Whalesbook
Aise kaise ho gaya yeh sab? Well, company ne production aur manufacturing mein kaafi dum lagaya hai. FY25-26 mein Vikram Solar ka consolidated net profit ₹470.4 crore raha, jo pichle saal ke ₹139.8 crore se kaafi zyada hai. Revenue bhi 40.3% badh kar ₹4,802.3 crore ho gaya. Aur Q4 FY26 toh aur bhi zabardast raha, company ka sabse highest quarterly revenue ₹1,452.8 crore record kiya gaya, jo pichle saal ke Q4 se zyada hai. Quarterly net profit bhi ₹110.4 crore ho gaya. Yeh sab hua hai higher production volume aur better execution ki wajah se. Annual production toh double hokar 3,220 MW ho gaya aur module sales toh 76% badh gayi!
Par Margin ka kya? (The Catch!)
Sab revenue growth dekh kar khush ho rahe hain, par ek chiz hai jo investors ko thoda pareshan kar rahi hai - woh hai EBITDA margins ka girna. Reports bata rahi hain ki March quarter FY26 mein EBITDA margin 16% ho gaya, jo pichle saal isi quarter mein 19% tha. Matlab sales toh badhi, par profit kamane ki capacity thodi ghat gayi. Iss wajah se stock mein bhi thodi volatility dikhi. Share price abhi lagbhag ₹225.25 ke aas paas trade ho raha hai, aur pichle saal se toh 36.80% gir bhi gaya hai.
Competition aur Valuation ka Scene
India ka renewable energy sector toh waise bhi rocket banne wala hai. By October 2025, India ki solar capacity 129.92 GW ho gayi hai, aur target hai 2030 tak 500 GW. Is race mein Vikram Solar ke competitors jaise Waaree Energies aur Premier Energies bhi hain. Waaree ki capacity 15 GW hai, jo Vikram Solar se zyada hai. Vikram Solar ka order book 10.34 GW ka hai, jo future ke liye accha hai. Lekin agar margins ki baat karein, toh Vikram Solar ke margins (jo historically 14.37% rahe hain) competitors jaise Waaree (21.04%) aur Premier Energies (28.78%) se kam hain. Stock valuation bhi market ke liye confuse karne wala raha hai.
Aage kya? (Future Outlook)
Analysts waise toh positive hain aur 'Buy' rating de rahe hain. Unka target price ₹240 se ₹276.22 tak hai. Woh expect kar rahe hain ki company apne order book aur sector growth ka faida uthayegi. Par company ka plan solar cells, wafers aur BESS (Battery Energy Storage Systems) mein expand karne ka hai, jisme kaafi paisa lagega. Agar profitability nahi sudhri toh yeh plan risky ho sakta hai. Margin pressure ko handle karna aur expansion ko successful banana hi company ke liye sabse bada challenge hoga.