AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 Sep - Rony Banerjee resigned as EVP Sales & BD; Nimish Jain appointed Chief Business Officer from September 29, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:17 pm ISTDetails
Quote21 Oct, 01:17 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result07 Aug, 02:42 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -9.7% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -7.6% vs Nifty 500 -6.0%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VIKRAMSOLRD candles · FIT view-40.3%TODAY · PROVISIONALLatest price ₹135.21 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.0%
RSI
24
MACD hist
-0.76
52W pos
1%
2026-10-21O ₹140.83H ₹141.93L ₹133.75C ₹135.21Vol 18.4L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VIKRAMSOLRNifty India ManufacturingNifty 500
- VIKRAMSOLR
- -26.3%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -20.8 pp
Chart stats
19 Oct 2026- From 52W high
- -60.3%
- 52W range position
- 0%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.61x
- Avg traded value
- ₹24.5 Cr
- 20D price channel
- ₹140.6 - ₹167.8
₹354.4
₹140.6 - ₹354.4
₹4.4
Latest completed session
20-session average
24.9% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE81
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +37.8% · PAT -85.0% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+65.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -85% YoY · margin compression · Rev +38% YoY · +8% QoQ
Filed 06 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 14.80
- P/B
- 1.68
- EV/EBITDA
- 5.97
- Market Cap
- 5316.00Cr
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
- 3.59
- 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
- 3%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,563+7.6% vs prev
Net Profit
₹ CrLatest: 20.0-81.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 24. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.5% over last month) — short-term momentum negative.
- RSI(14) at 24 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 4 Downtrend
1M return
-14.9%
3M return
-26.3%
6M return
-37.1%
1Y return
-56.7%
RS 1D
0
RS 20D
-3
Sector rank
#2
Industry rank
#78
Stage evidence
- Price is 24.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 45.18-1.18%
RS vs Nifty 50045
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation19/30
Growth25/25
Quality17/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
81
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
81/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 65.1%.
- 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 19/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
14.8
PB
1.7
EV/EBITDA
6.0
ROE
21.4%
ROCE
30.6%
FCF Yield
—
Debt/Equity
0.2
MoS
+65.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
81
Previous: 80 (+1)
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+65.1%
Previous: +63.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
79
79
79
79
80
80
80
80
80
80
80
80
Factor attribution
Valuation
19+1
was 18
Modelled fair value
Graham Number
₹139.41
+3.0% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹387.5
+65.1% MoS
PEG
0.14
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WEBELSOLAR
Micro
Websol Energy System Limited
Solar Manufacturing
match 236
79
9.6
66.9%
+77%
DEEP VALUE
BORORENEW
Micro
BOROSIL RENEWABLES LIMITED
Solar Manufacturing
match 235
49
17.2
25.7%
-126%
FAIR VALUE
WAAREEINDO
Small
Indosolar Limited
Solar Manufacturing
match 224
95
5.1
151.0%
+87%
DEEP VALUE
EMMVEE
Large
Emmvee Photovoltaic Power Limited
Solar Manufacturing
match 216
81
13.5
50.7%
+66%
DEEP VALUE
WAAREEENER
Mid
Waaree Energies Limited
Solar Manufacturing
match 215
71
18.0
32.5%
+52%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T08:07:46.303Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
25 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Micro: 86th pctile, median 73
Evidence depth
Financial-only
25 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
72
acceptable · quarterly consistency
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.
Continue researching Vikram Solar Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - The intimation for Schedule of Analyst/Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Sep - Vikram Solar signs 1 GW solar cell supply deal with Avaada Electro, worth about Rs. 1,250 crore.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Acquisition 26 Aug - Vikram Solar acquired 100% of Vikram Solar Australia Pty Ltd for USD 50,000 on August 26, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - The Newspaper Publication dated August 7, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug - Schedule of Analyst/Institutional Investor meeting which is self explanatory
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 12 Aug - India Ratings affirmed Vikram Solar’s A+/A1+ rating and raised rated bank facilities to Rs. 4,000 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - The copy of newspaper publication of the post - dispatch notice of the 21st Annual General Meeting
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun - The Intimation of Schedule of Analysts/Institutional Investor Meeting under Regulation 30 of SEBI (LODR) Regulations, 2015
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.