VIKRAMSOLR
Micro CapVikram Solar Limited
Industrials
Vikram Solar Limited is an Indian solar energy solutions provider with 20 years of experience. The company manufactures solar modules, and is expanding into solar cell, wafer/ingot, and Battery Energy Storage Systems (BESS) manufacturing. It has a global presence with manufacturing facilities in India and distribution across 22 states.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +22% YoY · PAT +21% YoY · +31% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,453 Cr | +21.7% | +31.4% |
| EBITDA | ₹234 Cr | +4.5% | +14.1% |
| Operating margin | 16.0% | -300 bps | -300 bps |
| PAT | ₹110 Cr | +20.9% | +12.2% |
| PAT margin | 7.6% | -5 bps | -129 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Vikram Solar achieved record Q4 FY26 revenue of Rs. 1,453 Cr and highest-ever quarterly production of 971 MW. FY26 saw revenue grow 40% YoY to Rs. 4,802 Cr, EBITDA up 86% YoY to Rs. 917 Cr, and PAT surge 236% YoY to Rs. 470 Cr, driven by scale and operational discipline.
The company delivered strong financial and operational performance in Q4 and FY26, marked by record production, revenue, and significant margin expansion. Strategic capacity additions in modules, cells, and BESS are on track, supporting long-term integration and growth. The robust order book and reduced client concentration are positive indicators.
Vertical Integration
Planned 9 GW Cell capacity by Dec 2026, 12 GW wafer-ingot by FY29-30, and 15 GWh BESS by FY30 to achieve 100% integration.
Battery Energy Storage Systems (BESS)
Launched 'VION' brand, secured 100 MWh order, with assembly launch in FY27 and integrated cell manufacturing (7.5 GWh) by FY29.
Next-Gen Module Portfolio
Strategic transition to a fully G12R-based module portfolio, reinforcing commitment to next-generation solar technology.
Strong Order Book & Inflow
Secured 1.9 GW orders in Q4 FY26, contributing to an 8.2 GW order book as of March 31, 2026, with reduced client concentration.
Module Plant Commissioning
Module Plant is on track for commissioning, with First Module out (FMO) planned for June 2026.
Cell Plant Execution
Cell Plant execution is advancing as scheduled, with First Cell out (FCO) planned for December 2026, targeting 9 GW capacity.
Wafer/Ingot Capacity
Planned 12 GW wafer-ingot capacity by FY29-30.
BESS Manufacturing Scale-up
BESS assembly launch in FY27, integrated cell manufacturing (7.5 GWh) by FY29, and 15 GWh total by FY30.
Policy Support for BESS
India's BESS market is supported by Viability Gap Funding (VGF), PLI schemes, ISTS transmission waivers, and mandatory storage requirements.
Domestic Solar Demand & Policies
India crossed 150 GW solar milestone. State-level policies push C&I and Open Access solar, and PM-KUSUM scheme extended till Mar'27.
Captive Power Reforms
Electricity (Amendment) Rules, 2026 simplify captive norms and clarify group captive structures, supporting C&I renewable adoption.
China Export Rebate Changes
China's removal of export rebates on solar and phased reduction for batteries may raise module and BESS prices, creating near-term cost pressure.
US Trade Actions
The US imposed combined AD/CVD duties of ~250%+ on Indian solar cells/modules and initiated a Section 301 probe, signaling heightened trade scrutiny.
Grid Constraints & Curtailments
Despite extended commissioning timelines for GIB-impacted projects, curtailments continue as grid constraints limit evacuation.
Order Book Exclusions
Order book does not include 1+ GW of Distribution Order Book, 1.5 GW of C&I NDCR orders under renegotiation, and a 0.6 GW US order that was shelved.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY highlights the significant annual growth and margin expansion driven by scale. QoQ shows strong sequential momentum in production, sales, and financial performance, reflecting effective execution and ramp-up phases.
Revenue from Operations
Q4 FY26: Rs. 1,453 Cr (+22% YoY, +31% QoQ). FY26: Rs. 4,802 Cr (+40% YoY).
EBITDA
Q4 FY26: Rs. 235 Cr (+5% YoY, +14% QoQ). FY26: Rs. 917 Cr (+86% YoY).
PAT
Q4 FY26: Rs. 110 Cr (+21% YoY, +13% QoQ). FY26: Rs. 470 Cr (+236% YoY).
EBITDA Margin
Q4 FY26: 16%. FY26: 19%.
Building Long-Term Advantage
Management aims to build long-term advantage through integration, technology, and cell sovereignty, with significant capacity expansion plans.
Profitability from Scale
Management states that FY26 demonstrated scale and operational discipline translate directly into margin expansion.
Strategic Growth Leadership
Mr. Sameer Nagpal was appointed as Chief Executive Officer to lead the next phase of strategic growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion & New Bookings | 8.2 GW order book, 1.9 GW Q4 FY26 booking. | Timely conversion of existing orders to revenue and sustained strong new order inflows, especially from the excluded categories. |
| Capacity Commissioning & Ramp-up | Module plant FMO June 2026, Cell plant FCO Dec 2026. | Timely commissioning and successful ramp-up of new module and cell manufacturing capacities, and BESS assembly. |
| BESS Market Penetration | 100 MWh order secured, BESS assembly launch FY27. | Further order wins in BESS and successful market penetration with the VION product range. |
| EBITDA Margin Sustainability | FY26 EBITDA Margin: 19%. | Ability to sustain or improve EBITDA margins amidst potential cost pressures from China's export rebate changes and US trade actions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +7.4% / mo
Technical chart
VIKRAMSOLRdaily · 3Y-31.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 60. Wait for confirmation.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 60 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 33% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 63.0%.
- Growth contributes 25/25 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 19/30; verify the latest quarterly trend.
- Quality is weaker at 16/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 97th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 63%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 97th pctile, median 68 · Micro: 94th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 63%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 32%.
- ▸5 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.00
- P/B
- 2.39
- EV/EBITDA
- 7.62
- Market Cap
- 7579.00Cr
Profitability
- ROE
- 21.50%
- ROCE
- 30.50%
- ROA
- 8.21%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 65.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 162.50%
Balance Sheet
- Debt/Equity
- 0.20
- Interest Coverage
- 5.70×
- Altman Z
- 4.03
- Book Value
- 87.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 630.00 Cr
- EPS TTM
- 12.98
Shareholding
- Promoter Hold
- 63.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.