Vikram Solar Ltd
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]
- Market Cap ₹ 12,731 Cr.
- Current Price ₹ 360
- High / Low ₹ /
- Stock P/E 91.0
- Book Value ₹
- Dividend Yield %
- ROCE 26.4 %
- ROE 16.6 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 46.5% CAGR over last 5 years
Cons
- 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 1,640 | 1,610 | 1,730 | 2,073 | 2,511 | 3,423 | |
| 1,500 | 1,433 | 1,672 | 1,886 | 2,112 | 2,931 | |
| Operating Profit | 140 | 177 | 59 | 187 | 399 | 492 |
| OPM % | 9% | 11% | 3% | 9% | 16% | 14% |
| 22 | 17 | 13 | 18 | 1 | 36 | |
| Interest | 95 | 99 | 103 | 122 | 155 | 155 |
| Depreciation | 37 | 39 | 48 | 64 | 138 | 156 |
| Profit before tax | 30 | 56 | -79 | 19 | 107 | 217 |
| Tax % | 26% | 32% | -21% | 23% | 26% | 36% |
| 22 | 38 | -63 | 14 | 80 | 140 | |
| EPS in Rs | 8.06 | 16.23 | -2.43 | 0.56 | 3.08 | 4.42 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 26% |
| TTM: | 36% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 46% |
| 3 Years: | 62% |
| TTM: | 58% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 9% |
| 3 Years: | 15% |
| Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 28 | 24 | 259 | 259 | 259 | 317 |
| Reserves | 334 | 391 | 92 | 106 | 187 | 925 |
| 494 | 672 | 703 | 792 | 854 | 272 | |
| 720 | 712 | 1,183 | 1,319 | 1,286 | 1,318 | |
| Total Liabilities | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 |
| 357 | 381 | 547 | 644 | 505 | 554 | |
| CWIP | 11 | 67 | 4 | 18 | 28 | 63 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 1,209 | 1,350 | 1,687 | 1,814 | 2,052 | 2,215 | |
| Total Assets | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 227 | 13 | 201 | 195 | 152 | 299 | |
| -36 | -40 | -155 | -110 | -64 | -169 | |
| -174 | 4 | -36 | -102 | -81 | -100 | |
| Net Cash Flow | 16 | -23 | 10 | -17 | 7 | 30 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 118 | 167 | 194 | 169 | 172 | 131 |
| Inventory Days | 66 | 58 | 70 | 84 | 86 | 61 |
| Days Payable | 144 | 149 | 198 | 101 | 141 | 118 |
| Cash Conversion Cycle | 41 | 75 | 66 | 152 | 117 | 74 |
| Working Capital Days | 8 | 26 | 0 | 62 | 64 | 61 |
| ROCE % | 16% | 2% | 13% | 22% | 26% |
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.