Vikram Solar Limited delivered exceptional financial performance in Q3FY26, with the solar module manufacturer reporting a remarkable 361% surge in net profit alongside strong revenue growth for the quarter ended December 31, 2025.

Outstanding Financial Performance

The company's quarterly results demonstrate robust operational strength across key financial metrics:

The company's earnings per share increased significantly to ₹2.66 from ₹0.66 in the corresponding quarter of the previous year, reflecting the strong profitability improvement.

Nine-Month Performance Highlights

For the nine months ended December 31, 2025, Vikram Solar achieved even more impressive year-on-year growth:

The nine-month results underscore the company's sustained growth momentum throughout the financial year, with revenue from operations increasing by over 50% compared to the same period last year.

Board Decisions and Leadership Changes

The Board of Directors, meeting on January 20, 2026, approved several key decisions including the re-appointment of Ms. Neha Agrawal as Whole-time Director for a three-year term from March 22, 2026, to March 21, 2029. Ms. Agrawal brings over 14 years of experience in solar module manufacturing and currently heads strategy and international business operations.

Additionally, the board approved a revised postal ballot notice for the appointment of new directors:

• Mr. Suresh Gopinathan Menon as Non-Executive Non-Independent Director effective December 1, 2025
• Mr. Joginder Pal Dua as Independent Director for five years from December 1, 2025, to November 30, 2030

IPO Proceeds Utilization

Following the company's successful listing on August 26, 2025, Vikram Solar has been systematically deploying its IPO proceeds of ₹14,144.87 million. As of December 31, 2025, the company has utilized ₹2,226.36 million, with ₹11,918.51 million remaining for future investments:

Operational Highlights

The company's operational efficiency is reflected in its cost management, with total expenses of ₹9,790.42 crores in Q3FY26 compared to ₹10,085.24 crores in Q3FY24. The company also issued 613,160 equity shares under its Employee Stock Option schemes during the quarter, increasing the paid-up share capital to ₹3,623.30 million.

Consolidated Results

On a consolidated basis, Vikram Solar reported net profit of ₹981.47 crores for Q3FY26, compared to ₹190.20 crores in Q3FY24. Consolidated revenue from operations reached ₹11,059.52 crores, demonstrating strong performance across the group's operations including its subsidiaries focused on solar power projects and related services.

Vikram Solar Limited has announced a strategic transition to a fully G12R-based module portfolio on January 16, 2026, reinforcing its commitment to next-generation solar technology. The move represents a significant evolution from product innovation to portfolio standardisation, positioning the company as a technology-led manufacturer in the global solar industry.

Strategic Portfolio Transformation

The transition centers around the HYPERSOL G12R module series, which has become the cornerstone of Vikram Solar's growth strategy. This shift comes at a pivotal moment as the global solar industry converges toward larger-format wafers, high-efficiency N-type architectures, and bifacial designs to maximize energy yield and improve project economics.

Manufacturing Scale and Capacity

Vikram Solar has expanded its module manufacturing capacity to 9.5 GW, establishing itself as one of the largest solar module manufacturers in India. The company operates state-of-the-art facilities across three manufacturing plants in West Bengal and Tamil Nadu, providing a strong operational foundation for standardizing on a single, high-efficiency technology platform.

Advanced Technology Features

The HYPERSOL G12R series incorporates advanced design elements that optimize performance across various applications. The rectangular large-format design enables optimized container utilization of 98.5%, reducing logistics costs while improving project-level economics. The HYPERSOL PRO variant ensures unidirectional current flow, effectively eliminating reverse current and minimizing energy waste to maximize total power generation.

The G12R portfolio offers versatility across market segments, with availability in 96 and 108 HC formats enabling high-efficiency solar deployment in residential and commercial rooftop applications where space optimization is critical. The modules are engineered for global deployment across India, the US, Europe, and Australia, meeting international quality and safety standards.

Leadership Vision and Market Position

Chairman & Managing Director Gyanesh Chaudhary emphasized the strategic importance of this transition, stating that solar manufacturing is entering a phase where scale alone is insufficient, and clarity of technology direction combined with execution excellence will define long-term leadership. The company views this shift as a deliberate choice to lead with performance, consistency, and future-ready innovation.

Vikram Solar has established recognition in the industry as a 'Top Performer' in PVEL's PV Module Reliability scorecard 2025 and maintains inclusion in Bloomberg NEF's Tier 1 solar PV modules manufacturer list. The company operates through an extensive distribution network comprising over 100 authorized distributors, more than 375 dealers, and 75+ system integrators across India.

Implementation Strategy

The transition will be executed through a phased approach, ensuring continuity for existing customer commitments while optimizing production yields and quality assurance across all facilities. Vikram Solar is engaging closely with suppliers, partners, and customers to enable smooth adoption of the new offerings and reinforce long-term value creation. This strategic move positions the company to strengthen India's standing in the global solar manufacturing ecosystem while delivering enhanced performance and reliability to customers worldwide.