The company now sets its sights on a fourfold capacity expansion, marking the next phase of its transformational growth journey.
Vikram Solar Ltd, one of India’s leading photovoltaic module makers, has reported its strongest-ever quarterly performance for the first quarter of FY2026, with significant growth across revenue, profitability, and margins. The unaudited results for the quarter ended 30 June show a 79.7 per cent year-on-year (YoY) rise in revenue, reaching ₹11.34 billion, while profit after tax (PAT) surged by 483.9 per cent to ₹1.33 billion.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹2.42 billion, marking a 117.3 per cent YoY increase. EBITDA margins improved to 21.4 per cent, up 370 basis points from the previous year. PAT margins rose to 11.7 per cent, compared to 3.6 per cent in Q1 FY2025.
Gyanesh Chaudhary, Chairman & Managing Director of the Kolkata-headquartered company, attributed the robust performance to strong operational execution and sustained market demand. “The fiscal has begun on a strong note, with Q1 FY2026 numbers reflecting robust growth across revenue, profitability, and margins,” he said.
The company’s order book stood at 10.96 GW as of June 30, supported by major module supply contracts including 336 MW from Larsen & Toubro, 326 MW from Gujarat Industries Power Company Ltd (GIPCL), and 250 MW from Bondada Group in Maharashtra.
“Our order book pipeline remains healthy, underlining the continued trust of our customers and strong market demand,” Chaudhary noted. “With our expanding capacities and faster turnaround times, we remain confident of executing these orders on schedule and at scale.”
Vikram Solar also reported a capacity utilisation rate of 89.2 per cent for the quarter, calculated against its effective capacity—approximately 75 per cent of its rated capacity, in line with industry norms.
Looking ahead, the company is undertaking a transformational growth journey, with plans to scale its manufacturing capacity by nearly four times. “We are strategically backwards integrating into solar cell manufacturing, which gives us supply chain security and cost competitiveness and strengthens our position across the value chain,” Chaudhary added.
The company stated the growth momentum is further buoyed by favourable policy tailwinds, including the Production Linked Incentive (PLI) scheme, customs duties, and support for domestic manufacturing and green hydrogen initiatives under the Atmanirbhar Bharat programme.