Vikram Solar has posted a consolidated revenue of INR 1,109.9 crore for Q2FY26, up 93.7% year-on-year (YoY). PAT for Q2FY26 rose 1,636.5% on a YoY basis to INR 128.5 crore with a PAT margin of 11.58%.
The company’s order book stood at 11.15 GW (85% domestic and 15% exports) as on Sep 30, 2025.
On the operational front, module sales during the quarter stood at 784 MW, compared to 271 MW in the same period last year, reflecting a healthy year-on-year growth of 189%. Capacity utilization stood at 84% in Q2FY26.
“Building on the growth momentum from Q1, we are pleased to report another strong performance this quarter as well. Despite the temporary slowdown caused by monsoon-related logistical challenges, we delivered a strong revenue growth of 93.7% compared to the same period last year. This remarkable growth demonstrates strength and resilience of our operations,” said Gyanesh Chaudhary, chairman & managing director, Vikram Solar Ltd.
“With improved operating leverage and enhanced internal efficiencies, our margins also witnessed a significant uptick — standing at 21.17%, as against 12.59% in the corresponding quarter of the previous year. Moving forward, we remain committed on strengthening our foundation across technology, governance, and execution, with a sharp focus on profitability and timely project delivery.”
To support the growing demand, Vikram Solar is expanding its capacities and is on track to scale up its module manufacturing capacity from 4.5 GW to 17.5 GW. Additionally, it plans to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by FY27.
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