Quarterly Production
1 GW
+76% YoY
Highest ever quarterly production, providing a baseline for FY27.
VIKRAMSOLAR
Energy
15 May 2026
Vikram Solar Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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).
Key Numbers
Order Book
8.2 GW
+42% YoY
Provides revenue visibility for FY27; 69% from IPP, 13% C&I, 18% govt/EPC.
Working Capital Cycle
44 days
-38 days YoY
Improved from 82 days in FY25 due to tighter receivables and inventory management.
Cumulative Global Module Deployment
10 GW
+100% in 2 years
Crossed 10 GW milestone; scaled from 5 GW to 10 GW in two years.
Management Guidance
FY27 EBITDA guidance of ₹1,500-1,600 crore
Management expects EBITDA to grow ~74% YoY to ₹1,500-1,600 crore, driven by 7.5-8 GW production volume.
growthFY27 production volume of 7.5-8 GW
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.
revenue9 GW cell plant first cell by December 2026
Phase commissioning through Q4 FY27; 9 GW topcon cell plant on track with first cell output in Dec 2026.
expansion6 GW wafer ingot facility first phase by FY29
Board approved ₹3,700 crore investment for first 6 GW phase at Gangaikondan, commissioning in FY29.
capexKey Risks
Margin compression from rising raw material costs
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.
medium · analyst_questionExecution delays in cell plant commissioning
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.
high · data_observationDCR cell supply dependency on procurement agreement
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.
medium · management_commentaryUS export orders at risk due to tariff uncertainty
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.
medium · analyst_questionNotable 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.