Vikram Solar
Listed Manufacturer — per-stock model.
Latest concall
Q4 FY26 · 8 May 2026- FY26 revenue ₹4,802 cr (+40%), PAT ₹470 cr (3.4x); Q4 revenue record ₹1,453 cr.
- FY26 EBITDA ~₹917 cr, margin ~19% (from 14%); production 3,220 MW, 75% utilisation.
- Module sales +76% to 3,342 MW; nameplate ~4.5 GW; no in-house cell yet.
- Order book 8.2 GW (87% domestic, IPPs ~69%); top-5 customers 47% (from 80%).
8.2 GW order book (1.9 GW booked in Q4 FY26), 87% domestic; executes across FY27+.
- Module capacity to 15.5 GW; new plant 'First Module Out' Jun-2026.
- 9 GW TOPCon cell 'First Cell Out' Dec-2026; 12 GW wafer-ingot by FY30.
- BESS 15 GWh by FY30 (5 GWh cell-to-pack first); assembly from FY27.
Q4 FY26 earnings call (SaurEnergy / PV-magazine)
Revenue FY26E
EBITDA margin
P/E
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Valuation
As of 19 Oct 2026
P/E
EV / EBITDA
P/B
Operating metrics
What the rest of the dashboard tracks for Vikram Solar — capacity, auctions, offtake, manufacturing and returns.
Commissioning pipeline
Guided COD tracked from concalls, with slippage vs earlier guidance
| Project | Capacity | Original | Current | Slip | Status |
|---|---|---|---|---|---|
Gangaikondan 12 GW cell facility (Tamil Nadu) | 12 GW | Q4 FY27 | Q3 FY27 | -1Q | on track |
Policy exposure
Schemes whose impact note names this company
- ALMM List-I (Solar PV Modules)ManufacturingActive
Protects listed Indian module makers whose panels are ALMM-approved — Waaree, Premier Energies, Vikram Solar, Adani Solar, Tata Power Solar; foreign and unlisted makers are locked out of subsidised and government demand.
Operating & order mix
Unit economics and the order book.
Shareholding
% · as of 30 Jun 2026
Shareholding pattern
%