Solar module manufacturer Vikram Solar’s revenue from operations for the fourth quarter (Q4) of the financial year (FY) 2026 rose 21.7% year-over-year (YoY) to ₹14.53 billion (~$153.97 million) from ₹11.94 billion (~$126.52 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 4.9% YoY to ₹2.35 billion (~$24.90 million) from ₹2.24 billion (~$23.74 million) in Q4 FY25. EBITDA margin stood at 16% compared to 19% in the corresponding quarter last year.

Vikram Solar’s quarterly net profit rose 20.9% YoY to ₹1.10 billion (~$11.66 million) from ₹910 million (~$9.64 million). Profit after tax (PAT) margin remained at 8% year-over-year.

Its diluted earnings per share (EPS) came in at ₹3.03 (~$0.0323), up from ₹2.70 (~$0.0285) in the same period the previous year.

The company reported quarterly module production of 971 MW in Q4 FY 2026 compared to 526 MW a year ago. Module sales stood at 999 MW against 711 MW in the same quarter of FY 2025.

Vikram Solar said Q4 marked its highest-ever quarterly production.

It secured 1.9 GW of orders during the quarter. The company’s order book stood at 8.2 GW as of March 31, 2026. Of the total order book, 87% was domestic and 13% export-oriented.

Independent power producers accounted for 69% of the order mix, followed by commercial and industrial consumers at 13%, engineering, procurement, and construction players at 11%, and government projects at 7%.

Gyanesh Chaudhary, Chairman and Managing Director, said the company is advancing its integration roadmap, with plans to establish 12 GW of wafer and ingot capacity by FY30, alongside 12 GW of cell capacity and 15.5 GW of module capacity.

The company added that its Vallam module facility is in the ramp-up phase and is expected to commence module production in June 2026. Its 9 GW cell manufacturing project remains on track for commissioning by December 2026.

FY 2026

Vikram Solar’s revenue from operations for FY26 rose 40.3% YoY to ₹48.02 billion (~$508.85 million) from ₹34.23 billion (~$362.72 million).

The company’s EBITDA increased 86.4% YoY to ₹9.17 billion (~$97.17 million) from ₹4.92 billion (~$52.14 million). EBITDA margin expanded to 19% from 14%.

Net profit grew 235.7% YoY to ₹4.70 billion (~$49.80 million) from ₹1.40 billion (~$14.84 million). PAT margin improved to 10% from 4%.

Diluted EPS stood at ₹13.60 (~$0.144) compared to ₹4.60 (~$0.0488) last year.

Annual module production increased to 3,220 MW from 1,286 MW5, while module sales rose to 3,342 MW from 1,900 MW.

Vikram Solar said it has cumulatively shipped 10 GW of solar modules globally, equivalent to more than 25 million modules.

The plans to scale module capacity from 9.5 GW to 15.5 GW, cell capacity to 12 GW, wafer and ingot capacity to 12 GW, and battery energy storage system capacity to 15 GWh.

The company approved a ₹37.26 billion (~$394.83 million) capex plan for a 6 GW wafer-and-ingot facility at Gangaikondan, targeted for commissioning on or before April 2028, as part of its broader integration roadmap.

The company also announced the launch of its VION battery solutions brand through VSL Powerhive, covering inverter batteries, integrated inverter-battery systems, e-rickshaw batteries, and utility-scale BESS products.

Vikram Solar reported a consolidated revenue from operations of ₹11.06 billion (~$121.55 million) in Q3 FY26, rising 8% YoY from ₹10.26 billion (~$112.76 million).