Synopsis: Photo voltaic module maker closes its greatest fiscal 12 months but, greater than doubling EBITDA and tripling web revenue, even because it breaks floor on a multi-year capability buildout that would reshape its aggressive place
India’s photo voltaic manufacturing panorama is coming into a brand new section of scale, integration, and policy-backed growth. As home demand accelerates and authorities incentives push firms towards deeper localization, photo voltaic producers are racing to construct capability throughout the worth chain. In opposition to this backdrop, one firm is rising as a key beneficiary, combining robust operational execution with an formidable long-term growth roadmap spanning photo voltaic modules, cells, wafer-ingot manufacturing, and battery power storage methods.
The place Scale Lastly Begins Paying Off
Vikram Photo voltaic Restricted posted income of ₹4,802 crore in FY26, a 40% bounce over the earlier 12 months’s ₹3,423 crore. Extra telling than the highest line, although, is what occurred additional down the P&L. EBITDA grew 86% year-on-year to ₹917 crore, lifting EBITDA margins from 14% in FY25 to 19% in FY26. Revenue after tax got here in at ₹470 crore – a 236% enhance from the ₹140 crore reported in FY25. The corporate additionally sharply lowered its debt-to-equity ratio, from 0.19x to only 0.03x, whereas bettering return on fairness from 16.6% to 21.3%.
The fourth quarter alone noticed income contact ₹1,453 crore, the best the corporate has ever recorded in a single quarter. Quarterly manufacturing hit 971 MW in This fall FY26, up from 526 MW in This fall FY25. For the complete 12 months, complete manufacturing stood at 3,220 MW, in comparison with 1,286 MW in FY25, a 150% enhance. Gross sales quantity for FY26 reached 3,342 MW, up 76% year-on-year from 1,900 MW. The corporate additionally reported an efficient capability utilization fee of 75% for FY26, with the Vallam plant nonetheless in ramp-up section.
Orders Maintain Pouring In
The order ebook as of March 31, 2026 stood at 8.2 GW, with 1.9 GW secured in This fall alone – the best single-quarter reserving to date. The order combine is predominantly home at 87%, with impartial energy producers making up 69% of the section cut up. Focus danger has lowered sharply: the top-five shopper share dropped from 80% in FY25 to 47% in FY26, pointing to a wider and extra secure buyer base.
From Modules to the Full Stack
Past the fast outcomes, the corporate’s growth blueprint is the true long-term story. A 9 GW photo voltaic cell plant is slated for first output by December 2026, with 12 GW of wafer-ingot manufacturing focused by FY29-30 to attain full vertical integration. Module capability is deliberate to scale to fifteen.5 GW.
The corporate has additionally entered the battery power space for storing via its VSL Powerhive subsidiary, launching the VION model and focusing on 15 GWh of BESS capability by FY30 – starting with meeting operations in FY27 and scaling to built-in cell manufacturing by FY29. A 100 MWh BESS order has already been secured, and superior discussions are underway with cell know-how licensors.
The corporate has acquired board approval for a ₹3,726 crore capital expenditure to arrange a 6 GW backward-integrated wafer and ingot facility at its Gangaikondan website in Tamil Nadu. Scheduled to be commissioned by FY30, that is the primary section of a deliberate 12 GW wafer-ingot roadmap that may rework the corporate from a module assembler into a totally built-in photo voltaic producer.
Coverage Tailwinds, and One Headwind
The federal government is backing photo voltaic and battery storage laborious. India has put aside ₹18,000 crore beneath its PLI scheme to assist native battery manufacturing. The PM-KUSUM scheme, which funds photo voltaic installations for farmers, has been prolonged until March 2027 and is about to get even larger beneath KUSUM 2.0. Guidelines additionally now require photo voltaic and battery initiatives to make use of regionally made elements, which straight advantages Indian producers like this one.
The one darkish cloud is the USA. American authorities have slapped import duties of over 250% on Indian photo voltaic modules, making it almost unimaginable to promote them profitably. The corporate has already needed to stroll away from a 0.6 GW order from a US-based buyer consequently.
Concerning the Firm
Vikram Photo voltaic Restricted is a Kolkata-based photo voltaic module producer with over twenty years within the business. It operates manufacturing amenities in West Bengal and Tamil Nadu with a mixed put in capability of 9.5 GW. The corporate sells modules in India and worldwide markets, serving IPPs, authorities companies, EPC gamers, and industrial and industrial prospects.
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