Vikram Solar Posts INR 1,110 Crore Revenue and Over INR 128 Crore PAT in Q2FY26

Vikram Solar Ltd., India’s solar PV module manufacturers, reported a robust second quarter for FY26, with revenue rising 93.7 percent year-on-year to INR 1,109.9 crore.

As pe the firm, profit after tax (PAT) surged 1,636.5 percent to INR 128.5 crore, reflecting strong operational performance and improved efficiencies across its business. EBITDA for the quarter grew 225.9 percent YoY to INR 235 crore, with margins expanding to 21.17 percent, compared to 12.59 percent in the same period last year.

The company’s order book stood at 11.15 GW as of September 30, 2025, with the domestic market accounting for 85 percent and exports contributing the remaining 15 percent. Module sales reached 784 MW during the quarter, marking a 189 percent growth over Q2FY25, while capacity utilization remained strong at 84 percent. The performance was supported by sustained demand from a diversified customer base, including independent power producers, commercial and industrial clients, distribution companies, government projects, and EPC partners.

Commenting on the results, Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, said, “Despite temporary monsoon-related logistical challenges, we delivered strong growth, demonstrating the resilience of our operations. With rising demand and government support for the domestic solar sector, we are well-positioned to lead India’s energy transition. Our expansion plans to increase module capacity to 17.5 GW and enter cell manufacturing with a target of 12 GW by FY27 will further strengthen our position in the market."