Vikram Solar reported record Q1 FY26 revenues of INR 11.3 billion, rising nearly 80% YoY
Its EBITDA doubled to INR 2.42 billion, while PAT surged nearly 484% to INR 1.33 billion
It is executing expansion plans targeting 17.5 GW module capacity, 12 GW solar cell, and 5 GWh BESS by FY 2027
Recently listed Indian solar PV manufacturer Vikram Solar Limited has reported revenues of INR 11.3 billion for Q1 FY26 (period ending June 30, 2025) – a growth of 79.7% year-over-year (YoY). The company attributes its highest quarterly revenues to date to strong market demand.
Its EBITDA for the quarter increased 117.3% YoY to INR 2.42 billion over the same period. The management also reported a profit after tax (PAT) of INR 1.33 billion, representing a jump of 483.9% YoY.
“We are proud to share that FY26 has begun on a strong note, with Q1FY26 reflecting robust growth across revenue, profitability, and margins,” said Vikram Solar Chairman and Managing Director Gyanesh Chaudhary.
Vikram Solar currently operates 4.5 GW of module manufacturing capacity – 1.3 GW in Chennai and 3.2 GW in West Bengal. Both facilities are n-type and mono-PERC enabled and highly automated, it says.
The manufacturer has robust plans to expand its total module production capacity to 17.5 GW by FY 2027. Vertical integration is also on the cards as it targets 12 GW of solar cell and 5 GWh of battery energy storage system (BESS) capacity by the same year to capitalize on the large domestic content requirement (DCR) market. Its 12 GW cell factory is planned in Gangaikondan, Tamil Nadu, which will also host 6 GW module production capacity. A 5 GW module fab is also in the works in Vallam, Tamil Nadu.
Nevertheless, as of June 30, 2025, Vikram Solar’s order book was 10.96 GW strong, more than 2x its total rated capacity. Chaudhary said, “With our expanding capacities and faster turnaround times, we remain confident of executing these orders on schedule and at scale.”
He added, “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.”
Vikram Solar’s initial public offering (IPO) in August 2025 was oversubscribed by over 54x, as it received bids for 2.47 billion shares, compared to the 45 million on offer (see India Solar PV News Snippets).