Vikram Solar (VIKRAMSOLR) Q1 25/26 earnings summary

Executive summary

• Achieved significant capacity expansion, with operational module manufacturing at 4.5 GW in FY25 and plans to reach 17.5 GW by FY27, alongside 12 GW solar cell capacity.

• Recognized as a top performer in reliability and sustainability, with multiple industry awards and certifications.

• Secured major supply orders totaling over 900 MW in Q1 FY26, strengthening the order book to 10.96 GW as of June 2025.

• Consolidated revenue from operations for Q1 FY26 was ₹11,335.77 million, with total income at ₹11,377.79 million, showing strong year-over-year growth from ₹6,309.40 million.

• The company completed its IPO post quarter-end, raising ₹20,793.69 million and listing on NSE and BSE on August 26, 2025.

Financial highlights

• Q1 FY26 revenue rose 80% year-over-year to ₹1,134 Cr, with EBITDA up 117% to ₹242 Cr and PAT up 484% to ₹133 Cr.

• Gross profit increased 95% year-over-year to ₹356 Cr, with EBITDA margin improving by 370 bps to 21.4%.

• FY25 revenue grew 36% to ₹3,423.5 Cr, EBITDA up 23% to ₹492 Cr, and PAT up 75% to ₹139.8 Cr.

• EPS (Basic) for Q1 FY26 was ₹4.21, up from ₹0.75 in Q1 FY25.

• Net profit attributable to owners was ₹1,333.64 million, compared to ₹228.40 million in Q1 FY25.

Outlook and guidance

• Targeting 17.5 GW module and 12 GW cell manufacturing capacity by FY27, with backward integration to capture DCR market.

• Strong policy support and robust domestic demand expected to drive continued growth in solar installations and order inflows.

• Management optimistic about resolving ongoing legal and arbitration matters favorably and will adjust financials based on outcomes.

• Adopted the new tax regime under section 115BAA of the Income Tax Act, 1961, effective this quarter.