Vikram Solar Ltd
Vikram Solar Q1 FY26 earnings call: Revenue & Margins
Q1 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Vikram Solar's order book stands at 10.96 GW, with a healthy pipeline exceeding 38 GW. Vikram Solar is expecting sustained growth driven by expanded capacities: module capacity scaling up from 4.5 GW to 17.5 GW and a 12 GW solar cell manufacturing line by FY27.
From Vikram Solar Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Vikram Solar's order book stands at 10.96 GW, with a healthy pipeline exceeding 38 GW.
- The company anticipates strong incremental orders across utility scale, commercial & industrial (C&I), and retail segments.
- Module capacity is planned to expand from 4.5 GW currently to 17.5 GW by FY27.
- Cell manufacturing capacity is targeted to scale up to 12 GW by FY27, supporting backward integration.
- The company expects margins to improve with domestic cell manufacturing and government incentives.
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Profitability & Margins
See what Vikram Solar Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Vikram Solar plans a significant capex of INR 6,000+ crores by FY27 for capacity expansion.
- Module capacity to scale from 4.5 gigawatt to 17.5 gigawatt by FY27.
- Planned 12 gigawatt solar cell manufacturing capacity by FY27, making it the largest TOPCon capacity in India at a single location.
- Commissioning a new 5 gigawatt module manufacturing facility in Vallam, Tamil Nadu, by Q3 FY26.
- Establishing a 1 gigawatt hour integrated cell and module Battery Energy Storage System (BESS) manufacturing facility, expandable to 5 gigawatt hours, to be commissioned in FY27.
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The current order book stands at 10.96 gigawatts as of June 30, 2025.
- The order book includes a healthy pipeline of more than 38 gigawatts that Vikram Solar is actively working on.
- No DCR (Domestic Content Requirement) orders are currently in the large-scale order book.
- The company supplies DCR modules primarily to the distribution segment for retail requirements.
- Vikram Solar is open to taking DCR orders and has solar cell tie-ups to support that.
- The mix of orders includes utility-scale projects, commercial & industrial (C&I) segments, and retail segment orders.
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Vikram Solar Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹110 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Vikram Solar Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Vikram Solar Ltd Q1 FY26 results?
Vikram Solar's order book stands at 10.96 GW, with a healthy pipeline exceeding 38 GW. Vikram Solar is expecting sustained growth driven by expanded capacities: module capacity scaling up from 4.5 GW to 17.5 GW and a 12 GW solar cell manufacturing line by FY27.
What is Vikram Solar Ltd share price analysis?
Vikram Solar Ltd currently shows a neutral. The stock trades at a P/E of 13.8 with a market cap of ₹6,544 Cr. Investors should review the full earnings analysis for detailed insights.
Is Vikram Solar Ltd planning capital expenditure?
Vikram Solar plans a significant capex of INR 6,000+ crores by FY27 for capacity expansion. - Module capacity to scale from 4.5 gigawatt to 17.5 gigawatt by FY27. - Planned 12 gigawatt solar cell manufacturing capacity by FY27, making it the largest TOPCon capacity in India at a single location. - Commissioning a new 5 gigawatt module manufacturing facility in Vallam, Tamil Nadu, by Q3 FY26. - Establishing a 1 gigawatt hour integrated cell and module Battery Energy Storage System (BESS) manufacturing facility, expandable to 5 gigawatt hours, to be commissioned in FY27. - Investing in R&D and quality control, including a center of excellence at Falta facility. - Capex funded through a combination of IPO equity, debt from PSU and private banks, and internal accruals.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.