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Revenue
₹1,450 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹235 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
Vikram Solar reported a record Q4 FY26 with revenue of ₹1,450 crore (up 31% QoQ), EBITDA of ₹235 crore (16% margin), and PAT of ₹110 crore. Full-year revenue hit ₹4,800 crore (+40% YoY) with EBITDA margin expanding 500 bps to 19%. The company achieved its highest-ever quarterly production of ~1 GW and order booking of ~1.9 GW. Management guided for FY27 EBITDA of ₹1,500-1,600 crore (74% YoY growth) driven by 7.5-8 GW production, including 2 GW from DCR cells sourced via a procurement agreement. Key risks include margin compression from rising raw material costs (EVA, aluminum) and execution delays in the 9 GW cell plant commissioning (first cell by Dec 2026).
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA to grow ~74% YoY to ₹1,500-1,600 crore, driven by 7.5-8 GW production volume.
- Includes 2 GW from DCR cells (procured) and 6 GW from non-DCR modules; 6 GW module plant at Gangaikondan to commission by June 2026.
- Phase commissioning through Q4 FY27; 9 GW topcon cell plant on track with first cell output in Dec 2026.
- Board approved ₹3,700 crore investment for first 6 GW phase at Gangaikondan, commissioning in FY29.
Risks flagged
- EVA and aluminum costs increased in Q4 due to crude oil and aluminum price hikes, partially offset by lower cell prices. EBITDA per watt guidance of ₹1.75-2 for non-DCR may be at risk if input costs rise further.
- 9 GW cell plant has a tight timeline with first cell by Dec 2026 and full ramp by Q2 FY28. Any delay could impact backward integration benefits and DCR margin capture.
- For FY27, 2 GW of DCR modules rely on a procurement deal with Jupiter International. Any disruption in supply or unfavorable pricing could affect margins.
- Exports to the US have nearly zeroed out; 1 GW of US orders may face execution challenges due to traceability and tariff issues. Management is exploring alternative supply chains.
Key quotes
- We delivered our highest ever quarterly production of approximately 1 gawatt, secured our highest ever order booking of approximately 1.9 gawatt and recorded our highest ever quarterly revenue of over 1,450 cores.
- Our backward integration roadmap... India today imports nearly all of its wafer and ingot from China creating supply chain vulnerability for every domestic manufacturer. Vikram Solar will capture that value chain upstream and convert India's solar surge into enduring non-transient profitability.
- The capex for capex programs shall be met with a disciplined mix of debt and equity. Capital prudence is non-negotiable. We are committed to operate within firm guard rails through the entire investment cycle.
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