Vikram Solar Ltd
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]
- Market Cap ₹ 6,878 Cr.
- Current Price ₹ 190
- High / Low ₹ 408 / 162
- Stock P/E 15.4
- Book Value ₹ 81.7
- Dividend Yield 0.00 %
- ROCE 26.1 %
- ROE 16.2 %
- Face Value ₹ 10.0
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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 |
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 |
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| Effective Capacity Utilization (Modules) % |
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| Employee Headcount Number |
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| Order Book GW |
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| Authorized Distributors Count Number |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
20 Mar - Sameer Nagpal appointed CEO; targets 15.5GW modules, 12GW cells, 5GWh BESS, 7.5GWh battery cells, effective immediately; leadership reshuffle noted.
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Announcement under Regulation 30 (LODR)-Change in Management
20 Mar - Appointed Sameer Nagpal as CEO; Krishna Maskara redesignated COO; Anil Bhadauria resigns effective May 31, 2026.
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Board Meeting Outcome for Outcome Of Board Meeting Held On 20Th March 2026
20 Mar - Appointed Sameer Nagpal as CEO w.e.f. March 20, 2026; Maskara redesignated COO; Bhadauria resigns effective May 31, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 Mar - Analyst meeting scheduled March 24, 2026 10:00AM onwards at Jio Convention Centre, BKC; no UPSI to be disclosed.
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General Update Under Regulation 30 Of SEBI (LODR) Regulations, 2015
12 Mar - PowerHive launches VION lithium batteries; 100 MWh BESS order; 5 GWh FY27, 7.5 GWh FY29.
Concalls
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Jan 2026Transcript PPT REC
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Jan 2026TranscriptAI SummaryPPT
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Oct 2025Transcript PPT
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Sep 2025Transcript PPT REC
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.