Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Transcript of the Q1FY27 Earnings Conference Call

  • Event Type: Q1 FY27 Earnings Conference Call held on August 07, 2026. The transcript was submitted as a regulatory disclosure under SEBI LODR Regulation 30.
  • Management Participants:
  • Mr. Sameer Nagpal – Chief Executive Officer – Vikram Solar Limited
  • Mr. Ranjan Jindal – Chief Financial Officer – Vikram Solar Limited
  • Mr. Arun Mittal – Chief Executive Officer, VSL Powerhive Private Limited
  • Ms. Rinal Shah – General Manager, Corporate Finance – Vikram Solar Limited
  • Moderator: Ms. Sheetal Khanduja – Go India Advisors
  • Financial & Operational Highlights (Q1 FY27):
  • Volume: Dispatched 1,006 Megawatts (MW), up 32% Year-on-Year (YoY).
  • Revenue: INR 1,563 crores, up 8% Quarter-on-Quarter (QoQ) and 38% YoY.
  • EBITDA: INR 126 crores.
  • EBITDA Margin: 8.06%.
  • Profit After Tax (PAT): INR 19.78 crores.
  • Realization: Per-watt peak realization was INR 15.02, up 8% sequentially, driven by a better product mix.
  • Order Book: Stood at 7.9 Gigawatts (GW), with a shift towards a more diversified customer base.
  • DCR Modules: Sold 76 MW of Domestic Content Requirement (DCR) modules, exceeding the full-year number for the last fiscal.
  • Distribution Network: 119+ distributors and over 757 dealers across India, with monthly run rate doubling from ~40 MW last year.
  • Capex: Deployed approximately INR 500 crores in the quarter (80% towards module facility, balance towards cell plant).
  • Balance Sheet: No long-term debt; net debt to equity is almost negligible.
  • Business Updates and Strategy:
  • Market Context: Q1 was shaped by uncertainty around ALMM (Approved List of Models and Manufacturers) 2 enforcement (later deferred to December 2026), the Gulf conflict increasing raw material costs, and intense industry-wide competition.
  • Strategic Repositioning: The company is shifting its commercial focus towards higher-margin segments:
  • DCR Market: Secured multiple domestic cell procurement partners; expects DCR volumes to "increase manifold" in subsequent quarters.
  • Distribution & Mid-Market: Building out sales force for mid-sized EPCs and C&I clients, expecting ~INR 0.50 per watt peak higher realization.
  • International Expansion: Accelerating global expansion with a dedicated team.
  • Manufacturing Expansion (Gangaikondan Facility):
  • Modules: First module rolled out from the new 6 GW facility on June 29, 2026, as scheduled.
  • Cells: 9 GW cell plant is on schedule; first cell targeted for Q4 FY27.
  • Wafer-Ingot: Board approved an increase in planned capacity from 6 GW to 9 GW. Ground-breaking expected shortly.
  • The integrated design (ingot-wafer-cell-module) is expected to provide cost advantages.
  • The company has transitioned its module portfolio to G12R technology for higher wattage and lower conversion costs.
  • BESS Business (VSL Powerhive):
  • Plan to set up 15 GWh of integrated cell manufacturing and BESS assembly in two 7.5 GWh phases.
  • Phase 1 (7.5 GWh BESS Assembly): Plant in Chennai; equipment ordered, delivery expected November 2026; target commercial operations from March 2027.
  • Phase 1 (7.5 GWh LFP Cell Manufacturing): Land and incentive discussions with 2 state governments; technology partner finalized; targeting Q4 FY29 for commercial operations.
  • Launched the PowerHive brand and executed its first order for a 20 MWh utility-scale solution.
  • Cost Pressures & Mitigation: EBITDA decline was attributed primarily to increased Cost of Goods Sold (COGS), specifically:
  • War-related inflation in aluminum and copper (impacting ~35% of raw materials).
  • Crude oil spike impacting EVA encapsulant (~12% of raw materials).
  • High-cost Chinese cell inventory from the previous quarter.
  • The company has initiated a cost optimization program focusing on value engineering, vendor diversification, logistics rationalization, and working capital management.
  • Guidance: The formal FY27 outlook provided on May 8th will be revisited at the H1 results. Management cited ongoing policy uncertainty (ALMM 2) as a reason for not providing updated guidance during this call.
  • Compliance: The document is a straightforward disclosure of the earnings call transcript. The company did not indicate that any Unpublished Price Sensitive Information (UPSI) was shared during the call.

Additional Notes Section

  • The disclosed document is the transcript itself; no separate attachments (like a presentation deck) were mentioned in the provided data text.
  • Financial data for Q1 FY27 was disclosed and discussed in detail during the earnings call, as reflected in the transcript.
  • The summary excludes specific dial-in numbers and access codes as they are operationally irrelevant for this analysis.