Vikram Solar reported an 8% YoY rise in Q3 FY26 revenue to INR 11.06 billion, supported by a 35% increase in module sales
Its profitability improved with EBITDA rising 142% YoY to INR 2.05 billion and PAT increasing 416% YoY to INR 980 million
The company’s order book totaled 10.6 GW, while it transitioned to G12R-based, high-efficiency n-type module configuration
Strong 35% growth in module sales during Q3 FY2026 (period ending December 31, 2025) helped Indian solar PV manufacturer Vikram Solar Limited report an 8% year-over-year (YoY) growth in its revenues, which reached INR 11.06 billion.
Vikram Solar sold 796 MW of solar modules during the period, up from 590 MW in Q3 FY25, as capacity utilization stood at 90%. During 9M FY26, module sales increased by 97% YoY to 2.34 GW.
Its EBITDA of INR 2.05 billion for the reporting quarter represented a 142% annual increase (154% YoY in 9M FY26 with INR 6.82 billion). EBITDA margin for Q3 reached 19% compared to 8% in the previous year.
Profit after tax (PAT) for the quarter grew by 416%, reaching INR 980 million, while for it rose by 631% to INR 3.6 billion in the first 9 months of FY26.
“During this quarter, we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency,” said Vikram Solar Chairman and Managing Director Gyanesh Chaudhary. “Revenues grew 8% year-on-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment.”
As of December 31, 2025, Vikram Solar’s orderbook totaled 10.6 GW, having grown by 28% from 8.2 GW as of December 31, 2024. Of this, 55% is contracted by IPPs and 21% by the C&I segment. Geographically, 84% of these orders are from domestic clients, up from 80% last year.
On the technology front, Vikram Solar recently announced a strategic transition to a fully G12R-based module portfolio, aligning itself with the global solar industry’s pivot towards large-format wafers, high-efficiency n-type architectures, and bifacial designs. Vikram Solar’s flagship HYPERSOL modules use the G12R configuration.
The management says this transition reflects ‘a deliberate response grounded in market foresight and manufacturing discipline.’
“During the quarter, we successfully transitioned our entire portfolio to high-efficiency n-type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability,” explained Chaudhary.
Vikram Solar also plans to expand its manufacturing capacity, which stood at 9.5 GW at the end of the reporting period, to 15.5 GW solar module and 12 GW cell production capacity by FY2027.
The company has also ventured into battery storage through VSL Powerhive Private Limited, aiming to develop 30 GWh of battery cell, module/pack, and BESS manufacturing capacity. The company aims to achieve fully integrated manufacturing capability by FY2029.
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