Vikram Solar Ltd

Vikram Solar Ltd has submitted its Monitoring Agency Report for the quarter ended June 30, 2026 (Q1FY27). The report, issued by India Ratings & Research Private Limited, confirms no deviation from the objects for which the Initial Public Offer (IPO) proceeds were raised. The IPO, which occurred between August 19-21, 2025, involved a fresh issue of 4,51,80,722 equity shares at ₹332.00 per share, raising INR 15,000.00 Million. The company has made this information available on its website and requested it be taken on record by the stock exchange.

Vikram Solar Limited's Board of Directors met on August 06, 2026, to consider and approve the un-audited financial results for the quarter ended June 30, 2026 (Q1FY27). The board also approved the enhancement of the backward-integrated wafer and ingot manufacturing facility at its Gangaikondan site, Tamil Nadu, from 6 GW to 9 GW, with commissioning scheduled by FY29. Additionally, M/s Emst & Young LLP was re-appointed as the Internal Auditors for FY 2026-27. The financial results were accompanied by a Limited Review Report from M/s G ARV & Associates.

Vikram Solar Limited's Board of Directors met on August 06, 2026, to approve the Un-audited Financial Results for Q1FY27 (Standalone and Consolidated) along with the Limited Review Report. The company also approved the enhancement of its backward-integrated wafer and ingot manufacturing facility at Gangaikondan, Tamil Nadu, from 6 GW to 9 GW, with commissioning scheduled by FY29. Additionally, M/s Emst & Young LLP was re-appointed as the Internal Auditors for FY 2026-27. The meeting commenced at 15:30 PM and concluded at 20:00 PM.

Vikram Solar's consolidated Q1FY27 print is a clear miss: PAT fell 85.2% YoY (and 82.1% QoQ) to ₹19.8 Cr even as revenue grew 37.9% YoY to ₹1,563.1 Cr (₹1,452.8 Cr in Q4FY26; ₹1,133.6 Cr a year ago). Analyst previews (Goodreturns) had modeled steeper revenue growth of ~52.6% YoY but a shallower PAT decline of ~-35.2% YoY with NPM near 12.4% — the actual print undershot both the top-line growth and the profitability bar, with NPM cratering to 1.27% versus 11.72% a year ago and 7.51% last quarter. The compression sits squarely on the cost line: cost of materials consumed, net of the inventory build, rose to roughly 81% of revenue this quarter versus ~69% a year ago and ~72% last quarter, implying module realizations have not kept pace with input costs. EBITDA margin (OPM) nearly halved sequentially and more than halved YoY, falling to ~8.1% from 16.1% (QoQ) and 21.4% (YoY). Finance costs rose 53% YoY to ₹49.4 Cr and depreciation rose 91% YoY to ₹64.0 Cr as the ongoing capex ramp adds fixed costs ahead of the revenue scale needed to absorb them. Management's May 2026 concall guided FY27 production of ~8GW and a 74% jump in full-year EBITDA to ₹1,500-1,600 Cr, while explicitly flagging "some near-term margin optimization." Q1's EBITDA of ~₹126 Cr annualizes to roughly a third of the low end of that target, so this quarter's margin dip is directionally consistent with that warning but larger in magnitude than "some" implies — the full-year target is now contingent on a sharp margin recovery over the remaining three quarters. The same board meeting approved raising the Gangaikondan (Tamil Nadu) wafer/ingot capacity from 6GW to 9GW at up to ₹5,589 Cr, timed to the ALMM-3 mandate effective June 2028 — a fresh capex commitment layered on top of an already-compressed quarter. No management press release accompanied this filing; the company's earnings call is scheduled for August 7, 2026. Standalone results mirror the consolidated print (PAT ₹18.7 Cr on revenue ₹1,536.0 Cr), confirming the pressure is company-wide rather than subsidiary-specific, and neither period carries an exceptional item, so the decline is a genuine operating-margin story rather than a base-effect artifact.

Vikram Solar Ltd held its 21st Annual General Meeting (AGM) on August 4, 2026, where all proposed resolutions were approved by the members with the requisite majority. The meeting, which commenced at 2:00 PM and concluded at 3:22 PM, included the adoption of the annual audited financial statements and reports. The company submitted the voting results and the consolidated scrutinizer's report as per SEBI Listing Regulations. The total number of shareholders on the record date was 315,888.

Vikram Solar Ltd conducted its 21st Annual General Meeting (AGM) on August 4, 2026, via Video Conferencing. The meeting, chaired by Mr. Gyanesh Chaudhary, commenced at 2:00 PM IST and concluded at 3:22 PM IST. Key agenda items included the adoption of the Annual Audited Financial Statements for FY26, the re-appointment of a director retiring by rotation, and special business concerning the appointment of Mr. Sameer Nagpal as Whole-Time Director and CEO, re-appointment of Mr. Gyanesh Chaudhary as Chairman & MD, re-appointment of Ms. Ratnabali Kakkar as Independent Director, approval for investments/loans under Section 186, and material related party transactions. The company facilitated e-voting for members, with results to be published on the company website and submitted to stock exchanges.

Vikram Solar Ltd has announced that its Board of Directors will convene on August 6, 2026. The primary agenda item is to consider and approve the Un-audited Financial Results for the first quarter of FY27 (ended June 30, 2026), covering both standalone and consolidated statements. The company also confirmed that the trading window for its securities will remain closed until 48 hours after the submission of these results to the stock exchanges, in line with its insider trading prevention code. The notice is available on the company's website.

Vikram Solar Ltd has filed its Annual Report for the Financial Year 2025-26, in compliance with SEBI Listing Regulations. The report details the company's strategic focus on expanding its manufacturing base, deepening value chain integration, and venturing into areas like energy storage. The theme 'A New Scale of Possibility' highlights the company's commitment to innovation, scalability, and leading the evolving energy landscape. The report includes sections on company overview, global footprint, financials, management messages, investment case, solar cells, BESS, strategy, value creation, manufacturing, innovation, brand building, ESG, and corporate information. It also contains a forward-looking statement section.

Vikram Solar Limited has announced its 21st Annual General Meeting (AGM) will be held on Tuesday, August 04, 2026, at 2:00 PM IST, via Video Conferencing/Other Audio Visual Means. The cut-off date for determining member eligibility is Tuesday, July 28, 2026. The company has arranged for remote e-voting from July 31 to August 03, 2026. Key agenda items include adopting the financial statements for FY26, re-appointing a director retiring by rotation, and appointing Mr. Sameer Nagpal as Whole-Time Director and CEO for a three-year term.

Vikram Solar Ltd has entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India Private Limited to procure 130 MW of Mono-PERC 10BB DCR-compliant solar cells. The supply period is from July 2026 to March 2027, aimed at supporting Vikram Solar's domestic module manufacturing needs. The agreement does not involve any special rights or related party transactions. This deal is a significant business update for Vikram Solar, bolstering its supply chain for module production.