Vikram Solar (VIKRAMSOLR) Q2 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of INR 1,110 Cr (₹11,099.06 million) in Q2 FY26, up 94% year-over-year, with EBITDA of INR 235 Cr (21.2% margin) and PAT of INR 128 Cr (₹1,284.88 million, 11.6% margin), reflecting strong operational and financial performance.

• Sales volume reached 784 MW in Q2 FY26, a 189% increase year-over-year, and the order book stood at 11.15 GW as of September 30, 2025, up 36% from the previous year.

• Completed IPO in August 2025, raising ₹20,793.69 million, with shares listed on NSE and BSE.

Financial highlights

• Revenue from operations grew to INR 1,110 Cr in Q2 FY26 from INR 573 Cr in Q2 FY25, a 93.7% increase; six-month consolidated revenue reached ₹22,434.83 million, up from ₹12,038.86 million year-over-year.

• EBITDA rose to INR 235 Cr in Q2 FY26 from INR 72 Cr in Q2 FY25, with margin improving from 13% to 21%.

• PAT surged to INR 128 Cr in Q2 FY26 from INR 7 Cr in Q2 FY25, with margin rising from 1% to 11%; net profit for six months was ₹2,618.52 million, compared to ₹301.98 million year-over-year.

• Cash PAT for Q2 FY26 was INR 163 Cr, up from INR 45 Cr in Q2 FY25.

• Net cash inflow from operating activities in H1 FY26 was INR 515 Cr, compared to an outflow of INR 224 Cr in H1 FY25.

Outlook and guidance

• Expansion plans target 17.5 GW module and 12 GW cell capacity by FY27, with 75% backward integration and the largest cell giga factory at a single location.

• IPO proceeds are earmarked for capital expenditure in subsidiary VSL Green Power Pvt Ltd and general corporate purposes, with ₹13,158.98 million unutilized as of September 30, 2025.

• Strong sector tailwinds and a 115 GW solar project pipeline in India support growth prospects through 2030.

• Management remains optimistic about resolving ongoing legal and arbitration matters in the company’s favor.