by | May 11, 2026 9:00 pm
Synopsis: Solar module maker closes its best fiscal year yet, more than doubling EBITDA and tripling net profit, even as it breaks ground on a multi-year capacity buildout that could reshape its competitive position
India’s solar manufacturing landscape is entering a new phase of scale, integration, and policy-backed expansion. As domestic demand accelerates and government incentives push companies toward deeper localization, solar manufacturers are racing to build capacity across the value chain. Against this backdrop, one company is emerging as a key beneficiary, combining strong operational execution with an ambitious long-term expansion roadmap spanning solar modules, cells, wafer-ingot manufacturing, and battery energy storage systems.
Vikram Solar Limited posted revenue of ₹4,802 crore in FY26, a 40% jump over the previous year’s ₹3,423 crore. More telling than the top line, though, is what happened further down the P&L. EBITDA grew 86% year-on-year to ₹917 crore, lifting EBITDA margins from 14% in FY25 to 19% in FY26. Profit after tax came in at ₹470 crore – a 236% increase from the ₹140 crore reported in FY25. The company also sharply reduced its debt-to-equity ratio, from 0.19x to just 0.03x, while improving return on equity from 16.6% to 21.3%.
The fourth quarter alone saw revenue touch ₹1,453 crore, the highest the company has ever recorded in a single quarter. Quarterly production hit 971 MW in Q4 FY26, up from 526 MW in Q4 FY25. For the full year, total production stood at 3,220 MW, compared to 1,286 MW in FY25, a 150% increase. Sales volume for FY26 reached 3,342 MW, up 76% year-on-year from 1,900 MW. The company also reported an effective capacity utilization rate of 75% for FY26, with the Vallam plant still in ramp-up phase.
The order book as of March 31, 2026 stood at 8.2 GW, with 1.9 GW secured in Q4 alone – the highest single-quarter booking so far. The order mix is predominantly domestic at 87%, with independent power producers making up 69% of the segment split. Concentration risk has reduced sharply: the top-five client share dropped from 80% in FY25 to 47% in FY26, pointing to a wider and more stable customer base.
Beyond the immediate results, the company’s expansion blueprint is the real long-term story. A 9 GW solar cell plant is slated for first output by December 2026, with 12 GW of wafer-ingot manufacturing targeted by FY29-30 to achieve full vertical integration. Module capacity is planned to scale to 15.5 GW.
The company has also entered the battery energy storage space through its VSL Powerhive subsidiary, launching the VION brand and targeting 15 GWh of BESS capacity by FY30 – beginning with assembly operations in FY27 and scaling to integrated cell manufacturing by FY29. A 100 MWh BESS order has already been secured, and advanced discussions are underway with cell technology licensors.
The company has received board approval for a ₹3,726 crore capital expenditure to set up a 6 GW backward-integrated wafer and ingot facility at its Gangaikondan site in Tamil Nadu. Scheduled to be commissioned by FY30, this is the first phase of a planned 12 GW wafer-ingot roadmap that will transform the company from a module assembler into a fully integrated solar manufacturer.
The government is backing solar and battery storage hard. India has set aside ₹18,000 crore under its PLI scheme to support local battery manufacturing. The PM-KUSUM scheme, which funds solar installations for farmers, has been extended till March 2027 and is set to get even bigger under KUSUM 2.0. Rules also now require solar and battery projects to use locally made components, which directly benefits Indian manufacturers like this one.
The one dark cloud is the United States. American authorities have slapped import duties of over 250% on Indian solar modules, making it nearly impossible to sell them profitably. The company has already had to walk away from a 0.6 GW order from a US-based customer as a result.
Vikram Solar Limited is a Kolkata-based solar module manufacturer with over two decades in the industry. It operates manufacturing facilities in West Bengal and Tamil Nadu with a combined installed capacity of 9.5 GW. The company sells modules in India and international markets, serving IPPs, government agencies, EPC players, and commercial and industrial customers.
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Rahul Kumar is a finance professional and CFA Level III Candidate with four years of active experience in the Indian stock market. As a junior news analyst, he translates complex market movements into clear, data-driven narratives for everyday investors and seasoned traders alike. Armed with a BBA in Finance and hands-on expertise in equity valuation, financial modelling, and investment research, Rahul brings both analytical rigour and real-world market insight to his writing. His work bridges the gap between financial analysis and accessible journalism, helping readers make sense of the numbers that move India’s markets.
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