Vikram Solar’s Q1 FY27 results show shipment growth but weaker profitability
Its PAT for the quarter fell 85% YoY to about INR 20 crore, while EBITDA declined 48% to INR 126 crore
DCR sales and distribution channels are becoming important for its business, the management shared
Indian solar PV manufacturer Vikram Solar Limited reported a 38% year-on-year (YoY) and 8% quarter-on-quarter (QoQ) increase in revenue for Q1 FY27 (quarter ended June 30, 2026) to INR 1,563 crore, supported by quarterly module shipments of 1.06 GW.
Yet, its profit after tax (PAT) of INR 20 crore dropped by 85% YoY and 82% QoQ. EBITDA of INR 126 crore also declined by 48% and 46% over these periods.
Management said that the quarter was affected by uncertainty over the enforcement of the Approved List of Models and Manufacturers (ALMM) List-II requirement, which held back buying decisions for its customers, higher metal and crude-linked costs, and intense competition following the addition of new module capacity.
Yet, its shipments of 1,006 MW rose nearly 32% from 764 MW a year earlier and were broadly flat sequentially. In Q4 FY26, it sold 999 MW. Following the Ministry of New and Renewable Energy (MNRE) deferring ALMM-II imposition till December 31, 2026, is helping move non-DCR orders, which it says constitute a ‘lion’s share’ of its order book from utilities, IPPs, and large C&I customers (see MNRE Grants ALMM Relief For Net-Metering, Open Access).
Vikram Solar’s order book stood at about 7.9 GW at the end of the quarter.
The company says it is now shifting its sales mix toward DCR modules, mid-market customers and distribution. It sold 76 MW of DCR modules during the reporting quarter, more than its total sales in FY26. Management expects DCR volumes to increase in the coming quarters. For this, it is prioritizing cell supply with multiple procurement partners.
Distribution has also become a more important sales channel for Vikram Solar. It shared that its monthly distribution volumes roughly doubled from around 40 MW last year, while the company now has more than 119 distributors and 757 dealers across 24 states and 500 districts. Vikram Solar said it has doubled its sales team serving the mid-market, including mid-sized EPCs and C&I customers.
At the end of the reporting quarter, Vikram Solar’s total operational solar module manufacturing capacity had reached 15.5 GW. It plans to add 9 GW solar cells production capacity in Q4 FY27 (ramp-up may extend to Q1 FY28), 9 GW ingot-wafer in FY29, and 15 GWh battery energy storage systems (BESS) in FY30 as part of its vertical integration roadmap. The planned capacity of the wafer and ingot plant increased from 6 GW to 9 GW following company board approval.
Its Gangaikondan integrated facility alone will account for 6 GW of solar module and 9 GW each of cell and ingot-wafer capacity. This integrated structure, it explained, will ensure it has no external cell or wafer dependency and reduce infrastructure costs. The Gangaikondan site rolled out its first solar module on June 29, 2026 (see Vikram Solar Commissions New Tamil Nadu Module Plant).
Vikram Solar has also moved its module portfolio from M10R to G12R technology. Its newer Vannam and Gangaikondan facilities use more automated production lines, reducing manpower requirements by about 40% compared with its older facilities.
Sharing an update on its battery energy storage business VSL PowerHive, the company said it is preparing a 7.5 GW plant in Chennai under Phase I of its 15 GW of integrated cell manufacturing and BESS assembly. Equipment deliveries are planned for November 2026, installation for January 2027, and commercial operations from March 2027.
VSL PowerHive is also planning a 7.5 GW LFP cell manufacturing plant, and a technology and manufacturing partner has been finalized. It has shortlisted land in two states and expects to finalize the location and incentives by September 2026. Commercial operations are tentatively targeted for Q4 FY29.
