Vikram Solar
Vikram Solar Q1 FY27 earnings call: Revenue & Margins
Q1 FY27 earnings call: what management guided on revenue, margins and order book.
What the Q1 FY27 call signalled
3 of 4 strong
The short version
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.
Revenue & Sales Performance
- 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.
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Profitability & Margins
See what Vikram Solar said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- 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.
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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
See what Vikram Solar said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- 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).
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Vikram Solar — 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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- Siemens Energy India Ltd (Q1 FY27)
Revenue from operations for Q3 FY2026: ₹2,486 crore, up 39.3% year-on-year from ₹1,785 crore in Q3 FY2025 (Page 7). Key concall takeaways from Siemens Energy…
- GEE Ltd (Q1 FY27)
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1,700 crore revenue from cells alone. Key concall takeaways from Alpex Solar Ltd's Q1 FY27 earnings call — and how it ranks against sector peers.
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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.
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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.