Vikram Solar Ltd
Vikram Solar Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
FY26 achieved 40% YoY revenue growth to INR 4,800 crores, with sales volume up 76% to 3.3 GW. FY27 Guidance: Targeting 7.5 to 8 GW capacity with EBITDA growth of approximately 74% over FY26, aiming for INR 1,500 to 1,600 crores EBITDA.
From Vikram Solar Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY26 achieved 40% YoY revenue growth to INR 4,800 crores, with sales volume up 76% to 3.3 GW.
- FY27 plans to deliver approximately 7.5 to 8 GW of capacity, targeting 74% EBITDA growth over FY26, aiming for EBITDA of INR 1,500 to 1,600 crores.
- Module capacity scaling from 9.5 GW currently to 15.5 GW post Gangaikondan 6 GW module plant commissioning.
- 9 GW TopCon cell plant scheduled phased commissioning through Q4 FY27, with an additional 3 GW planned in FY28 for full cell integration.
- Commencement of wafer-ingot facility adding 6 GW in FY29, further backward integration.
- BESS capacity growth initiated, aiming for 15 GWh by FY30.
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
- 9-gigawatt TopCon cell plant: Phased commissioning through Q4 FY27, first cell rollout in Dec 2026; capitalized at approx. INR 5,400 crores for 12 GW (spread over FY27 and FY28).
- 3-gigawatt cell facility planned for FY28, completing cell-level integration.
- Wafer-ingot facility: 12-gigawatt capacity with first 6 GW phase approved (~INR 3,700 crores), commissioning by FY29, followed by remaining capacity later.
- Battery Energy Storage System (BESS): 15 GWh capacity journey started; 5 GWh cell-to-pack facility commissioning by March 27, 7.5 GWh battery cell manufacturing phases in FY29 and FY30.
- Backward integration focus: Emphasis on assembling and manufacturing cell and wafer-ingot capacities in India.
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 March 31, 2026, Vikram Solar's order book stood at 8.2 gigawatts, with 7.2 GW domestic orders.
- Out of the domestic orders, 6 GW are expected to be executed in FY27, mostly in the non-DCR segment.
- Around 1.2 GW remains in the order book for the residual portion of the 87 GW grandfathered non-DCR projects.
- The transition from non-DCR to DCR orders is ongoing, with renegotiations for margin optimization; final inclusion depends on this.
- The company has about 1 GW of export orders primarily in non-Indian markets like North Africa, EU, Australia, and the Middle East.
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 Q4 FY26 results?
FY26 achieved 40% YoY revenue growth to INR 4,800 crores, with sales volume up 76% to 3.3 GW. FY27 Guidance: Targeting 7.5 to 8 GW capacity with EBITDA growth of approximately 74% over FY26, aiming for INR 1,500 to 1,600 crores EBITDA.
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?
9-gigawatt TopCon cell plant: Phased commissioning through Q4 FY27, first cell rollout in Dec 2026; capitalized 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.