Vikram Solar Reports INR 1,134 Crore Revenue, INR 133 Crore PAT in Q1FY26, Order Book Crosses 10 GW

Vikram Solar Ltd., India’s  solar PV module manufacturers, posted a robust first-quarter performance in FY26, reporting sharp gains in revenue, margins, and profitability.

For the quarter ended June 30, 2025, revenue from operations rose 79.7 percent year-on-year to INR 1,133.6 crore from INR 630.9 crore. EBITDA doubled to INR 242.2 crore, with margins improving to 21.4 percent from 17.7 percent in Q1FY25. Profit after tax (PAT) surged 483.9 percent to INR 133.4 crore, translating to a margin of 11.7 percent against 3.6 percent a year ago. Earnings per share (EPS) climbed nearly six fold to INR 4.21 from INR 0.75. Gross profit increased to INR 355.8 crore, with a margin of 31.4 percent.

The company reported capacity utilization of 89.2 percent and a strong order book of 10.96 GW, more than twice its current rated capacity of 4.5 GW.

Key module supply wins during the quarter included 250 MW from Bondada Group in Maharashtra, 326 MW from Gujarat Industries Power Company Ltd. (GIPCL), and 336 MW from Larsen & Toubro (L&T).

Vikram Solar also expanded its market presence by rolling out its first television commercial, ‘Khushiyon Wali Sunshine’. On the recognition front, it was named Top Brand PV India 2025 by EUPD Research, secured ‘Top Performer’ status for the eighth time in Kiwa PVEL’s Product Qualification Program, and received an EcoVadis Platinum Medal, ranking among the top 1% of companies globally for sustainability practices.

Commenting on the performance, Gyanesh Chaudhary, Chairman and Managing Director, said, "FY26 has begun on a strong note, with robust growth across revenue, profitability, and margins. Our order pipeline remains healthy at 10.96 GW, reflecting continued customer trust and strong demand. We are scaling manufacturing capacities by nearly four times and backward integrating into solar cell manufacturing, ensuring supply chain security and cost competitiveness. With policy support such as PLI schemes, custom duties, and green hydrogen ambitions, we believe the ecosystem is primed for building a self-reliant solar value chain in India.”

Looking ahead, the company reaffirmed its ambitious expansion roadmap to 17.5 GW of module manufacturing and 12 GW of solar cell capacity by FY27, alongside establishing a 5 GWh battery energy storage manufacturing facility.