Any current/future capex/capital investment/strategic investment?

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

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

Strong growth in revenues with 94% YoY increase in Q2 FY26, reaching INR 1,110 crores. PAT rose 16x YoY in Q2 FY26 to INR 129 crores; H1 FY26 PAT grew nearly 9x to INR 262 crores. EBITDA margins steady around 21% in recent quarters despite input cost pressures. EPS increased significantly from INR 0.95 (H1 FY25) to INR 8.02 (H1 FY26) on a fully diluted basis. Robust order book of 11.15 GW (36% YoY growth) providing strong visibility. Pipeline of 38 GW domestic orders expected to sustain volume growth over next 24-36 months. Planned capacity expansions (from 4.5 GW to 15.5 GW by FY27) to drive

Current/ Expected Orderbook/ Pending Orders?

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

Any current/future new fundraising through debt or equity?

Total capex requirement is about INR 6,200 crores over the next 18 months. Funding mix expected: approximately 70% debt (~INR 3,500 crores) and 30% equity (~INR 1,500 crores). Around INR 900 crores of the equity portion is planned to be raised from internal accruals. IPO proceeds have already contributed a significant part of the equity funding. Management is mindful of leverage, targeting a debt-equity ratio below 1 post-capex completion by FY27. Current net debt is low (net debt-free at close of Q2 FY26), with some term loan prepayment already done. No immediate new debt or equity fundraisin

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Vikram Solar LtdQ3 FY25Electrical Equipment

Vikram Solar Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹191P/E: 17.5Market Cap: ₹7.9K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→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.
→Emerging demand from green hydrogen, ammonia, data centers expected to further drive volume growth beyond tenders.
→The management expects sustained volume and revenue growth fueled by expanding capacity, strong order book, and diversified sectors.

Margin guidance

Category 3

→Strong growth in revenues with 94% YoY increase in Q2 FY26, reaching INR 1,110 crores.
→PAT rose 16x YoY in Q2 FY26 to INR 129 crores; H1 FY26 PAT grew nearly 9x to INR 262 crores.
→EBITDA margins steady around 21% in recent quarters despite input cost pressures.
→EPS increased significantly from INR 0.95 (H1 FY25) to INR 8.02 (H1 FY26) on a fully diluted basis.
→Robust order book of 11.15 GW (36% YoY growth) providing strong visibility.
→Pipeline of 38 GW domestic orders expected to sustain volume growth over next 24-36 months.
→Planned capacity expansions (from 4.5 GW to 15.5 GW by FY27) to drive volume and revenue growth.
→Continued focus on profitability and cost efficiency amid growing demand.
→Overall, optimistic outlook for strong earnings and EPS growth supported by scaling operations and rising demand.

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Fundraise plans

Yes

→Total capex requirement is about INR 6,200 crores over the next 18 months.
→Funding mix expected: approximately 70% debt (~INR 3,500 crores) and 30% equity (~INR 1,500 crores).
→Around INR 900 crores of the equity portion is planned to be raised from internal accruals.
→IPO proceeds have already contributed a significant part of the equity funding.
→Management is mindful of leverage, targeting a debt-equity ratio below 1 post-capex completion by FY27.
→Current net debt is low (net debt-free at close of Q2 FY26), with some term loan prepayment already done.
→No immediate new debt or equity fundraising announced; future changes will be communicated if needed.

Order book

Yes

→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.
→The current order book provides a proper runway for 24-30 months.
→Demand drivers include new segments like green hydrogen, green ammonia, and data centers, which will increase future solar demand.

Capex plans

Yes

→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.
→Strategic focus on backward integration with cell manufacturing to tap DCR market.
→No immediate announcement on wafer capacity; plans will be aligned with government regulations related to ALMM-III implementation due June 2028.

How does Vikram Solar Ltd rank vs peers in Electrical Equipment?

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