Vikram Solar (VIKRAMSOLR) Q4 25/26 earnings summary

Executive summary

• Achieved record quarterly production of 971 MW and highest-ever quarterly revenue of Rs. 1,453 Cr in Q4 FY26, driven by stable operations and strong order pipeline conversion.

• FY26 revenue reached Rs. 4,802 Cr, up 40% year-over-year, with EBITDA up 86% to Rs. 917 Cr and PAT up 236% to Rs. 470 Cr.

• Audited consolidated and standalone financial results for the year ended March 31, 2026, present a true and fair view in accordance with Indian accounting standards and SEBI regulations.

• Unmodified audit opinion issued for both standalone and consolidated results.

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

Financial highlights

• Consolidated revenue from operations for FY26 was ₹48,022.51 million, up from ₹34,234.53 million year-over-year.

• Consolidated net profit for FY26 was ₹4,704.21 million, compared to ₹1,398.31 million in FY25.

• FY26 gross profit margin was 25%, EBITDA margin 19%, and PAT margin 10%.

• ROCE improved to 24.5% and ROE to 21.3% in FY26; net debt-to-equity ratio remained low at 0.19.

• Operating cash flow for FY26 was Rs. 630 Cr, with significant investments in capex and a closing cash balance of Rs. 39 Cr.

Outlook and guidance

• Plans to scale up to 15.5 GW module and 12 GW cell/wafer/ingot capacity by FY30, with 15 GWh BESS integration.

• BESS manufacturing ramping up, targeting full cell-to-system integration by FY29.

• IPO proceeds are being utilized for capital expenditure in subsidiaries and general corporate purposes, with unutilized funds temporarily invested in deposits.

• Strong policy support and robust medium-term demand outlook for solar and storage in India, with cumulative solar demand projected to reach 323 GW by FY30.

• Management continues to monitor regulatory and legal developments, including labor codes and safeguard duty matters.