Vikram Solar Ltd

₹ 361 1.18%

15 Sep - 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 ₹ 13,072 Cr.
Current Price ₹ 361
High / Low ₹ 408 / 312
Stock P/E 94.0
Book Value ₹
Dividend Yield 0.00 %
ROCE 28.2 %
ROE 30.2 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 87.5% CAGR over last 5 years
Debtor days have improved from 159 to 126 days.
Company's working capital requirements have reduced from 61.6 days to 48.5 days

Cons

Promoter holding has decreased over last quarter: -14.5%
Company's cost of borrowing seems high

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Mar 2025	Jun 2025
	632	1,183	1,135
	518	972	891
Operating Profit	114	211	244
OPM %	18%	18%	21%
	7	5	4
Interest	46	45	32
Depreciation	37	42	34
Profit before tax	38	129	182
Tax %	36%	36%	26%
	25	83	134
EPS in Rs	0.77	2.62	4.25
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:	10%
3 Years:	18%
Last Year:	30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	28	24	259	259	259
Reserves	350	401	108	129	202
	494	672	703	788	854
	706	697	1,153	1,270	1,283
Total Liabilities	1,578	1,793	2,223	2,446	2,598
	356	381	542	627	493
CWIP	11	67	4	8	13
Investments	28	28	31	35	44
	1,183	1,318	1,646	1,776	2,049
Total Assets	1,578	1,793	2,223	2,446	2,598

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	231	19	207	173	170
	-38	-51	-157	-89	-82
	-174	5	-36	-100	-81
Net Cash Flow	19	-26	14	-16	7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

9 Recently

	Aug 2025
	63.12%
	3.04%
	6.40%
	27.45%
No. of Shareholders	5,17,746

	Aug 2025
	63.12%
	3.04%
	6.40%
	27.45%
No. of Shareholders	5,17,746

* 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

All

Annual reports

Financial Year 2025
from bse

DRHP

Credit ratings

Concalls

Sep 2025

Transcript

Notes
PPT REC