Vikram Solar Ltd

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

Vikram Solar Ltd

₹ 316 -0.43%
17 Nov 3:59 p.m.
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 ₹ 11,423 Cr.
  • Current Price ₹ 316
  • High / Low ₹ 408 / 310
  • Stock P/E 44.5
  • Book Value ₹ 81.8
  • 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 or encumbered 48.2% of their holding.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -30.0%

* 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

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Part of BSE IPO

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
1,520 1,577 1,700 2,006 2,441 3,415
1,403 1,402 1,647 1,824 2,049 2,925
Operating Profit 117 174 53 183 392 491
OPM % 8% 11% 3% 9% 16% 14%
25 18 13 19 4 36
Interest 95 99 103 123 157 155
Depreciation 37 39 48 64 138 156
Profit before tax 10 54 -85 15 100 216
Tax % 37% 31% -29% 13% 33% 36%
6 37 -60 13 67 139
EPS in Rs 2.16 15.78 -2.32 0.49 2.58 4.39
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%

Shareholding Pattern

Numbers in percentages

9 Recently
Sep 2025
63.12%
2.08%
6.20%
28.59%
No. of Shareholders 3,06,426

* 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.

Click on the line-items to see the names of individual entities.

Documents

Announcements

Annual reports

DRHP

Credit ratings

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