Vikram Solar posts record FY26 revenue, approves Rs 3,726 crore capex
Vikram Solar Limited reported its strongest-ever financial performance in FY26, driven by higher module production, a growing order book, and improved profitability. The company posted consolidated revenue of Rs 4,802 crore for the fiscal year, marking a 40% year-on-year increase, while Profit After Tax (PAT) surged 236% to Rs 470 crore.
According to the company’s investor presentation, revenue for Q4 FY26 stood at Rs 1,453 crore, the highest quarterly revenue in its history. The growth was supported by record production levels and stronger execution of its order pipeline.
Vikram Solar produced 971 MW during Q4 FY26, representing its highest-ever quarterly output. The company achieved an effective utilisation rate of 75% during the fiscal year. Its order book stood at 8.2 GW as of March 31, 2026, following record order bookings of 1.9 GW during the fourth quarter.
The company also reported a reduction in customer concentration risk. Revenue contribution from its top five customers declined from 80% in FY25 to 47% in FY26.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 86% year-on-year to Rs 917 crore in FY26. EBITDA margin expanded to 19%, compared to 14% in the previous fiscal year.
During the year, Vikram Solar completed its transition to a fully G12R-based module portfolio. The company also appointed Mr. Sameer Nagpal as Chief Executive Officer (CEO) to lead its next phase of expansion.
In a major strategic development, the Board of Directors approved a capital expenditure plan worth Rs 3,726 crore for the construction of a 6 GW backward-integrated wafer and ingot manufacturing facility at Gangaikondan in Tamil Nadu. The facility is targeted for commissioning by FY29 and forms the first phase of a larger 12 GW expansion roadmap planned through FY30.
The investment is aimed at transforming Vikram Solar into a fully integrated solar manufacturing company. The project will be funded through a mix of internal accruals, debt, and other financing arrangements.
The company is also progressing on two parallel manufacturing projects. Its new module manufacturing plant remains on schedule, with the first module expected by June 2026. The cell manufacturing facility is also advancing as planned, with the first cell targeted for December 2026.
At a board meeting held on May 7, 2026, several managerial appointments and changes were formalised, subject to shareholder approval where applicable.
Mr. Sameer Nagpal was appointed as Whole-time Director and CEO, a Key Managerial Personnel (KMP) designation, effective May 7, 2026, for a three-year term. Mr. Gyanesh Chaudhary was re-appointed as Chairman and Managing Director for a further three years, effective September 28, 2026.
Ms. Neha Agrawal was re-designated from Whole-time Director to Senior Vice President – Corporate Strategy, a KMP role, ceasing to be a board director effective May 7, 2026. The company confirmed her departure from the board was attributable solely to expanded executive responsibilities and not to any other material reasons. Ms. Ratnabali Kakkar was re-appointed as a Non-Executive Independent Director for a second five-year term, effective December 12, 2026.
On the audit front, M/s. Bhattacharya Roy & Associates was re-appointed as Cost Auditor for FY 2026-27. The board also noted that VSL Green Power Private Limited, a wholly owned subsidiary, will be classified as a material subsidiary of the company.
