Vikram Solar Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,638 Cr
- P/E
- 12.86
- ROE
- 21.37%
- PEG
- 0.07
- Price to sales
- 0.89
- Debt to equity
- 0.19
- 52W high / low
- ₹329 / ₹128
- Sales growth (5Y)
- 24.43%
- EBITDA margin
- 15.30%
- Net profit margin
- 9.86%
- Promoter holding
- 63.01%
- Sales (last year)
- ₹5,232 Cr
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]
Guidance scorecard · Q1 FY27 call
What Vikram Solar Ltd's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ1 FY27 call
20–40%- 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.
2 more points from Vikram Solar Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Vikram Solar Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- 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.
2 more points from Vikram Solar Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Vikram Solar Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Current order book stands at approximately 7.9 to 8 GW, entirely consisting of non-DCR orders.
- Distribution segment and DCR orders are not part of the current order book but are increasing in volume.
- The order book composition is shifting towards a diversified customer base, including large accounts, mid-market, and distribution channels, improving price realizations.
- Executable volume from the order book in the current fiscal year is uncertain due to customer plan changes; clarity expected after one more quarter.
2 more points from Vikram Solar Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingVikram Solar Ltd announcements
All announcements →Financials of Vikram Solar Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Vikram Solar Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 631 | 573 | 1,026 | 1,194 | 1,134 | 1,110 | 1,106 | 1,453 |
| Expenses + | 519 | 501 | 941 | 970 | 891 | 875 | 901 | 1,218 |
| Operating Profit | 111 | 72 | 85 | 224 | 242 | 235 | 205 | 234 |
| OPM % | 18% | 13% | 8% | 19% | 21% | 21% | 19% | 16% |
| Other Income + | 6 | 11 | 12 | 8 | 4 | 16 | 15 | 18 |
| Interest | 45 | 34 | 28 | 48 | 32 | 32 | 40 | 57 |
| Depreciation | 37 | 37 | 39 | 42 | 34 | 35 | 37 | 57 |
| Profit before tax | 36 | 11 | 30 | 141 | 181 | 184 | 143 | 139 |
| Tax % | 36% | 36% | 36% | 36% | 26% | 30% | 31% | 21% |
| Net Profit + | 23 | 7 | 19 | 91 | 133 | 128 | 98 | 110 |
| EPS in Rs | 0.72 | 0.23 | 0.60 | 2.86 | 4.21 | 3.55 | 2.71 | 3.05 |
Financials of Vikram Solar Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 1,640 | 1,610 | 1,730 | 2,073 | 2,511 | 3,423 | 4,802 |
| Expenses + | 1,500 | 1,433 | 1,672 | 1,886 | 2,112 | 2,931 | 3,886 |
| Operating Profit | 140 | 177 | 59 | 187 | 399 | 492 | 917 |
| OPM % | 9% | 11% | 3% | 9% | 16% | 14% | 19% |
| Other Income + | 22 | 17 | 13 | 18 | 1 | 36 | 53 |
| Interest | 95 | 99 | 103 | 122 | 155 | 155 | 161 |
| Depreciation | 37 | 39 | 48 | 64 | 138 | 156 | 162 |
| Profit before tax | 30 | 56 | -79 | 19 | 107 | 217 | 647 |
| Tax % | 26% | 32% | -21% | 23% | 26% | 36% | 27% |
| Net Profit + | 22 | 38 | -63 | 14 | 80 | 140 | 470 |
| EPS in Rs | 8.06 | 16.23 | -2.43 | 0.56 | 3.08 | 4.42 | 12.98 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Vikram Solar Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| Reserves | 334 | 391 | 92 | 106 | 187 | 925 | 2,805 |
| Borrowings + | 494 | 672 | 749 | 738 | 854 | 272 | 645 |
| Other Liabilities + | 720 | 712 | 1,137 | 1,373 | 1,286 | 1,318 | 1,916 |
| Total Liabilities | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 | 5,728 |
| Fixed Assets + | 357 | 381 | 547 | 644 | 505 | 554 | 1,127 |
| CWIP | 11 | 67 | 4 | 18 | 28 | 63 | 418 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 1,209 | 1,350 | 1,687 | 1,814 | 2,052 | 2,215 | 4,184 |
| Total Assets | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 | 5,728 |
Financials of Vikram Solar Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 227 | 13 | 201 | 195 | 152 | 299 | 630 |
| Cash from Investing Activity + | -36 | -40 | -155 | -110 | -64 | -169 | -1,748 |
| Cash from Financing Activity + | -174 | 4 | -36 | -102 | -81 | -100 | 1,115 |
| Net Cash Flow | 16 | -23 | 10 | -17 | 7 | 30 | -4 |
| Free Cash Flow | 182 | -40 | 41 | 82 | 81 | 152 | -92 |
| CFO/OP | 165% | 4% | 358% | 106% | 41% | 66% | 85% |
Financials of Vikram Solar Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 118 | 167 | 194 | 169 | 172 | 131 | 92 |
| Inventory Days | 66 | 58 | 70 | 84 | 86 | 61 | 90 |
| Days Payable | 144 | 149 | 198 | 101 | 141 | 118 | 171 |
| Cash Conversion Cycle | 41 | 75 | 66 | 152 | 117 | 74 | 11 |
| Working Capital Days | 8 | 26 | 0 | 62 | 64 | 61 | 37 |
| ROCE % | 16% | 2% | 13% | 23% | 26% | 31% |
Guidance history
How Vikram Solar Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
1 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −61.0% | 1% |
| Last 6 months | −41.7% | 1% |
| Last 3 months | −27.1% | 5% |
The price is 66.2% below its all-time high of ₹378.8 (10 Sept 2025). Stocks more than 20% below their peak have their score halved, so 2 became 1.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Vikram Solar Ltd: 0.4 × 1 + 0.4 × 1 + 0.2 × 5 = 2, halved to 1 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Vikram Solar Ltd's management said in earlier quarters
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