Vikram Solar Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Electrical Equipment | Market Cap: ₹6.3K Cr
Q1 FY27 module production was around 1 GW (1,085 MW); sales closely match production volumes. Vikram Solar targets significant growth driven by policy-aligned, integrated manufacturing expansion, including a 9 GW cell plant (commissioning Q4 FY27) and 9 GW wafer-ingot facility.
From Vikram Solar's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹170
Market Cap
₹6.3K Cr
P/E Ratio
17.4
Revenue Rank
Margin Rank
How does Vikram Solar rank in Electrical Equipment?
Compare Vikram Solar against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.
Vikram Solar — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.5K Cr, net profit ₹110 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 2- →Q1 FY27 module production was around 1 GW (1,085 MW); sales closely match production volumes.
- →Management maintains FY27 guidance of 7-8 GW module production by year-end, pending market/policy clarity.
- →DCR business expected to grow 2 to 2.5 times every quarter, increasing overall sales volume.
- →Order backlog strong at 7.1 GW from large accounts, mix of DCR and non-DCR.
- →Expansion in production facilities: 6 GW module plant (commissioned Q1), 9 GW cell plant (on track for Q4 FY27), and 9 GW wafer-ingot facility planned.
- →Backward integration from wafer to module will reduce costs, supporting margin expansion and volume scale-up.
- →Market impacted by policy (ALMM 2) and global uncertainties; sales growth tied closely to policy clarity.
- →Long-term growth supported by diversified customer base (large accounts, mid-market, distribution) and new international markets.
📈 Profitability & Margins
Rank 3- →Vikram Solar targets significant growth driven by policy-aligned, integrated manufacturing expansion, including a 9 GW cell plant (commissioning Q4 FY27) and 9 GW wafer-ingot facility.
- →EBITDA margins expected to improve post cell line commission owing to better capture of cell margins, stabilizing after current quarter impacts.
- →Current quarter EBITDA margin was 8.06%, impacted by input cost inflation and competitive pricing; margins are expected to broadly stabilize or improve as input costs normalize and volumes increase.
- →Revenue grew 38% YoY in Q1 FY27; production capacity expanded to support 9-9.5 GW volume for FY27, but volumes and margins depend on market and policy clarity.
- →DCR (Domestic Content Requirement) segment expected to grow 2-2.5x every quarter, contributing higher margins than non-DCR sales over time.
- →Overall profitability and EPS growth will hinge on policy clarity, ramp-up of backward integration, and increasing high-margin distribution channel sales.
- →No updated guidance currently; management plans to provide more clarity mid-year as policy and market conditions evolve.
🏗️ Capital Expenditure Plans
Yes- →Vikram Solar is investing in a fully integrated manufacturing platform at Gangaikondan in three stages:
- → - 6 GW module facility (fully funded)
- → - 9 GW cell plant (under construction)
- → - 9 GW wafer and ingot facility (board approval received for increase from 6 GW to 9 GW)
- →Total capex for 9 GW wafer-ingot project estimated at approx. INR 5,600 crores.
- →INR 500 crores of capex deployed in the recent quarter, 80% towards module facility, rest for cell plant.
- →Anticipated capex deployment for the current fiscal year is around INR 4,700-5,000 crores, funded majorly through debt.
- →Next phase 3 GW cell plant planned for FY28 with upgraded technology beyond Topcon.
- →BESS assembly plant (7.5 GWh) expected to be operational by March 2027.
- →7.5 GWh LFP cell manufacturing plant targeting commercial operations by Q4 FY29. Land and incentives discussions ongoing with states.
- →Capex phased roughly INR 5,000 crores in FY27 and similar numbers for FY28.
💰 Fundraising & Capital Structure
Yes- →Vikram Solar plans to fund capex primarily through debt with a target debt-equity ratio of around 70:30.
- →Expected funding mix for upcoming capex is approximately 75% debt and 25% equity.
- →Financial closure for the capex funding is currently in process.
- →Total capex for the 9-gigawatt wafer-ingot project is around INR 5,600 crores.
- →For FY27 and FY28, capex spending is expected to be about INR 5,000 crores each year.
- →No explicit mention of new equity fundraising in the transcript; focus is on debt funding to support expansion.
- →The company's balance sheet remains strong, carrying no long-term debt currently, indicating planned debt drawdowns are strategic and phased.
📋 Order Book & Pipeline
No information- →Current order book stands at approximately 7.9 to 8 GW, entirely consisting of non-DCR orders (Page 13, 24).
- →Distribution segment and DCR orders are not part of the current order book but are increasing in volume (Page 13, 24).
- →The order book composition is shifting towards a diversified customer base, including large accounts, mid-market, and distribution channels, improving price realizations (Page 3, 24).
- →Executable volume from the order book in the current fiscal year is uncertain due to customer plan changes; clarity expected after one more quarter (Page 10, 24).
- →Demand from the C&I segment (~15 GW annually) has resumed after deferral of ALMM-2 policy, boosting non-DCR procurement (Page 15, 24).
- →DCR volumes started contributing (~75 MW in Q1) with anticipated growth in subsequent quarters, primarily servicing distribution channels (Page 24).
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Vikram Solar Q1 FY27 results?
Q1 FY27 module production was around 1 GW (1,085 MW); sales closely match production volumes. Vikram Solar targets significant growth driven by policy-aligned, integrated manufacturing expansion, including a 9 GW cell plant (commissioning Q4 FY27) and 9 GW wafer-ingot facility.
What is Vikram Solar share price analysis?
Vikram Solar currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 17.4 with a market cap of ₹6,277 Cr. Investors should review the full earnings analysis for detailed insights.
Is Vikram Solar planning capital expenditure?
Vikram Solar is investing in a fully integrated manufacturing platform at Gangaikondan in three stages: - 6 GW module facility (fully funded) - 9 GW cell plant (under construction) - 9 GW wafer and ingot facility (board approval received for increase from 6 GW to 9 GW) - Total capex for 9 GW wafer-ingot project estimated at approx.
Keep Vikram Solar on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.