Vikram Solar Limited (IN:VIKRAMSOLR)
:VIKRAMSOLR
Want to see IN:VIKRAMSOLR full AI Analyst Report?
Top Page
Vikram Solar Limited
(VIKRAMSOLR)
Select Model
Select Model
Rating:58Neutral
Price Target:
₹208.00
▼(-37.87% Downside)
Action:Reiterated
Date:05/23/26
The score is primarily supported by strong financial performance (rapid growth, improved profitability, and materially better leverage), but it is held back by weak cash-flow quality (negative free cash flow) and bearish technical signals (below key moving averages with negative MACD). Valuation contributes minimally due to missing/invalid P/E and absent dividend yield.
Positive Factors
Revenue & Margin Recovery
The company’s shift from losses in 2022 to solid profits in 2026, with gross margin around 31% and net margin about 10%, reflects durable improvements in product mix and operating leverage. Sustained margins and scale boost reinvestment capacity and competitive positioning over months.
Negative Factors
Negative Free Cash Flow
Negative free cash flow signals heavier capex or working-capital absorption that can compel external financing or slow capital returns. Over the medium term, persistent negative FCF could constrain strategic initiatives and increase reliance on debt or equity raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Recovery
The company’s shift from losses in 2022 to solid profits in 2026, with gross margin around 31% and net margin about 10%, reflects durable improvements in product mix and operating leverage. Sustained margins and scale boost reinvestment capacity and competitive positioning over months.
Read all positive factors
Vikram Solar Limited (VIKRAMSOLR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹76.04B
Dividend YieldN/A
Average Volume (3M)101.56K
Price to Earnings (P/E)16.1
Beta (1Y)1.09
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees1,612
SectorEnergy
Sector Strength52
IndustrySolar
Share Statistics
EPS (TTM)3.83
Shares Outstanding362,354,370
10 Day Avg. Volume65,955
30 Day Avg. Volume101,564
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
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)18.22
Revenue Forecast (FY)₹91.86B
Vikram Solar Limited Business Overview & Revenue Model
Company Description
Established in 2005 and headquartered in Kolkata, India, Vikram Solar Limited operates as a prominent player in the global solar energy industry. The company is primarily engaged in the manufacturing and distribution of solar photovoltaic modules ...
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
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.10B | 48.02B | 34.23B | 25.11B | 20.73B | 17.30B |
| Gross Profit | 2.89B | 14.68B | 8.41B | 8.10B | 4.43B | 3.29B |
| EBITDA | 2.51B | 9.70B | 4.93B | 3.71B | 1.82B | 515.34M |
| Net Income | 1.28B | 4.70B | 1.40B | 797.18M | 144.91M | -629.40M |
Balance Sheet | ||||||
| Total Assets | 48.09B | 57.28B | 28.32B | 25.85B | 24.76B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 17.75B | 13.31B | 391.57M | 89.49M | 16.31M | 188.68M |
| Total Debt | 2.62B | 6.45B | 2.72B | 8.54B | 7.92B | 7.49B |
| Total Liabilities | 18.59B | 25.61B | 15.90B | 21.40B | 21.11B | 18.86B |
| Stockholders Equity | 29.50B | 31.68B | 12.42B | 4.45B | 3.65B | 3.51B |
Cash Flow | ||||||
| Free Cash Flow | 3.72B | -925.45M | 1.52B | 804.27M | 640.46M | 555.86M |
| Operating Cash Flow | 5.13B | 6.30B | 2.99B | 1.52B | 1.95B | 2.01B |
| Investing Cash Flow | -6.43B | -17.48B | -1.69B | -636.91M | -1.11B | -1.55B |
| Financing Cash Flow | 12.06B | 11.15B | -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 |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹44.98B | 15.49 | ― | ― | 82.37% | 90.41% | |
66 Neutral | ₹11.56B | 13.33 | ― | 0.04% | ― | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | ₹76.39B | 59.12 | ― | ― | 5.25% | ― | |
58 Neutral | ₹76.04B | 16.15 | ― | ― | ― | ― | |
47 Neutral | ₹48.57B | -15.72 | ― | ― | 19.77% | -479.90% |
* Energy Sector Average
IN:VIKRAMSOLR
Vikram Solar Limited
209.85
-144.60
-40.80%
IN:BORORENEW
Borosil Renewables Limited
544.55
-4.90
-0.89%
IN:SOLEX
Solex Energy Ltd.
1,070.20
119.10
12.52%
IN:SWSOLAR
Sterling And Wilson Renewable Energy Limited
208.00
-113.95
-35.39%
IN:WEBELSOLAR
Websol Energy System Limited
103.60
-23.90
-18.75%
Vikram Solar Limited Corporate Events
Vikram Solar Releases Q4 and FY2026 Investor Presentation
May 8, 2026
Vikram Solar Limited has released an investor presentation covering its financial and operational performance for the fourth quarter and full year ended March 31, 2026. The disclosure, made under Regulation 30 of SEBI’s Listing Obligations a...
Vikram Solar Clears ₹3,726 Crore Capex for Integrated Wafer-Ingot Plant, Reshapes Leadership
May 7, 2026
Vikram Solar’s board has approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, with the statutory auditors issuing an unmodified opinion, bolstering confidence in the company’s...
Vikram Solar Clears FY26 Results, Revamps Leadership and Commits ₹3,726 Crore to Tamil Nadu Plant
May 7, 2026
Vikram Solar’s board has approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with statutory auditors issuing an unmodified opinion, reinforcing confidence in the company’s f...
Vikram Solar files IPO proceeds monitoring report for March quarter
May 7, 2026
Vikram Solar Limited has submitted a Monitoring Agency Report for the quarter ended March 31, 2026, detailing the utilisation of proceeds from its Initial Public Offer. The report, prepared by India Ratings Research Private Limited under SEBI reg...
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...
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.