Vikram Solar Limited has submitted its Annual Report for the financial year ended March 31, 2026, to the stock exchanges in compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, signed by Company Secretary and Compliance Officer Sudipta Bhowal, was filed on July 10, 2026. The financial year under review marked a defining phase for the company, characterised by its successful IPO, substantial capacity additions, and robust financial performance across both standalone and consolidated operations.

Financial Performance: Standalone and Consolidated

The company delivered strong financial results for FY 2025-26. The following table summarises the key financial metrics on both a standalone and consolidated basis:

On a standalone basis, total income grew by 40.86% year-on-year, while EBITDA registered a growth of 86.74% and profit after tax increased by 237.22%. On a consolidated basis, total income grew by 40.50%, EBITDA grew by 86.30%, and profit after tax rose by 236.42%. The consolidated operational revenue for FY26 stood at ₹48,022.51 million compared to ₹34,234.53 million in FY25.

IPO Completion and Capital Structure

A landmark development during the year was the successful completion of the company's Initial Public Offering (IPO) in August 2025. The IPO aggregated to approximately ₹2,079 crore, comprising a fresh issue of equity shares aggregating up to ₹1,500 crore and an offer for sale aggregating to approximately ₹579 crore by existing shareholders. The price band was fixed at ₹315 to ₹332 per equity share. The equity shares were listed on BSE Limited and the National Stock Exchange of India on August 26, 2025.

Following the IPO and subsequent ESOP allotments, the paid-up share capital stood at ₹362,33,01,810/- (divided into 36,23,30,181 equity shares of face value of ₹10/- each) as on March 31, 2026. The total borrowings declined significantly to ₹1,000.73 million as at March 31, 2026, compared to ₹2,306.67 million as on March 31, 2025, reflecting a reduction of ₹1,305.94 million.

Operational Highlights and Capacity Expansion

The company achieved significant operational milestones during FY 2025-26:

The 5 GW Vallam facility in Tamil Nadu was commissioned during the year, taking total module manufacturing capacity to 9.5 GW across facilities in Falta (West Bengal), Oragadam (Tamil Nadu), and Vallam (Tamil Nadu). The company also advanced its 6 GW solar module manufacturing unit in Gangaikondan and progressed its cell manufacturing facility targeted for commissioning in FY 2026-27.

Backward Integration and Growth Roadmap

Vikram Solar outlined a phased backward integration roadmap to strengthen its position across the solar value chain. The company plans to scale cell capacity to 9 GW by FY27 and 12 GW by FY28, followed by the development of wafer and ingot capacities of 12 GW by FY29–30. Module capacity is targeted to increase from 9.5 GW to 15.5 GW. In parallel, the company has expanded into Battery Energy Storage Systems (BESS) through its subsidiary VSL Powerhive Private Limited and the launch of the VION product portfolio, with battery manufacturing capacity targeted at 15 GWh by 2030.

ESG, Sustainability and Recognitions

The company's sustainability performance was recognised through several external benchmarks during the year:

• EcoVadis Platinum Medal, placing the company among the top-performing organisations globally
• KIWA PVEL Top Performer recognition for the eighth consecutive time
• ISO 14067 certification for carbon footprint
• CII National EHS Excellence Silver Award for manufacturing sites at Fab 2 and Fab 3
• Gold Winner Award at the 23rd Greentech Safety, Fire & Security (SFS) Award and Summit 2025 for the Falta unit
• Top Brand PV India 2025 by EUPD Research

On the environmental front, GHG Emission Intensity reduced from 17.3 to 12.79 tCO2e/MWp, representing a 26% reduction. Total waste generation during the reporting period amounted to 5,523.0 metric tonnes, with zero waste sent to landfill. Approximately 2,471 Kilo Litres per year of water was recycled and reused in FY 2025-26. The company has set an internal target to achieve Net Zero emissions by 2040.

Governance, Board Changes and Key Disclosures

The Board of Directors met ten times during FY 2025-26. Key changes in the Board and Key Managerial Personnel during the year included the appointment of Mr. Sameer Nagpal as Chief Executive Officer with effect from March 20, 2026, the appointment of Mr. Joginder Pal Dua as Non-Executive Independent Director, and the appointment of Mr. Suresh Gopinathan Menon as Non-Executive Director. Credit ratings were upgraded during the year, with Acuite Ratings upgrading the long-term rating to 'ACUITE A+' and India Ratings upgrading to 'IND A+' Stable.

The Board did not recommend any dividend for FY 2025-26, citing the company's growth phase and the decision to reinvest profits to support expansion objectives. The retained earnings stood at ₹28,054.30 million as at March 31, 2026. The Annual Report is being dispatched to shareholders by permitted means, with the weblink also being shared with those whose email IDs are not registered, in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations.

Vikram Solar has entered into a Solar Cell Supply Agreement with Evervolt Solar Technology India Private Limited to procure Mono-PERC 10BB DCR-compliant solar cells aggregating to 130 MW. The agreement, signed on July 08, 2026, spans the supply period from July 2026 to March 2027 and is intended to support the company's domestic module manufacturing requirements. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Evervolt Solar Technology India Private Limited was formerly known as CETC Renewable Energy Technology India Pvt. Ltd.

The agreement does not involve any special rights such as the appointment of directors, share subscription, or restrictions on capital structure. The transaction is not classified as a related party transaction and does not involve any shareholding between the parties.

Key Details of the Agreement

The following table outlines the key particulars of the Solar Cell Supply Agreement between Vikram Solar and Evervolt Solar Technology India Private Limited.

Agreement Particulars