Financial Performance Overview

Vikram Solar Limited announced its unaudited financial results for the quarter and half year ended September 30, 2026 (Q2 & H1 FY27).

  • Revenue from Operations increased by 17.7% from H1FY26 to H1FY27.
  • Absolute EBITDA per watt improved by approximately 37% over Q1 FY27, despite a transitory dip in volumes.
  • Net debt / equity stood at 0.17x as of September 30, 2026.

Operational and Business Highlights

Business Mix Improvement

The quality of the company's business mix improved significantly during Q2 FY27:

  • DCR (Domestic Content Requirement) share increased from 7.5% in Q1 FY27 to 22% in Q2 FY27.
  • Distribution and retail volumes increased from 14% to 44% of the total mix.
  • This shift supported better realizations, quicker cash cycles, and was a primary driver of the 37% sequential increase in EBITDA per watt.
  • Dependence on IPP (Independent Power Producer) and government volumes was reduced.
Order Inflow and Book
  • The company added approximately 1.7 GW of new orders in Q2 FY27.
  • This is a significant increase compared to the 0.8 GW of new orders added in Q1 FY27.
  • New orders were secured across EPC, government, IPP, C&I (Commercial & Industrial), and mid-market customers.
  • This builds order visibility to support higher utilization of the company's expanded capacities in the coming quarters.

Expansion and Backward Integration

9 GW N-type TOPCon Cell Facility
  • Location: Gangaikondan, Tamil Nadu.
  • Capacity: 9 GW.
  • Status: The facility is on schedule.
  • First cell production is expected in December 2026.
  • The full 9 GW capacity will be commissioned in phases after the first production.
  • Expected benefits: Strengthen supply-chain control and traceability, support future DCR volumes, and reduce dependence on imported cells.
Planned 9 GW Ingot and Wafer Facility
  • The company plans to set up a 9 GW backward-integrated ingot and wafer capacity at the same Gangaikondan site.
  • Target completion: By FY29.
  • This expansion will extend integration from module to cell to wafer, transforming Vikram Solar into a fully integrated solar manufacturer.
VSL PowerHive BESS Plant
  • VSL PowerHive, a wholly owned subsidiary, is establishing a Battery Energy Storage System (BESS) assembly plant.
  • Location: Oragadam, near Chennai, Tamil Nadu.
  • Initial Capacity: 7.5 GWh per annum.
  • Scalability: Scalable to 15 GWh in later phases.
  • Size: Spread across approximately 1.65 lakh sq. ft..
  • Timeline: Slated for inauguration in January 2027, with commercial operations expected from April 2027.
  • Future Plan: PowerHive will also enter cell manufacturing with 7.5 GWh of capacity from 2028.

Management Commentary

Mr. Gyanesh Chaudhary, Chairman and Managing Director, commented on the results:

  • Q2 FY27 was a period of strengthening the business foundations, reflected in the improved revenue mix and EBITDA per watt.
  • The near-term milestone is the 9 GW cell facility, which will strengthen the domestic supply chain and support higher DCR participation.
  • The focus for H2 FY27 is to:
  • Convert executable orders.
  • Improve asset utilization.
  • Deliver increased DCR volumes.
  • Commission the cell project in a disciplined manner.
  • The company remains positive about long-term opportunities but will measure progress through execution and cash generation.

Ratings and Recognition

  • India Ratings and Research has rated the company's aggregated bank facilities at IND A+/Stable for long-term and IND A1+ for short-term facilities.
  • The company has been recognized as:
  • A Kiwa PVEL Top Performer for the 9th time.
  • A BNEF Tier 1 manufacturer for the 10th consecutive quarter.
  • Recipient of the EcoVadis Platinum Medal for 2026 with a score of 88/100 (for the second consecutive year).
  • A Top Brand PV India 2026 for modules by EUPD Research (for the second consecutive year).

Corporate Profile

Vikram Solar Limited is a leading Indian solar module manufacturer with an international presence across 39 countries. It is headquartered in Kolkata, West Bengal, and has a pan-India presence through an extensive distributor network of 133 authorized distributors and more than 750 dealers.