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Margin compression from rising raw material costs
View Risks →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.
bullish
high
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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).
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Quarterly Production
1 GW
+76% YoY
Highest ever quarterly production, providing a baseline for FY27.
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.
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Guidance and risk preview
Management expects EBITDA to grow ~74% YoY to ₹1,500-1,600 crore, driven by 7.5-8 GW production volume.
EVA and aluminum costs increased in Q4 due to crude oil and aluminum price hikes, partially offset by lower cell prices.
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