Vikram Solar (VIKRAMSOLR) Q4 24/25 earnings summary

Executive summary

• FY25 was a record year: module sales volume rose 116% YoY to 1,900 MW, with consolidated revenue up 36.24% and EBITDA margin at 14.37%.

• Capacity reached 4.5 GW, the order book stood at 10.34 GW, and the August 2025 IPO raised funds for manufacturing expansion and general purposes.

Financial highlights

• Consolidated revenue from operations was ₹34,234.53 million vs ₹25,109.90 million in FY24; total income was ₹34,595.27 million vs ₹25,239.62 million.

• EBITDA was ₹4,920.11 million vs ₹3,985.79 million; EBITDA margin was 14.37% of revenue from operations.

• Consolidated PAT rose to ₹1,398.31 million from ₹797.18 million; basic EPS was ₹4.61 vs ₹3.08.

• Operating cash flow was ₹2,986.75 million vs ₹1,520.24 million; investing cash outflow was ₹1,688.38 million and financing cash outflow was ₹997.18 million.

Outlook and guidance

• Planned module capacity is 15.5 GW by FY26 and 20.5 GW by FY27; the Tamil Nadu cell facility is planned at 3 GW initially, with cell capacity targeted to expand to 12 GW by FY27.

• Management targeted over 100% growth in revenue and EBITDA in coming periods, while prioritising leverage control and a long-term debt-to-equity ratio below 1.

• Planned growth includes high-efficiency modules, backward integration, exports, and entry into energy storage; the 1 GWh solid-state cell and battery facility is designed to scale to 5 GWh.