Shares of Vikram Photo voltaic Restricted slid on 8 Might, hitting a day low of Rs 214.20 on the NSE after the corporate delivered a blended Q4FY26 scorecard. Income surged effectively forward of estimates however margin contraction and a pointy drop in module realisations spooked buyers, sending the inventory decrease from the opening bell.
Standalone income from operations rose 41% year-on-year to Rs 4,803.4 crore for FY26, towards Rs 3,415.5 crore within the prior yr. This autumn standalone web revenue got here in at Rs 109.97 crore, with full-year web revenue tripling to Rs 469.06 crore from Rs 139.1 crore in FY25. This autumn EBITDA expanded to Rs 235 crore from Rs 211 crore a yr in the past, however the EBITDA margin contracted 173 foundation factors to 16.14% from 17.87%, as module realisations fell 13.4% year-on-year and uncooked materials prices climbed.
The large announcement from the board assembly was a Rs 3,726 crore capital expenditure approval for a 6 GW backward-integrated wafer and ingot manufacturing facility at Gangaikondan, Tamil Nadu, focused for commissioning by April 2028. It types section one in every of a broader 12 GW enlargement roadmap by FY30. By that time, Vikram Photo voltaic plans to have 15.5 GW module capability, 12 GW cell capability and 15 GWh of battery power storage system capability.
Operationally, the numbers have been sturdy. Module manufacturing practically doubled in Q4FY26 to 971 MW from 526 MW a yr in the past, whereas FY26 full-year manufacturing surged 150% to three,220 MW. The order ebook stood at 8.2 GW as of 31 March, with 87% home and 13% exports. Working money move improved sharply to Rs 630 crore in FY26 from Rs 281 crore in FY25. Sameer Nagpal was appointed Entire-time Director and CEO with impact from 7 Might 2026.
At 14:23 pm on the NSE, Vikram Photo voltaic shares have been buying and selling at Rs 214.16, down 4.97%, with the inventory’s 52-week excessive at Rs 407.95 touched on 10 September 2025, putting the present value roughly 47% under that peak.
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