Any current/future new fundraising through debt or equity?

Vikram Solar plans capex of around INR 10,700 crores over the next 2-3 years, split as INR 6,400 crores for cell and module capacities and INR 4,300 crores for Battery Energy Storage Systems (BESS). For the cell and module expansion (INR 6,400 crores), funding will include INR 3,800 crores debt and the balance through equity; approx. INR 1,500 crores equity has already been raised via IPO, with the remainder expected from internal accruals. For the BESS capex (INR 4,300 crores), funding structure is anticipated at 65% debt (about INR 2,800 crores) and 35% equity (around INR 1,300 crores), with

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

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. Debt-eq

Future growth expectations in sales/revenue/volumes?

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 ove

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

Vikram Solar expects sustained strong performance driven by a robust order book and expanding manufacturing capacity (Page 8). The company projects healthy utility-scale Demand Control Regulations (DCR) demand of 30-35 GW for FY '28, supporting future revenue growth (Page 16). EBITDA margins are expected to remain stable around 18-20% for Non-DCR business despite raw material cost pressures, reflecting cost pass-through contracts (Pages 11, 15). Profit after tax for 9MFY26 showed a significant increase compared to previous year, indicating strong earnings growth momentum (Page 8). Capacity exp

Current/ Expected Orderbook/ Pending Orders?

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. Post threshold date (Sept 1, 2025), a

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Vikram Solar LtdQ4 FY27Electrical Equipment

Vikram Solar Ltd Q4 FY27 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 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.
→Continued focus on expanding manufacturing capacity including 5 GW module and 12 GW cell plants, plus battery energy storage system investments.
→Exports to remain a growth area contingent on tariff conditions and competitive manufacturing scale.

Margin guidance

Category 3

→Vikram Solar expects sustained strong performance driven by a robust order book and expanding manufacturing capacity (Page 8).
→The company projects healthy utility-scale Demand Control Regulations (DCR) demand of 30-35 GW for FY '28, supporting future revenue growth (Page 16).
→EBITDA margins are expected to remain stable around 18-20% for Non-DCR business despite raw material cost pressures, reflecting cost pass-through contracts (Pages 11, 15).
→Profit after tax for 9MFY26 showed a significant increase compared to previous year, indicating strong earnings growth momentum (Page 8).
→Capacity expansions, including a 12 GW integrated cell and module plant by end CY 2026, improve operating leverage and potential profitability (Pages 14, 15).
→Technological upgrades like transitioning to N-type TOPCon modules enhance product competitiveness and margins long-term (Pages 13, 14).
→Management remains committed to disciplined capital allocation and regular investor updates, reinforcing long-term earnings visibility (Pages 21, 22).

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Fundraise plans

Yes

→Vikram Solar plans capex of around INR 10,700 crores over the next 2-3 years, split as INR 6,400 crores for cell and module capacities and INR 4,300 crores for Battery Energy Storage Systems (BESS).
→For the cell and module expansion (INR 6,400 crores), funding will include INR 3,800 crores debt and the balance through equity; approx. INR 1,500 crores equity has already been raised via IPO, with the remainder expected from internal accruals.
→For the BESS capex (INR 4,300 crores), funding structure is anticipated at 65% debt (about INR 2,800 crores) and 35% equity (around INR 1,300 crores), with financial closure underway.
→Equity portion for both expansions will largely come from internal accruals gradually.
→No explicit mention of fresh fundraising beyond these planned debt and equity raises for capex was stated.

Order book

Yes

→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.
→Post threshold date (Sept 1, 2025), about 20 GW of DCR Request for Selection (RFS) issued; expecting 30-35 GW utility-scale DCR demand in FY '28.
→No decline in order momentum or developer interest has been observed recently.

Capex plans

Yes

→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.
→Debt-equity funding mix for BESS capex planned at approximately 65:35, with financial closure underway.
→Current capex spend till December 2025 is ~INR 300 crores; Q4 FY26 expected capex heavy (~INR 900 crores).

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