Vikram Solar Ltd

Vikram Solar Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Vikram Solar Ltd

₹ 186 1.27%
02 Apr - close price
vikramsolar.com BSE: 544488 NSE: VIKRAMSOLR
About

Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]

Key Points

Business Overview:[1]
VSL is one of India’s largest pure-play solar
photovoltaic module manufacturers in terms
of operational capacity. The company also offers EPC & O&M services.

Website BSE NSE
  • Market Cap ₹ 6,721 Cr.
  • Current Price ₹ 186
  • High / Low ₹ 408 / 162
  • Stock P/E 15.1
  • Book Value ₹ 81.7
  • Dividend Yield 0.00 %
  • ROCE 26.1 %
  • ROE 16.2 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 87.5% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 13.7% over last 3 years.
  • Promoters have pledged 48.2% of their holding.
  • Promoter holding has decreased over last 3 years: -30.1%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Electrical Equipment Other Electrical Equipment

Part of BSE IPO BSE Allcap BSE Industrials Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
632 574 1,027 1,183 1,135 1,110 1,106
518 496 939 972 891 876 902
Operating Profit 114 78 87 211 244 234 203
OPM % 18% 14% 9% 18% 21% 21% 18%
7 10 14 5 4 16 14
Interest 46 34 30 45 32 32 40
Depreciation 37 37 39 42 34 35 37
Profit before tax 38 17 33 129 182 184 141
Tax % 36% 36% 36% 36% 26% 30% 32%
25 11 21 83 134 128 96
EPS in Rs 0.77 0.34 0.66 2.62 4.25 3.55 2.66
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1,520 1,577 1,700 2,006 2,441 3,415 4,534
1,403 1,402 1,647 1,824 2,049 2,925 3,641
Operating Profit 117 174 53 183 392 491 893
OPM % 8% 11% 3% 9% 16% 14% 20%
25 18 13 19 4 36 39
Interest 95 99 103 123 157 155 149
Depreciation 37 39 48 64 138 156 147
Profit before tax 10 54 -85 15 100 216 636
Tax % 37% 31% -29% 13% 33% 36%
6 37 -60 13 67 139 442
EPS in Rs 2.16 15.78 -2.32 0.49 2.58 4.39 13.08
Dividend Payout % -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: 18%
3 Years: 26%
TTM: 40%
Compounded Profit Growth
10 Years: %
5 Years: 88%
3 Years: 63%
TTM: 86%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 8%
3 Years: 14%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 28 24 259 259 259 317 362
Reserves 350 401 108 129 202 941 2,599
494 672 703 788 854 272 262
706 697 1,153 1,270 1,283 1,320 1,554
Total Liabilities 1,578 1,793 2,223 2,446 2,598 2,849 4,777
356 381 542 627 493 534 609
CWIP 11 67 4 8 13 14 90
Investments 28 28 31 35 44 119 158
1,183 1,318 1,646 1,776 2,049 2,183 3,920
Total Assets 1,578 1,793 2,223 2,446 2,598 2,849 4,777

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
231 19 207 173 170 299
-38 -51 -157 -89 -82 -180
-174 5 -36 -100 -81 -97
Net Cash Flow 19 -26 14 -16 7 22
Free Cash Flow 187 -41 66 75 102 188
CFO/OP 202% 6% 406% 96% 46% 66%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 124 168 193 174 177 131
Inventory Days 69 58 69 79 87 61
Days Payable 150 149 197 103 144 118
Cash Conversion Cycle 43 78 65 150 120 75
Working Capital Days 26 32 1 68 68 59
ROCE % 16% 2% 12% 22% 26%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Solar PV Module Rated Manufacturing Capacity
MW

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Solar Modules Sold
MW
Effective Capacity Utilization (Modules)
%
Employee Headcount
Number
Order Book
GW
Authorized Distributors Count
Number

Shareholding Pattern

Numbers in percentages

Sep 2025Dec 2025
63.12% 63.01%
2.08% 1.82%
6.20% 4.71%
28.59% 30.45%
No. of Shareholders 3,06,4262,87,437

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

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