NSE: VIKRAMSOLR · BSE: 544488 · ISIN INE078V01014
Vikram Solar Limited stock analysis
Vikram Solar Limited ranks #200 in the TickerSutra evidence-ranked universe with a score of 70/100 and 89% data confidence. The latest captured fundamentals show ROCE of 30.6%, quarterly sales growth of 37.9% and quarterly profit growth of -85.2%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 30.6%
- Low debt/equity of 0.19×
- 32.3% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
Risks and constraints
- Promoter pledge is 9.2% of promoter holding
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,730cr | ₹59cr | ₹-63cr | 3.4% |
| 2023 | ₹2,073cr | ₹187cr | ₹14cr | 9.0% |
| 2024 | ₹2,511cr | ₹399cr | ₹80cr | 16.0% |
| 2025 | ₹3,415cr | ₹491cr | ₹139cr | 14.0% |
| 2026 | ₹4,803cr | ₹916cr | ₹469cr | 19.0% |
| TTM | ₹5,232cr | ₹800cr | ₹357cr | 15.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Numbers that reflect progress During the year, revenue stood at H 48,023 Mn while sales volumes reached 3.3 GW, reflecting the steady scale-up of our manufacturing platform and our ability to execute consistently across customer segments. This momentum translated into robust profitability, with EBITDA of H 9,166 Mn and EBITDA margins of 19%, supported by operating leverage and improved cost efficiencies. Profit after
Lastly on the capex side, that's you know that you highlighted about the 4700 odd crores for integrated facility. Can you give a timeline like this year, next year how much is the capex plan for you? Ranjan Jindal: So, what we can do, Praveen, as we discussed that the year as a whole will be delivering the 9 GW cell line, the 6 GW module is fully funded.
The Company is undertaking backward integration across the value chain and expanding into energy storage segments, thereby reducing dependence on a single revenue stream and strengthening its business mix. Customer Concentration Risk Dependence on a limited number of customers may expose the Company to risks related to order concentration or loss of key relationships. The Company is expanding its customer base across
That order book spans utility-scale IPPs, C&I customers and government-linked projects across domestic and international markets. EBITDA margins expanded to approximately 19%, driven by operating leverage as volumes scaled, tighter working capital management and disciplined cost control across facilities. Per-watt overhead costs reduced year-on-year.
Second is t he integrated world -class manufacturing. We have already shared our backward integration plan. The module lines we have recently commissioned are all latest and India's best and most efficient, and same will be followed through in cell and wafer -ingot.
improving efficiency, reliability and long- term performance. Our focus remains on delivering differentiated products rather than competing solely on cost. Our commitment to quality is reflected in consistent industry recognition, including being a KIWA PVEL Top Performer for eight years, along with other accolades.
Commercial Performance Module shipment volumes reached approximately 3.3 GW during the year, with an order book of approximately 8.2 GW providing forward revenue visibility. That order book spans utility-scale IPPs, C&I customers and government-linked projects across domestic and international markets. EBITDA margins expanded to approximately 19%, driven by operating leverage as volumes scaled, tighter working capita
Industry Structure and Developments Global Energy Requirements The global energy sector is undergoing a structural transition towards cleaner sources, with renewables-led by solar driving incremental capacity additions. Strong demand from electrification, data centres and energy security considerations continues to support long-term growth, despite near-term volatility from pricing pressures and policy shifts. In Ind
This expanding pipeline provides a solid foundation for capacity addition in the coming years. REGULATORY TAILWINDS FOR DOMESTIC MANUFACTURING Policy measures continue to favour ALMM-compliant, domestically integrated manufacturers, while encouraging scale, quality and upstream capability development. These measures are strengthening the domestic manufacturing ecosystem and enhancing long-term competitiveness.
Could you please explain a little bit more on that? Vikram Solar Limited August 07, 2026 Page 14 of 24 Sameer Nagpal: The deferment has made the C&I segment active again on non-DCR procurements and that will help us increase the volumes in terms of order book and also get a little better price realization on the non- DCR segment. Bala Murali Krishna: Yes, I understand that.
So, we have shortlisted the land options in 2 states and we are in active discussion with both the state governments on optimizing the incentive package. We are confident of finalizing the land and the incentives by September 2026. We have also finalized the technology and manufacturing partner who will help us in setting up this 7.5 GWh LFP cell manufacturing plant.
During the year, Human Resources continued to evolve as a strategic enabler, integrating workforce planning, talent management, capability building and digital systems to drive execution excellence across locations. 2,946 Total Workforce 7.7% Women Employees 42% Workforce Growth 3630 Training Hours Delivered 950 Employees Covered Under Training Zero Internal Mobility (IJP Moves) Zero Safety Incidents 744 Employees Co
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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