Vikram Solar Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Vikram Solar Ltd filed with BSE on 13 May 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 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.
Numbers mentioned
Revenue: INR4,800 crores (FY26)
p. 7
“During the year, the company delivered record revenue of INR4,800 crores, up by 40% year-on-year.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Sales volume: 3.3 gigawatt (FY26)
p. 7
“This was supported by sales volume of 3.3 gigawatt, a 76% increase from 1.9 gigawatt the previous year.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
EBITDA: INR917 crores (FY26)
p. 7
“EBITDA for the year recorded at INR917 crores, with margins expanding to 19%, a 500 basis points increase over 14% in FY25.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
PAT: INR470 crores (FY26)
p. 7
“Profit after tax for the year was at INR470 crores, a 10% PAT margin.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Revenue: INR1,450 crores (Q4 FY26)
p. 7
“Revenues for the quarter were at INR1,450 crores, up by 31% sequentially, with EBITDA at INR235 crores at a 16% margin and PAT at INR110 crores.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Net working capital cycle: 44 days (FY26)
p. 7
“The net working capital cycle has compressed from 82 days in FY25 to 44 days in FY26, reflecting tighter receivable management, more disciplined inventory deployment, and timely cash generation of the scaled platform.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Working capital net debt: INR64 crores (FY26)
p. 7
“Working capital net debt stands at just INR64 crores and a net-to-debt equity ratio of 0.03 paves the way for the next phase of our capex cycle from a position of financial strength and flexibility.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Order book: 8.2 gigawatts (as on 31st March 2026)
p. 7
“Our order book stands at 8.2 gigawatts as on 31st March 2026, providing revenue visibility for the next fiscal.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Cumulative module deployment: 10-gigawatt (cumulative to FY26)
p. 7
“During the year, we crossed the 10-gigawatt cumulative global module deployment.”
Ranjan Jindal, page 7 of the filed PDF · View the filing
Module manufacturing capacity: 9.5 gigawatts (current)
p. 5
“9.5 gigawatts of module manufacturing at scale and soon going to be ramping up to 15.5 gigawatts”
Sameer Nagpal, page 5 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.
BESS capacity — 15 gigawatt-hours · FY30
stated as an aspiration by Gyanesh Chaudhary
p. 4
“Our target is 15 gigawatt-hours of BESS capacity by FY30, positioning Vikram Solar as one of the leading, largest integrated solar platforms and aligned with the national pathway I was referencing earlier.”
Gyanesh Chaudhary, page 4 of the filed PDF · View the filing
Module capacity — 15.5 gigawatts
stated firmly by Ranjan Jindal
p. 9
“On the module front, we are at 9.5 gigawatts today, scaling to 15.5 once Gangaikondan’s 6-gigawatt module plant commissions.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
TOPCon cell facility commissioning — 9-gigawatt cell facility · Q4 FY27
stated firmly by Ranjan Jindal
p. 9
“Our 9-gigawatt TopCon cell plant is on track for phased commissioning through Q4 FY27, with the first cell rolling out in December 2026, taking us to roughly 70% of backward integration.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
Additional cell capacity — 3-gigawatt cell · FY28
stated firmly by Ranjan Jindal
p. 9
“A further 3-gigawatt cell is planned in FY28, completing the cell stack and taking us to a full cell-level integration.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
Wafer-ingot facility investment — 6 gigawatts at approximately 3,700 crores · FY29
stated firmly by Ranjan Jindal
p. 9
“we plan to add the first phase of 6 gigawatts at the existing site at Gangaikondan, the investment of which was approved at the Board meeting yesterday with an expected outlay of approximately 3,700 crores and commissioning in FY29.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
BESS cell-to-pack facility — 5 gigawatt-hour · March 2027
stated firmly by Ranjan Jindal
p. 9
“The journey for the 15 gigawatt-hour BESS capacity has also kick-started wherein a 5 gigawatt-hour cell-to-pack facility is scheduled to commission by March 27, followed by the first phase of 7.5 gigawatt-hour of battery cell manufacturing to commission in FY 29 and the second phase in FY30.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
Interest and debt service coverage ratio — above 2.5
stated firmly by Ranjan Jindal
p. 9
“We are committed to operate within firm guardrails through the entire investment cycle, maintaining interest and debt service coverage ratios above 2.5 and the net-debt-to-equity below 1.5, even at the point of peak debt drawdown.”
Ranjan Jindal, page 9 of the filed PDF · View the filing
Closing debt — INR3,200 crores · 31st March 2027
stated firmly by Ranjan Jindal
p. 15
“So, the closing debt for 31st March 27 can therefore be considered to be at INR3,200 crores.”
Ranjan Jindal, page 15 of the filed PDF · View the filing
Closing debt — INR6,500 - 6,600 crores · FY28 end
stated firmly by Ranjan Jindal
p. 15
“So, the capex phase for the wafer-ingot will come in more importantly there, and we expect that to remain at INR6,500 - 6,600 crores.”
Ranjan Jindal, page 15 of the filed PDF · View the filing
FY27 production — approx. 8 gigawatts · FY27
stated firmly by Ranjan Jindal
p. 16
“FY27 collectively with the 6-gigawatt module coming is expected to produce collectively for the company as a whole some 8 gigawatts, of which as we discussed 2 gigawatts will be on the DCR front and the balance 6 on the non-DCR.”
Ranjan Jindal, page 16 of the filed PDF · View the filing
EBITDA per watt peak (non-DCR) — INR1.75 to INR2 · FY27
stated conditionally by Ranjan Jindal
p. 17
“we therefore believe that for the year as a whole, the non-DCR volume should deliver an EBITDA of per watt peak at INR1.75 to INR2 throughout the year on an average basis.”
Ranjan Jindal, page 17 of the filed PDF · View the filing
EBITDA per watt peak — INR5 per watt peak · FY28
stated conditionally by Ranjan Jindal
p. 17
“So, we believe that 1.75 to 2, at least for FY28 should deliver about INR5 per watt peak which presently is at 6.”
Ranjan Jindal, page 17 of the filed PDF · View the filing
EBITDA — 1,500 to 1,600 crores · FY27
stated conditionally by Ranjan Jindal
p. 21
“With the new facility coming in, we plan to deliver approx. 7.5 to 8 gigawatts in FY27 to deliver an EBITDA about 74% more than what we have delivered in FY26, which therefore works out to a range of 1,500 to 1,600 crores.”
Ranjan Jindal, page 21 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.
The agreement is phased to align with DCR demand kicking off post the June 2026 deadline, with offtake ramping through FY27.
Answered by Ranjan Jindal
Asked by Sahil Sheth: When can DCR modules start rolling out from the manufacturing facilities using the 2-gigawatt Jupiter International cell procurement?
p. 10
“the agreement we have signed for the procurement of cell has been phased in a manner to take care of the DCR demand which will take off post the June 2026 deadline, and within FY27 the entire offtake, with a ballooned offtake in the H2, is going to pan out.”
Ranjan Jindal, page 10 of the filed PDF · View the filing
The change resulted in a 10% cost increase, with total cell capex for 12 gigawatts at 5,400 crores.
Answered by Ranjan Jindal
Asked by Sahil Sheth: What is the capex differential from switching cell machinery procurement from Thailand to China?
p. 10
“there was a change in the plan, as we discussed. It was a 10% cost increase. So, the overall cell capex for the 12 gigawatts would be at 5,400 crores”
Ranjan Jindal, page 10 of the filed PDF · View the filing
Distribution was mostly Non-DCR with a recurring order book arrangement; as it shifts to DCR with outsourced cell supply this year, the format has changed to spot buying.
Answered by Sameer Nagpal
Asked by Kaushik Doshi: Why were distribution orders removed from the order book?
p. 12
“Now, since it is moving to DCR and we are currently, this year, we are going to operate on an outsourced cell supplies, so we have changed the format to spot buying by distributors instead of a recurring order book.”
Sameer Nagpal, page 12 of the filed PDF · View the filing
Realizations actually rose in Q4 by INR0.60 per watt-peak while costs rose by INR0.80, denting per-unit EBITDA by INR0.20.
Answered by Ranjan Jindal
Asked by Praveen Sahay: How should the gross margin contraction be split between realization decline and raw material inflation?
p. 13
“the realizations have actually gone up in Q4 by about INR0.60 whereas the cost, as I told in my previous question, by virtue of the impact of the war coming in, the cost actually went up by INR0.80.”
Ranjan Jindal, page 13 of the filed PDF · View the filing
The company is deploying TopCon Plus, not HJT or XBC, with incremental efficiency gains over the industry baseline of 25.2%.
Answered by Rinal Shah
Asked by Bhavana Jain: What technology is being used for the new cell capacity and does it improve profitability?
p. 17
“What we are setting up currently in our first phase of a cell plant of 9 gigawatt is also N-TopCon, but it's a TopCon Plus with an incremental couple of processes which gives a leg up in efficiency over the industry baseline currently established at 25.2%.”
Rinal Shah, page 17 of the filed PDF · View the filing
Stringent traceability requirements and a shortage of skilled manpower in the US made India a more attractive location for capital and management focus.
Answered by Rinal Shah
Asked by Nidhi Shah: Why was capacity expansion in the US scrapped?
p. 20
“the ongoing high requirement of traceable supply down to the quartz level is so stringent, as well as the availability of skilled manpower in US domestic front is a challenge, which is why India as an opportunity looks infinitely more attractive.”
Rinal Shah, page 20 of the filed PDF · View the filing
MSAs allow pass-through of cell cost and dollar appreciation to the extent of 80%, but future dynamics with cell and wafer-ingot integration remain to be seen.
Answered by Ranjan Jindal
Asked by Vishad Kabra: How are rising raw material costs, especially silver, affecting the cost structure and pass-through ability?
p. 22
“the MSAs we sign with our customers do allow us to pass through the cost of cell and the dollar appreciation, which is to the extent of 80%.”
Ranjan Jindal, page 22 of the filed PDF · View the filing
Risks flagged
Rising aluminium and EVA costs due to crude oil price increases
p. 12
“we experienced some increase in the crude oil which impacted the EVA cost. The aluminium frame cost has also gone up with the aluminium cost per ton going from $3,100 per ton to $3600 per ton.”
Ranjan Jindal, page 12 of the filed PDF · View the filing
Cell cost increases from higher silver prices and removal of China's export VAT rebate
p. 8
“Cell costs moved up during the year on higher silver prices and the removal of China’s export VAT rebate, and the domestic manufacturing ecosystem continued to scale, naturally bringing more competitive pricing dynamics.”
Ranjan Jindal, page 8 of the filed PDF · View the filing
US export order deemed unviable due to sunset of incentives
p. 14
“that particular project in question was deemed unviable by the IPP because of a sunset of certain incentives in the US market for the IPP itself, which is why we’ve removed it from the order book.”
Rinal Shah, page 14 of the filed PDF · View the filing
India's exports to the US for cells and modules have nearly zeroed out
p. 20
“the exports from the Indian domain to the US have slimmed to almost negligible levels.”
Rinal Shah, page 20 of the filed PDF · View the filing
Import dependence on China for wafer and ingot creates supply chain vulnerability
p. 4
“India today imports nearly all of its wafer and ingot from China, creating supply chain vulnerability for every domestic manufacturer.”
Gyanesh Chaudhary, page 4 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.