Vikram Solar Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Vikram Solar Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
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.
Numbers mentioned
Revenue: INR1,563 crores (Q1 FY27)
p. 6
“Revenue from the quarter was about INR1,563 crores, up 8% sequentially and close to 38% year-on-year.”
Ranjan Jindal, page 6 of the filed PDF · View the filing
Module dispatch volume: 1,006 megawatts (Q1 FY27)
p. 3
“This quarter, we clocked our highest ever quarterly volume of 1,006 megawatts, up 32% on the same quarter last year.”
Sameer Nagpal, page 3 of the filed PDF · View the filing
EBITDA: INR126 crores (Q1 FY27)
p. 6
“EBITDA for the quarter was at INR126 crores at a margin of 8.06%, and PAT was at INR19.78 crores.”
Ranjan Jindal, page 6 of the filed PDF · View the filing
Per-watt peak realization: INR15.02 per watt peak (Q1 FY27)
p. 7
“Our per-watt peak realization rose to INR15.02 per watt peak, up 8% sequentially.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Unit cost of goods increase: INR1.86 per watt peak (Q1 FY27)
p. 7
“Against that, our unit cost of goods rose by INR1.86 per watt peak in the quarter, and that single line is effectively the whole of the gross margin movement.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Order book: 7.9 gigawatt (as of Q1 FY27)
p. 4
“Our order book closed at 7.9 gigawatt and its composition is shifting towards a diversified customer base, which helps us improve price realizations.”
Sameer Nagpal, page 4 of the filed PDF · View the filing
DCR module sales: 76 MW (Q1 FY27)
p. 4
“We have sold 76 MW of DCR modules this quarter, which exceeds the full year number for the last fiscal.”
Sameer Nagpal, page 4 of the filed PDF · View the filing
Capex deployed: approximately INR500 crores (Q1 FY27)
p. 8
“On the build itself, we deployed approximately INR500 crores of capex this quarter, 80% towards the module facility and the balance towards the cell plant, with both programs on their committed timelines.”
Ranjan Jindal, page 8 of the filed PDF · View the filing
Production volume: 1,085 megawatts (Q1 FY27)
p. 20
“Production volume for this quarter also has been around 1 gigawatt, 1,085 megawatts, to be exact.”
Rinal Shah, page 20 of the filed PDF · View the filing
Imported Chinese cell price: 4 cents landed (as of Q1 FY27 call date)
p. 16
“Landed spot prices for the Chinese imported cells is 4 cents and over that, there is of course the BCD of 27.5%, so that is the procurement cost as of today.”
Rinal Shah, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cell plant commissioning — 9 GW cell line commissioning · Q4 FY27
stated firmly by Sameer Nagpal
p. 11
“Yes, Sameer here. Yes, we are on track for Q4 for cell out and commissioning, and thereafter ramp-up.”
Sameer Nagpal, page 11 of the filed PDF · View the filing
Wafer-ingot capacity — 9 GW
stated firmly by Ranjan Jindal
p. 8
“a 9 GW wafer and ingot facility, which received the board approval for increase from 6 GW to 9 GW yesterday.”
Ranjan Jindal, page 8 of the filed PDF · View the filing
Total capex for the year — roughly INR4,700 crores of rest of the capex · this year
stated firmly by Ranjan Jindal
p. 8
“We anticipate to deploy roughly INR4,700 crores of rest of the capex in this year.”
Ranjan Jindal, page 8 of the filed PDF · View the filing
FY27 capex total — about INR5000 crores · FY27
stated firmly by Ranjan Jindal
p. 13
“This year looks at an investment of about INR5000 crores of which INR500 has already gone, of which we have not taken any debt up till now.”
Ranjan Jindal, page 13 of the filed PDF · View the filing
FY28 capex — similar numbers to FY27 · FY28
stated conditionally by Ranjan Jindal
p. 23
“So, as I explained, for FY27, we'll be spending about INR5,000 crores. We'll see similar numbers in FY28 as well.”
Ranjan Jindal, page 23 of the filed PDF · View the filing
3 GW cell phase 2 commissioning — 3 gigawatts · FY28
stated firmly by Sameer Nagpal
p. 23
“So, our plan was for the Phase 2 - 3 gigawatts was always in FY28, not on '27, so that stays.”
Sameer Nagpal, page 23 of the filed PDF · View the filing
BESS assembly plant commercial operations — 7.5 GWh plant · March 2027
stated firmly by Arun Mittal
p. 6
“We expect the plant to get installed in the month of January 2027 and the target date for commercial operations is from March 2027.”
Arun Mittal, page 6 of the filed PDF · View the filing
LFP cell plant land and incentives finalization — land and incentive package · September 2026
stated firmly by Arun Mittal
p. 6
“We are confident of finalizing the land and the incentives by September 2026.”
Arun Mittal, page 6 of the filed PDF · View the filing
LFP cell plant commercial operation date — 7.5 GWh LFP cell manufacturing plant · Q4 FY29
stated conditionally by Arun Mittal
p. 6
“And the tentative commercial operation date we are targeting is Q4 FY29.”
Arun Mittal, page 6 of the filed PDF · View the filing
DCR business growth — 2 to 2.5x every quarter
stated as an aspiration by Sameer Nagpal
p. 19
“And I would like to add that we expect our DCR business to grow 2 to 2.5x every quarter.”
Sameer Nagpal, page 19 of the filed PDF · View the filing
EBITDA margin trajectory — near term
stated conditionally by Sameer Nagpal
p. 18
“So, margins should broadly trend in this space, but could be get better.”
Sameer Nagpal, page 18 of the filed PDF · View the filing
Debt-equity ratio for capex funding — 70:30
stated firmly by Ranjan Jindal
p. 23
“So, the plans going forward would be at 75:25, but with the entire scheme to be in place, we will land up with the debt-equity of 70:30.”
Ranjan Jindal, page 23 of the filed PDF · View the filing
FY27 EBITDA guidance — H1 results
stated conditionally by Ranjan Jindal
p. 9
“We shared a formal outlook for FY27 on our 8th May call. Given the shape of this quarter and the ramp ahead of us, we will revisit that outlook at our H1 results again.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
Cell plant utilization — 40% to 50% · FY28
stated conditionally by Rinal Shah
p. 19
“So, assuming a six months ramp, which is the standard industry practice, for the full year, the entire 9 GW availability, the utilization that we are targeting is about 40% to 50% for the first year, where six months will be spent in ramping up the lines.”
Rinal Shah, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the pass-through clause covers only cell cost, not BOM, and even cell pricing could not be fully recovered due to oversupply.
Answered by Ranjan Jindal
Asked by Deepak Purswani: Why wasn't the cost inflation fully passed on to customers despite escalation clauses, and what is the current spread?
p. 9
“Yes, our MSA's do have the benefit of pass-through, but as we have told earlier and just clarified during our earlier calls, this pass-through is only for the cell and not for the BORM.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
Management computed EBITDA of Rs126 crore on 1 gigawatt of volume to arrive at a per-watt figure.
Answered by Ranjan Jindal
Asked by Deepak Purswani: What was the EBITDA per watt for the quarter?
p. 10
“it's a plain math to show that the EBITDA of INR 126 crores over a volume of 1 gigawatt effectively delivered INR1.25 per watt peak.”
Ranjan Jindal, page 10 of the filed PDF · View the filing
Management said DCR delivers better margins than non-DCR but declined to quantify the difference, citing low DCR volumes so far.
Answered by Ranjan Jindal
Asked by Pravin Sahay: How does DCR margin compare with non-DCR margin?
p. 12
“the DCR will deliver and does deliver margins more than what the non-DCR would be.”
Ranjan Jindal, page 12 of the filed PDF · View the filing
Management attributed the gap to captive cell capacity among peers and said its own focus on retail channels is intended to improve margins going forward.
Answered by Ranjan Jindal
Asked by Bala Murali Krishna: Why did margins fall by roughly 50% versus peers reporting only 1-2% declines despite Vikram not being DCR-heavy?
p. 15
“This is nothing but an outcome of the captive cells coming in. So, our focus presently is shifting towards the retail channels which helps us garner more profits.”
Ranjan Jindal, page 15 of the filed PDF · View the filing
Management said meaningful peer comparison is only possible once the cell line is commissioned, and margins will expand once DCR order book captures cell margins.
Answered by Sameer Nagpal
Asked by Vishant Shah: When can normal EBITDA margins be expected and how does the company compare to peers?
p. 15
“Till our cell line comes up, our EBITDA margins will be determined by the non-DCR business. And once the cell line commissions, and as we get into the DCR order book, the margins will show expansion because then it will capture the cell margins also.”
Sameer Nagpal, page 15 of the filed PDF · View the filing
Management said it is not updating guidance currently due to ALMM-2 related customer tentativeness and infrastructure delays on the customer side.
Answered by Sameer Nagpal
Asked by Mohammad Ansari: Does the FY27 module production guidance of 7-8 GW still hold?
p. 18
“So, combination of these two factors, we are not updating any guidance at this point of time. We are waiting for clarity to emerge.”
Sameer Nagpal, page 18 of the filed PDF · View the filing
Management said the blended realization reflected a mix of DCR (fetching about Rs22+) and non-DCR sales.
Answered by Ranjan Jindal
Asked by Mohammad Ansari: What drove the strong per-watt realization in Q1 FY27?
p. 19
“the realization of INR15 per watt peak for the quarter is a blend of DCR and non-DCR both, wherein DCR, as we know, has fetched about INR22 plus.”
Ranjan Jindal, page 19 of the filed PDF · View the filing
Management gave gigawatt-level estimates for each segment and said C&I, data centers and green hydrogen will anchor demand going forward.
Answered by Rinal Shah
Asked by Deepak Purswani: What is the outlook across utility, C&I and retail (PM Surya Ghar/KUSUM) demand segments?
p. 22
“C&I, data centers plus green hydrogen combined is going to now anchor Indian demand in the next decade.”
Rinal Shah, page 22 of the filed PDF · View the filing
Risks flagged
ALMM 2 enforcement uncertainty held back customer buying decisions
p. 3
“ALMM 2 enforcement stayed unclear for most of the quarter before the mandate was implemented and then deferred to December 2026. That uncertainty held back buying decisions and it showed up in our order flow.”
Sameer Nagpal, page 3 of the filed PDF · View the filing
Gulf conflict raising costs of metals, crude-linked materials and freight
p. 3
“the ongoing Gulf conflict pushed up the costs of metal, crude-linked raw materials, and freight.”
Sameer Nagpal, page 3 of the filed PDF · View the filing
Industry-wide new module capacity intensifying competition and limiting cost pass-through
p. 3
“seeing the sheer volume of new module capacity that came on stream industry-wide, which made competition intense and did not allow a full pass-through of these costs, the impact of which you see in our numbers.”
Sameer Nagpal, page 3 of the filed PDF · View the filing
War-related inflation in aluminum and copper affecting input costs
p. 7
“A large part of it was war-related inflation in base metals. Aluminum and copper prices ran up sharply, and those feed directly into our aluminum frames, our bus ribbon, and our interconnect ribbon, constituting about 35% of the balance of raw materials.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Crude oil spike raising EVA encapsulant costs
p. 7
“On top of that, the spike in the crude oil cut into the EVA, a critical encapsulant, which is about 12% of our balance of raw materials, also showed an inflation.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Chinese cell price spike flowing through inventory into the quarter's costs
p. 7
“Chinese cell prices spiked in the previous quarter, and because that flows through inventory, it was this quarter that took the brunt of it.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Industry oversupply from 210 gigawatts of capacity pressuring margins
p. 13
“the country is flooded with 210 gigawatts and there is a lot of oversupply, so that is hitting us on the margins to some extent.”
Ranjan Jindal, page 13 of the filed PDF · View the filing
Ongoing policy uncertainty around further ALMM 2 timeline extensions
p. 18
“There is further discussion going on if any further extension of ALMM 2 timelines is required or not.”
Sameer Nagpal, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.