Key Quantitative Figures

Standalone Financial Results (Q1 FY27):

  • Total Income: ₹15,485.69 million
  • Total Expenses: ₹15,243.59 million
  • Profit Before Tax: ₹242.10 million
  • Tax Expense: ₹54.83 million (Current Tax: ₹108.40 million, Deferred Tax: ₹(53.57) million)
  • Net Profit: ₹187.27 million
  • Earnings Per Share (Basic): ₹0.52
  • Earnings Per Share (Diluted): ₹0.51
  • Paid-up Equity Share Capital: ₹3,623.54 million (Face value ₹10 each)

Consolidated Financial Results (Q1 FY27):

  • Total Income: ₹15,847.90 million
  • Total Expenses: ₹15,504.96 million
  • Profit Before Tax: ₹252.20 million
  • Tax Expense: ₹54.43 million
  • Net Profit: ₹197.77 million
  • Earnings Per Share (Basic): ₹0.55
  • Earnings Per Share (Diluted): ₹0.54

Capacity Expansion Project:

  • Investment Required: Up to ₹5,589 crore
  • Capacity Addition: 3 GW (from 6 GW to 9 GW)
  • Location: Gangaikondan site, Tamil Nadu
  • Commissioning Timeline: On or before April 2029

Contingent Items:

  • Safeguard Duty Receivable: ₹1,485.20 million (subject to Supreme Court outcome)
  • Disputed Trade Receivables: ₹528.09 million (withheld by customers for liquidated damages, generation loss)

Dates of Action

  • Board Meeting Date: August 06, 2026 (15:30 PM to 20:00 PM)
  • Financial Results Period: Quarter ended June 30, 2026
  • Auditor Review Date: August 06, 2026
  • IPO Listing Date: August 26, 2025
  • Safeguard Duty Payment: July 29, 2021 (last date of levy)

Parties Involved

  • Statutory Auditors: M/s GARV & Associates, Chartered Accountants
  • Internal Auditors: M/s Ernst & Young LLP, Chartered Accountants (Firm Registration No. AAB-4343)
  • Subsidiaries: VSL Green Power Private Limited, VSL Powerhive Private Limited, Vikram Solar Foundation, VSL Recycle Services Pvt Ltd, Vikram Solar US Inc., Vikram Solar Pte. Ltd., Vikram Solar GmbH, Solarcode Vikram Management GmbH, Solarcode Vikram Solarkraftwerk 1 GmbH & CoKG
  • Regulatory Bodies: SEBI, Director General of Trade Remedies (DGTR), Supreme Court of India, Orissa High Court

Purpose and Rationale

  • The capacity expansion to 9 GW is timed to capitalize on the enforcement of ALMM-3 from June 2028 and maximize operational synergies within Tamil Nadu's industrial ecosystem to cater to the country's solar demand.
  • The reappointment of internal auditors is based on the recommendation of the Audit Committee for FY 2026-27.

Financial Impact

  • The capacity expansion requires investment of up to ₹5,589 crore to be funded through internal accruals, debt, and/or other financing arrangements.
  • The safeguard duty of ₹1,485.20 million and disputed receivables of ₹528.09 million represent contingent items whose financial impact will be determined based on legal outcomes.

Capital Structure Impact

  • 24,200 equity shares (face value ₹10 each) were issued and allotted under ESOP schemes during Q1 FY27, increasing paid-up share capital to ₹3,623.54 million.
  • The company completed its IPO on August 26, 2025, issuing 62,631,604 equity shares at ₹332 per share (including ₹322 premium).

IPO Proceeds Utilization (as of June 30, 2026)

  • Phase-I Project: ₹4,740.13 million utilized out of ₹7,697.30 million allocated
  • Phase-II Project: ₹2,068.18 million utilized out of ₹5,952.08 million allocated
  • General Corporate Purposes: ₹495.49 million utilized out of ₹495.49 million allocated
  • Total Utilized: ₹7,303.80 million out of ₹14,144.87 million
  • Unutilized Amount: ₹6,841.07 million temporarily invested in deposits and current accounts

Forward-looking Information

  • The capacity expansion is scheduled to be commissioned by FY29.
  • Management is hopeful of favorable resolution of the disputed receivables matter.
  • Necessary adjustments will be made in financial statements based on legal outcomes of safeguard duty and disputed receivables matters.