Vikram Solar Limited, one of India’s leading solar PV module manufacturers, has announced its financial results for the second quarter of FY26, showcasing stellar year-on-year growth across revenue, profitability, and margins. The company’s strong performance underscores rising demand for solar modules in India’s expanding renewable energy ecosystem.
Key Highlights
| Metric | Q2 FY26 | Q2 FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | ₹1,109.9 Cr | ₹572.9 Cr | +93.7% |
| EBITDA | ₹235 Cr | ₹72 Cr | +226% |
| Net Profit (PAT) | ₹128.5 Cr | ₹7.4 Cr | +1,637% |
| EPS | ₹4.7* | ₹0.3* | +1,466% |
Estimated EPS based on reported PAT and share capital.
Vikram Solar’s Q2 FY26 results, announced on October 16, 2025, highlight a remarkable operational and financial recovery. The company nearly doubled its revenue year-on-year, supported by rising domestic demand and a surge in solar module exports. Strong execution across manufacturing facilities and favorable market conditions contributed to this robust performance.
The company’s EBITDA jumped over threefold, reflecting significant improvements in cost efficiency and scale benefits. Higher capacity utilization, better product mix, and lower input costs helped strengthen operating margins. Management’s continued focus on optimizing production and supply chain capabilities has positioned Vikram Solar as a key beneficiary of India’s solar expansion drive.
With a net profit of ₹128.5 crore, Vikram Solar has delivered one of its best quarterly performances to date. The results underscore the company’s resilience and strategic execution amid a competitive renewable energy landscape. In this article, we discuss Vikram Solar’s Q2 FY26 performance in detail, including segment-wise growth, margin trends, and outlook for the coming quarters.
Management Commentary
Gyanesh Chaudhary, Chairman & Managing Director, highlighted the company’s operational strength despite external disruptions:
“Despite the temporary slowdown caused by monsoon-related logistical challenges, we delivered strong revenue growth of 93.7% compared to the same period last year. This remarkable growth demonstrates the strength and resilience of our operations.”
He further added that policy support, potential GST reductions on solar modules, and the emerging green hydrogen opportunity are expected to act as tailwinds for continued growth in FY26 and beyond.
Segment Performance
- Module Sales:
Surged 189% YoY to 784 MW, up from 271 MW in Q2 FY25. - EBITDA Margin:
Expanded to 21.2% from 12.6%, supported by better scale and cost optimization. - Capacity Utilization:
Maintained a robust 84%, demonstrating efficient use of its 4.5 GW module capacity across Kolkata and Chennai plants. - Order Book (as of September 30, 2025):
11.15 GW, up 36% YoY — with 85% domestic and 15% export orders.
Domestic Mix:
- IPPs: 52%
- C&I: 20%
- DISCOMs: 13%
- Government: 8%
- EPC: 7%
Market Reaction
Following the results announcement, Vikram Solar’s stock gained over 3% on October 17, 2025, closing around ₹341–₹350 on NSE. Investors welcomed the strong earnings momentum and expansion roadmap, positioning Vikram Solar among the top-performing renewable energy stocks post-listing (August 2025).
Peer Comparison
Compared to industry peers such as Waaree Energies, Tata Power Solar, and Adani Solar, Vikram Solar’s 93.7% YoY revenue growth and 21% EBITDA margin outperformed most domestic players. While the solar manufacturing sector faces near-term cost pressures, Vikram Solar’s capacity expansion and export diversification offer a competitive edge.
Future Outlook
Analysts remain optimistic about Vikram Solar’s growth prospects, supported by:
- Strong order visibility (11.15 GW)
- Upcoming capacity expansion: 5 GW additional module line in Tamil Nadu by FY26-end
- Long-term manufacturing target: 17.5 GW modules and 12 GW cells by FY27
- Sectoral tailwinds: Policy incentives, lower GST, and green hydrogen-led demand
Despite a slight QoQ revenue dip (–2.1%) due to monsoon disruptions, management expects a strong recovery in H2 FY26, with expanding global opportunities and government-led solar adoption.
FAQs
1.What was Vikram Solar’s net profit in Q2 FY26?
Vikram Solar reported a net profit of ₹128.5 crore, a massive 1,637% YoY increase from ₹7.4 crore in Q2 FY25.
2. Did Vikram Solar beat market expectations?
Yes. Both revenue and profit exceeded market expectations, driven by record module sales and margin expansion.
3. How did Vikram Solar’s margins perform this quarter?
EBITDA margin improved sharply to 21.2% from 12.6%, reflecting efficient cost management and operational leverage.
4. What is the company’s capacity utilization level?
Capacity utilization stood at 84%, highlighting strong demand across both domestic and export markets.
Conclusion
Vikram Solar’s Q2 FY26 performance underscores its operational efficiency, scaling potential, and strong market positioning in India’s renewable sector. With a growing order book, capacity expansion plans, and favorable policy landscape, the company is well-placed to capitalize on India’s clean energy transition and global solar demand surge.
Sources: Vikram Solar Investor Presentation
