Vikram Solar Limited reported a sharp improvement in its financial performance for the first quarter of FY26. The company’s operating margin rose to 21.4%, compared to 17.7% in the same period last year. This boost came from better operational efficiencies, higher utilization, and lower manufacturing costs.
Revenue for the quarter jumped nearly 80% year-on-year to ₹1,134 crore. Profit after tax grew almost five times, reaching ₹133 crore against ₹23 crore last year. EBITDA more than doubled to ₹242 crore, highlighting the company’s ability to scale operations effectively.
The company produced over 750 megawatts of modules during the quarter. Its order book now stands at 10.96 gigawatts, supported by prestigious contracts from Bondada Group, L&T, and GIPCL. Management also shared that they are working on a healthy pipeline of over 38 gigawatts, reflecting strong demand momentum.
Vikram Solar is one of India’s largest solar PV module manufacturers. It currently has 4.5 GW of installed capacity, and plans to expand module capacity to 17.5 GW and solar cell capacity to 12 GW by FY27. The upcoming 5 GW module facility in Vallam, Tamil Nadu, is expected to be commissioned soon, further strengthening its manufacturing base.
The company is known for its focus on quality and innovation. It has consistently featured in the Kiwa PVEL reliability scorecard as a top performer and is recognized as a Tier-1 manufacturer by BloombergNEF. With strong R&D capabilities, Vikram Solar has improved module efficiency levels and expanded wattage from 200W to over 735W over the years.
Apart from modules, the company is also moving into energy storage solutions. It has announced plans for a 1 GWh battery energy storage facility, which can later be expanded to 5 GWh. This step is aligned with India’s push towards renewable energy and storage to meet rising power demand.
Management emphasized that cost control, technological upgrades, and disciplined expansion will remain the focus areas. With strong policy support for domestic manufacturing and growing solar demand in India, Vikram Solar believes it is well positioned for sustained growth.
