Solar module manufacturer Vikram Solar reported consolidated revenue from operations of ₹15.63 billion (~$164.2 million) in the first quarter (Q1) of the financial year (FY) 2027, a 38% year-over-year (YoY) increase from ₹11.34 billion (~$119.1 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 48% YoY to ₹1.26 billion (~$13.2 million) from ₹2.42 billion (~$25.4 million). The EBITDA margin narrowed to 8% from 21%.

Profit after tax (PAT) declined 85% YoY to ₹200 million (~$2.1 million) from ₹1.33 billion (~$14 million) in the corresponding quarter of the previous year. The PAT margin contracted to 1% from 12%.

The decline in profitability coincided with a 63% YoY increase in the cost of goods sold to ₹12.68 billion (~$133.2 million) from ₹7.78 billion (~$81.7 million).

Diluted earnings per share was ₹0.54 (~$0.005), compared with ₹4.20 (~$0.044) in Q1 FY 2026.

During the quarter, Vikram Solar recorded module sales volume of 1,006 MW, up 31.7% from 764 MW in Q1 FY 2026.

The company’s order book stood at approximately 7.9 GW as of June 30, 2026. Large accounts, including export orders, accounted for 7.1 GW, while the mid-market segment accounted for 0.8 GW.

Revenue from large accounts increased 21.3% YoY, while revenue from the mid-market segment rose 212.5%. Distribution revenue increased 45.8% and accounted for 16.5% of the company’s revenue.

Vikram Solar had 119 distributors and 757 dealers across more than 500 districts in 24 states.

The company has expanded its module manufacturing capacity to 15.5 GW. Its 6 GW module manufacturing facility at Gangaikondan, Tamil Nadu, commenced operations in June 2026, with the first module produced during the month.

The company is also building 9 GW of solar cell manufacturing capacity at Gangaikondan, with commercial operations scheduled for FY 2027. It plans to establish 9 GW of wafer and ingot manufacturing capacity at the same location by FY 2029.

Vikram Solar also plans to enter battery energy storage system manufacturing with 15 GWh of capacity by FY 2030. The company said its planned vertical integration from modules to cells, wafers, ingots, and battery energy storage systems is aimed at retaining a larger share of manufacturing margins and reducing supply chain dependence.

The company’s revenue from operations for the fourth quarter of FY2026 rose 21.7% YoY to ₹14.53 billion (~$153.97 million) from ₹11.94 billion (~$126.52 million).