Vikram Solar Ltd
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.[1]
- Market Cap ₹ 8,979 Cr.
- Current Price ₹ 248
- High / Low ₹ 408 / 245
- Stock P/E 34.4
- Book Value ₹ 81.6
- Dividend Yield 0.00 %
- ROCE 26.4 %
- ROE 16.6 %
- Face Value ₹ 10.0
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 or encumbered 48.2% of their holding.
- Company's cost of borrowing seems high
- Promoter holding has decreased over last 3 years: -30.0%
* 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
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 | |
|---|---|---|---|---|---|---|
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| Reserves | 334 | 391 | 92 | 106 | 187 | 925 | 2,588 |
| 494 | 672 | 703 | 792 | 854 | 272 | 262 | |
| 720 | 712 | 1,183 | 1,319 | 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 |
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% |
Documents
Announcements
-
General Update Under Regulation 30 Of SEBI (LODR) Regulations, 2015
3 Dec - Arun Mittal appointed CEO of VSL Powerhive; Vikram Solar commissions 5GW, expanding modules to 15.5GW; 12GW cells commissioning FY27.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
26 Nov - Commissioned 5 GW Vallam plant; total manufacturing capacity now 9.5 GW.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Nov
-
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
14 Nov - For allotment of equity shares of the Company to the eligible employees pursuant to exercising of the ESOP options under Vikram Solar Employee Stock Option …
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Nov - Vikram Solar to attend Avendus Spark investor conference in Mumbai on 17 Nov 2025, 10:00 AM; no UPSI.
Concalls
-
Oct 2025Transcript PPT
-
Sep 2025Transcript PPT REC
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.