Vikram Solar Ltd

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

Vikram Solar Ltd

₹ 219 1.92%
13 Apr 4:00 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 ₹ 7,926 Cr.
  • Current Price ₹ 219
  • High / Low ₹ 408 / 162
  • Stock P/E 17.4
  • Book Value ₹ 81.4
  • Dividend Yield 0.00 %
  • ROCE 26.4 %
  • ROE 16.6 %
  • 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 46.5% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • 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 Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
631 573 1,026 1,194 1,134 1,110 1,106
519 501 941 970 891 875 901
Operating Profit 111 72 85 224 242 235 205
OPM % 18% 13% 8% 19% 21% 21% 19%
6 11 12 8 4 16 15
Interest 45 34 28 48 32 32 40
Depreciation 37 37 39 42 34 35 37
Profit before tax 36 11 30 141 181 184 143
Tax % 36% 36% 36% 36% 26% 30% 31%
23 7 19 91 133 128 98
EPS in Rs 0.72 0.23 0.60 2.86 4.21 3.55 2.71
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1,640 1,610 1,730 2,073 2,511 3,423 4,543
1,500 1,433 1,672 1,886 2,112 2,931 3,637
Operating Profit 140 177 59 187 399 492 906
OPM % 9% 11% 3% 9% 16% 14% 20%
22 17 13 18 1 36 42
Interest 95 99 103 122 155 155 152
Depreciation 37 39 48 64 138 156 147
Profit before tax 30 56 -79 19 107 217 649
Tax % 26% 32% -21% 23% 26% 36%
22 38 -63 14 80 140 451
EPS in Rs 8.06 16.23 -2.43 0.56 3.08 4.42 13.33
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 Sep 2025
Equity Capital 28 24 259 259 259 317 362
Reserves 334 391 92 106 187 925 2,588
494 672 749 738 854 272 262
720 712 1,137 1,373 1,286 1,318 1,597
Total Liabilities 1,576 1,798 2,237 2,476 2,585 2,832 4,809
357 381 547 644 505 554 630
CWIP 11 67 4 18 28 63 169
Investments 0 0 0 0 0 0 0
1,209 1,350 1,687 1,814 2,052 2,215 4,010
Total Assets 1,576 1,798 2,237 2,476 2,585 2,832 4,809

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
Free Cash Flow 182 -40 41 82 81 152
CFO/OP 165% 4% 358% 106% 41% 66%

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% 23% 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
Effective Capacity Utilization (Modules)
%
Employee Headcount
Number
Order Book
GW
Authorized Distributors Count
Number

Shareholding Pattern

Numbers in percentages

Sep 2025Dec 2025
63.12% 63.01%
2.08% 1.82%
6.20% 4.71%
28.59% 30.45%
No. of Shareholders 3,06,4262,87,437

* 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

Concalls