Company Overview & Market Position

Vikram Solar Limited presents India's solar opportunity as "Solar-Led, Storage-Backed, Policy-Powered" with:

  • 7.3% power demand CAGR (fastest major economy)
  • 1,460 kWh per-capita electricity consumption (~half global average)
  • ₹50 trillion investment requirement in power capacity expansion

Policy Environment

Make In India Mandate: ALMM mandates across modules and cells accelerating domestic manufacturing

Government Solar Push: PM Surya Ghar and PM-Surya Sarovar Yojana opening new rooftop and floating-solar demand

Energy Storage Ecosystem: PLI and battery-manufacturing tenders building domestic storage capability

Operational Highlights

Gangaikondan Manufacturing Hub: One integrated location with three plants

Module Plant Commissioning: First module produced in June 2026

Technology Leadership: N-Type TOPCon modules with ongoing R&D for future technology

Automation: AI-enabled factories with focus on increasing automation

Vertical Integration Roadmap: Modules → Cells → Wafer/Ingot → BESS (Battery Energy Storage Systems)

Financial Performance (Q1FY27 Consolidated)

Revenue: ₹1,535 crore

Gross Profit Margin: 19% (₹292 crore)

Employee Cost: ₹55 crore

Other Expenses: ₹114 crore

EBITDA: ₹126 crore

EBITDA Margin: 8%

Depreciation: ₹64 crore

Other Income: ₹13 crore

EBIT: ₹75 crore

EBIT Margin: 5%

Finance Cost: ₹49 crore

Profit Before Tax: ₹25 crore

Profit Before Tax Margin: 2%

Tax: ₹5 crore

Profit After Tax: ₹20 crore

Profit After Tax Margin: 1%

Quarterly Comparison (Q1FY27 vs Q1FY26)

Gross Profit Margin: 19% vs 31% (decline of 12 percentage points)

Employee Cost: ₹55 crore vs ₹35 crore (increase of 57%)

Other Expenses: ₹114 crore vs ₹78 crore (increase of 46%)

EBITDA: ₹126 crore vs ₹242 crore (decline of 48%)

EBITDA Margin: 8% vs 21% (decline of 13 percentage points)

Depreciation: ₹64 crore vs ₹34 crore (increase of 88%)

Other Income: ₹13 crore vs ₹4 crore (increase of 225%)

EBIT: ₹75 crore vs ₹213 crore (decline of 65%)

Finance Cost: ₹49 crore vs ₹32 crore (increase of 53%)

Profit Before Tax: ₹25 crore vs ₹181 crore (decline of 86%)

Tax: ₹5 crore vs ₹47 crore (decline of 89%)

Profit After Tax: ₹20 crore vs ₹133 crore (decline of 85%)

ESG & Recognition

Ecovadis Platinum Rating: Awarded for 2nd consecutive time, 99th percentile worldwide, highest score in sector at group level, India's highest-rated in sector

Additional Recognitions:

  • Bloomberg NEF Tier-1 (9th consecutive quarter)
  • IND A+ (Stable) long-term and IND A1+ short-term credit ratings

Certifications: ISO 14040/44, 14067, 14064 and 50001

Management & Board

Chairperson - Emeritus: Hari Krishna Chaudhary

Chairman & Managing Director: Gyanesh Chaudhary (>24 years experience in solar and tea industry)

Independent Directors: Ratnabali Kakkar (wealth management), J.P. Dua (>35 years banking), Subramanya Krishnappa (>42 years solar/renewable energy)

CEO and Whole-time Director: Sameer Nagpal (>30 years transformation and growth strategy)

COO and Whole-Time Director: Krishna Kumar Maskara (>20 years finance and solar)

Non-Executive Director: Suresh G Menon (>36 years technology, former CEO)

Investor Relations Contacts

Company Representative: Ms. Rinal Shah - investor.relations@vikramsolar.com

IR Advisors: Go India Advisors (LLPIN: AAH-6471)

  • Ms. Khushbu Singhania - khushbu@goindiaadvisors.com, +91 85911 90410
  • Mr. Nikhar Arora - nikhar@goindiaadvisors.com, +91 77000 70141

Forward-looking Statements Disclaimer

The presentation contains forward-looking statements regarding market opportunity and business prospects subject to risks and uncertainties including Indian and international economic performance, industry competition, strategy implementation, growth levels, technological changes, revenue fluctuations, market preferences, and market risks.