Vikram Solar Ltd
VIKRAMSOLR NSE
Vikram Solar Ltd
IndustrialsNSE: VIKRAMSOLR BSE: 544488 Electrical Equipment
Key Fundamentals
MicrocapOther Electrical EquipmentCapital GoodsMarket Cap
₹6,562 Cr
Volatility
Moderate
P/E Ratio
17.96
EBITDA
₹975 Cr
Return on Equity
14.78%
Debt to Equity
0.19
Book Value
₹87.56
52W High
₹407.95
52W Low
₹155.38
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Vikram Solar Ltd insights
45 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
4- Company is expected to give good quarter
- Company has delivered good profit growth of 65.3% CAGR over last 5 years
- Debtor days have improved from 132 to 92.2 days.
- Company's working capital requirements have reduced from 48.0 days to 36.6 days
Weaknesses
2- Though the company is reporting repeated profits, it is not paying out dividend
- Company's cost of borrowing seems high
Growth Rate
Revenue Growth
40.86% ↗
Net Income Growth
237.24% ↗
Cash Flow Change
130.08% ↗
ROE
33.63% ↗
ROCE
-15.19% ↗
EBITDA Margin (Avg.)
31.32% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 42d agoAI opinion · based on fundamentals
Risk medium
Vikram Solar Ltd is a mid-cap solar energy company with a market cap of Rs 6,729 Cr, trading at a PE of 14.6x with compounded profit growth of 65% CAGR over 5 years and TTM sales growth of 40%. The company has seen significant improvement in working capital efficiency but faces concerns around promoter holding dilution of 30.1% over three years and zero dividend payout.
Bull Case 8
- Exceptional profit growth with 5-year compounded profit CAGR of 65% and TTM profit growth of 239%, indicating strong earnings momentum
- Attractive valuation at PE of 14.6x relative to the high-growth solar sector, suggesting earnings are not fully priced in
- Robust sales growth with 5-year compounded sales CAGR of 24% accelerating to 32% over 3 years and 40% TTM, showing demand tailwinds
- Improving return on equity at 22% last year versus 16% over 5 years and 20% over 3 years, reflecting better capital efficiency
- Working capital requirements reduced from 54.2 days to 37.4 days, freeing up cash for growth and reducing financing needs
- Debtor days improved from 132 to 92.3 days, indicating better collection efficiency and reduced credit risk exposure
- Price-to-book ratio of 2.16x is reasonable for a company delivering 22% ROE, indicating the stock is not excessively priced relative to book value
- Company is expected to deliver a good upcoming quarter based on operational momentum and sector tailwinds from India's solar capacity expansion
Bear Case 8
- Promoter holding has decreased by 30.1% over the last 3 years, raising concerns about insider confidence and potential future dilution
- Zero dividend yield despite reporting repeated profits, indicating no shareholder returns via dividends and limited income for investors
- TTM profit growth of 239% may reflect a low base effect rather than sustainable earnings power, making forward growth comparisons challenging
- 52-week high and low data unavailable (reported as 0), limiting visibility into recent price volatility and trading range
- Debt-to-equity ratio not disclosed in available data, creating uncertainty about the company's leverage and financial risk profile
- Solar sector is capital-intensive and highly competitive with margin pressure from Chinese module imports, which could compress future profitability
- 3-year compounded profit CAGR of 214% versus 5-year CAGR of 65% suggests earnings may have been volatile or depressed in earlier years, questioning consistency
- No EPS data available in reported metrics, limiting ability to assess per-share earnings trajectory and dilution impact from promoter stake reduction
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago Headwinds 1
- NCLT IBC petition over dues Jun 19
NCLT admitted IBC petition by Isitva Steels over ₹9.44 crore dues. Vikram Solar plans to appeal the order.
Positives 2
- Gangaikondan mega-facility commissioned Jul 6
New Tamil Nadu plant commissioned with advanced automation, producing N-Type TOPCon G12R modules at up to 23.69% efficiency (615-640 Wp). Company targets 9 GW solar cell capacity by FY27 and 12 GW wafer/ingot capacity by FY29-30.
- Strong FY26 financials Jun 19
Vikram Solar reported ₹4,802.25 crore revenue and ₹470.42 crore PAT in FY26, indicating healthy profitability.
Neutral 2
- 21st AGM scheduled Aug 4 Jul 6
Annual General Meeting set for August 4, 2026 via video conferencing with remote e-voting facilities available.
- Analyst meet on Jun 23 Jun 18
Physical group conference for analysts and institutional investors scheduled in Mumbai on June 23, 2026.
TL;DR: Vikram Solar is executing well on capacity expansion with its new Gangaikondan mega-facility and reported solid FY26 numbers (₹4,802 crore revenue, ₹470 crore PAT). The NCLT petition over ₹9.44 crore is a minor legal overhang but immaterial relative to revenues. The trend is positive with aggressive manufacturing scale-up targets through FY29-30, positioning the company for India's growing solar demand.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 631 | 573 | 1,026 | 1,194 | 1,134 | 1,110 | 1,106 | 1,453 | 1,563 |
| Expenses | 519 | 501 | 941 | 970 | 891 | 875 | 901 | 1,218 | 1,437 |
| Operating Profit | 111 | 72 | 85 | 224 | 242 | 235 | 205 | 234 | 126 |
| OPM % | 18% | 13% | 8% | 19% | 21% | 21% | 19% | 16% | 8% |
| Other Income | 6 | 11 | 12 | 8 | 4 | 16 | 15 | 18 | 13 |
| Interest | 45 | 34 | 28 | 48 | 32 | 32 | 40 | 57 | 49 |
| Depreciation | 37 | 37 | 39 | 42 | 34 | 35 | 37 | 57 | 64 |
| PBT | 36 | 11 | 30 | 141 | 181 | 184 | 143 | 139 | 25 |
| Tax % | 36% | 36% | 36% | 36% | 26% | 30% | 31% | 21% | 22% |
| Net Profit | 23 | 7 | 19 | 91 | 133 | 128 | 98 | 110 | 20 |
| EPS in Rs | 0.72 | 0.23 | 0.6 | 2.86 | 4.21 | 3.55 | 2.71 | 3.05 | 0.55 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,640 | 1,610 | 1,730 | 2,073 | 2,511 | 3,415 | 4,803 | 5,232 |
| Expenses | 1,500 | 1,433 | 1,672 | 1,886 | 2,112 | 2,925 | 3,887 | 4,431 |
| Operating Profit | 140 | 177 | 59 | 187 | 399 | 491 | 916 | 800 |
| OPM % | 9% | 11% | 3.4% | 9% | 16% | 14% | 19% | 15% |
| Other Income | 22 | 17 | 13 | 18 | 1 | 36 | 52 | 61 |
| Interest | 95 | 99 | 103 | 122 | 155 | 155 | 160 | 178 |
| Depreciation | 37 | 39 | 48 | 64 | 138 | 156 | 162 | 193 |
| PBT | 30 | 56 | -79 | 19 | 107 | 216 | 646 | 492 |
| Tax % | 26% | 32% | -21% | 23% | 26% | 36% | 27% | — |
| Net Profit | 22 | 38 | -63 | 14 | 80 | 139 | 469 | 357 |
| EPS in Rs | 8.06 | 16.23 | -2.43 | 0.56 | 3.08 | 4.39 | 12.95 | 9.86 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| Reserves | 334 | 391 | 92 | 106 | 187 | 941 | 2,811 |
| Borrowings | 494 | 672 | 703 | 792 | 854 | 272 | 617 |
| Other Liabilities | 720 | 712 | 1,183 | 1,319 | 1,286 | 1,320 | 1,846 |
| Total Liabilities | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,849 | 5,636 |
| Fixed Assets | 357 | 381 | 547 | 644 | 505 | 534 | 1,079 |
| CWIP | 11 | 67 | 4 | 18 | 28 | 14 | 19 |
| Investments | 0 | 0 | 0 | 0 | 0 | 119 | 742 |
| Other Assets | 1,209 | 1,350 | 1,687 | 1,814 | 2,052 | 2,183 | 3,795 |
| Total Assets | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,849 | 5,636 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 227 | 13 | 201 | 195 | 152 | 290 | 667 |
| Investing | -36 | -40 | -155 | -110 | -64 | -175 | -1,808 |
| Financing | -174 | 4 | -36 | -102 | -81 | -92 | 1,120 |
| Net Cash Flow | 16 | -23 | 10 | -17 | 7 | 22 | -21 |
| Free Cash Flow | 182 | -40 | 56 | 82 | 81 | 184 | 384 |
| CFO/OP | 165 | 4 | 358 | 106 | 41 | 64 | 89 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 118 | 167 | 194 | 169 | 172 | 131 | 92 |
| Inventory Days | 66 | 58 | 70 | 84 | 86 | 61 | 89 |
| Days Payable | 144 | 149 | 198 | 101 | 141 | 118 | 168 |
| Cash Conversion Cycle | 41 | 75 | 66 | 152 | 117 | 75 | 13 |
| Working Capital Days | 8 | 26 | 0 | 62 | 64 | 44 | 37 |
| ROCE % | — | 16% | 2% | 13% | 22% | 26% | 31% |
Documents
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 May - Audio link uploaded for FY26 earnings call held May 8, 2026. 8 May - Audio link uploaded for FY26 earnings call held May 8, 2026.
3
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
4h - Monitoring Agency Report for quarter ended March 31, 2026 shows no deviation in IPO proceeds utilization. 4h - Monitoring Agency Report for quarter ended March 31, 2026 shows no deviation in IPO proceeds utilization.
4
Announcement under Regulation 30 (LODR)-Change in Management
4h - Board approves FY26 audited results, leadership changes, and ₹3,726 crore capex for 6 GW Tamil Nadu wafer/ingot facility by FY29. 4h - Board approves FY26 audited results, leadership changes, and ₹3,726 crore capex for 6 GW Tamil Nadu wafer/ingot facility by FY29.
5
Audited Financial Results For The Quarter And Year Ended 31St March 2026
7 May - Board approved FY26 results, CEO/CMD changes, and ₹3,726 crore capex for 6 GW Tamil Nadu facility. 7 May - Board approved FY26 results, CEO/CMD changes, and ₹3,726 crore capex for 6 GW Tamil Nadu facility.
Frequently Asked Questions about Vikram Solar Ltd
What does Vikram Solar Ltd do?
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]
Where is Vikram Solar Ltd (VIKRAMSOLR) listed?
Vikram Solar Ltd is listed on the Indian stock exchanges. It is listed on NSE: VIKRAMSOLR and BSE: 544488. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Vikram Solar Ltd belong to?
Vikram Solar Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Vikram Solar Ltd?
Vikram Solar Ltd has a market capitalisation of approximately ₹6562.24 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Vikram Solar Ltd?
The Price-to-Earnings (PE) ratio of Vikram Solar Ltd is 17.96. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Vikram Solar Ltd?
Over the past 52 weeks, Vikram Solar Ltd has traded between a low of ₹155.38 and a high of ₹407.95. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Vikram Solar Ltd?
Vikram Solar Ltd has a Return on Equity (ROE) of 14.78%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Vikram Solar Ltd on Tapetide?
On Tapetide, you can view Vikram Solar Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]