Vikram Solar Ka Revenue Bada, Par Profit Margin Pe Laga Hungama! Kya Karein?

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AuthorKavya Nair|Published at:
Vikram Solar Ka Revenue Bada, Par Profit Margin Pe Laga Hungama! Kya Karein?
Overview

Bhai log, Vikram Solar ne Q4 FY26 ke numbers daal diye hain. Revenue toh **21.7%** badh kar **₹1,450 crore** ho gaya, shipments badhane ke wajah se. Lekin, ek problem hai, EBITDA margins **300 basis points** gir gaye hain, ab bas **16%** reh gaye hain. Sab costs badhne ki wajah se hua hai.

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Company kar rahi hai bade plans par kaam!

Vikram Solar ab sirf solar panels banane tak nahi rukega. Ye log module manufacturing capacity ko 9.5 GW se badha kar 15.5 GW karne ka plan bana rahe hain FY2027-28 tak. Aur sirf yahi nahi, company cell, wafer manufacturing mein bhi ghus rahi hai aur battery storage systems (BESS) bhi banayenge. FY2026-27 mein 9 GW solar cell production start karne ka target hai, aur wafer/ingot manufacturing mein 12 GW capacity ke liye ₹3,700 crore ka bada investment aa raha hai. Battery storage mein bhi 15 GWh capacity ka target hai FY30 tak. Is sab ka main goal hai ki company ek full-fledged renewable energy manufacturer bane aur suppliers par depend na kare, taaki costs control mein rahein.

Market mein tough competition aur price pressure!

Yeh sab bade plans tab aa rahe hain jab global module market mein oversupply hai aur prices niche jaa rahe hain. India mein govt support toh hai, par competition bohot hai. Adani Green jaise competitors ka P/E ratio 142-146 hai, jabki Waaree Energies ka 23.77-30.2 ke aas paas hai. Sterling and Wilson aur Borosil Renewables toh filhaal negative P/E pe trade kar rahe hain. Vikram Solar ka 8.2 GW ka order book hai, jo aage ke saalon ke liye visibility de raha hai.

Investors ko kyu ho rahi hai chinta?

Sabse badi chinta profit margins ko lekar hai. Revenue badhne ke bawajood EBITDA margin 300 basis points kam hokar 16% ho gaya. Raw material aur employee expenses badh gaye hain, jinko company price hike se recover nahi kar pa rahi hai. Upar se, ₹3,700 crore jaise bade investment mein execution risk bhi hai. Global oversupply ki wajah se prices aur dabaav mein aa sakte hain. Company ko costs manage karna aur integration plans sahi se execute karna bohot important hoga. Funding ka bhi dekhna padega.

Analysts kya bol rahe hain?

Brokerages ka view mila-jula hai. Elara Capital ne 'Buy' rating rakha hai aur target price ₹323 diya hai, matlab 44% tak ka upside dikha raha hai. Lekin kuch analysts ka target price ₹240-254 ke aas paas hai, matlab kam upside. Yeh difference company ke growth prospects aur risks ko lekar alag-alag views ko dikhata hai. May 2026 mein Sameer Nagpal ko naya CEO banaya gaya hai, shayad woh kuch naye ideas layenge. Company FY27 mein EBITDA 1.7 guna badhne ka expect kar rahi hai, jo ek positive sign hai.

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Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.