Vikram Solar Ltd.

•

vikramsolar.comBSE: 544488NSE: VIKRAMSOLR

Market Cap₹ 6,037 Cr.

Current Price

High / Low₹ 408 / 155

Stock P/E17.1

Book Value₹ 88

Price to Book2.04

Dividend Yield0.00 %

ROCE33.9 %

ROE21.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 66.1% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 27.4%
Company has delivered good sales growth of 25.0% CAGR over last 5 years
Operating margins have improved to 19.1% from 10.1%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.67x)

CONS

Promoter holding has decreased over last 2 years: -32.7pp
Recent results are weak - TTM profit is down 20.1% versus prior year
Working capital days have increased from 63 to 112 days
Equity base is being diluted - shares outstanding up 40.0%
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	SYRMA	1622.10	84.97	31279.03	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3606.20	69.93	24174.04	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2292.85	114.78	15335.11	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	451.20	47.05	13847.41	0.00	577.94	—	13456.93	—	40.63	18.94
5.	CYIENTDLM	944.05	91.28	7494.19	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	166.60	16.92	6036.82	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	415.55	21.29	5281.85	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	78.27	11.22	3398.20	0.32	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1713.80	15.10	2879.80	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	INA	90.74	9.99	2000.38	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
11.	MODINSULAT	422.25	21.14	1990.65	0.00	29.60	94.43	188.30	33.19	10.53	16.89
12.	IKIO	219.65	36.51	1697.47	0.00	11.05	364.51	169.29	40.91	10.02	12.97

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	632	574	1,027	1,183	1,135	1,110	1,106	1,453	1,536
	518	496	939	972	891	876	902	1,218	1,524
Operating Profit	114	78	87	211	244	234	203	235	12
OPM %	18.06%	13.54%	8.51%	17.87%	21.48%	21.12%	18.39%	16.14%	0.76%
	7	10	14	5	4	16	14	18	13
Interest	46	34	30	45	32	32	40	56	49
Depreciation	37	37	39	42	34	35	37	57	64
Profit before Tax	38	17	33	129	182	184	141	139	24
Tax %	35.64%	35.67%	35.65%	35.65%	26.26%	30.20%	31.69%	21.06%	22.65%
Net Profit	25	11	21	83	134	128	96	110	19
	0.81	0.37	0.66	2.62	4.24	3.83	2.66	3.04	0.52

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,702	1,894	1,938	1,530	1,577	1,700	2,006	2,441	3,415	4,803	5,204
	1,537	1,773	1,782	1,414	1,402	1,647	1,825	2,049	2,925	3,887	4,520
Operating Profit	166	122	156	117	174	53	182	392	491	916	684
OPM %	9.72%	6.43%	8.04%	7.62%	11.05%	3.12%	9.06%	16.05%	14.36%	19.07%	13.14%
	10	29	15	25	18	13	20	4	36	53	61
Interest	54	68	91	95	99	103	123	157	155	160	178
Depreciation	18	27	28	37	39	48	64	138	156	162	192
Profit before Tax	103	56	52	10	54	-85	15	100	216	646	488
Tax %	21.18%	22.20%	32.93%	36.54%	30.93%	29.13%	13.12%	33.34%	35.65%	27.45%	27.65%
Net Profit	81	43	35	6	37	-60	13	67	139	469	353
EPS	29.09	15.51	12.47	2.16	1.44	-2.32	0.49	2.58	4.39	12.95	—
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:: 25%
3 Years:: 34%

COMPOUNDED PROFIT GROWTH

10 Years:: 24%
5 Years:: 66%
3 Years:: 233%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -56%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 8%
3 Years:: 18%
Last Year:: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	254	299	335	350	401	108	129	202	935	2,793
	692	685	639	618	713	834	1,325	1,258	237	532
Trade Payables	156	159	396	489	491	743	443	643	826	1,536
	56	137	134	178	165	279	290	237	535	413
Total Liabilities	1,186	1,308	1,531	1,663	1,793	2,223	2,446	2,598	2,849	5,636
	316	299	335	356	381	542	627	493	534	1,079
Capital Work in Progress	3	45	10	11	66	3	7	13	14	19
	10	12	13	28	28	31	35	44	119	742
	221	196	206	226	192	260	339	388	429	815
	0	0	0	0	0	0	0	1,181	1,228	1,214
Cash & Bank	60	75	98	108	81	122	90	115	180	992
	575	681	869	935	1,046	1,266	1,347	365	346	774
Total Assets	1,186	1,308	1,531	1,663	1,793	2,223	2,446	2,598	2,849	5,636

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-28	161	271	235	11	216	175	170	290	667
Cash from Investing	-136	-62	-39	-38	-51	-157	-89	-82	-175	-1,808
Cash from Financing	188	-77	-203	-174	5	-36	-100	-81	-92	1,120
	1	-0	8	19	-26	14	-16	7	22	-21

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2018	Sep 2019	Mar 2020	Mar 2021	Aug 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	95.69	95.78	55.85	58.40	63.12	63.12	63.01	63.01	63.01
	0.00	0.00	0.00	0.00	3.04	2.08	1.82	2.94	3.37
	0.00	0.00	0.00	0.00	5.90	5.55	4.68	4.74	3.94
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.31	4.22	44.15	41.60	27.95	29.24	30.48	29.30	29.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Acquisition

2026-08-26 - Vikram Solar Limited has informed the Exchange about Acquisition

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Vikram Solar Limited has informed the Exchange about Transcript

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Vikram Solar Limited has informed the Exchange about Schedule of meet

2026-08-12

Credit Rating

2026-08-12 - Vikram Solar Limited has informed the Exchange about Credit Rating

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Vikram Solar Limited has informed the Exchange about Link of Recording

2026-08-07

Copy of Newspaper Publication

2026-08-07 - Vikram Solar Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Investor Presentation

2026-08-07 - Vikram Solar Limited has informed the Exchange about Investor Presentation

2026-08-06

Monitoring Agency Report

2026-08-06 - Please find enclosed the Monitoring Agency Report for the quarter ended 30th June 2026

2026-08-06

Change in Auditors

2026-08-06 - Vikram Solar Limited has informed the Exchange regarding Change in Auditors of the company.

News

Recent coverage and analyst commentary for VIKRAMSOLR

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Vikram Solar Ltd.

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Name

SYRMA

1622.10

84.97

31279.03

0.09

105.69

111.72

1588.62

68.29

17.70

10.17

KAYNES

3606.20

69.93

24174.04

0.00

56.43

-24.37

946.02

40.47

13.38

15.60

AVALON

2292.85

114.78

15335.11

0.00

34.87

145.31

484.41

49.83

20.34

11.96

UTLSOLAR

451.20

47.05

13847.41

0.00

577.94

—

13456.93

—

40.63

18.94

CYIENTDLM

944.05

91.28

7494.19

0.00

16.29

118.21

373.80

34.25

10.41

9.93

VIKRAMSOLR

166.60

16.92

6036.82

0.00

19.78

-85.17

1563.09

37.89

34.07

8.06

SAATVIKGL

415.55

21.29

5281.85

0.00

5.36

-95.49

511.01

-44.20

55.18

6.62

WEBELSOLAR

78.27

11.22

3398.20

0.32

77.79

—

372.60

115.39

63.74

33.70

KERNEX

1713.80

15.10

2879.80

0.00

109.85

1382.00

503.58

800.38

23.69

32.33

INA

90.74

9.99

2000.38

0.00

380.25

796.94

7406.98

1766.82

34.98

9.74

MODINSULAT

422.25

21.14

1990.65

0.00

29.60

94.43

188.30

33.19

10.53

16.89

IKIO

219.65

36.51

1697.47

0.00

11.05

364.51

169.29

40.91

10.02

12.97

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

632

574

1,027

1,183

1,135

1,110

1,106

1,453

1,536

518

496

939

972

891

876

902

1,218

1,524

Operating Profit

114

211

244

234

203

235

OPM %

18.06%

13.54%

8.51%

17.87%

21.48%

21.12%

18.39%

16.14%

0.76%

Interest

Depreciation

Profit before Tax

129

182

184

141

139

Tax %

35.64%

35.67%

35.65%

26.26%

30.20%

31.69%

21.06%

22.65%

Net Profit

134

128

110

0.81

0.37

0.66

2.62

4.24

3.83

2.66

3.04

0.52

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,702

1,894

1,938

1,530

1,577

1,700

2,006

2,441

3,415

4,803

5,204

1,537

1,773

1,782

1,414

1,402

1,647

1,825

2,049

2,925

3,887

4,520

Operating Profit

166

122

156

117

174

182

392

491

916

684

OPM %

9.72%

6.43%

8.04%

7.62%

11.05%

3.12%

9.06%

16.05%

14.36%

19.07%

13.14%

Interest

103

123

157

155

160

178

Depreciation

138

156

162

192

Profit before Tax

103

-85

100

216

646

488

Tax %

21.18%

22.20%

32.93%

36.54%

30.93%

29.13%

13.12%

33.34%

35.65%

27.45%

27.65%

Net Profit

-60

139

469

353

EPS

29.09

15.51

12.47

2.16

1.44

-2.32

0.49

2.58

4.39

12.95

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

259

317

362

254

299

335

350

401

108

129

202

935

2,793

692

685

639

618

713

834

1,325

1,258

237

532

Trade Payables

156

159

396

489

491

743

443

643

826

1,536

137

134

178

165

279

290

237

535

413

Total Liabilities

1,186

1,308

1,531

1,663

1,793

2,223

2,446

2,598

2,849

5,636

316

299

335

356

381

542

627

493

534

1,079

Capital Work in Progress

119

742

221

196

206

226

192

260

339

388

429

815

1,181

1,228

1,214

Cash & Bank

108

122

115

180

992

575

681

869

935

1,046

1,266

1,347

365

346

774

Total Assets

1,186

1,308

1,531

1,663

1,793

2,223

2,446

2,598

2,849

5,636

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-28

161

271

235

216

175

170

290

667

Cash from Investing

-136

-62

-39

-38

-51

-157

-89

-82

-175

-1,808

Cash from Financing

188

-77

-203

-174

-36

-100

-81

-92

1,120

-0

-26

-16

-21

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2018

Sep 2019

Mar 2020

Mar 2021

Aug 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

95.69

95.78

55.85

58.40

63.12

63.01

0.00

3.04

2.08

1.82

2.94

3.37

0.00

5.90

5.55

4.68

4.74

3.94

Government

0.00

4.31

4.22

44.15

41.60

27.95

29.24

30.48

29.30

29.69

Vikram Solar Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Vikram Solar Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI