StockWatch
·
Filing
Q3

Vikram Solar Ltd

VIKRAMSOLRFY2620 Jan 2026
Revenue-0.4%
Net Profit-24.8%
OPM17.88%

P&L

Quarterly Standalone

Revenue
-0.4%1.1K
Expenditure
+3.9%979.04
Net Profit
-24.8%96.44
NPM 8.57%-24.8%EPS ₹2.66-30.6%

vs Q2 FY26

Vikram Solar Reports 416% Y-o-Y Increase in PAT for Q3FY26, Robust Order Book of 10.6 GW

20 Jan 2026 · 20 Jan, 4:42 pm

Summary

Vikram Solar Limited, a leading manufacturer of Solar PV modules in India, has announced its un-audited Financial Results for the third quarter and nine months ended December 31, 2025. The company reported a 8% Y-o-Y growth in revenue from operations, a 142% Y-o-Y increase in EBITDA, and a 416% Y-o-Y growth in PAT. The order book stands at 10.6 GW as on 31st December 2025.

Key Highlights

  1. 1

    Revenue from Operations for Q3FY26 grew by 8% on a Y-o-Y basis, standing at INR 1,106 Cr

  2. 2

    EBITDA for the quarter stood at INR 205 Cr, an increase of 142% Y-o-Y

  3. 3

    PAT for Q3FY26 grew by 416% on a Y-o-Y basis, standing at INR 98 Cr

  4. 4

    Order Book: 10.6 GW as on 31st December 2025

  5. 5

    Module Sales: 796 MW in Q3FY26

  6. 6

    Capacity utilization stands at 90% in Q3FY26

  7. 7

    Commenced Operations at our 5 GW module plant in Vallam

  8. 8

    Credit rating upgraded by India Ratings

  9. 9

    Appointed Mr. Arun Mittal as Chief Executive Officer of VSL Powerhive

  10. 10

    Launched Hypersol Pro, an advanced N-Type solar PV module

  11. 11

    BloombergNEF Tier 1 Solar Module Manufacturer since 2014

Management Comments

M

Mr. Gyanesh Chaudhary

Chairman & Managing Director, Vikram Solar Limited

During this quarter, we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency. Revenues grew 8% year- on-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment. The broader solar industry continues to be firmly positioned for long-term growth, supported by robust demand fundamentals, enabling policy frameworks, and a growing shift toward high-efficiency and technologically advanced solutions. Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across utility-scale, C&l, and other customer segments. During the quarter, we successfully commenced operations at our 5 GW Vallam manufacturing facility, which is ramping up as planned and meaningfully strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers. In parallel, our Gangaikondan cell and module projects continue to progress in line with our roadmap, reinforcing our focus on backward integration, cost competitiveness, and long-term resilience of the value chain. These initiatives are central to building a scalable, future-ready manufacturing platform. As we operate in an industry where technology cycles are evolving at an unprecedented pace, this quarter reinforced the importance of staying aligned with global benchmarks while executing at scale. During the quarter, we successfully transitioned our entire portfolio to high-efficiency N-Type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability Looking ahead, we remain focused on scaling the business in a disciplined, capital-efficient manner while strengthening our manufacturing footprint, product portfolio, and execution capabilities. With a strong order book, expanding capacities, and supportive industry tailwinds, we are optimistic about the opportunities ahead and confident in our ability to deliver sustainable, long-term value for all stakeholders.

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