Vikram Solar Limited (IN:VIKRAMSOLR)
:VIKRAMSOLR
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Vikram Solar Limited
(VIKRAMSOLR)
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Rating:68Neutral
Price Target:
₹246.00
▼(-26.52% Downside)
Action:ReiteratedDate:03/11/26
Overall score is supported primarily by strong financial performance (robust growth, improving profitability, reduced leverage, and strong cash generation). This is offset by weak technicals, with the stock trading below key moving averages and negative MACD, while valuation appears moderate with no dividend yield data to add support.
Positive Factors
Revenue & margin expansion
Sustained 36.3% top-line growth alongside rising gross and operating margins indicates improving product mix and operational leverage. These durable improvements expand reinvestment capacity for capacity, R&D and project execution, supporting medium-term profitability resilience.
Negative Factors
Modest net profitability
Despite margin improvement, a mid-single-digit net margin leaves limited downside protection in a capital-intensive manufacturing business. Persistent low absolute profitability can constrain internal funding for large-scale capacity expansion and heightens sensitivity to cost shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin expansion
Sustained 36.3% top-line growth alongside rising gross and operating margins indicates improving product mix and operational leverage. These durable improvements expand reinvestment capacity for capacity, R&D and project execution, supporting medium-term profitability resilience.
Read all positive factors
Vikram Solar Limited (VIKRAMSOLR) vs. iShares MSCI India ETF (INDA)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)101.56K
Price to Earnings (P/E)22.0
Beta (1Y)1.18
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees1,612
SectorEnergy
Sector Strength52
IndustrySolar
Share Statistics
EPS (TTM)3.18
Shares Outstanding362,330,170
10 Day Avg. Volume65,955
30 Day Avg. Volume101,564
Financial Highlights & Ratios
PEG Ratio1.21
Price to Book (P/B)10.38
Price to Sales (P/S)3.77
P/FCF Ratio84.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)14.71
Revenue Forecast (FY)₹81.36B
Vikram Solar Limited Business Overview & Revenue Model
Company Description
Vikram Solar Limited manufactures and sells solar photovoltaic modules/systems in India and internationally. It also offers engineering, procurements, and construction solutions, such as risk analysis, site survey, design and engineering, procurem...
How the Company Makes Money
The company makes money primarily by selling solar photovoltaic (PV) products and related solutions. Key revenue streams include: (1) Solar PV module sales: revenue from manufacturing and selling PV modules to customers such as utility-scale devel...
Vikram Solar Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.10B | 34.23B | 25.11B | 20.73B | 17.30B |
| Gross Profit | 2.89B | 8.41B | 8.10B | 4.43B | 3.29B |
| EBITDA | 2.51B | 4.93B | 3.71B | 1.82B | 515.34M |
| Net Income | 1.28B | 1.40B | 797.18M | 144.91M | -629.40M |
Balance Sheet | |||||
| Total Assets | 48.09B | 28.32B | 25.85B | 24.76B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 17.75B | 391.57M | 89.49M | 16.31M | 188.68M |
| Total Debt | 2.62B | 2.72B | 8.54B | 7.92B | 7.49B |
| Total Liabilities | 18.59B | 15.90B | 21.40B | 21.11B | 18.86B |
| Stockholders Equity | 29.50B | 12.42B | 4.45B | 3.65B | 3.51B |
Cash Flow | |||||
| Free Cash Flow | 3.72B | 1.52B | 804.27M | 640.46M | 555.86M |
| Operating Cash Flow | 5.13B | 2.99B | 1.52B | 1.95B | 2.01B |
| Investing Cash Flow | -6.43B | -1.69B | -636.91M | -1.11B | -1.55B |
| Financing Cash Flow | 12.06B | -997.18M | -810.26M | -1.02B | -362.18M |
Vikram Solar Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹13.80B | 38.37 | ― | 0.04% | 80.97% | 393.79% | |
68 Neutral | ― | 21.96 | ― | ― | ― | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹36.96B | 14.56 | ― | ― | 152.12% | ― | |
49 Neutral | ₹67.53B | 18.86 | ― | ― | 7.68% | -114.23% | |
43 Neutral | ₹44.08B | -446.21 | ― | ― | 112.24% | -474.43% |
* Energy Sector Average
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Vikram Solar Limited Corporate Events
Vikram Solar Releases Investor Presentation Following Analysts and Investors Day
Mar 26, 2026
Vikram Solar Limited, a listed Indian solar PV module manufacturer and solar solutions provider, operates in the renewable energy sector with a focus on supporting India’s energy transition. Its equity shares trade on BSE and NSE under the s...
Vikram Solar Discloses Senior Manufacturing Executive’s Resignation
Mar 25, 2026
Vikram Solar Limited has disclosed that its Executive Vice President and Head of Manufacturing Operations, senior management member Anil Bhadauria, has tendered his resignation effective 31 May 2026. The company has submitted Bhadauria’s res...
Vikram Solar’s PowerHive Launches VION Lithium Battery Brand, Marks Push Into Distributed Energy Storage
Mar 12, 2026
PowerHive, the battery and energy storage arm and wholly owned subsidiary of Vikram Solar, has launched its flagship VION brand of next-generation lithium-ion batteries for home power backup, integrated inverter-battery systems, and e-mobility app...
Vikram Solar Announces Board Meeting and Temporarily Closes Trading Window
Mar 7, 2026
Vikram Solar Limited has scheduled a Board of Directors meeting on March 11, 2026 to review various business divisions and other corporate matters. In line with SEBI insider trading regulations and the company’s code of conduct, the trading ...
Vikram Solar Wins 378.75 MW Module Order in First INGEL Project Partnership
Feb 25, 2026
Vikram Solar has secured a 378.75 MW order for its advanced N-TOPCon solar modules from Indian Oil NTPC Green Energy, a joint venture between Indian Oil Corporation and NTPC Green Energy, for deployment in a 600 MW solar project near Nakhatrana in...
Vikram Solar to Engage Investors at Kotak Chasing Growth Conference
Feb 23, 2026
Vikram Solar Limited has notified stock exchanges that its officials will participate in the Kotak Chasing Growth Conference in Mumbai on February 25, 2026, engaging in group and one-on-one meetings with analysts and institutional investors. The c...
Exchange Probes Unusual Trading Surge in Vikram Solar Shares
Feb 20, 2026
Trading volumes in Vikram Solar Limited shares have risen sharply, prompting the stock exchange to seek clarification from the company to ensure that investors have access to the most current and relevant information. The exchange has formally wri...
Vikram Solar Publishes Q3 FY26 Earnings Call Transcript in Line With SEBI Norms
Jan 28, 2026
Vikram Solar Limited has released the official transcript of its Q3 and nine-month FY26 earnings conference call held on January 20, 2026, in compliance with SEBI’s disclosure regulations. The document, signed by the company secretary and co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.