Vikram Solar FY26 Profit ₹470cr; ₹3726cr Capex for 6GW Solar Facility

Vikram Solar announced its financial results for the fiscal year ended March 31, 2026, reporting a consolidated profit of ₹470.42 crore on revenues of ₹4,802.25 crore. The company's board of directors also approved a significant capital expenditure plan during their meeting on May 07, 2026.

The board greenlit ₹3,726 crore for the construction of a new 6 gigawatt (GW) wafer and ingot manufacturing facility. This project, targeted for completion by fiscal year 2029, aims to achieve full backward integration for Vikram Solar.

This expansion marks a critical step for Vikram Solar in securing its solar value chain. By producing wafers and ingots domestically, the company seeks to reduce its dependence on imports and enhance India's self-sufficiency in solar energy production. This strategic move aligns with national manufacturing objectives for a robust renewable energy sector.

In addition to the financial and expansion approvals, the board ratified key leadership changes. Mr. Sameer Nagpal has been appointed as Whole-time Director and Chief Executive Officer.

Vikram Solar's financial performance showed strong growth. Consolidated revenue rose to ₹4,802.25 crore in FY26, up from an estimated ₹4,200 crore in FY25. Consolidated profit also increased substantially, reaching ₹470.42 crore in FY26 compared to an estimated ₹300 crore the previous fiscal year.

The company faces several ongoing challenges. A legal matter concerning safeguard duty, with a claim of ₹148.52 crore, remains sub judice. Additionally, ₹52.81 crore in trade receivables are currently withheld due to customer disputes, pending resolution. The execution of the large-scale ₹3,726 crore capital expenditure plan also presents inherent risks.

Vikram Solar operates in a competitive landscape. Peers like Waaree Renewable Technologies Ltd and Sterling and Wilson Renewable Energy Ltd are also active in module manufacturing and EPC solutions, though Sterling and Wilson primarily focuses on EPC services.

Looking ahead, investors will be tracking shareholder approvals for leadership appointments. Updates on the progress of the 6 GW wafer and ingot facility construction will be crucial. Monitoring the outcomes of the safeguard duty case and customer receivable disputes will also be important. The impact and implementation of new Labour Codes on operations will be another key area to watch.