Vikram Solar (VIKRAMSOLR) Q1 26/27 earnings summary

Executive summary

• Achieved record quarterly module volume of 1,006 MW and significant revenue growth, supported by a strong and diversified order book.

• Commissioned new module plant at Gangaikondan, enhancing integrated manufacturing capabilities and expanding backward integration.

• Distribution channel monthly run rate doubled, with a network of 119+ distributors and 757+ dealers across 24 states and 500 districts.

• Strategic focus on mid-market, distribution channels, and DCR segments to improve margins and resilience.

• Received EcoVadis Platinum rating for the second consecutive year, placing in the top 1% globally, and recognized as Bloomberg NEF Tier-1 for nine consecutive quarters.

Financial highlights

• Q1 FY27 consolidated revenue was ₹15,630.92 million, up from ₹11,335.77 million in Q1 FY26, with standalone revenue at ₹15,360.30 million.

• EBITDA margin ranged from 8.06% to 15%, with EBITDA between ₹126 crore and ₹235 crore; PAT ranged from ₹19.78 crore to ₹197.77 million.

• Per watt realization rose to INR 15.02, up 8% sequentially, driven by higher DCR product mix.

• Gross profit margin improved to 19% from 17% year-over-year.

• Basic EPS (consolidated) for Q1FY27 was ₹0.55, down from ₹4.21 in Q1FY26.

Outlook and guidance

• Confident about Q2 and H2 performance due to policy clarity, DCR ramp-up, and distribution expansion.

• Planned capacity addition of 9 GW at Gangaikondan site by April 2029, leveraging regulatory changes and Tamil Nadu's industrial ecosystem.

• DCR business expected to grow 2x-2.5x every quarter, with further improvement in blended ASP.

• Annual solar demand in India expected to more than double by FY35, driven by policy support and storage integration.

• Guidance for FY 2027 will be revisited at H1 results, pending further policy clarity and market stabilization.