Current/ Expected Orderbook/ Pending Orders?

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. Distribution orders have

Any current/future new fundraising through debt or equity?

Vikram Solar plans to finance its capex programs through a disciplined mix of debt and equity, emphasizing capital prudence. They aim to maintain interest and debt service coverage ratios above 2.5 and net-debt-to-equity below 1.5, even at peak debt. Capex phasing and financing tranches are sequenced to avoid overburdening any single source, including internal accruals. The company has a well-structured, diversified financing mix and grows while maintaining strong financial discipline. Debt levels are projected around INR 3,200 crores by March 2027, slightly below earlier INR 3,500 crores expe

Future growth expectations in sales/revenue/volumes?

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 ini

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

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. Margins: Expected to maintain strong EBITDA per watt peak with potential rationalization but overall margin expansion due to scale. FY28 Outlook: EBITDA per watt peak expected around INR 5 (down from INR 6 in FY26) with further capex trimming costs by about INR 1 per watt. Profitability: FY26 reported a 10% PAT margin; growth supported by operating leverage and stable margins despite cost pressures. EPS: PAT grew to INR 470 crores in FY26, and wi

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Vikram Solar LtdQ1 FY26Electrical Equipment

Vikram Solar Ltd Q1 FY26 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

→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.
→Strong multi-year demand outlook supported by over 80 GW Non-DCR demand and ~28 GW live DCR tenders.
→Focus on capturing a growing domestic demand with deep integration and technology alignment ensuring sustainable growth.

Margin guidance

Category 3

→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.
→Margins: Expected to maintain strong EBITDA per watt peak with potential rationalization but overall margin expansion due to scale.
→FY28 Outlook: EBITDA per watt peak expected around INR 5 (down from INR 6 in FY26) with further capex trimming costs by about INR 1 per watt.
→Profitability: FY26 reported a 10% PAT margin; growth supported by operating leverage and stable margins despite cost pressures.
→EPS: PAT grew to INR 470 crores in FY26, and with EBITDA projected to increase substantially in FY27, earnings per share are expected to follow a strong upward trajectory.
→Balance Sheet: Debt planned to peak around INR 3,200-3,500 crores with disciplined capital management, supporting sustainable growth.

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Fundraise plans

Yes

→Vikram Solar plans to finance its capex programs through a disciplined mix of debt and equity, emphasizing capital prudence.
→They aim to maintain interest and debt service coverage ratios above 2.5 and net-debt-to-equity below 1.5, even at peak debt.
→Capex phasing and financing tranches are sequenced to avoid overburdening any single source, including internal accruals.
→The company has a well-structured, diversified financing mix and grows while maintaining strong financial discipline.
→Debt levels are projected around INR 3,200 crores by March 2027, slightly below earlier INR 3,500 crores expectations.
→The capex outlay includes a 9-gigawatt cell facility commissioning by FY27 and wafer-ingot facility commissioning by FY29.
→Interest costs will be capitalized during capex periods, moderating P&L impact till commissioning.
→No explicit mention of immediate equity fundraising was made, but equity is part of the balanced financing strategy.

Order book

Yes

→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.
→Distribution orders have been excluded from the formal order book due to shift to spot buying by distributors in the DCR regime.
→Overall, the company targets approximately 7.5 to 8 GW production and corresponding sales in FY27, supported by its order book and new capacity.

Capex plans

Yes

- **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. - **Capex financed** through disciplined mix of debt and equity, maintaining financial guardrails (Interest and debt service coverage >2.5, net debt-to-equity <1.5). - **Cell machinery procurement** shifted from Thailand to China with approx. 10% cost increase. Overall, strategic investments aim for a fully integrated solar manufacturing campus at Gangaikondan and expansion into BESS, supporting long-term market leadership.

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

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