Vikram Solar Ltd
Vikram Solar Ltd (VIKRAMSOLR) last reported results for the quarter ended Jun 2026, with sales of ₹1,563 crore and net profit of ₹20 crore. The stock last traded at ₹152, a market capitalisation of ₹5,511 crore, on a P/E of 15.2. Over the past 52 weeks the stock has ranged between ₹152 and ₹355. Figures are as of 6 Oct 2026 and are not real time.
Vikram Solar Ltd share price and key metrics
- Current price
- ₹152
- Market cap
- ₹5,511 cr
- Stock P/E
- 15.2
- Book value
- ₹87.6
- ROE
- 21.4%
- ROCE
- 30.6%
- Dividend yield
- 0.00%
- 52w high / low
- 355/152
Metrics as of 6 Oct 2026. Not real time.
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Vikram Solar Ltd growth and returns
- 10 Years
- %
- 5 Years
- 24%
- 3 Years
- 32%
- TTM
- 33%
- 10 Years
- %
- 5 Years
- 65%
- 3 Years
- 214%
- TTM
- 44%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- 1 Year
- -53%
- 10 Years
- %
- 5 Years
- 16%
- 3 Years
- 20%
- Last Year
- 21%
Vikram Solar Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹1,563 cr, up 37.8% from ₹1,134 cr a year earlier. Net profit was ₹20 cr, down 85.0% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 573 | 1,026 | 1,194 | 1,134 | 1,110 | 1,106 | 1,453 | 1,563 |
| Expenses | 501 | 941 | 970 | 891 | 875 | 901 | 1,218 | 1,437 |
| Operating profit | 72 | 85 | 224 | 242 | 235 | 205 | 234 | 126 |
| OPM % | 13% | 8% | 19% | 21% | 21% | 19% | 16% | 8% |
| Other income | 11 | 12 | 8 | 4 | 16 | 15 | 18 | 13 |
| Interest | 34 | 28 | 48 | 32 | 32 | 40 | 57 | 49 |
| Depreciation | 37 | 39 | 42 | 34 | 35 | 37 | 57 | 64 |
| Profit before tax | 11 | 30 | 141 | 181 | 184 | 143 | 139 | 25 |
| Tax % | 36% | 36% | 36% | 26% | 30% | 31% | 21% | 22% |
| Net profit | 7 | 19 | 91 | 133 | 128 | 98 | 110 | 20 |
| EPS (₹) | 0.23 | 0.60 | 2.86 | 4.21 | 3.55 | 2.71 | 3.05 | 0.55 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Vikram Solar Ltd annual results
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,640 | 1,610 | 1,730 | 2,073 | 2,511 | 3,415 | 4,803 | 5,232 |
| Operating profit | 140 | 177 | 59 | 187 | 399 | 491 | 916 | 800 |
| OPM % | 9% | 11% | 3.4% | 9% | 16% | 14% | 19% | 15% |
| Net profit | 22 | 38 | -63 | 14 | 80 | 139 | 469 | 357 |
| EPS (₹) | 8.06 | 16.23 | -2.43 | 0.56 | 3.08 | 4.39 | 12.95 | 9.86 |
TTM is the trailing twelve months to the most recent quarter.
Vikram Solar Ltd balance sheet
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity capital | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| Reserves | 334 | 391 | 92 | 106 | 187 | 941 | 2,811 |
| Borrowings | 494 | 672 | 703 | 792 | 854 | 272 | 617 |
| Other liabilities | 720 | 712 | 1,183 | 1,319 | 1,286 | 1,320 | 1,846 |
| Total liabilities | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,849 | 5,636 |
| Fixed assets | 357 | 381 | 547 | 644 | 505 | 534 | 1,079 |
| CWIP | 11 | 67 | 4 | 18 | 28 | 14 | 19 |
| Investments | 0 | 0 | 0 | 0 | 0 | 119 | 742 |
| Other assets | 1,209 | 1,350 | 1,687 | 1,814 | 2,052 | 2,183 | 3,795 |
| Total assets | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,849 | 5,636 |
As reported by the company. Total assets equal total liabilities by construction.
Vikram Solar Ltd cash flow
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 227 | 13 | 201 | 195 | 152 | 290 | 667 |
| Cash from investing | -36 | -40 | -155 | -110 | -64 | -175 | -1,808 |
| Cash from financing | -174 | 4 | -36 | -102 | -81 | -92 | 1,120 |
| Net cash flow | 16 | -23 | 10 | -17 | 7 | 22 | -21 |
| Free cash flow | 182 | -40 | 56 | 82 | 81 | 184 | 384 |
| CFO / operating profit | 165% | 4% | 358% | 106% | 41% | 64% | 89% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Vikram Solar Ltd operating ratios
| Per year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| ROCE % | — | 16% | 2% | 13% | 22% | 26% | 31% |
| Debtor days | 118 | 167 | 194 | 169 | 172 | 131 | 92 |
| Inventory days | 66 | 58 | 70 | 84 | 86 | 61 | 89 |
| Days payable | 144 | 149 | 198 | 101 | 141 | 118 | 168 |
| Cash conversion cycle | 41 | 75 | 66 | 152 | 117 | 75 | 13 |
| Working capital days | 8 | 26 | 0 | 62 | 64 | 44 | 37 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Vikram Solar Ltd shareholding pattern
Promoters held 63.01% at Jun 2026, broadly unchanged since Sep 2025. FIIs 3.37% and DIIs 4.04%.
| % held | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Promoters | 63.12% | 63.01% | 63.01% | 63.01% |
| FIIs | 2.08% | 1.82% | 2.94% | 3.37% |
| DIIs | 6.20% | 4.71% | 4.80% | 4.04% |
| Public | 28.59% | 30.45% | 29.25% | 29.60% |
| No. of shareholders | 3,06,426 | 2,87,437 | 2,85,301 | 3,03,976 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Vikram Solar Ltd corporate filings
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Company Updatelow impact
Cruxal's analysis: Please find enclosed Certificate under Regulation 74(5) of SEBI (Depositories and…
Read the full analysis - Closure of Trading WindowInsider Trading / SASTlow impact
Cruxal's analysis: Please find enclosed the Intimation for Closure of Trading Window pursuant to SEBI…
Read the full analysis - Vikram Solar Limited announces resignation of EVP – Sales & BD, appoints new Chief Business OfficerCompany Updatemedium impact
Cruxal's analysis: Vikram Solar Limited has formally announced the resignation of Mr. Rony Banerjee, EVP –…
Read the full analysis - Vikram Solar secures 400 MW high-efficiency module supply order for Maharashtra agri-solar projectsCompany Updatehigh impact
Cruxal's analysis: Vikram Solar Limited has secured a significant 400 MW order for its high-efficiency…
Read the full analysis - Vikram Solar Ltd schedules analyst and institutional investor meetingCompany Updatelow impact
Cruxal's analysis: Vikram Solar Ltd has issued an intimation regarding a scheduled meeting with analysts and…
Read the full analysis - Vikram Solar Ltd releases routine press release under Regulation 30Company Updatelow impact
Cruxal's analysis: Vikram Solar Ltd has filed a press release under Regulation 30 of the LODR regulations…
Read the full analysis - Vikram Solar Secures 124 MW Solar Module Supply Order from Capital Energy Private LimitedCompany Updatemedium impact
Cruxal's analysis: Vikram Solar Limited has announced a new order win to supply 124 MW of its…
Read the full analysis - Vikram Solar Limited completes acquisition of Australian subsidiary to drive international expansionCompany Updatelow impact
Cruxal's analysis: Vikram Solar Limited has completed the acquisition of 100% shareholding in Vikram Solar…
Read the full analysis - Vikram Solar Q1 FY27 Earnings Call Transcript: Margin Pressure Amidst Strategic Capacity Expansion and Policy UncertaintyCompany Updatehigh impact
Cruxal's analysis: Vikram Solar Limited reported Q1 FY27 revenue of INR 1,563 crore, up 38% YoY, but faced…
Read the full analysis - Vikram Solar Ltd schedules analyst/institutional investor meetingCompany Updatelow impact
Cruxal's analysis: Vikram Solar Ltd has issued an intimation regarding a scheduled meeting with analysts and…
Read the full analysis - Vikram Solar Limited secures credit rating affirmation and expansion of rated bank facilities to 4,000 crore INRCompany Updatemedium impact
Cruxal's analysis: Vikram Solar Limited has received an affirmation of its existing credit ratings (IND…
Read the full analysis - Vikram Solar Limited discloses audio recording link for Q1FY27 earnings conference callCompany Updatelow impact
Cruxal's analysis: Vikram Solar Limited has formally filed the audio recording link for its Q1FY27 earnings…
Read the full analysis - Vikram Solar Ltd publishes newspaper notice regarding corporate disclosuresCompany Updatelow impact
Cruxal's analysis: Vikram Solar Ltd has fulfilled a routine regulatory requirement under Regulation 30 of…
Read the full analysis - Vikram Solar Limited Q1 FY2027 Results: Significant Margin Compression and Profit Decline Despite Revenue GrowthCompany Updatehigh impact
Cruxal's analysis: Vikram Solar Limited reported Q1 FY2027 results showing a 38% YoY increase in revenue to…
Read the full analysis - Vikram Solar Ltd files Monitoring Agency Report for quarter ended June 30, 2026Company Updatelow impact
Cruxal's analysis: Vikram Solar Ltd has submitted its Monitoring Agency Report for the quarter ended June…
Read the full analysis - Vikram Solar Announces Q1 FY27 Results and Strategic Expansion of Manufacturing Capacity to 9 GWResulthigh impact
Cruxal's analysis: Vikram Solar Limited reported Q1 FY27 standalone revenue of 1,536.03 crore and a net…
Read the full analysis - Vikram Solar Limited Announces Q1 FY27 Financial Results and Strategic Expansion of Manufacturing Capacity to 9 GWBoard Meetinghigh impact
Cruxal's analysis: Vikram Solar Limited reported Q1 FY27 standalone revenue of 1,536.03 crore with a net…
Read the full analysis - Vikram Solar Ltd concludes 21st Annual General Meeting held on August 4, 2026Company Updatelow impact
Cruxal's analysis: Vikram Solar Ltd has filed the proceedings of its 21st Annual General Meeting (AGM)…
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