Vikram Solar Q4 Profit Rises 21% To ₹110 Crore, FY26 Revenue Jumps 40%

Mumbai: Vikram Solar Ltd reported a 20.9 per cent year-on-year rise in consolidated profit after tax to Rupees 110 crore for the quarter ended March 2026, supported by strong execution and higher module production. Revenue from operations rose 21.7 per cent to a record Rupees 1,453 crore in Q4 FY26 from Rupees 1,194 crore in the corresponding quarter last year, while quarterly production reached an all-time high of 971 MW.

Record Quarterly Revenue And Production

The company said it achieved its highest-ever quarterly revenue during Q4 FY26, aided by stable line performance and improved manufacturing efficiencies. Gross profit increased 10.4 per cent year-on-year to Rupees 404 crore, while EBITDA rose to Rupees 235 crore from Rupees 224 crore in Q4 FY25. However, EBITDA margin declined to 16 per cent from 19 per cent a year earlier because of changes in product mix and operating costs.

Sequentially, revenue from operations increased 31.4 per cent from Rupees 1,106 crore reported in Q3 FY26, while profit after tax rose 12.2 per cent from Rupees 98 crore. EBITDA improved 14.6 per cent quarter-on-quarter to Rupees 235 crore. Profit before tax stood at Rupees 139 crore compared with Rupees 143 crore in the preceding quarter.

FY26 Profit Surges Over Threefold

For FY26, Vikram Solar reported consolidated revenue from operations of Rupees 4,802 crore, compared with Rupees 3,423 crore in FY25, reflecting 40.3 per cent growth. EBITDA nearly doubled to Rupees 917 crore from Rupees 492 crore in the previous financial year, while profit after tax surged to Rupees 470 crore from Rupees 140 crore in FY25. The company said FY26 demonstrated that scale expansion and operational discipline translated directly into profitability improvement.

Order Book Remains Strong

Vikram Solar secured 1.9 GW of new orders during Q4 FY26, taking its order book to 8.2 GW as of March 31, 2026. The company said concentration risk reduced significantly during the year, with the contribution of its top five customers declining to 47 per cent from 80 per cent in FY25. The company also continued the expansion of its manufacturing footprint, including progress on module and cell plants scheduled for commissioning in FY27.

Disclaimer: This report is based on Vikram Solar’s Q4 FY26 investor presentation and is not investment advice.