Vikram Solar Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 65.2% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 27.9%
- Company has delivered good sales growth of 24.4% CAGR over last 5 years
- Operating margins have improved to 19.1% from 9.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.54x)
CONS
- Promoter holding has decreased over last 2 years: -32.7pp
- Working capital days have increased from 66 to 133 days
- Equity base is being diluted - shares outstanding up 40.0%
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SYRMA | 1598.85 | 83.75 | 30830.70 | 0.09 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| KAYNES | 3519.90 | 68.25 | 23595.53 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 13.38 | 15.60 |
| AVALON | 2228.30 | 111.55 | 14903.38 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 20.34 | 11.96 |
| UTLSOLAR | 440.50 | 45.99 | 13519.02 | 0.00 | 577.94 | — | 13456.93 | — | 36.46 | 18.94 |
| CYIENTDLM | 921.25 | 89.07 | 7313.19 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| VIKRAMSOLR | 165.50 | 16.81 | 5996.97 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| SAATVIKGL | 401.95 | 20.59 | 5108.99 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| WEBELSOLAR | 75.49 | 10.82 | 3277.50 | 0.33 | 77.79 | — | 372.60 | 115.39 | 63.74 | 33.70 |
| KERNEX | 1709.45 | 15.06 | 2872.50 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| MODINSULAT | 443.35 | 22.20 | 2090.12 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| INA | 92.95 | 10.23 | 2049.10 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
| IKIO | 231.30 | 38.44 | 1787.50 | 0.00 | 11.05 | 364.51 | 169.29 | 40.91 | 10.02 | 12.97 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 631 | 573 | 1,026 | 1,194 | 1,134 | 1,110 | 1,106 | 1,453 | 1,563 | |
| 519 | 501 | 941 | 970 | 891 | 875 | 901 | 1,218 | 1,550 | |
| Operating Profit | 111 | 72 | 85 | 224 | 242 | 235 | 205 | 235 | 13 |
| OPM % | 17.66% | 12.59% | 8.26% | 18.74% | 21.37% | 21.18% | 18.53% | 16.14% | 0.81% |
| 6 | 11 | 12 | 8 | 4 | 16 | 15 | 18 | 13 | |
| Interest | 45 | 34 | 28 | 48 | 32 | 32 | 40 | 57 | 49 |
| Depreciation | 37 | 37 | 39 | 42 | 34 | 35 | 37 | 57 | 64 |
| Profit before Tax | 36 | 11 | 30 | 141 | 181 | 184 | 143 | 139 | 25 |
| Tax % | 35.66% | 35.66% | 35.68% | 35.67% | 26.17% | 30.34% | 31.29% | 20.59% | 21.58% |
| Net Profit | 0 | 0 | 0 | 0 | 133 | 128 | 98 | 110 | 20 |
| 0.75 | 0.25 | 0.70 | 2.86 | 4.21 | 3.83 | 2.71 | 3.05 | 0.55 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,719 | 1,903 | 1,956 | 1,640 | 1,610 | 1,730 | 2,073 | 2,511 | 3,423 | 4,802 | 5,232 | |
| 1,559 | 1,778 | 1,793 | 1,500 | 1,433 | 1,672 | 1,887 | 2,112 | 2,931 | 3,886 | 4,545 | |
| Operating Profit | 161 | 125 | 163 | 140 | 177 | 59 | 186 | 399 | 492 | 917 | 687 |
| OPM % | 9.35% | 6.58% | 8.34% | 8.53% | 10.98% | 3.39% | 8.98% | 15.87% | 14.37% | 19.09% | 13.13% |
| 18 | 33 | 15 | 22 | 18 | 13 | 19 | 1 | 36 | 53 | 61 | |
| Interest | 65 | 68 | 91 | 95 | 99 | 103 | 122 | 155 | 155 | 161 | 178 |
| Depreciation | 23 | 27 | 28 | 37 | 39 | 48 | 64 | 138 | 156 | 162 | 193 |
| Profit before Tax | 91 | 63 | 59 | 30 | 56 | -79 | 19 | 107 | 217 | 647 | 492 |
| Tax % | 23.13% | 20.09% | 30.30% | 26.03% | 32.04% | 20.77% | 23.22% | 25.69% | 35.67% | 27.29% | 27.41% |
| Net Profit | 70 | 51 | 41 | 23 | 38 | -63 | 14 | 80 | 140 | 470 | 357 |
| EPS | 24.86 | 18.12 | 14.73 | 8.06 | 1.48 | -2.43 | 0.56 | 3.08 | 4.42 | 12.98 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 24%
- 3 Years:
- 32%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 24%
- 5 Years:
- 65%
- 3 Years:
- 219%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -55%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 9%
- 3 Years:
- 19%
- Last Year:
- 21%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| 231 | 282 | 320 | 334 | 391 | 92 | 106 | 187 | 919 | 2,788 | |
| 692 | 685 | 638 | 542 | 699 | 834 | 1,331 | 1,259 | 237 | 559 | |
| Trade Payables | 156 | 160 | 396 | 495 | 498 | 750 | 446 | 647 | 828 | 1,564 |
| 68 | 135 | 52 | 177 | 186 | 301 | 335 | 234 | 531 | 455 | |
| Total Liabilities | 1,175 | 1,290 | 1,434 | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 | 5,728 |
| 317 | 299 | 335 | 357 | 381 | 547 | 644 | 505 | 554 | 1,127 | |
| Capital Work in Progress | 3 | 45 | 10 | 11 | 66 | 3 | 17 | 28 | 63 | 418 |
| 221 | 197 | 207 | 227 | 193 | 265 | 373 | 393 | 429 | 823 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,185 | 1,229 | 1,214 | |
| Cash & Bank | 61 | 76 | 102 | 110 | 101 | 136 | 104 | 116 | 189 | 1,257 |
| 572 | 673 | 779 | 872 | 1,056 | 1,287 | 1,337 | 358 | 369 | 888 | |
| Total Assets | 1,175 | 1,290 | 1,434 | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 | 5,728 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4 | 150 | 274 | 231 | 7 | 210 | 198 | 152 | 281 | 630 | |
| Cash from Investing | -4 | -51 | -38 | -36 | -40 | -155 | -111 | -64 | -156 | -1,748 |
| Cash from Financing | 32 | -78 | -202 | -174 | 4 | -36 | -102 | -81 | -95 | 1,115 |
| 0 | -0 | 11 | 16 | -23 | 10 | -17 | 7 | 30 | -4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Vikram Solar Limited has informed the Exchange regarding a press release dated September 11, 2026, titled "Vikram Solar Secures 124 MW Module Supply Order for a Solar Project in Andhra Pradesh".
2026-08-26 - Vikram Solar Limited has informed the Exchange about Acquisition
2026-08-13 - Vikram Solar Limited has informed the Exchange about Transcript
2026-08-13 - Vikram Solar Limited has informed the Exchange about Schedule of meet
2026-08-12 - Vikram Solar Limited has informed the Exchange about Credit Rating
2026-08-07 - Vikram Solar Limited has informed the Exchange about Link of Recording
2026-08-07 - Vikram Solar Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Vikram Solar Limited has informed the Exchange about Investor Presentation
2026-08-06 - Please find enclosed the Monitoring Agency Report for the quarter ended 30th June 2026
News
Recent coverage and analyst commentary for VIKRAMSOLR
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