Vikram Solar Ltd

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

Vikram Solar Ltd

₹ 313 -2.63%
05 Sep 12:53 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 ₹ 11,336 Cr.
  • Current Price ₹ 313
  • High / Low ₹ 382 / 313
  • Stock P/E 81.1
  • Book Value ₹
  • Dividend Yield 0.00 %
  • ROCE 26.4 %
  • ROE 16.6 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 46.5% CAGR over last 5 years

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

Part of BSE IPO

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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%

Shareholding Pattern

Numbers in percentages

3 Recently
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.

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

Documents

Announcements

Annual reports

DRHP

Credit ratings