Vikram Solar Limited (VIKRAMSOLR) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 101.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.09
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 1,612
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 2.71
• Shares Outstanding: 362,330,170
• 10 Day Avg. Volume: 65,955
• 30 Day Avg. Volume: 101,564
• PEG Ratio: 1.21
• Price to Book (P/B): 10.38
• Price to Sales (P/S): 3.77
• P/FCF Ratio: 84.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹212.00 ▼(-36.68% Downside)

The score is supported by strong financial performance (rapid revenue growth, expanding margins, improved leverage, and strong free cash flow), but is materially offset by weak technical signals (trading below key moving averages with negative MACD). Valuation impact is limited due to missing P/E and dividend yield data.

Positive Factors

Revenue growth and margin expansion

Sustained 36.3% revenue growth paired with materially higher gross and operating margins indicates scalable manufacturing and improving unit economics. Over 2–6 months this supports reinvestment in capacity, stronger project economics for EPC work, and a firmer earnings base versus peers.

Strong deleveraging and capital structure

A large reduction in leverage to a 0.22 debt-to-equity and a healthy equity ratio materially lowers financial risk and interest burden. This durable improvement increases strategic flexibility to pursue projects, withstand policy shifts, and access capital on better terms over the medium term.

Robust free cash flow generation

Nearly doubling free cash flow and strong cash conversion demonstrate the company converts earnings into cash effectively. Durable cash generation supports capex for module capacity or project pipelines, reduces reliance on external funding, and strengthens the balance sheet over multiple quarters.

Negative Factors

Modest net profitability

A 4.1% net margin, while improved, remains modest for capital-intensive project work. This limits the buffer against commodity input price swings, project cost overruns, or lower module pricing, constraining retained earnings and long-term return on invested capital if structural cost pressures persist.

Concentrated business exposure

Concentration in PV module manufacturing and EPC ties revenue and profitability to solar installation cycles, polysilicon and cell input costs, and project execution risk. These structural exposures can introduce multi-quarter volatility in margins and cash flow when commodity or policy environments shift.

Incomplete valuation disclosure

Absence of basic valuation metrics reduces transparency for investors assessing long-term returns and capital allocation efficiency. Over time this can impede ability to benchmark performance, attract certain institutional investors, or support equity raises on clear terms when scaling projects.

Vikram Solar Limited Business Overview & Revenue Model

Company Description

Vikram Solar Limited (VIKRAMSOLR) is a prominent player in the renewable energy sector, primarily focused on solar energy solutions. Established in India, the company specializes in the manufacturing of photovoltaic (PV) solar modules and provides comprehensive solar energy solutions including project development, engineering, procurement, and construction (EPC) services. Vikram Solar caters to both domestic and international markets, aiming to promote sustainable energy practices through innovative solar technologies.

How the Company Makes Money

Vikram Solar generates revenue through multiple key streams. Primarily, the company earns money by selling its solar photovoltaic modules to various customers, including utility-scale projects, commercial and residential installations. The company also provides EPC services, where it designs and constructs solar power plants, thus earning project fees. Additionally, Vikram Solar may have revenue from long-term power purchase agreements (PPAs) associated with solar projects. Strategic partnerships with government bodies and private enterprises further enhance its market reach and revenue potential, while the growing demand for renewable energy solutions contributes significantly to its earnings.

Vikram Solar Limited Financial Statement Overview

Summary

Strong fundamentals: revenue grew 36.3% (2024–2025) with improving profitability (gross margin 24.6%, net margin 4.1%, EBIT 10.4%, EBITDA 14.4%). Balance sheet strengthened with debt-to-equity reduced to 0.22 and ROE at 11.3%. Cash generation is robust with free cash flow up 89.3% and strong cash conversion (operating cash flow to net income 2.14).

Income Statement

Vikram Solar Limited has demonstrated strong revenue growth with a 36.3% increase from 2024 to 2025. The gross profit margin improved to 24.6%, indicating efficient cost management. The net profit margin rose to 4.1%, reflecting enhanced profitability. EBIT and EBITDA margins also showed positive trends, reaching 10.4% and 14.4% respectively, highlighting operational efficiency.

Balance Sheet

The company has significantly reduced its debt-to-equity ratio from 1.92 in 2024 to 0.22 in 2025, indicating improved financial stability. The return on equity (ROE) is at 11.3%, showing effective use of equity to generate profits. The equity ratio stands at 43.8%, suggesting a solid capital structure with a good balance between debt and equity.

Cash Flow

Vikram Solar's free cash flow grew by 89.3% from 2024 to 2025, demonstrating strong cash generation capabilities. The operating cash flow to net income ratio is 2.14, indicating robust cash flow relative to net income. The free cash flow to net income ratio is 1.09, reflecting efficient cash conversion.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.23B	25.11B	20.73B	17.30B
Gross Profit	8.41B	8.10B	4.43B	3.29B
EBITDA	4.93B	3.71B	1.82B	515.34M
Net Income	1.40B	797.18M	144.91M	-629.40M
Balance Sheet
Total Assets	28.32B	25.85B	24.76B	22.37B
Cash, Cash Equivalents and Short-Term Investments	391.57M	89.49M	16.31M	188.68M
Total Debt	2.72B	8.54B	7.92B	7.49B
Total Liabilities	15.90B	21.40B	21.11B	18.86B
Stockholders Equity	12.42B	4.45B	3.65B	3.51B
Cash Flow
Free Cash Flow	1.52B	804.27M	640.46M	555.86M
Operating Cash Flow	2.99B	1.52B	1.95B	2.01B
Investing Cash Flow	-1.69B	-636.91M	-1.11B	-1.55B
Financing Cash Flow	-997.18M	-810.26M	-1.02B	-362.18M

Vikram Solar Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIKRAMSOLR	66 Neutral	―	―	―	―	―	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	61 Neutral	₹34.40B	15.17	―	―	152.12%	―
SOLEX	60 Neutral	₹10.32B	24.77	―	0.04%	80.97%	393.79%
INDOSOLAR	50 Neutral	₹18.29B	7.48	―	―	2412.32%	―
BORORENEW	46 Neutral	₹69.35B	-99.31	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹43.24B	-11.12	―	―	112.24%	-474.43%

Vikram Solar Limited Corporate Events

Vikram Solar Board Clears Q3 FY26 Results, Moves to Strengthen Board Line-up

Vikram Solar Limited announced that its board has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, following a limited review by its auditors in line with SEBI listing regulations. The board also moved to reinforce its leadership structure by reappointing Neha Agrawal as whole-time director for a further three-year term from March 2026, and by issuing a revised postal ballot to formalise the appointments of Suresh Gopinathan Menon as a non-executive, non-independent director and Joginder Pal Dua as an independent director for five years, steps that signal a focus on governance continuity and board strengthening as the company executes its strategy.

Vikram Solar Delivers Strong Q3FY26 Performance on Rising Module Sales and Healthy Order Book

Vikram Solar reported robust growth in its unaudited financial results for the third quarter and nine months ended December 31, 2025, driven by higher module sales and strong execution. Revenue from operations in Q3FY26 rose 8% year-on-year to ₹1,106 crore, while EBITDA surged 142% to ₹205 crore, lifting margins to 19% from 8% a year earlier. Profit after tax jumped 416% to ₹98 crore, with PAT margins improving to 9%, and for the nine‑month period, revenue grew 50% and PAT climbed 631%, reflecting significant operating leverage. Operationally, module sales rose 35% year-on-year in Q3FY26 to 796 MW and nearly doubled to 2,344 MW over nine months, with capacity utilization at a high 90%, supported by a 10.6 GW order book. The results highlight strengthened profitability, efficient capacity use, and a healthy demand pipeline, reinforcing the company’s competitive position in the solar manufacturing sector and providing greater earnings visibility for stakeholders.

Vikram Solar Schedules Q3 & 9MFY26 Earnings Call for 20 January

Vikram Solar Limited has announced that it will host an earnings conference call with analysts and investors on 20 January 2026 at 5:00 p.m. IST to discuss its unaudited financial results for the third quarter and nine months ended 31 December 2025 (Q3 & 9MFY26). Senior management, including the chairman and managing director, chief financial officer, and investor relations head, will participate in the call, underlining the company’s effort to maintain active engagement and transparency with the capital markets regarding its recent financial performance.

Vikram Solar Unveils Major Investment in Battery Energy Storage and Governance Enhancements

Vikram Solar Limited’s Board of Directors has approved a significant capital expenditure of approximately ₹4,371 crores for the first phase of its Battery Energy Storage System (BESS) roadmap through its subsidiary, VSL Powerhive Private Limited. This phase includes the establishment of a 5 GWh BESS manufacturing facility in Tamil Nadu by FY27 and a 7.5 GWh battery cell manufacturing capacity by FY29, with a focus on backward integration and innovation. Additionally, the board approved the draft postal ballot notice for the appointment of two directors, enhancing the company’s governance structure.

Vikram Solar Grants 17.22 Lakh Stock Options to Employees

Vikram Solar Limited has announced the approval of 17,22,000 stock options under its Employee Stock Option Plan 2021, as decided by the Nomination and Remuneration Committee. This move is aimed at incentivizing eligible employees across the company and its associated entities, potentially enhancing employee engagement and aligning their interests with the company’s growth objectives.

Vikram Solar Appoints New CEO to Lead Energy Storage Expansion

Vikram Solar Limited has announced the appointment of Mr. Arun Mittal as the CEO of its subsidiary, VSL Powerhive, which focuses on energy storage solutions. This move is part of Vikram Solar’s strategy to enhance its capabilities in energy storage, a critical component for grid stability and renewable energy integration. The company is also expanding its solar module capacity significantly, reflecting its commitment to strengthening India’s solar manufacturing ecosystem and supporting the global clean energy transition.

Vikram Solar Launches Hypersol Pro at REI Expo 2025

Vikram Solar unveiled its latest product, Hypersol Pro, at the Renewable Energy India Expo 2025. The Hypersol Pro is an advanced N-Type solar module designed to deliver high efficiency, reliability, and longevity, with features that ensure zero reverse power loss and maximize power generation. Available in two variants, it offers universal compatibility across various applications and aims to set new standards in solar technology, reflecting Vikram Solar’s commitment to innovation and global competitiveness.

Vikram Solar Releases Q2 FY26 Earnings Call Transcript

Vikram Solar Limited has released the transcript of its Q2 FY26 Earnings Conference Call, which was held on October 17, 2025. This disclosure is part of the company’s compliance with SEBI regulations. The release of the earnings call transcript provides stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting investor perceptions and market positioning.

Vikram Solar Secures 148.9 MW Order from Sunsure Energy, Boosting India’s Clean Energy Goals

Vikram Solar Limited has secured a significant order of 148.9 MW high-efficiency solar modules from Sunsure Energy, marking another milestone in India’s clean energy advancement. This order, which will see the deployment of advanced M10R N-Type TOPCon modules in Maharashtra and Uttar Pradesh, aligns with India’s goal of achieving 500 GW of non-fossil fuel capacity by 2030. The collaboration underscores Vikram Solar’s strategic partnerships and technological prowess, contributing to reduced carbon emissions and enhanced energy security, while also supporting local economic growth.