Vikram Solar Q2 Sparkles With 94% Growth, PAT up Over 16X

Kolkata-based Vikram Solar Limited, leading manufacturer of Solar PV modules in India has announced its un-audited Financial Results for the second quarter and half year ended September 30^th, 2025. This is the firm's first public results post its IPO and listing in September.

Robust Growth Performance with Strengthened Profitability

• Revenue for Q2FY26 grew by 93.7% on a Y-o-Y basis, standing at INR 1,109.9 Cr
• EBITDA for the quarter stood at INR 235.0 Cr, an increase of 225.9% Y-o-Y. EBITDA margins stood at 21.17% for Q2FY26 compared to 12.59% in Q2FY25
• PAT for Q2FY26 grew by 1,636.5% on a Y-o-Y basis, standing at INR 128.5 Cr and PAT margins stood at 11.58%.

• Consolidated Highlights:

  Particulars (INR Cr)	Q2FY26	Q2FY25	Y-o-Y	H1FY26	H1FY25	Y-o-Y
  Revenue	1,109.9	572.9	93.7%	2,243.5	1,203.9	86.4%
  EBITDA	235.0	72.1	225.9%	477.2	183.6	159.9%
  Margin (%)	21.17%	12.59%	+858 bps	21.27%	15.25%	+602 bps
  PBT	184.5	11.4	1518.4%	365.1	46.9	678.5%
  Margin (%)	16.62%	1.99%	+1,463 bps	16.27%	3.90%	+1,237bps
  PAT	128.5	7.4	1636.5%	261.9	30.2	767.2%
  Margin (%)	11.58%	1.29%	+1029 bps	11.67%	2.51%	+916 bps
  Diluted EPS (In Rs.)	3.82	0.25		8.02	0.95

  Order Book Updates

  • Order Book: 11.15 GW as on 30^th September 2025
  • Geography-wise Split: 85% Domestic & 15% Exports
  • Customer-wise Split: 52% from IPPs, 20% from C&I, 13% from Distribution Companies, 8% from Government Projects and 7% from EPC

  Operational Highlights for Q2 & H1FY26:

  ü  Module Sales:

  o   Q2FY26: 784MW compared to 271MW in Q2FY25, growth of 189%

  o   H1FY26: 1,548MW compared to 598MW in Q2FY25, growth of 159%

  ü  Capacity Utilization: Capacity utilization stands at 84% in Q2FY26*

   

  Commenting on the performance Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar Limited said,

  “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%. We continue to work across end user segments and strengthen our order book, which stands at 11.15 GW as on 30^th September 2025, along with a rapidly growing order pipeline, providing us strong revenue visibility for the coming quarters.

   To support this growing demand, we are expanding our capacities and are on track to scale up our module manufacturing capacity from 4.5GW to 17.5GW. Additionally, we plan to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by FY27. "