Vikram Solar Ltd — earnings calls

Vikram Solar reported Q1 FY27 revenue of about Rs 1,563 crore, up 38% year-on-year, with module dispatches of 1,006 MW, up 32% year-on-year. EBITDA was Rs 126 crore at an 8.06% margin and PAT was Rs 19.78 crore, with management attributing the margin decline to a single cost-of-goods line driven by metal, EVA and cell cost inflation rather than a broad-based squeeze. Management said DCR module sales reached 76 MW in the quarter, the order book closed at 7.9 gigawatt, and it deferred revisiting its FY27 outlook until the H1 results.

Vikram Solar reported record FY26 revenue of INR4,800 crores, up 40% year-on-year, with EBITDA of INR917 crores at a 19% margin and PAT of INR470 crores. Q4 revenue was INR1,450 crores with EBITDA of INR235 crores and PAT of INR110 crores, alongside record quarterly production of approximately 1 gigawatt and order booking of approximately 1.9 gigawatts. Management detailed a backward integration roadmap covering module, cell, and wafer-ingot capacity, plus a battery energy storage buildout targeting 15 gigawatt-hours by FY30.