Vikram Solar reports strong Q3 FY26 performance

Vikram Solar Limited announced its unaudited financial results for the quarter and nine months ended 31 December 2025 following a board meeting held on 20 January 2026. The company reported strong year on year growth in revenue, profitability, and operating performance. 

Revenue from operations for Q3 FY26 stood at Rs 1,106 crore, up 8% compared to the same quarter last year. Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 142% year on year to Rs 205 crore, with margins improving to 19%. Profit after tax (PAT) for the quarter was reported at Rs 98 crore, reflecting a 416% increase from the corresponding period of the previous year.

On the operational front, Vikram Solar recorded module sales of 796 MW during Q3 FY26, representing a 35% year on year increase. The company reported an order book of 10.6 GW as of 31 December 2025, largely driven by domestic projects. During the quarter, operations commenced at a new 5 GW module manufacturing facility at Vallam, taking the company’s total manufacturing capacity to 9.5 GW.

Alongside the financial results, the board approved the reappointment of Ms. Neha Agrawal as a Whole time Director for a period of three years starting from 22 March 2026, subject to necessary approvals. The board also approved a revised postal ballot notice seeking shareholder approval for the appointment of Mr. Suresh Gopinathan Menon and Mr. Joginder Pal Dua as Directors, as well as the reappointment and remuneration of Ms. Agrawal.

The reviewed financial statements were accompanied by an independent auditor’s report with an emphasis of matter on certain receivables. These include a safeguard duty claim of Rs 1,485.20 million that is sub judice and customer withholdings of Rs 686.16 million arising from contract disputes, both of which remain pending resolution.