Vikram Solar Limited (VIKRAMSOLR)
Micro CapIndustrials stocks · Micro cap · NSE
Vikram Solar Limited is an Indian solar energy solutions provider, manufacturing solar modules and developing integrated cell, wafer/ingot, and Battery Energy Storage Systems (BESS). The company focuses on next-generation solar technology and has a global presence, aiming to deliver sustainable energy solutions worldwide.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -85% YoY · margin compression · Rev +38% YoY · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,563 Cr | +37.8% | +7.6% |
| EBITDA | ₹126 Cr | -47.9% | -46.2% |
| Operating margin | 8.0% | -1300 bps | -800 bps |
| PAT | ₹20 Cr | -85.0% | -81.8% |
| PAT margin | 1.3% | -1045 bps | -629 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 saw record revenue of Rs. 1,453 Cr (+22% YoY, +31% QoQ) and highest-ever quarterly production of 971 MW. FY26 revenue grew 40% YoY to Rs. 4,802 Cr, with PAT up 236% YoY to Rs. 470 Cr, driven by scale and operational discipline.
The company demonstrated strong financial performance and operational execution in FY26, with significant growth in revenue, EBITDA, and PAT. The substantial order book, strategic capacity expansion into integrated manufacturing (cell, wafer/ingot) and BESS, coupled with favorable policy tailwinds, supports the long-term growth thesis. Management's focus on diversification and technology is positive.
Integrated Manufacturing
Building long-term advantage through integration with planned 12 GW Cell, 12 GW Wafer/Ingot, and 15 GWh BESS capacities by FY30.
Strong Order Book & Pipeline
Secured 1.9 GW orders in Q4 FY26, highest ever, contributing to an 8.2 GW order book, with diversified client base reducing concentration risk.
Portfolio Transition
Strategic transition to a fully G12R-based module portfolio, reinforcing commitment to next-generation solar technology.
BESS Market Entry
Launched flagship battery solutions brand 'VION' and secured a 100 MWh order, tapping into an emerging market with significant policy support.
Module Plant Commissioning
Module Plant is well on track for commissioning, with First Module Out (FMO) planned for June 2026. Physical structure completed, equipment received, power infrastructure ready.
Cell Plant Execution
Cell Plant execution is advancing as scheduled, with First Cell Out (FCO) planned for December 2026. Critical approvals obtained, civil foundation works completed.
Planned Capacities by FY30
Planned 15.5 GW Solar Module, 12 GW Solar Cell, 12 GW Wafer/Ingot, and 15 GWh BESS, aiming for 100% integration.
Significant Solar Demand
Cumulative solar demand in India is projected to reach 509 GW by 2035-36P, driven by industrialization, EVs, green hydrogen, and data centers.
Policy Support for BESS
India's BESS market is expected to reach 321 GWh by FY35, supported by PLI schemes, Viability Gap Funding (VGF) for 40+ GWh, and ISTS transmission waivers.
PM-KUSUM Scheme Extension
MNRE has extended the PM-KUSUM scheme till March 2027, with KUSUM 2.0 expected to drive the next wave of growth in the segment.
Captive Power Reforms
Electricity (Amendment) Rules, 2026 simplify captive norms and clarify group captive structures, supporting faster C&I renewable adoption.
China Export Rebate Removal
China's removal of export rebates on solar and phased reduction for batteries is expected to raise module and BESS prices, creating near-term cost pressure.
US Trade Actions
The US has imposed combined AD/CVD duties of ~250%+ on Indian solar cells/modules and initiated a Section 301 probe, signaling heightened trade scrutiny.
Grid Constraints
Curtailments continue as grid constraints limit evacuation for RE projects impacted by the GIB case, despite extended commissioning timelines.
Client Concentration
While reduced, the top-5 client share remains significant at 47% (down from 80% in FY25), indicating potential revenue concentration risk.
Execution & Ramp-up of New Capacities
Timely commissioning and successful ramp-up of the new module and cell plants, as well as BESS manufacturing, are critical for achieving planned integration and scale.
Global Trade Policy Shifts
Changes in international trade policies, such as US duties and China's export rebates, can impact cost structures and market access for solar products.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess the company's annual growth trajectory and margin expansion, especially given its rapid scaling. QoQ comparison is crucial for tracking sequential momentum in production, sales, and order booking, which are key indicators for project execution and operational efficiency in the industrials sector.
Order Book
8.2 GW as of March 31, 2026. This does not include 1+ GW of Distribution Order Book, 1.5 GW of C&I NDCR orders under renegotiation, or 0.6 GW of a shelved US order.
Order Inflow (Q4 FY26)
Secured 1.9 GW orders in Q4 FY26, highest booking in a single quarter, driven by strong pipeline conversion and competitive pricing.
Revenue (FY26)
Rs. 4,802 Cr, a 40% YoY growth from Rs. 3,423 Cr in FY25.
EBITDA (FY26)
Rs. 917 Cr, an 86% YoY growth from Rs. 492 Cr in FY25. EBITDA margin for FY26 was 19% (vs 14% in FY25).
Margin Expansion through Discipline
Management states that FY26 demonstrated scale and operational discipline translate directly into margin expansion, with EBITDA almost doubling and PAT growing 3.4x YoY.
Building Long-Term Integration Advantage
The company is focused on building long-term advantage through integration, technology, and cell sovereignty, with plans for 12 GW cell and 12 GW wafer/ingot capacity.
Strategic Growth Leadership
Appointed Mr. Sameer Nagpal as Chief Executive Officer to lead the next phase of strategic growth, indicating a focus on future expansion.
Monitoring BESS Incentives
Management is monitoring PLI allocation cycles and preparing submissions for eligible government incentive programs for BESS to accelerate readiness.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Module Plant Commissioning | Well on track for commissioning. | First Module Out (FMO) in June 2026 and subsequent ramp-up to full capacity. |
| Cell Plant Commissioning | Execution advancing as scheduled. | First Cell Out (FCO) in December 2026 and progress towards integrated cell manufacturing. |
| Order Book Diversification | Top-5 client share reduced to 47% in FY26. | Further reduction in client concentration and sustained growth in the broader revenue base across more counterparties. |
| BESS Market Penetration | 100 MWh order secured; VION brand launched. | Further order pipeline growth, successful assembly launch in FY27, and progress towards integrated cell manufacturing for BESS by FY29. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -7.8% / mo · MACD + · near 52W low
Technical chart
VIKRAMSOLRdaily · 1Y · AUTO-1.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.4% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 59% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 56.9%.
- Growth contributes 25/25 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 63%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Micro: 86th pctile, median 73
25 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 63%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸ROCE is 30.6%.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 16.90
- P/B
- 1.92
- EV/EBITDA
- 6.77
- Market Cap
- 6104.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 30.60%
- ROA
- 6.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 65.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 162.50%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 4.49×
- Altman Z
- 3.78
- Book Value
- 87.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 667.00 Cr
- EPS TTM
- 9.86
Shareholding
- Promoter Hold
- 63.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.