PV Module Manufacturing
- EPC & O&M Services
- Battery Energy Storage Systems (BESS)
- Manufacturing plants
- 3 (Falta SEZ, West Bengal; Oragadam and Vallam, Tamil Nadu)
- Installed solar module manufacturing capacity
- 9.5 GW
- Cumulative modules shipped since inception
- 10.46 GW (~25 million+ modules, as of March 2026)
- Distribution network
- 110+ authorized distributors, 100+ system integrators, 550+ dealers across 22 states and 2 union territories
- Permanent employees
- 1,612 (1,523 male : 89 female)
- O&M portfolio under management
- 1.39 GW of solar projects
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 3 delivered 4 missed 16 open- Capacity Commissioning delivered said Q2 FY26 Promised: 5 GW commissioned by December 2025 (Q3 FY26) Q1 FY27: This promise was achieved in Q3 FY26 and is now considered historical.
- Capex Spend went quiet said Q2 FY26 Promised: ~ INR 800 crores by end of FY26 Q1 FY27: The final capex spend for FY26 was not mentioned again, confirming the 'ghosted' status.
- BESS Capacity Commissioning revised up said Q3 FY26 Promised: 5 GWh battery pack commissioned in fiscal '27 Q1 FY27: The plan has been revised up to a 7.5 GWh BESS assembly plant, which remains on track for commercial operations by March 2027.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 37.8%, net profit down 85.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 573 | 1,026 | 1,194 | 1,134 | 1,110 +94% | 1,106 +8% | 1,453 +22% | 1,563 +38% |
| EBITDA | 72 | 85 | 224 | 242 | 235 +226% | 205 +141% | 234 +4% | 126 −48% |
| Net profit | 7 | 19 | 91 | 133 | 128 +1729% | 98 +416% | 110 +21% | 20 −85% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −56.0% 1Y
1Y: ₹378.8 on 10 Sept 2025 → ₹166.86. High ₹378.8 (10 Sept 2025), low ₹156.8 (10 Aug 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.5%
- 7 Aug
- Q4 FY26
- −4.7%
- 8 May
- Q3 FY26
- +1.7%
- 28 Jan
- Q2 FY26
- −2.1%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 40.3% a year over 1 year, FY25 to FY26. Operating margin widened to 19.1%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹3.4k Cr | ₹4.8k Cr |
| Operating profit | ₹492 Cr | ₹916 Cr |
| Operating margin | 14.4% | 19.1% |
| Interest | ₹155 Cr | ₹161 Cr |
| Depreciation | ₹155 Cr | ₹163 Cr |
| Net profit | ₹140 Cr | ₹469 Cr |
| Net margin | 4.1% | 9.8% |
| Cash from operations | ₹290 Cr | ₹667 Cr |
| Free cash flow | ₹184 Cr | ₹384 Cr |
| ROCE | 26.0% | 31.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹24 Cr | ₹259 Cr | ₹259 Cr | ₹259 Cr | ₹362 Cr | ₹362 Cr |
| Reserves | ₹391 Cr | ₹92 Cr | ₹106 Cr | ₹187 Cr | ₹2.6k Cr | ₹2.8k Cr |
| Borrowings | ₹672 Cr | ₹703 Cr | ₹792 Cr | ₹854 Cr | ₹262 Cr | ₹617 Cr |
| Other liabilities | ₹712 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.8k Cr |
| Total liabilities | ₹1.8k Cr | ₹2.2k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹4.8k Cr | ₹5.6k Cr |
| Fixed assets | ₹381 Cr | ₹547 Cr | ₹644 Cr | ₹505 Cr | ₹630 Cr | ₹1.1k Cr |
| Capital work in progress | ₹67 Cr | ₹4 Cr | ₹18 Cr | ₹28 Cr | ₹169 Cr | ₹19 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹742 Cr |
| Other assets | ₹1.4k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹2.1k Cr | ₹4.0k Cr | ₹3.8k Cr |
| Total assets | ₹1.8k Cr | ₹2.2k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹4.8k Cr | ₹5.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, DIIs trimmed −2.16 pp while FIIs added +1.29 pp.
- Promoters
- 63.0%
- FIIs
- 3.4%
- DIIs
- 4.0%
- Public
- 29.6%
Since Sep 2025
- DIIs −2.16 pp
- FIIs +1.29 pp
- Public +1.01 pp
How it drifted, 4 quarters
Over this window DIIs fell from 6.2% to 4.0% — −2.2 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 63.1%, FIIs 2.1%, DIIs 6.2%, Public 28.6%.Dec '25: Promoters 63.0%, FIIs 1.8%, DIIs 4.7%, Public 30.4%.Mar '26: Promoters 63.0%, FIIs 2.9%, DIIs 4.8%, Public 29.3%.Jun '26: Promoters 63.0%, FIIs 3.4%, DIIs 4.0%, Public 29.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kingsman Wealth Fund Pcc - Quantum Leap Fund FPI fund +0.74 pp 1.84% held
- Bandhan Small Cap Fund Mutual fund +0.31 pp 1.89% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vikram Solar Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Vikram Capital Management Private Limited | 30.85% | unchanged |
| Gyanesh Chaudhary Family Trust | 20.17% | unchanged |
| VSL Ventures Private Limited | 4.17% | unchanged |
| Gyanesh Chaudhary | 2.84% | unchanged |
| Vikram India Limited | 2.76% | unchanged |
| Nilam Chaudhary | 1.89% | unchanged |
| Bandhan Small Cap Fund Mutual fund | 1.89% | +0.31 pp |
| Kingsman Wealth Fund Pcc - Quantum Leap Fund FPI fund | 1.84% | +0.74 pp |
| Pragya Jindal | 0.23% | unchanged |
| Prerna Rungta | 0.07% | unchanged |
| Gaurav Goel | 0.01% | unchanged |
| Pratibha Agarwal | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Vikram Solar Limited
Guides on how to read this kind of business and the numbers that matter.