Vikram Solar Ltd
Vikram Solar Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
FY '26 sales volume at 2.3 GW in 9 months, up significantly from 1.1 GW in 9MFY '25, indicating strong growth momentum. Vikram Solar expects sustained strong performance driven by a robust order book and expanding manufacturing capacity (Page 8).
From Vikram Solar Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY '26 sales volume at 2.3 GW in 9 months, up significantly from 1.1 GW in 9MFY '25, indicating strong growth momentum.
- Q3 FY'26 sales volume of 796 MW, up from 590 MW YoY, with revenues increasing to INR1,106 crores from INR1,026 crores.
- FY '27 order inflow target set at 1.2x to 1.3x of scheduled deliveries for next four quarters, roughly 14-15 GW.
- Strong order book expected to sustain operations through next 4-5 quarters and healthy pipeline anticipated beyond FY'28.
- Utility-scale solar demand projected at 35 GW DC in FY'28, supported by tendered capacity pipeline of 70-75 GW non-DCR and over 15 GW DCR.
- Growth driven by utility-scale, C&I, rooftop solar, and storage sectors.
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
- INR 6,400 crores capex planned for cell and module manufacturing expansion over next 24-30 months.
- This includes shifting and commissioning a 12 GW cell plant (9 GW line from Thailand plus 3 GW organic expansion), expected operational by December 2026.
- Equity requirement for this capex around INR 2,400 crores, funded through IPO proceeds and internal accruals.
- INR 4,300 crores capex planned for Battery Energy Storage System (BESS) facilities with 7.5 GWh integrated capacity.
- Initial 5 GWh battery pack unit to commission in FY27; full integrated cell and battery pack facility to follow.
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
- FY '26 order inflow was around 9.5 GW.
- FY '27 target order inflow is approximately 14-15 GW, aiming for 1.2x to 1.3x of scheduled deliveries for the next four quarters.
- Order book split: ~50% from IPPs; government orders are periodic and sporadic.
- Increasing focus on Commercial & Industrial (C&I) and distribution segments for future orders.
- Current order book is sufficient to support operations for the next 4-5 quarters, even without cell capacity.
- Addressable market: 104 GW of tendered capacity (non-DCR) plus 15 GW for DCR in next two fiscals.
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 Q3 FY26 results?
FY '26 sales volume at 2.3 GW in 9 months, up significantly from 1.1 GW in 9MFY '25, indicating strong growth momentum. Vikram Solar expects sustained strong performance driven by a robust order book and expanding manufacturing capacity (Page 8).
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?
INR 6,400 crores capex planned for cell and module manufacturing expansion over next 24-30 months.
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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.