Vikram Solar Ltd
Vikram Solar Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Strong demand outlook supported by a 38 GW pipeline in advanced discussions, providing visibility for the next 24-36 months. Strong growth in revenues with 94% YoY increase in Q2 FY26, reaching INR 1,110 crores.
From Vikram Solar Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Strong demand outlook supported by a 38 GW pipeline in advanced discussions, providing visibility for the next 24-36 months.
- Order book at 11.15 GW as of September 30, 2025, up 36% YoY, with 85% domestic orders, indicating a robust growth runway.
- Full utilization of the expanded 15.5 GW capacity expected in FY27, with projected annual production of ~10.5 GW at 65% capacity utilization.
- Sales volumes in Q2 FY26 rose 189% YoY to 784 MW; H1 FY26 volumes up 159% to 1,548 MW, showing strong volume momentum.
- Revenue growth of 94% YoY in Q2 FY26 to INR 1,110 crores; H1 FY26 revenues increased 86% YoY to INR 2,244 crores.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Vikram Solar Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Ongoing capex of INR 6,200 crores for expansion projects:
- 5 GW module manufacturing facility at Vallam, Tamil Nadu, commissioning in Q3 FY26.
- 6 GW module capacity and 12 GW cell capacity Greenfield project at Gangaikondan, commissioning planned for Q4 FY26.
- The 12 GW cell capacity split into two phases:
- Phase 1: 3 GW (part of IPO objective).
- Phase 2: additional 9 GW cell lines.
- Capex funding mix: ~70% debt, ~30% equity/internal accruals; INR 900 crores expected from internal accruals in next 18 months.
- Debt expected around INR 3,400-3,500 crores by FY27-end with debt-to-equity below 1.
2 more points management made on capital expenditure plans
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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 Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of September 30, 2025, Vikram Solar's order book stands at 11.15 GW, marking a 36% growth compared to 8.21 GW a year ago.
- The order book comprises 85% domestic orders and 15% export orders.
- The company has a robust pipeline with approximately 38 GW of prospective orders, providing strong visibility for upcoming quarters.
- The 38 GW pipeline is largely domestic, split across IPP, C&I, distribution, and KUSUM-related inquiries.
- Beyond the current order book, there is a runway of 104 GW of orders that have been tendered, awarded, and are in advanced execution stages, unfolding in the next 24-36 months.
2 more points management made on order book & pipeline
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's management said in earlier quarters
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Frequently Asked Questions
What were Vikram Solar Ltd Q2 FY26 results?
Strong demand outlook supported by a 38 GW pipeline in advanced discussions, providing visibility for the next 24-36 months. Strong growth in revenues with 94% YoY increase in Q2 FY26, reaching INR 1,110 crores.
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?
Ongoing capex of INR 6,200 crores for expansion projects: - 5 GW module manufacturing facility at Vallam, Tamil Nadu, commissioning in Q3 FY26.
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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.