Vikram Solar (VIKRAMSOLR) Q3 25/26 earnings summary

Executive summary

• Achieved revenue of INR 1,106 Cr (₹11,059.52 million) in Q3 FY26, up 7.8% year-over-year, with EBITDA of INR 205 Cr (up 142%) and PAT of INR 98 Cr (up 416%).

• Sold 796 MW of modules in Q3 FY26, with an effective CUF of 90% and a robust order book of 10.6 GW as of December 31, 2025.

• Commenced operations at a new 5 GW module plant, raising total manufacturing capacity to 9.5 GW.

• Board approved Rs. 4,371 Cr capex for entry into Battery Energy Storage Solutions (BESS), targeting 30 GWh capacity.

• Completed IPO in Q2 FY26, raising ₹14,144.87 million (net of expenses), with shares listed on NSE and BSE on August 26, 2025.

Financial highlights

• Q3 FY26 revenue from operations grew 8% year-over-year to INR 1,106 Cr; 9M FY26 revenue up 50% to INR 3,349 Cr.

• Q3 FY26 EBITDA margin improved to 19% from 8% in Q3 FY25; 9M FY26 EBITDA margin at 20% versus 12% last year.

• PAT margin rose to 9% in Q3 FY26 from 2% in Q3 FY25; 9M FY26 PAT margin at 11% versus 2% last year.

• EPS (diluted) for Q3 FY26 at 2.70, up from 0.69 in Q3 FY25.

• Gross margin improved as cost of materials and services consumed as a percentage of revenue decreased year-over-year.

Outlook and guidance

• Expansion plans to reach 15.5 GW module and 12 GW cell capacity by FY27, with phased investments in Tamil Nadu.

• BESS manufacturing capacity targeted at 30 GWh by FY29, with 7.5 GWh in Phase 1 by Mar 2027.

• Strong demand momentum expected, with cumulative solar installations in India projected to grow from 106 GW in FY25 to 323 GW by FY30.

• Management remains optimistic about the resolution of ongoing legal and arbitration matters and continues to monitor regulatory changes, including the impact of new labour codes.