Vikram Solar Q4 FY26 Risks

Revenue ₹1,450 Cr

EBITDA ₹235 Cr

PAT ₹110 Cr

EBITDA Margin 16%

Duration 70 min

Read Time 1 min read

✓ Verified against BSE filing

Risk Intelligence

Material risks this quarter

Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.

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_question

Execution 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_observation

DCR 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_commentary

US 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.