Vikram Solar Ltd

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

₹ 173 0.72%
21 Aug - close price
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 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.

Website BSE NSE
  • Market Cap ₹ 6,277 Cr.
  • Current Price ₹ 173
  • High / Low ₹ 408 / 155
  • Stock P/E 17.4
  • Book Value ₹ 87.6
  • Dividend Yield 0.00 %
  • ROCE 30.6 %
  • ROE 21.4 %
  • Face Value ₹ 10.0
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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
  • 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 BSE Select IPO BSE 1000 Nifty IPO Nifty Smallcap 500

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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 Mar 2026 Jun 2026
631 573 1,026 1,194 1,134 1,110 1,106 1,453 1,563
519 501 941 970 891 875 901 1,218 1,437
Operating Profit 111 72 85 224 242 235 205 234 126
OPM % 18% 13% 8% 19% 21% 21% 19% 16% 8%
6 11 12 8 4 16 15 18 13
Interest 45 34 28 48 32 32 40 57 49
Depreciation 37 37 39 42 34 35 37 57 64
Profit before tax 36 11 30 141 181 184 143 139 25
Tax % 36% 36% 36% 36% 26% 30% 31% 21% 22%
23 7 19 91 133 128 98 110 20
EPS in Rs 0.72 0.23 0.60 2.86 4.21 3.55 2.71 3.05 0.55
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,640 1,610 1,730 2,073 2,511 3,415 4,803 5,232
1,500 1,433 1,672 1,886 2,112 2,925 3,887 4,431
Operating Profit 140 177 59 187 399 491 916 800
OPM % 9% 11% 3.4% 9% 16% 14% 19% 15%
22 17 13 18 1 36 52 61
Interest 95 99 103 122 155 155 160 178
Depreciation 37 39 48 64 138 156 162 193
Profit before tax 30 56 -79 19 107 216 646 492
Tax % 26% 32% -21% 23% 26% 36% 27%
22 38 -63 14 80 139 469 357
EPS in Rs 8.06 16.23 -2.43 0.56 3.08 4.39 12.95 9.86
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 24%
3 Years: 32%
TTM: 33%
Compounded Profit Growth
10 Years: %
5 Years: 65%
3 Years: 214%
TTM: 44%
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
Cumulative Module Shipments Since Inception
GW
Distribution Network (Authorized Distributors)
count
Module Production Volume
MW
Order Book
GW
Order Book Mix - Distribution Segment Share
%
Effective Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

8 Recently
Sep 2025Dec 2025Mar 2026Jun 2026
63.12% 63.01% 63.01% 63.01%
2.08% 1.82% 2.94% 3.37%
6.20% 4.71% 4.80% 4.04%
28.59% 30.45% 29.25% 29.60%
No. of Shareholders 3,06,4262,87,4372,85,3013,03,976

* 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.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

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