Vikram Solar Limited — PPTs, 26-03-2026: Investor Presentation

Here's a summary of the investor presentation for retail investors:

**Business Performance:** Vikram Solar delivered strong growth, with revenue up 50% YoY to ₹3,350 Cr and EBITDA soaring 154% YoY to ₹682 Cr in 9MFY26. This performance was driven by robust domestic demand and product innovation. The order book stands at 10.6 GW.

**Growth Drivers or Strategy:** The company is focused on three key pillars: 1) **Delivering Today** with its 9.5 GW module capacity and strong execution. 2) **Building Tomorrow** through significant backward integration with a 9 GW cell plant by FY27 and advanced technologies like Zero Busbar (XBC) cells. 3) **Growing Beyond** by entering new platforms like Battery Energy Storage Systems (BESS), targeting 15 GWh by FY30, and expanding its global market reach.

**Recent Developments:** Vikram Solar is establishing India's largest BESS facility by FY30 and is set to become the first in India to produce XBC cells, aiming for technology differentiation.

**Key Financial Metrics:** Revenue for 9MFY26 was ₹3,350 Cr (up 50% YoY), and EBITDA was ₹682 Cr (up 154% YoY). Net worth stood at ₹2,950 Cr.

**Management Commentary / Outlook:** The company sees strong, multi-decade demand for renewables in India, supported by government policies. Vikram Solar is strategically positioned to capitalize on this, expanding its manufacturing capacity from 9.5 GW to 15.5 GW for modules and vertically integrating into cells, wafers, and ingots. They are also targeting a significant presence in the growing BESS market and expanding their export business, focusing on compliance and non-Chinese sourcing advantages in markets like the US and Europe.