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Vikram Solar
Integrating module manufacturer scaling into cells, wafers and BESS; full integration targeted by FY30E.
As of 27 Mar 2026
ManufacturerBUY
CMP ₹190Target ₹226+18.9% upsideNSE: VIKRAMSOLRHigh
Highlights
- Module capacity 9.5 GW → 15.5 GW (Vallam 5 GW commissioned Dec'25)
- 9 GW TOPCon cell facility → ~70% backward integration by FY27E
- Order book 10.34 GW, ~2× installed capacity
- Module realisation ₹13.75/Wp (−21% YoY); EBITDA ₹2.5/Wp
- BUY, TP ₹226 (cut from ₹326) on 5.0× EV/FY28E EBITDA
Order book
10.34GW
vs installed capacity
High
Revenue FY26E
4,673₹ cr
High
EBITDA margin
19.6%
High
P/E
14.1×
High
Target price
₹226
+18.9% upside
High
Realisation
13.75₹/Wp
High
EBITDA / Wp
2.50₹/Wp
High
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Source PL Capital· As of 27 Mar 2026High
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Source PL Capital· As of 27 Mar 2026High
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Source PL Capital· As of 27 Mar 2026High
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Source PL Capital· As of 27 Mar 2026High
Valuation
As of 27 Mar 2026
P/E
14.1×
High
EV / EBITDA
5.5×
High
P/B
2.1×
High
Target price
₹226
High
Upside
+19%
High
Methodology: 5.0x EV/Mar'28E EBITDA
Operating & order mix
Unit economics and the order book.
Realisation
13.75₹/Wp
High
EBITDA / Wp
2.50₹/Wp
High
Utilisation
88%
High
Order book
10.34GW
High
DCR share
20%
High
Export share
16%
High
Order book by segment
% of order book
Source PL Capital· As of 27 Mar 2026High
Shareholding pattern
% · as of 27 Mar 2026
Source PL Capital· As of 27 Mar 2026High