Vikram Solar Ltd, a Kolkata-based PV module manufacturer with cumulative production capacity of 4.5 GW, has reported its highest-ever quarterly revenue and profit for the quarter ended June 30, 2025 (Q1 FY26).
Revenue for Q1 FY26 grew by 79.7% Y-o-Y to INR 1,133.60 crore. EBITDA for the quarter stood at INR 242.2 crore, marking an YoY increase of 117.3%. The EBITDA margin for Q1FY26 was 21.4%.
PAT for Q1 FY26 grew by 484% YoY to INR 133.40 crore with a PAT margin of 11.7%.
As on June 30, 2025, the company’s order book stands at 10.96 GW.
In Q1, Vikram Solar secured PV module supply orders of 250 MW from Bondada Group in Maharashtra, 326 MW from GIPCL, and 336 MW from L&T.
Commenting on the performance Gyanesh Chaudhary, chairman & managing director, Vikram Solar Limited said, “Our order book pipeline as on 30th June remains healthy at 10.96 GW, underlining the continued trust of our customers and strong market demand. With our expanding capacities and faster turnaround times, we remain confident of executing these orders on schedule and at scale.”
On the capex front, Vikram Solar is scaling its manufacturing capacities by four times, supported by a buoyant demand environment. Additionally, it is strategically backward integrating into solar cell manufacturing to achieve supply chain security and cost competitiveness and strengthen its position across the value chain.
“Looking ahead, we remain confident of sustaining this momentum through the rest of the year, driven by our strong order pipeline, expanding capacities, and disciplined execution. With multiple industry tailwinds such as focus on Atmanirbhar Bharat [self-reliant India], coupled with policy support like PLI schemes, custom duties, and encouragement in domestic production and green hydrogen ambitions, has created the right ecosystem for building a truly self-reliant solar value chain,” said Chaudhary.
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