Vikram Solar Limited – Investor Presentation Summary

Key Operational Highlights

  • Module volumes declined in Q2 FY27 as it was a transition quarter ahead of integration.
  • Distribution channel volume increased ~80% QoQ to 259 MW.
  • Order book expanded 4% QoQ to 8.2 GW with ~1.7 GW of new orders added in Q2 FY27.
  • C&I segment rose to 16% of the total order book.
  • Key drivers: Rising contribution from higher-value segments including DCR and distribution, strengthening revenue quality.

Segment-wise Performance

Not Specified

Financial Highlights

Revenue: ₹1,077 crore (Q2 FY27)

EBITDA: ₹101 crore

PAT: ₹5.9 crore

EPS: Not Specified

Margins: Gross Profit Margin 23.4%, EBITDA Margin 9.4%, PAT Margin 0.5%

YoY/QoQ comparison: Revenue declined 2.9% YoY and 31.1% QoQ; PAT declined 95.4% YoY and 70.0% QoQ

Drivers of financial performance: Near-term margins reflect the module-only cost base while integration milestones remain on track; stronger mix drove a 37% QoQ increase in EBITDA/W despite lower volumes

Comparison to market estimates: Not Specified

Key Risks: Not explicitly disclosed

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: Not Specified

Current Assets/Liabilities: Current Assets ₹3,265 crore, Current Liabilities ₹2,531 crore (H1 FY27)

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Shareholder's fund stood at ₹3,200 crore as of H1 FY27; Fixed Assets increased to ₹2,400 crore from ₹1,545 crore in FY26

Capex & Cash Flow Health

Capital Expenditure: Not Specified for period, but significant expansion underway

Free Cash Flow: Not Specified

Operating Cash Flow: Net cash outflow from operating activities was ₹-190 crore in H1 FY27

Net Debt Movement: Not Specified

Investment Rationale: Co-located module, cell and wafer capacity designed to improve costs, efficiency and execution; margin at every stage stays in-house

Strategic & R&D Initiatives

Investments in Innovation: 9 GW TOPCon cell manufacturing facility progressing at Gangaikondan; Solar Giga-Factory with fully integrated manufacturing site; Building BESS capabilities through phased manufacturing ramp-up and cell integration

Expected impact on growth: Cell plant timed to meet widening DCR market; integration designed to capture wafer, cell and module margins in-house

Strategic Rationale: Enhancing value creation through integrated capabilities spanning wafers, cells, modules, and battery energy; end-to-end quality control from ingot to module

Industry Trends & Business Environment

Macro/Industry Trends: India's solar installed base reached 171 GW as of 30 September 2026, with 20.8 GW added in H1; 200-220 GWdc incremental module demand projected for FY27P–FY30P; Data centre capacity projected to grow 3.75x to 6 GW by 2029; Solar tendering surged 61% QoQ; US Section 232 minimum import price rules proposed from December 2026

Impact on Company: Rising power demand and accelerating solar capacity additions underpin robust long-term growth outlook; policy developments driving India's solar demand, manufacturing and policy landscape

Management Commentary & Growth Outlook

Strategic Outlook: The quarter represented "A Transition Quarter Ahead of Integration" with cell plant on track for March 2027 production

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not explicitly highlighted

ESG Updates

  • Recognized as Sustainability Partner – UN GCNI Convention (South) 2026 for advancing buyer climate commitments across Indian value chains

Manufacturing Facilities

  • Falta SEZ West Bengal: 3.2 GW installed capacity, >4,50,000 sq. ft area
  • Oragadam Tamil Nadu: 1.3 GW installed capacity, >1,00,000 sq. ft area
  • Vallam Tamil Nadu: 5 GW installed capacity, >5,00,000 sq. ft area
  • Gangaikondan Tamil Nadu: 6 GW installed capacity, >5,00,000 sq. ft area
  • All facilities are N-Type and MONO-PERC capable with ISO certifications
  • Real time data capturing and machine, manufacturing process monitoring