Vikram Solar Ltd.
•₹ 173.230.72%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | SYRMA | 1491.90 | 78.15 | 28768.38 | 0.10 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| 2. | KAYNES | 3811.00 | 73.90 | 25546.91 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 14.67 | 15.60 |
| 3. | AVALON | 2240.85 | 112.06 | 14971.51 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 14.12 | 11.96 |
| 4. | UTLSOLAR | 481.20 | 0.00 | 14863.25 | 0.00 | 577.94 | — | 13456.93 | — | 40.63 | 18.94 |
| 5. | VIKRAMSOLR | 170.80 | 17.34 | 6189.01 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| 6. | CYIENTDLM | 714.80 | 69.11 | 5674.32 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| 7. | SAATVIKGL | 399.70 | 20.48 | 5080.39 | 0.00 | 53.63 | -54.01 | 5110.10 | 458.04 | 55.18 | 6.62 |
| 8. | CENTUM | 3372.45 | 100.33 | 4978.42 | 0.15 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
| 9. | WEBELSOLAR | 82.79 | 11.86 | 3594.44 | 0.30 | 777.90 | 1511.56 | 3726.00 | 2053.88 | 59.38 | 33.70 |
| 10. | KERNEX | 1870.00 | 16.48 | 3142.28 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| 11. | MODINSULAT | 439.60 | 22.01 | 2072.45 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| 12. | INA | 93.05 | 10.25 | 2051.30 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
Detailed Comparison with:
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 | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — |
| Other Income | 6 | 11 | 12 | 8 | 4 | 16 | 20 | 18 | 13 |
| Interest | 45 | 34 | 28 | 48 | 32 | 32 | 40 | 57 | 49 |
| Depreciation | 37 | 37 | 39 | 42 | 34 | 35 | 37 | 57 | 64 |
| 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 |
| 1 | 0 | 1 | 3 | 4 | 4 | 3 | 3 | 0 | |
| Equity Capital | 317 | 317 | 317 | 317 | 317 | 362 | 362 | 362 | 362 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 317 | 317 | 317 | 317 | 317 | 362 | 362 | 362 | 362 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2024
- 631
- 519
- Operating Profit
- —
- OPM %
- —
- Other Income
- 6
- Interest
- 45
- Depreciation
- 37
- 36
- Tax %
- 35.66%
- Net Profit
- 0
- 1
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 573
- 501
- Operating Profit
- —
- OPM %
- —
- Other Income
- 11
- Interest
- 34
- Depreciation
- 37
- 11
- Tax %
- 35.66%
- Net Profit
- 0
- 0
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 1,026
- 941
- Operating Profit
- —
- OPM %
- —
- Other Income
- 12
- Interest
- 28
- Depreciation
- 39
- 30
- Tax %
- 35.68%
- Net Profit
- 0
- 1
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 1,194
- 970
- Operating Profit
- —
- OPM %
- —
- Other Income
- 8
- Interest
- 48
- Depreciation
- 42
- 141
- Tax %
- 35.67%
- Net Profit
- 0
- 3
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 1,134
- 891
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 32
- Depreciation
- 34
- 181
- Tax %
- 26.17%
- Net Profit
- 133
- 4
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 317
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 1,110
- 875
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 32
- Depreciation
- 35
- 184
- Tax %
- 30.34%
- Net Profit
- 128
- 4
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 1,106
- 901
- Operating Profit
- —
- OPM %
- —
- Other Income
- 20
- Interest
- 40
- Depreciation
- 37
- 143
- Tax %
- 31.29%
- Net Profit
- 98
- 3
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 1,453
- 1,218
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 57
- Depreciation
- 57
- 139
- Tax %
- 20.59%
- Net Profit
- 110
- 3
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 1,563
- 1,550
- Operating Profit
- —
- OPM %
- —
- Other Income
- 13
- Interest
- 49
- Depreciation
- 64
- 25
- Tax %
- 21.58%
- Net Profit
- 20
- 0
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 362
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 179 | 158 | 178 | 162 | 195 | 71 | 205 | 412 | 528 | 975 | — |
| OPM % | 10 | 8 | 9 | 10 | 12 | 4 | 10 | 16 | 15 | 20 | — |
| Other Income | 18 | 33 | 15 | 22 | 18 | 13 | 19 | 13 | 36 | 59 | 67 |
| Interest | 65 | 68 | 91 | 95 | 99 | 103 | 122 | 155 | 155 | 161 | 178 |
| Depreciation | 23 | 27 | 28 | 37 | 39 | 48 | 64 | 138 | 156 | 162 | 193 |
| 91 | 63 | 59 | 30 | 56 | -79 | 19 | 107 | 217 | 647 | 492 | |
| Tax % | 23 | 20 | 30 | 26 | 32 | 21 | 23 | 26 | 36 | 27 | 27 |
| Net Profit | 70 | 51 | 41 | 23 | 38 | -63 | 14 | 80 | 140 | 470 | 357 |
| EPS | 25 | 18 | 15 | 8 | 1 | -2 | 1 | 3 | 4 | 13 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | 1 | 1 | 1 | -2 | 1 | 3 | 4 | 13 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | 1 | 1 | 1 | -2 | 1 | 3 | 4 | 13 | — |
Mar 2017
- 1,719
- 1,559
- Operating Profit
- 179
- OPM %
- 10
- Other Income
- 18
- Interest
- 65
- Depreciation
- 23
- 91
- Tax %
- 23
- Net Profit
- 70
- EPS
- 25
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2018
- 1,903
- 1,778
- Operating Profit
- 158
- OPM %
- 8
- Other Income
- 33
- Interest
- 68
- Depreciation
- 27
- 63
- Tax %
- 20
- Net Profit
- 51
- EPS
- 18
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2019
- 1,956
- 1,793
- Operating Profit
- 178
- OPM %
- 9
- Other Income
- 15
- Interest
- 91
- Depreciation
- 28
- 59
- Tax %
- 30
- Net Profit
- 41
- EPS
- 15
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2020
- 1,640
- 1,500
- Operating Profit
- 162
- OPM %
- 10
- Other Income
- 22
- Interest
- 95
- Depreciation
- 37
- 30
- Tax %
- 26
- Net Profit
- 23
- EPS
- 8
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2021
- 1,610
- 1,433
- Operating Profit
- 195
- OPM %
- 12
- Other Income
- 18
- Interest
- 99
- Depreciation
- 39
- 56
- Tax %
- 32
- Net Profit
- 38
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2022
- 1,730
- 1,672
- Operating Profit
- 71
- OPM %
- 4
- Other Income
- 13
- Interest
- 103
- Depreciation
- 48
- -79
- Tax %
- 21
- Net Profit
- -63
- EPS
- -2
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -2
Mar 2023
- 2,073
- 1,887
- Operating Profit
- 205
- OPM %
- 10
- Other Income
- 19
- Interest
- 122
- Depreciation
- 64
- 19
- Tax %
- 23
- Net Profit
- 14
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2024
- 2,511
- 2,112
- Operating Profit
- 412
- OPM %
- 16
- Other Income
- 13
- Interest
- 155
- Depreciation
- 138
- 107
- Tax %
- 26
- Net Profit
- 80
- EPS
- 3
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2025
- 3,423
- 2,931
- Operating Profit
- 528
- OPM %
- 15
- Other Income
- 36
- Interest
- 155
- Depreciation
- 156
- 217
- Tax %
- 36
- Net Profit
- 140
- EPS
- 4
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2026
- 4,802
- 3,886
- Operating Profit
- 975
- OPM %
- 20
- Other Income
- 59
- Interest
- 161
- Depreciation
- 162
- 647
- Tax %
- 27
- Net Profit
- 470
- EPS
- 13
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
TTM
- 5,232
- 4,545
- Operating Profit
- —
- OPM %
- —
- Other Income
- 67
- Interest
- 178
- Depreciation
- 193
- 492
- Tax %
- 27
- Net Profit
- 357
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- —
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 28 | 28 | 28 | 28 | 24 | 259 | 259 | 259 | 317 | 362 |
| 231 | 282 | 320 | 334 | 391 | 92 | 106 | 187 | 919 | 2,788 | |
| 434 | 402 | 392 | 331 | 391 | 439 | 524 | 568 | 117 | 100 | |
| Trade Payables | 156 | 160 | 396 | 495 | 498 | 750 | 446 | 647 | 828 | 1,564 |
| 326 | 418 | 298 | 388 | 494 | 696 | 1,142 | 925 | 651 | 914 | |
| Total Liabilities | 1,175 | 1,290 | 1,434 | 1,576 | 1,798 | 2,237 | 2,476 | 2,585 | 2,832 | 5,728 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 713 | 703 | 596 | 518 | 621 | 703 | 738 | 808 | 231 | 100 |
| Net Working Capital | 142 | 201 | 205 | 145 | 216 | 137 | 457 | 556 | 615 | 1,750 |
| Contingent Liabilities | 12 | 13 | 28 | 28 | 71 | 48 | 46 | 53 | 258 | 62 |
| Book Value per Share | 92.90 | 111.12 | 124.53 | 129.57 | 176.12 | 13.57 | 14.11 | 17.21 | 39.05 | 86.94 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 713 | 703 | 596 | 518 | 621 | 703 | 738 | 808 | 231 | 100 |
| Net Working Capital | 142 | 201 | 205 | 145 | 216 | 137 | 457 | 556 | 615 | 1,750 |
| Contingent Liabilities | 12 | 13 | 28 | 28 | 71 | 48 | 46 | 53 | 258 | 62 |
| Book Value per Share | 92.90 | 111.12 | 124.53 | 129.57 | 176.12 | 13.57 | 14.11 | 17.21 | 39.05 | 86.94 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2017
- Equity Capital
- 28
- 231
- 434
- Trade Payables
- 156
- 326
- Total Liabilities
- 1,175
- 317
- Capital Work in Progress
- 3
- 221
- 0
- Cash & Bank
- 61
- 572
- Total Assets
- 1,175
- Total Debt
- 713
- Net Working Capital
- 142
- Contingent Liabilities
- 12
- Book Value per Share
- 92.90
- Face Value
- 10.00
- Total Debt
- 713
- Net Working Capital
- 142
- Contingent Liabilities
- 12
- Book Value per Share
- 92.90
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 28
- 282
- 402
- Trade Payables
- 160
- 418
- Total Liabilities
- 1,290
- 299
- Capital Work in Progress
- 45
- 197
- 0
- Cash & Bank
- 76
- 673
- Total Assets
- 1,290
- Total Debt
- 703
- Net Working Capital
- 201
- Contingent Liabilities
- 13
- Book Value per Share
- 111.12
- Face Value
- 10.00
- Total Debt
- 703
- Net Working Capital
- 201
- Contingent Liabilities
- 13
- Book Value per Share
- 111.12
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 28
- 320
- 392
- Trade Payables
- 396
- 298
- Total Liabilities
- 1,434
- 335
- Capital Work in Progress
- 10
- 207
- 0
- Cash & Bank
- 102
- 779
- Total Assets
- 1,434
- Total Debt
- 596
- Net Working Capital
- 205
- Contingent Liabilities
- 28
- Book Value per Share
- 124.53
- Face Value
- 10.00
- Total Debt
- 596
- Net Working Capital
- 205
- Contingent Liabilities
- 28
- Book Value per Share
- 124.53
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 28
- 334
- 331
- Trade Payables
- 495
- 388
- Total Liabilities
- 1,576
- 357
- Capital Work in Progress
- 11
- 227
- 0
- Cash & Bank
- 110
- 872
- Total Assets
- 1,576
- Total Debt
- 518
- Net Working Capital
- 145
- Contingent Liabilities
- 28
- Book Value per Share
- 129.57
- Face Value
- 10.00
- Total Debt
- 518
- Net Working Capital
- 145
- Contingent Liabilities
- 28
- Book Value per Share
- 129.57
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 24
- 391
- 391
- Trade Payables
- 498
- 494
- Total Liabilities
- 1,798
- 381
- Capital Work in Progress
- 66
- 193
- 0
- Cash & Bank
- 101
- 1,056
- Total Assets
- 1,798
- Total Debt
- 621
- Net Working Capital
- 216
- Contingent Liabilities
- 71
- Book Value per Share
- 176.12
- Face Value
- 10.00
- Total Debt
- 621
- Net Working Capital
- 216
- Contingent Liabilities
- 71
- Book Value per Share
- 176.12
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 259
- 92
- 439
- Trade Payables
- 750
- 696
- Total Liabilities
- 2,237
- 547
- Capital Work in Progress
- 3
- 265
- 0
- Cash & Bank
- 136
- 1,287
- Total Assets
- 2,237
- Total Debt
- 703
- Net Working Capital
- 137
- Contingent Liabilities
- 48
- Book Value per Share
- 13.57
- Face Value
- 10.00
- Total Debt
- 703
- Net Working Capital
- 137
- Contingent Liabilities
- 48
- Book Value per Share
- 13.57
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 259
- 106
- 524
- Trade Payables
- 446
- 1,142
- Total Liabilities
- 2,476
- 644
- Capital Work in Progress
- 17
- 373
- 0
- Cash & Bank
- 104
- 1,337
- Total Assets
- 2,476
- Total Debt
- 738
- Net Working Capital
- 457
- Contingent Liabilities
- 46
- Book Value per Share
- 14.11
- Face Value
- 10.00
- Total Debt
- 738
- Net Working Capital
- 457
- Contingent Liabilities
- 46
- Book Value per Share
- 14.11
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 259
- 187
- 568
- Trade Payables
- 647
- 925
- Total Liabilities
- 2,585
- 505
- Capital Work in Progress
- 28
- 393
- 1,185
- Cash & Bank
- 116
- 358
- Total Assets
- 2,585
- Total Debt
- 808
- Net Working Capital
- 556
- Contingent Liabilities
- 53
- Book Value per Share
- 17.21
- Face Value
- 10.00
- Total Debt
- 808
- Net Working Capital
- 556
- Contingent Liabilities
- 53
- Book Value per Share
- 17.21
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 317
- 919
- 117
- Trade Payables
- 828
- 651
- Total Liabilities
- 2,832
- 554
- Capital Work in Progress
- 63
- 429
- 1,229
- Cash & Bank
- 189
- 369
- Total Assets
- 2,832
- Total Debt
- 231
- Net Working Capital
- 615
- Contingent Liabilities
- 258
- Book Value per Share
- 39.05
- Face Value
- 10.00
- Total Debt
- 231
- Net Working Capital
- 615
- Contingent Liabilities
- 258
- Book Value per Share
- 39.05
- Face Value
- 10.00
Mar 2026
- Equity Capital
- 362
- 2,788
- 100
- Trade Payables
- 1,564
- 914
- Total Liabilities
- 5,728
- 1,127
- Capital Work in Progress
- 418
- 823
- 1,214
- Cash & Bank
- 1,257
- 888
- Total Assets
- 5,728
- Total Debt
- 100
- Net Working Capital
- 1,750
- Contingent Liabilities
- 62
- Book Value per Share
- 86.94
- Face Value
- 10.00
- Total Debt
- 100
- Net Working Capital
- 1,750
- Contingent Liabilities
- 62
- Book Value per Share
- 86.94
- Face Value
- 10.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -28 | 128 | 252 | 227 | 13 | 201 | 195 | 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 | |
| Free Cash Flow | -28 | 77 | 223 | 168 | -110 | 49 | 26 | 145 | 41 | -463 |
| OCF / Net Profit | -0.41 | 2.53 | 6.12 | 10.07 | 0.33 | -3.20 | 13.49 | 1.91 | 2.01 | 1.34 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 330 | 408 | 357 | 279 | 152 | -201 |
| OCF / Net Profit | -0.41 | 2.53 | 6.12 | 10.07 | 0.33 | -3.20 | 13.49 | 1.91 | 2.01 | 1.34 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 330 | 408 | 357 | 279 | 152 | -201 |
Mar 2017
- -28
- Cash from Investing
- -4
- Cash from Financing
- 32
- 0
- Free Cash Flow
- -28
- OCF / Net Profit
- -0.41
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.41
- Cumulative 5-Year FCF
- 0
Mar 2018
- 128
- Cash from Investing
- -51
- Cash from Financing
- -78
- -0
- Free Cash Flow
- 77
- OCF / Net Profit
- 2.53
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.53
- Cumulative 5-Year FCF
- 0
Mar 2019
- 252
- Cash from Investing
- -38
- Cash from Financing
- -202
- 11
- Free Cash Flow
- 223
- OCF / Net Profit
- 6.12
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 6.12
- Cumulative 5-Year FCF
- 0
Mar 2020
- 227
- Cash from Investing
- -36
- Cash from Financing
- -174
- 16
- Free Cash Flow
- 168
- OCF / Net Profit
- 10.07
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 10.07
- Cumulative 5-Year FCF
- 0
Mar 2021
- 13
- Cash from Investing
- -40
- Cash from Financing
- 4
- -23
- Free Cash Flow
- -110
- OCF / Net Profit
- 0.33
- Cumulative 5-Year FCF
- 330
- OCF / Net Profit
- 0.33
- Cumulative 5-Year FCF
- 330
Mar 2022
- 201
- Cash from Investing
- -155
- Cash from Financing
- -36
- 10
- Free Cash Flow
- 49
- OCF / Net Profit
- -3.20
- Cumulative 5-Year FCF
- 408
- OCF / Net Profit
- -3.20
- Cumulative 5-Year FCF
- 408
Mar 2023
- 195
- Cash from Investing
- -111
- Cash from Financing
- -102
- -17
- Free Cash Flow
- 26
- OCF / Net Profit
- 13.49
- Cumulative 5-Year FCF
- 357
- OCF / Net Profit
- 13.49
- Cumulative 5-Year FCF
- 357
Mar 2024
- 152
- Cash from Investing
- -64
- Cash from Financing
- -81
- 7
- Free Cash Flow
- 145
- OCF / Net Profit
- 1.91
- Cumulative 5-Year FCF
- 279
- OCF / Net Profit
- 1.91
- Cumulative 5-Year FCF
- 279
Mar 2025
- 281
- Cash from Investing
- -156
- Cash from Financing
- -95
- 30
- Free Cash Flow
- 41
- OCF / Net Profit
- 2.01
- Cumulative 5-Year FCF
- 152
- OCF / Net Profit
- 2.01
- Cumulative 5-Year FCF
- 152
Mar 2026
- 630
- Cash from Investing
- -1,748
- Cash from Financing
- 1,115
- -4
- Free Cash Flow
- -463
- OCF / Net Profit
- 1.34
- Cumulative 5-Year FCF
- -201
- OCF / Net Profit
- 1.34
- Cumulative 5-Year FCF
- -201
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 24.93 | 18.12 | 14.73 | 8.06 | 16.23 | -2.43 | 0.56 | 3.08 | 4.42 | 12.98 |
| Book Value (₹) | 92.90 | 111.12 | 124.53 | 129.57 | 176.12 | 13.57 | 14.11 | 17.21 | 39.05 | 86.94 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 3.02 | 2.52 | 2.25 | 1.93 | 2.98 | -0.58 | 3.03 | 8.41 | 9.35 | 17.45 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 10.39% | 8.32% | 9.12% | 9.89% | 12.08% | 4.13% | 9.88% | 15.87% | 14.37% | 19.09% |
| Net Margin % | 4.05% | 2.66% | 2.10% | 1.37% | 2.37% | -3.64% | 0.70% | 3.17% | 4.08% | 9.80% |
| ROE % | 29.15% | 17.76% | 12.50% | 6.34% | 9.84% | -16.44% | 4.05% | 19.67% | 16.63% | 21.45% |
| ROCE % | 17.12% | 13.25% | 15.37% | 13.75% | 16.26% | 2.24% | 13.06% | 22.23% | 27.29% | 34.07% |
| 6.61% | 4.11% | 3.02% | 1.50% | 2.26% | -3.12% | 0.61% | 3.15% | 5.16% | 10.99% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 72 | 94 | 99 | 119 | 144 | 174 | 165 | 156 | 129 | 93 |
| Inventory Days | 49 | 40 | 38 | 48 | 48 | 48 | 56 | 56 | 44 | 48 |
| Payable Days | 27 | 36 | 65 | 129 | 149 | 106 | 55 | 45 | 27 | 18 |
| 94 | 98 | 72 | 38 | 42 | 116 | 166 | 167 | 146 | 123 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 2.75x | 2.27x | 1.71x | 1.43x | 1.50x | 2.00x | 2.02x | 1.81x | 0.19x | 0.03x |
| Interest Coverage (x) | 2.40x | 1.93x | 1.65x | 1.32x | 1.56x | 0.23x | 1.15x | 1.69x | 2.40x | 5.03x |
| 1.22x | 1.29x | 1.25x | 1.15x | 1.21x | 1.09x | 1.35x | 1.39x | 1.44x | 1.88x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 84.33% | 10.68% | 2.80% | -16.18% | -1.80% | 7.46% | 19.82% | 21.11% | 36.34% | 40.28% |
| Operating Profit Growth % | 35.85% | -11.40% | 12.72% | -9.11% | 19.94% | -63.28% | 186.86% | 100.89% | 28.32% | 84.66% |
| Net Profit Growth % | 26.43% | -27.31% | -18.68% | -45.31% | 69.72% | -264.79% | 123.02% | 450.12% | 75.41% | 236.42% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 450.12% | 43.43% | 193.90% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.71x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.05x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.31x | 0.68x | 5.43x |
Mar 2017
- EPS (₹)
- 24.93
- Book Value (₹)
- 92.90
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.02
- Operating Margin %
- 10.39%
- Net Margin %
- 4.05%
- ROE %
- 29.15%
- ROCE %
- 17.12%
- 6.61%
- Debtor Days
- 72
- Inventory Days
- 49
- Payable Days
- 27
- 94
- Debt to Equity (x)
- 2.75x
- Interest Coverage (x)
- 2.40x
- 1.22x
- Revenue Growth %
- 84.33%
- Operating Profit Growth %
- 35.85%
- Net Profit Growth %
- 26.43%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 18.12
- Book Value (₹)
- 111.12
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.52
- Operating Margin %
- 8.32%
- Net Margin %
- 2.66%
- ROE %
- 17.76%
- ROCE %
- 13.25%
- 4.11%
- Debtor Days
- 94
- Inventory Days
- 40
- Payable Days
- 36
- 98
- Debt to Equity (x)
- 2.27x
- Interest Coverage (x)
- 1.93x
- 1.29x
- Revenue Growth %
- 10.68%
- Operating Profit Growth %
- -11.40%
- Net Profit Growth %
- -27.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 14.73
- Book Value (₹)
- 124.53
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.25
- Operating Margin %
- 9.12%
- Net Margin %
- 2.10%
- ROE %
- 12.50%
- ROCE %
- 15.37%
- 3.02%
- Debtor Days
- 99
- Inventory Days
- 38
- Payable Days
- 65
- 72
- Debt to Equity (x)
- 1.71x
- Interest Coverage (x)
- 1.65x
- 1.25x
- Revenue Growth %
- 2.80%
- Operating Profit Growth %
- 12.72%
- Net Profit Growth %
- -18.68%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 8.06
- Book Value (₹)
- 129.57
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.93
- Operating Margin %
- 9.89%
- Net Margin %
- 1.37%
- ROE %
- 6.34%
- ROCE %
- 13.75%
- 1.50%
- Debtor Days
- 119
- Inventory Days
- 48
- Payable Days
- 129
- 38
- Debt to Equity (x)
- 1.43x
- Interest Coverage (x)
- 1.32x
- 1.15x
- Revenue Growth %
- -16.18%
- Operating Profit Growth %
- -9.11%
- Net Profit Growth %
- -45.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 16.23
- Book Value (₹)
- 176.12
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.98
- Operating Margin %
- 12.08%
- Net Margin %
- 2.37%
- ROE %
- 9.84%
- ROCE %
- 16.26%
- 2.26%
- Debtor Days
- 144
- Inventory Days
- 48
- Payable Days
- 149
- 42
- Debt to Equity (x)
- 1.50x
- Interest Coverage (x)
- 1.56x
- 1.21x
- Revenue Growth %
- -1.80%
- Operating Profit Growth %
- 19.94%
- Net Profit Growth %
- 69.72%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- -2.43
- Book Value (₹)
- 13.57
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.58
- Operating Margin %
- 4.13%
- Net Margin %
- -3.64%
- ROE %
- -16.44%
- ROCE %
- 2.24%
- -3.12%
- Debtor Days
- 174
- Inventory Days
- 48
- Payable Days
- 106
- 116
- Debt to Equity (x)
- 2.00x
- Interest Coverage (x)
- 0.23x
- 1.09x
- Revenue Growth %
- 7.46%
- Operating Profit Growth %
- -63.28%
- Net Profit Growth %
- -264.79%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 0.56
- Book Value (₹)
- 14.11
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.03
- Operating Margin %
- 9.88%
- Net Margin %
- 0.70%
- ROE %
- 4.05%
- ROCE %
- 13.06%
- 0.61%
- Debtor Days
- 165
- Inventory Days
- 56
- Payable Days
- 55
- 166
- Debt to Equity (x)
- 2.02x
- Interest Coverage (x)
- 1.15x
- 1.35x
- Revenue Growth %
- 19.82%
- Operating Profit Growth %
- 186.86%
- Net Profit Growth %
- 123.02%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 3.08
- Book Value (₹)
- 17.21
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 8.41
- Operating Margin %
- 15.87%
- Net Margin %
- 3.17%
- ROE %
- 19.67%
- ROCE %
- 22.23%
- 3.15%
- Debtor Days
- 156
- Inventory Days
- 56
- Payable Days
- 45
- 167
- Debt to Equity (x)
- 1.81x
- Interest Coverage (x)
- 1.69x
- 1.39x
- Revenue Growth %
- 21.11%
- Operating Profit Growth %
- 100.89%
- Net Profit Growth %
- 450.12%
- 450.12%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 2.31x
Mar 2025
- EPS (₹)
- 4.42
- Book Value (₹)
- 39.05
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 9.35
- Operating Margin %
- 14.37%
- Net Margin %
- 4.08%
- ROE %
- 16.63%
- ROCE %
- 27.29%
- 5.16%
- Debtor Days
- 129
- Inventory Days
- 44
- Payable Days
- 27
- 146
- Debt to Equity (x)
- 0.19x
- Interest Coverage (x)
- 2.40x
- 1.44x
- Revenue Growth %
- 36.34%
- Operating Profit Growth %
- 28.32%
- Net Profit Growth %
- 75.41%
- 43.43%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.68x
Mar 2026
- EPS (₹)
- 12.98
- Book Value (₹)
- 86.94
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 17.45
- Operating Margin %
- 19.09%
- Net Margin %
- 9.80%
- ROE %
- 21.45%
- ROCE %
- 34.07%
- 10.99%
- Debtor Days
- 93
- Inventory Days
- 48
- Payable Days
- 18
- 123
- Debt to Equity (x)
- 0.03x
- Interest Coverage (x)
- 5.03x
- 1.88x
- Revenue Growth %
- 40.28%
- Operating Profit Growth %
- 84.66%
- Net Profit Growth %
- 236.42%
- 193.90%
- P/E (x)
- 13.71x
- P/B (x)
- 2.05x
- Dividend Yield %
- 0.00%
- 5.43x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - Vikram Solar Limited has informed the Exchange about Transcript
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - Vikram Solar Limited has informed the Exchange about Schedule of meet
Annual Reports
Credit Ratings
- Credit Rating
2026-08-12 - Vikram Solar Limited has informed the Exchange about Credit Rating
Concalls
Aug 2026
May 2026
Mar 2026