Vikram Solar Limited, a manufacturer of Solar PV modules in India, has announced its unaudited Financial Results for the second quarter and half-year ended September 30th, 2025.
Robust Growth Performance with Strengthened Profitability
1. PAT for Q2FY26 grew by 1,636.5% on a Y-o-Y basis, standing at INR 128.5 Cr and PAT margins stood at 11.58%.
2. Revenue for Q2FY26 grew by 93.7% on a Y-o-Y basis, standing at INR 1,109.9 Cr
3. EBITDA for the quarter stood at INR 235.0 Cr, an increase of 225.9% Y-o-Y. EBITDA margins stood at 21.17% for Q2FY26 compared to 12.59% in Q2FY25
As of 30th September 2025, Vikram Solar Limited reported an order book of 11.15 GW. The geography-wise distribution of the order book comprises 85% from the domestic market and 15% from exports. Customer-wise, the split includes 52% from Independent Power Producers (IPPs), 20% from Commercial and Industrial (C&I) customers, 13% from Distribution Companies, 8% from Government Projects, and 7% from Engineering, Procurement, and Construction (EPC) players.
In terms of operational highlights for Q2 and H1 of FY26, module sales stood at 784 MW in Q2FY26, showing a growth of 189% compared to 271 MW in Q2FY25. For H1FY26, module sales reached 1,548 MW, marking a growth of 159% compared to 598 MW in H1FY25. The capacity utilization for Q2FY26 was 84%. Capacity utilization is calculated with reference to the effective capacity for the quarter, which is approximately 75% of the rated capacity as per the standard capacity calculation method followed by manufacturing sectors.
Commenting on the performance, Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar Limited, said, “The solar industry is playing a pivotal role in driving India’s energy transition, supported by strong policy initiatives and increasing adoption across sectors. With rising demand and the momentum of ‘Make in India’, the domestic solar sector is poised for significant growth in the coming years. Vikram Solar, with its best-in-class products, advanced technology, strong brand presence, and a diversified customer base, is well-positioned to take a leading role in this transformative journey towards sustainable energy in India.
Building on the growth momentum from Q1, we are pleased to report another strong performance this quarter as well. Despite the temporary slowdown caused by monsoon-related logistical challenges, we delivered a strong revenue growth of 93.7% compared to the same period last year. This remarkable growth demonstratesthe strength and resilience of our operations. With improved operating leverage and enhanced internal efficiencies, our margins also witnessed a significant uptick — standing at 21.17%, as against 12.59% in the corresponding quarter of the previous year. Moving forward, we remain committed on strengthening our foundation across technology, governance, and execution, with a sharp focus on profitability and timely project delivery.
On the operational front, module sales during the quarter stood at 784 MW, compared to 271 MW in the same period last year, reflecting a healthy year-on-year growth of 189%. This consistent performance was driven by strong industry tailwinds, deep customer relationships, and our proven execution capabilities. We continue to work across end user segments and strengthen our order book, which stands at 11.15 GW as on 30th September 2025, along with a rapidly growing order pipeline, providing us strong revenue visibility for the coming quarters.
To support this growing demand, we are expanding our capacities and are on track to scale up our module manufacturing capacity from 4.5GW to 17.5GW. Additionally, we plan to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by FY27. In tandem with our capacity expansion, we are also ramping up our workforce to support our growth ambitions and enhance operational excellence.
With new capacities coming online, backward integration strengthening our value chain, and a robust demand outlook driven by India’s energy transition, we are confident of sustaining growth momentum in the quarters ahead and further solidifying our position as one of India’s leading solar manufacturers.”