Vikram Solar Ltd
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]
- Market Cap ₹ 6,617 Cr.
- Current Price ₹ 183
- High / Low ₹ 408 / 162
- Stock P/E 14.0
- Book Value ₹ 87.6
- Dividend Yield 0.00 %
- ROCE 30.6 %
- ROE 21.4 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 65.3% CAGR over last 5 years
- Debtor days have improved from 132 to 92.2 days.
- Company's working capital requirements have reduced from 48.0 days to 36.6 days
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 1,640 | 1,610 | 1,730 | 2,073 | 2,511 | 3,415 | 4,803 | |
| 1,500 | 1,433 | 1,672 | 1,886 | 2,112 | 2,925 | 3,887 | |
| Operating Profit | 140 | 177 | 59 | 187 | 399 | 491 | 916 |
| OPM % | 9% | 11% | 3% | 9% | 16% | 14% | 19% |
| 22 | 17 | 13 | 18 | 1 | 36 | 52 | |
| Interest | 95 | 99 | 103 | 122 | 155 | 155 | 160 |
| Depreciation | 37 | 39 | 48 | 64 | 138 | 156 | 162 |
| Profit before tax | 30 | 56 | -79 | 19 | 107 | 216 | 646 |
| Tax % | 26% | 32% | -21% | 23% | 26% | 36% | 27% |
| 22 | 38 | -63 | 14 | 80 | 139 | 469 | |
| EPS in Rs | 8.06 | 16.23 | -2.43 | 0.56 | 3.08 | 4.39 | 12.95 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 32% |
| TTM: | 41% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 65% |
| 3 Years: | 214% |
| TTM: | 240% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 20% |
| Last Year: | 21% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| Reserves | 334 | 391 | 92 | 106 | 187 | 941 | 2,811 |
| 494 | 672 | 703 | 792 | 854 | 272 | 617 | |
| 720 | 712 | 1,183 | 1,319 | 1,286 | 1,320 | 1,846 | |
| Total Liabilities | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,849 | 5,636 |
| 357 | 381 | 547 | 644 | 505 | 534 | 1,079 | |
| CWIP | 11 | 67 | 4 | 18 | 28 | 14 | 19 |
| Investments | 0 | 0 | 0 | 0 | 0 | 119 | 742 |
| 1,209 | 1,350 | 1,687 | 1,814 | 2,052 | 2,183 | 3,795 | |
| Total Assets | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,849 | 5,636 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 227 | 13 | 201 | 195 | 152 | 290 | 667 | |
| -36 | -40 | -155 | -110 | -64 | -175 | -1,808 | |
| -174 | 4 | -36 | -102 | -81 | -92 | 1,120 | |
| Net Cash Flow | 16 | -23 | 10 | -17 | 7 | 22 | -21 |
| Free Cash Flow | 182 | -40 | 56 | 82 | 81 | 184 | 384 |
| CFO/OP | 165% | 4% | 358% | 106% | 41% | 64% | 89% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 118 | 167 | 194 | 169 | 172 | 131 | 92 |
| Inventory Days | 66 | 58 | 70 | 84 | 86 | 61 | 89 |
| Days Payable | 144 | 149 | 198 | 101 | 141 | 118 | 168 |
| Cash Conversion Cycle | 41 | 75 | 66 | 152 | 117 | 75 | 13 |
| Working Capital Days | 8 | 26 | 0 | 62 | 64 | 44 | 37 |
| ROCE % | 16% | 2% | 13% | 22% | 26% | 31% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Module Manufacturing Capacity GW |
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| Module Sales Volume MW |
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| Cumulative Module Shipments Since Inception GW |
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| Distribution Network (Authorized Distributors) count |
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| Module Production Volume MW |
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| Order Book GW |
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| Order Book Mix - Distribution Segment Share % |
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| Effective Capacity Utilization % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
11 Jul - The copy of newspaper publication of the post - dispatch notice of the 21st Annual General Meeting
- Reg. 34 (1) Annual Report. 10 Jul
- Notice Convening The 21St Annual General Meeting Of The Company Scheduled To Be Held On August 04, 2026 10 Jul
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015
9 Jul - Vikram Solar signed a 130 MW solar cell supply agreement with Evervolt for July 2026-March 2027.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Jul - Regulation 74(5) compliance certificate for quarter ended June 30, 2026.
Concalls
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May 2026Transcript PPT REC
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Mar 2026TranscriptAI SummaryPPT
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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 Verticals
a) Solar PV Modules:[1]
The company offers a portfolio of solar solutions for utility-scale, commercial & industrial (C&I), and residential applications. Its product portfolio includes advanced monocrystalline PV modules incorporating technologies such as bifacial, multi-busbar (MBB), G12 half-cell, heterojunction (HJT), and N-type cell designs, with power outputs ranging from 395 W to 735 W.