Synopsis:
Shares surged after strong Q1FY26 earnings, with revenue up 80% YoY and net profit jumping 478%. Backed by robust manufacturing, advanced technology, a nationwide network, and a recent IPO listing, the firm continues strengthening its leadership in renewable energy.
The shares of the prominent solar module manufacturer gained up to 13 percent in today’s trading session after the company’s revenue and net profit surged by 80 percent and 478 percent YoY, respectively, in Q1FY26.
The share of Vikram Solar Ltd were trading at Rs 401.40 per share, increasing significantly around 11.35 percent as compared to the previous closing of Rs 360.50 per share. The market capitalization of Rs 14,530.17 crore.
Q1FY26 Highlights
The shares of Vikram Solar Ltd have seen positive movement after reporting positive results in Q1FY26. Revenue decreased by 5 percent on a quarter-on-quarter basis from Rs. 1,194 crore in Q4FY25 to Rs. 1,134 crore in Q1FY26. Further, revenue increased by 80 percent year on year, from Rs 631 crore in Q1FY25 to Rs 1,134 crore in Q1FY26.
The company’s net profit increased by 46 percent on a quarter-on-quarter basis, from Rs. 91 crore in Q4FY25 to Rs. 133 crore in Q1FY26. Further, net profit increased significantly by 478 percent year on year from Rs 23 crore in Q1FY25 to Rs 133 crore in Q1FY26.
Operational Highlights
Vikram Solar has a 4.5 GW Module manufacturing capacity, expanding to 17.5 GW by FY27. Backward integrated with 12 GW solar cells and 5 GWh BESS capacity, it emphasizes automation and advanced technology. With 7.88 GW modules sold since inception and a 10.96 GW order book, the company ranks globally in quality, innovation, and reliability.
Vikram Solar operates advanced manufacturing facilities in Tamil Nadu and West Bengal, with capacities of 1.3 GW and 3.2 GW, respectively. Spread over 5.5 lakh sq. ft., both plants are ISO-certified and equipped with robotic process automation, N-Type and MONO-PERC technology, and real-time monitoring systems, ensuring high-quality, efficient, and sustainable solar module production at scale.
Vikram Solar has built a robust dealer and distributor network across India, spanning 19 states and 2 union territories. With 95+ authorized distributors, 375+ dealers, and 75+ system integrators, it ensures a strong market reach. Leveraging digital platforms for CRM and distribution, the company capitalizes on growing rooftop solar demand, reinforcing its leadership in nationwide solar adoption.
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Vikram Solar’s major projects in Vallam (5 GW module) and Gangaikondan (6 GW module + 12 GW cell) in Tamil Nadu are progressing rapidly, with engineering, procurement, and construction in full swing. Backed by strategic partnerships in project management, turnkey execution, technology, and design, the company ensures timely delivery, reinforcing its strong execution track record in solar manufacturing.
Vikram Solar was recently listed on the BSE at Rs 338, slightly above its issue price of Rs 332, giving investors modest listing gains of 1.81%. The IPO, held between 19–21 August 2025, raised Rs 2,079.37 crore. With a lot size of 45 shares and price band Rs 315–₹332, it attracted investors seeking exposure to India’s growing renewable energy sector.
Vikram Solar produces high-efficiency PV modules, including passivated emitter and rear contact (PERC), tunnel oxide passivated contact (TOPCon), and heterojunction technology (HJT) modules, available in both monofacial and bifacial designs.
Written by Abhishek Singh
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