Vikram Solar Limited — Investor Meet, 13-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Vikram Solar Limited held an earnings conference call to discuss Q4 and FY26 results. Management provided an update on the company's business outlook, strategic priorities including backward integration and battery energy storage, and financial performance. The call also covered operational updates, order book status, and the outlook for the upcoming fiscal year.

Vikram Solar reported record revenue of INR4,800 Cr for FY26, a 40% YoY increase, driven by a 76% jump in sales volumes to 3.3 gigawatts. EBITDA reached INR917 Cr, with margins expanding to 19%. PAT stood at INR470 Cr. The company achieved its highest-ever quarterly revenue of INR1,450 Cr in Q4 FY26, with EBITDA of INR235 Cr and PAT of INR110 Cr. The net working capital cycle compressed significantly. The company has no long-term debt and a strong balance sheet.

Management highlighted the structural growth in India's solar sector, driven by energy security and policy. Vikram Solar is expanding its manufacturing capacity, aiming for 15.5 gigawatts of module capacity and significant backward integration into cells and wafers. The company is also entering the battery energy storage systems (BESS) market, targeting 15 gigawatt-hours by FY30. The order book stood at 8.2 gigawatts as of March 31, 2026, providing revenue visibility. Management expressed confidence in capturing a disproportionate share of the growing market, supported by integration, technology, and execution capabilities.

The outlook for FY27 anticipates continued strong demand, with Vikram Solar expected to produce 8 gigawatts of modules. The company is strategically positioned to benefit from the shift towards DCR (Domestic Content Requirement) mandates.

The company's investor sentiment appears confident, focusing on execution and long-term market leadership through integration and technology.