Vikram Solar FY26 Net Profit Triples, Approves ₹3,726 Cr Capex
Vikram Solar reported a robust financial performance for FY26, with consolidated net profit surging to ₹4,704.21 million and total income reaching ₹48,607.78 million. The board approved a major capital expenditure of ₹3,726 crore to establish a 6 GW backward-integrated wafer and ingot facility in Tamil Nadu, targeting commissioning by April 2028. Additionally, the company announced key management appointments, including Mr. Sameer Nagpal as the new CEO.
*this image is generated using AI for illustrative purposes only.
Vikram Solar Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The board meeting, held on May 7, 2026, also sanctioned a significant capital expenditure plan to strengthen manufacturing capabilities. The statutory auditors issued an unmodified opinion on the results. Subsequently, the company published newspaper advertisements of the audited financial results on May 08, 2026, in Financial Express and Dainik Statesman.
In compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, Vikram Solar participated in an Earnings Conference Call on May 08, 2026, to discuss the financial performance. The company confirmed that no unpublished price sensitive information was shared during the call. The audio recording of the earnings call has been made available on the company's website.
Standalone Financial Performance
Vikram Solar delivered a strong standalone performance for the year ended March 31, 2026. Total income for FY26 stood at ₹48,618.66 million compared to ₹34,516.72 million in FY25. Net profit for the full year surged to ₹4,690.58 million from ₹1,390.96 million in the prior year. The paid-up equity share capital as at March 31, 2026 stood at ₹3,623.30 million.
| Metric: | Q4 FY26 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|
| Revenue from Operations: | 14,525.97 | 48,034.33 | 34,154.53 |
| Total Income: | 14,709.69 | 48,618.66 | 34,516.72 |
| Total Expenses: | 13,316.69 | 42,097.60 | 32,355.19 |
| Net Profit: | 1,099.74 | 4,690.58 | 1,390.96 |
| Basic EPS (₹): | 3.04 | 13.65 | 4.59 |
EBITDA Performance
On an EBITDA basis, Vikram Solar's Q4 performance reflected continued operational scale-up. Absolute EBITDA expanded year-on-year from ₹2.11B to ₹2.35B in Q4. However, the EBITDA margin contracted from 17.87% to 16.14% over the same period.
Consolidated Financial Performance
On a consolidated basis, Vikram Solar's performance mirrored the robust standalone results. Consolidated total income for FY26 was ₹48,607.78 million versus ₹34,595.27 million in FY25. Consolidated net profit for the year stood at ₹4,704.21 million compared to ₹1,398.31 million in the previous year. The consolidated total assets as at March 31, 2026 stood at ₹57,284.79 million against ₹28,321.51 million a year earlier.
| Metric: | Q4 FY26 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|
| Revenue from Operations: | 14,528.16 | 48,022.51 | 34,234.53 |
| Total Income: | 14,710.12 | 48,607.78 | 34,595.27 |
| Total Expenses: | 13,319.64 | 42,082.01 | 32,421.64 |
| Net Profit: | 1,104.22 | 4,704.21 | 1,398.31 |
| Basic EPS (₹): | 3.05 | 13.68 | 4.61 |
Major Capital Expenditure Approved
The board approved a significant capital expenditure plan to strengthen the company's manufacturing capabilities. Key details of the approved capex are as follows:
| Parameter: | Details |
|---|---|
| Capex Approved: | ₹3,726 crore |
| Proposed Capacity Addition: | 6 GW |
| Facility Type: | Backward-integrated wafer and ingot facility |
| Location: | Gangaikondan, Tamil Nadu |
| Target Commissioning (Phase 1): | On or before April 2028 |
| Overall Roadmap: | 12 GW by FY30 |
This project represents the first phase of a comprehensive 12 GW roadmap scheduled to be commissioned by FY30. The strategic move is timed to capitalise on the enforcement of ALMM-3 from June 2028.
Board and Management Changes
The board approved several key management appointments and changes, subject to shareholder approval. Mr. Sameer Nagpal was appointed as Whole-time Director & CEO for 3 years effective May 07, 2026. Mr. Gyanesh Chaudhary was re-appointed as Chairman & Managing Director for 3 years effective September 28, 2026. Ms. Ratnabali Kakkar was re-appointed as Independent Director for 5 years effective December 12, 2026.
Source: None/Company/INE078V01014/370e85dfeeac41b1.pdf
Historical Stock Returns for Vikram Solar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.11% | +0.19% | -11.85% | -25.05% | -44.10% | -44.10% |
How will Vikram Solar manage the risk of rising aluminium and EVA input costs potentially eroding EBITDA margins as it scales toward the 7.5–8 GW production target in FY27?
Given that approximately ₹9,617 crore of IPO proceeds remain unutilised as of March 31, 2026, what is the expected deployment timeline for the Phase-I and Phase-II projects, and could delays impact the FY27 EBITDA guidance of ₹1,500–1,600 crore?
With projected net debt rising sharply from ₹64 crore today to approximately ₹6,500–6,600 crore by FY28, how does management plan to sustain debt service coverage ratios above 2.5x if solar module pricing faces further compression in global markets?
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