Vikram Solar LimitedQ1 FY27 Results & Financial Update
Vikram Solar Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,563.09 Cr, PAT ₹19.78 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Vikram Solar Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended June 30, 2026 (Q1 FY27), Vikram Solar recorded consolidated revenue from operations of INR 1,563.09 crore and a profit after tax of INR 19.78 crore.
Sales volume reached 1,006 MW for the quarter, reflecting steady operational throughput and deployment across various customer segments compared to prior periods.
The company marked a major operational milestone in June 2026 by rolling out the first photovoltaic modules from its new manufacturing plant located at the Gangaikondan integrated hub in Tamil Nadu.
Management and the Board approved an enhancement of the proposed backward-integrated wafer and ingot manufacturing facility at Gangaikondan from 6 GW to 9 GW, with total investment estimated up to INR 5,589 crore scheduled for commissioning by April 2029.
Cost pressures and elevated material and financial expenses affected profitability margins during the quarter, with cost of materials consumed and inventory adjustments reflecting intense industry competition and ramp-up phases.
The company's order book stood at approximately 7.9 GW as of June 30, 2026, supported by robust large utility account demand and expanding distribution channels aligned with domestic manufacturing mandates.
01 · Business model
What does Vikram Solar do?
Vikram Solar Limited is a prominent Indian solar energy solutions provider specializing in photovoltaic (PV) module manufacturing, engineering, procurement, and construction (EPC) services, as well as operation and maintenance of solar power plants.
The company operates manufacturing facilities strategically located in regions including Falta in West Bengal and Chennai in Tamil Nadu, serving a diverse customer base across large utility accounts, mid-market clients, and retail distribution channels.
Vikram Solar's economic model centers on capturing value across the solar value chain, scaling module production capacity, and advancing backward integration into solar cells, wafers, and ingots to insulate margins against raw material price cycles.
02 · Historical context
What shaped the business before this quarter
Since its early operations at 500 MW production capacity, the company progressively scaled its manufacturing footprint, reaching 15.5 GW of module manufacturing capacity by 2026.
Previously, the company completed its Initial Public Offer of equity shares and was successfully listed on the National Stock Exchange of India and BSE Limited on August 26, 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,563.09 Cr |
| Total income | ₹1,575.72 Cr |
| Profit before tax | ₹25.22 Cr |
| Profit after tax | ₹19.78 Cr |
| EPS | ₹0.55 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 1.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 1.6% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹12.62 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Large accounts contributed significantly to order execution, driven by long-cycle execution, major DCR (Domestic Content Requirement) and NDCR tenders live across the market.
The distribution segment expanded its footprint, recording stronger monthly run rates and covering over 500 districts across 24 states with growing distributor and dealer networks.
What drove margins
Cost of materials and services consumed increased substantially in line with higher operational volumes and execution scale, impacting gross margins.
Depreciation and finance expenses rose due to capital asset capitalization and borrowings supporting ongoing capacity expansions and project developments.
05 · Demand, customers & order book
Where demand is coming from
The company's order book stood at approximately 7.9 GW as of June 30, 2026, comprising large accounts of ~7.1 GW and mid-market accounts of ~0.8 GW.
06 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
Operations span across key Indian states and international markets, supported by active participation in domestic policy-driven solar deployment initiatives.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The 6 GW module manufacturing plant at Gangaikondan, Tamil Nadu, became operational with the first module rolling out in June 2026.
Projects, capex and execution
Out of net IPO proceeds, INR 4,740.13 million was utilized for Phase-I capital expenditure and INR 2,068.18 million for Phase-II capital expenditure in subsidiary VSL Green Power Private Limited up to June 30, 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company's strategic roadmap outlines scaling module capacity to 15.5 GW, adding 9 GW of solar cells by FY27, 9 GW of wafers/ingots by FY29, and venturing into 15 GWh BESS (Battery Energy Storage Systems) by FY30.
09 · Reported developments
What changed operationally
The company was awarded EcoVadis Platinum for the second consecutive year, ranking in the 99th percentile worldwide and achieving the highest score in its sector at the group level.
Maintained Bloomberg NEF Tier-1 bankability ranking for the 9th consecutive quarter and KIWA PVEL Top Performer status on the Reliability Scorecard.
10 · Pressure points & risks
What is not going smoothly
As of June 30, 2026, INR 528.09 million included in trade receivables was withheld or recovered by certain customers related to EPC and other contracts on account of liquidated damages and generation loss, which the company has not acknowledged and referred to arbitration and dispute resolution.
11 · Items worth noticing
The line items that can distort a quick read
The company has accounted for INR 1,485.20 million paid towards safeguard duty as receivables since the matter remains subjudice before the Supreme Court and Orissa High Court, with management acting on legal opinion that no provision is required.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Unutilized IPO proceeds amounting to INR 6,841.07 million as of June 30, 2026, were temporarily invested in deposits and kept in current accounts with scheduled commercial banks.
Capital allocation & funding
The company maintained IND A+ (Stable) long-term and IND A1+ short-term credit ratings.
13 · Management guidance & targets
What management is targeting from here
Management guided toward commissioning cell capacity of 9 GW by FY27 and wafer/ingot capacity of 9 GW by FY29.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
PM Surya Ghar and PM Kusum Participation
The company actively supports government deployment schemes including PM Surya Ghar, where installations and pipelines continue to scale across multiple states.
15 · Previous-quarter changes
What changed since the previous quarter
Paid-up equity share capital increased following the allotment of 24,200 equity shares under the company's Employees Stock Option schemes during the quarter.
16 · Key Q&A
The quarter, answered directly
What does Vikram Solar do?
Vikram Solar Limited is a prominent Indian solar energy solutions provider specializing in photovoltaic (PV) module manufacturing, engineering, procurement, and construction (EPC) services, as well as operation and maintenance of solar power plants.
What is the clearest takeaway from Q1 FY27?
During the quarter ended June 30, 2026 (Q1 FY27), Vikram Solar recorded consolidated revenue from operations of INR 1,563.09 crore and a profit after tax of INR 19.78 crore.
What drove revenue or demand?
Large accounts contributed significantly to order execution, driven by long-cycle execution, major DCR (Domestic Content Requirement) and NDCR tenders live across the market.
What mattered most for margins or profitability?
Cost of materials and services consumed increased substantially in line with higher operational volumes and execution scale, impacting gross margins.
What changed operationally beyond the headline numbers?
The 6 GW module manufacturing plant at Gangaikondan, Tamil Nadu, became operational with the first module rolling out in June 2026.
What is management guiding or targeting from here?
Management guided toward commissioning cell capacity of 9 GW by FY27 and wafer/ingot capacity of 9 GW by FY29.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Gangaikondan Project Execution: Monitor the progress and commissioning timelines of the 9 GW cell and 9 GW wafer/ingot manufacturing facilities at Gangaikondan towards the FY27 and FY29 targets.
- 02
Dispute Resolution Outcomes: Track legal and arbitration proceedings regarding withheld trade receivables and safeguard duty receivables amounting to INR 1,485.20 million.
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