VIKRAMSOLR

Vikram Solar Limited

Solar photovoltaic modules and battery energy storage systems manufacturer

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

vikramsolar.com(opens the company website in a new tab)
Ask AI

Key metrics

Price as of 2026-10-16

Stock price
₹144.00
Market cap
5,218 Cr
Stock P/E
14.6
P/B
1.65
ROE (FY26)
14.9%
ROCE (FY26)
24.7%
Operating margin (FY26)
15.7%
Debt / equity (FY26)
0.03
OCF / EBITDA (FY26)
68.7%
OCF / EBITDA (3Y)
59.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

Loading price history…

Compare with peers

Loading peers…

What you need to know

Vikram Solar makes the solar panels (modules) that solar power developers, utilities, businesses and distributors install across India, and is now moving into making the solar cells inside them, then wafers and ingots, and battery energy storage.

Company snapshot

12thBy market cap

Ranked among 32 companies in Other Electrical Equipment.

What we see

Positives
  • ✓Debt-to-equity of 0.03x — the company is largely funded by its own money, not borrowed funds.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricJun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,134 Cr1,110 Cr1,106 Cr1,453 Cr1,563 Cr
Operating expenses (approx.)891 Cr875 Cr901 Cr1,218 Cr1,437 Cr
EBITDA242 Cr235 Cr205 Cr235 Cr126 Cr
OPM %21.4%21.2%18.5%16.1%8.1%
Other income4 Cr16 Cr20 Cr18 Cr13 Cr
Interest32 Cr32 Cr40 Cr57 Cr49 Cr
Depreciation34 Cr35 Cr37 Cr57 Cr64 Cr
Profit before tax181 Cr184 Cr143 Cr139 Cr25 Cr
Tax %26.2%30.3%31.3%20.6%21.6%
Net profit133 Cr128 Cr98 Cr110 Cr20 Cr
EPS (₹)₹4.21₹3.83₹2.71₹3.05₹0.55

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,073 Cr2,511 Cr3,423 Cr4,802 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,887 Cr2,112 Cr2,931 Cr3,886 CrSign in free for the trailing twelve months
EBITDA186 Cr399 Cr492 Cr917 CrSign in free for the trailing twelve months
OPM %9.0%15.9%14.4%19.1%Sign in free for the trailing twelve months
Other income19 Cr13 Cr36 Cr59 CrSign in free for the trailing twelve months
Interest122 Cr155 Cr155 Cr161 CrSign in free for the trailing twelve months
Depreciation64 Cr138 Cr156 Cr162 CrSign in free for the trailing twelve months
Profit before tax19 Cr107 Cr217 Cr647 CrSign in free for the trailing twelve months
Tax %23.2%25.7%35.7%27.3%Sign in free for the trailing twelve months
Net profit14 Cr80 Cr140 Cr470 CrSign in free for the trailing twelve months
EPS (₹)₹0.56₹3.08₹4.61₹13.68Sign in free for the trailing twelve months
Dividend payout %———0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026
Equity capital259 Cr259 Cr317 Cr362 Cr
Reserves106 Cr187 Cr925 Cr2,805 Cr
Borrowings738 Cr808 Cr231 Cr100 Cr
Other liabilities1,373 Cr1,332 Cr1,359 Cr2,461 Cr
Total liabilities2,476 Cr2,585 Cr2,832 Cr5,728 Cr
Fixed assets (net)572 Cr449 Cr488 Cr540 Cr
CWIP17 Cr28 Cr63 Cr418 Cr
Investments———0 Cr
Inventories373 Cr393 Cr429 Cr823 Cr
Trade receivables959 Cr1,185 Cr1,229 Cr1,214 Cr
Cash & bank2 Cr9 Cr39 Cr36 Cr
Other assets553 Cr521 Cr585 Cr2,697 Cr
Total assets2,476 Cr2,585 Cr2,832 Cr5,728 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity195 Cr152 Cr299 Cr630 Cr
Cash from investing-111 Cr-64 Cr-169 Cr-1,748 Cr
Cash from financing-102 Cr-81 Cr-100 Cr1,115 Cr
Net cash flow-17 Cr7 Cr30 Cr-3 Cr
Free cash flow (OCF − Capex)64 Cr81 Cr152 Cr-93 Cr

Ratios

MetricMar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.8%20.9%25.3%24.7%
ROE %4.0%17.9%11.3%14.9%
Debtor days16817213192
Inventory days79866088
Days payable95141116167
Cash conversion cycle1531177413
OCF / EBITDA %105.0%38.1%60.7%68.7%
OCF / EBITDA % (3 years)——60.0%59.8%
Debt / equity2.021.810.190.03
Current ratio1.351.391.551.88
Net debt / EBITDA3.952.010.390.07