Vikram Solar

Quick check

The five things to look at first. Open one for more.

• DebtAdequate safetyRated A+ by 2 agencies.
• ResultsProfit fallingIn the Jun 2026 quarter, sales rose 38% and profit fell 85% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 63% of the company, about the same as in Sep 2025.
• ValuationCheap vs its pastThe share trades at 12.9 times its yearly earnings (P/E), cheaper than 100% of the time in the last 1 years. Its usual P/E is about 17.

Vikram Solar against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)12.9 against a typical 25.2: cheaper than most peers (1st = cheapest).22nd of 80
• Sales growth+37.8% against a typical +32% from a year earlier.30th of 69
• Profit growth−85% against a typical +15.9% from a year earlier.56th of 64
• Share price, 3 months−28.3% against a typical −9.9%.65th of 74
• Size₹ 4,614.4 Cr. market value against a typical ₹ 553.8 Cr. (1st = largest).12th of 77

Exchange filings and their impact on the company.

• 27 Oct 2026Press ReleaseMedium impactPositivePrice +1.4% that day
  Vikram Solar won a ~290 MWp module order for NLC's Rajasthan solar park, adding ~6-7% to annual revenue.

  Vikram Solar has won an order to supply 289.87 MWp of N-TOPCon solar modules to NLC India for its 810 MW project at the RUVN Solar Park in Pugal, Bikaner, Rajasthan. The modules are meant for high-irradiance, high-temperature conditions in western Rajasthan. The order adds to Vikram Solar's order book and supports near-term revenue from domestic utility-scale demand.

  Full analysisFiling
• 23 Oct 2026Press ReleaseHigh impactPositivePrice −2.7% that day
  9GW TOPCon cell plant on track for first cells in December 2026, turning Vikram into an integrated cell-to-module maker.

  Vikram Solar said its 9GW N-type TOPCon solar cell plant at Gangaikondan, Tamil Nadu is on schedule to make its first cells in December 2026, with full capacity to follow in phases and a plan to expand to 12GW. The plant, built by its subsidiary on a 200-acre campus alongside its 6GW module plant opened in August 2026, will supply cells for most of its modules. It moves the company from a module maker using imported cells to an integrated maker, enabling domestic-content sales and future wafer integration targeted for FY29.

  Full analysisFiling
• 15 Oct 2026Press ReleaseMedium impactPositivePrice −3% that day
  Vikram Solar won a 187 MW TOPCon module order worth ~Rs 250-300 cr for projects in Karnataka and Tamil Nadu.

  Vikram Solar secured a 187 MW module supply order from a leading renewable energy developer for three solar projects in Karnataka and Tamil Nadu. It will supply high-efficiency N-Type TOPCon G12R glass-to-glass bifacial modules rated 615-625 Wp. The repeat order strengthens its near-term revenue pipeline as India scales toward 500 GW of non-fossil capacity.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Gyanesh Chaudhary

Chairman of the Board, Managing Director

Sameer Nagpal

Chief Executive Officer, Whole-time Director

Ranjan Kumar Jindal

Chief Financial Officer

Krishna Kumar Maskara

Chief Operating Officer, Whole Time Director

Neha Agrawal

Senior Vice President - Corporate Strategy

Sudipta Bhowal

Compliance Officer, Company Secretary