Vikram Solar Q1 Results- Revenues Up 80%, PAT Up 484% YoY

Vikram Solar Limited, one of the leading Solar PV modules manufacturers in India has announced its un-audited Financial Results for the first quarter ended June 30th , 2025. The results are the company's first after its IPO in August, and do much to confirm investor optimism about its prospects. One reason why it's stock is up almost 10% at the time of filing this.

Delivers highest quarterly Revenue, EBITDA & PAT for Q1FY26

 Revenue for Q1FY26 grew by 79.7% on a Y-o-Y basis
 EBITDA for the quarter stood at INR 242.2 Cr, an increase of 117.3% Y-o-Y. EBITDA margins stood at 21.4% for Q1FY26
 PAT for Q1FY26 grew by 483.9% on a Y-o-Y basis and PAT margins stood at 11.7%.

Consolidated Highlights

Key Updates
 Secured 250 MW Solar Module Supply Order from Bondada Group in Maharashtra
 Secured Solar Module Supply Orders of 326 MW from GIPCL
 Secured Solar Module Supply Orders of 336 MW from L&T
 Recognized as Top Brand PV India 2025 From EUPD Research
 Achieved “Top Performer 2025” Status in Kiwa PVEL’s PQP for the 8th Time
 Received an EcoVadis Platinum Medal, ranking it in the top 1% worldwide for sustainability performance
 Launched its first ever TVC ad campaign — ‘Khushiyon Wali Sunshine’ 

Auditor Comments

The only point of worry might be the amount of just over Rs 84 crores that has been held back or recovered by certain customers on account of issues related to EPC contracts with the firm. The firm however is hopeful of resolving these, according to the management view. An additional amount of almost Rs 148 crores crores has also been considered as a receivable for now, on account of safeguard duty, an issue which is still sub judice.    

Management View

Commenting on the performance Gyanesh Chaudhary, Chairman & Managing Director said, “We are proud to share that FY26 has begun on a strong note, with Q1FY26 reflecting robust growth across revenue, profitability, and margins. Our order book pipeline as on 30 th 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, we are undertaking a transformational growth journey. We are scaling our manufacturing capacities by ~4x, supported by a buoyant demand environment. Additionally, we are strategically backward integrating into solar cell manufacturing which gives us supply chain security and cost competitiveness and strengthens our 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."