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Vikram Solar Limited
(VIKRAMSOLR)
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Rating:63Neutral
Price Target:
₹205.00
▼(-38.77% Downside)
Action:Reiterated
Date:07/03/26
The score is driven by strong operating and profitability improvement and a significantly improved balance sheet, partially offset by weak cash-flow quality (negative free cash flow) and clear bearish technical signals (below key moving averages with negative MACD). Valuation is supportive with a reasonable P/E but lacks dividend yield data.
Positive Factors
Material leverage reduction / stronger balance sheet
A sharp decline in debt-to-equity materially reduces financial risk and interest burden, improving resilience to cyclical shocks. This stronger capital structure raises capacity for disciplined reinvestment, supports investment-grade lending access, and underpins long-term strategic flexibility.
Negative Factors
Negative free cash flow and mixed cash conversion
Negative free cash flow despite rising operating cash indicates heavy reinvestment or working-capital strain; mixed cash conversion versus earnings raises concerns about earnings quality. Over the medium term this can force external financing, compress returns, or constrain organic growth funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Material leverage reduction / stronger balance sheet
A sharp decline in debt-to-equity materially reduces financial risk and interest burden, improving resilience to cyclical shocks. This stronger capital structure raises capacity for disciplined reinvestment, supports investment-grade lending access, and underpins long-term strategic flexibility.
Read all positive factors
Vikram Solar Limited (VIKRAMSOLR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹70.08B
Dividend YieldN/A
Average Volume (3M)101.56K
Price to Earnings (P/E)14.7
Beta (1Y)1.00
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees1,612
SectorGeneral
Sector StrengthN/A
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 Ratio0.05
Price to Book (P/B)1.99
Price to Sales (P/S)1.31
P/FCF Ratio-68.15
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
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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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹43.61B | 3.20 | ― | ― | 82.37% | 90.41% | |
66 Neutral | ₹11.00B | 12.25 | ― | 0.04% | ― | ― | |
65 Neutral | ₹91.47B | 73.71 | ― | ― | 5.25% | ― | |
63 Neutral | ₹70.08B | 14.74 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | ₹53.74B | -17.84 | ― | ― | 19.77% | -479.90% |
* General Sector Average
IN:VIKRAMSOLR
Vikram Solar Limited
203.30
-151.15
-42.64%
IN:BORORENEW
Borosil Renewables Limited
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17.43%
IN:SOLEX
Solex Energy Ltd.
998.00
46.90
4.93%
IN:SWSOLAR
Sterling And Wilson Renewable Energy Limited
236.55
-98.15
-29.32%
IN:WEBELSOLAR
Websol Energy System Limited
100.00
-31.07
-23.70%
Vikram Solar Limited Corporate Events
Vikram Solar Allots 24,200 Shares Under Employee Stock Option Plan
May 29, 2026
Vikram Solar has allotted 24,200 equity shares following the exercise of an equal number of employee stock options under its 2021 ESOP scheme. The move, approved by the Nomination and Remuneration Committee, marginally increases the company’...
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...
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.