Vikram Solar Reports 93.7% YoY Revenue Growth in Q2FY26, PAT Surges 1,636%

Vikram Solar Ltd. has reported a consolidated revenue of INR 1,109.9 crore for the second quarter of FY26, marking a 93.7% year-on-year (YoY) increase. The company’s profit after tax (PAT) rose sharply by 1,636.5% YoY to INR 128.5 crore, with a PAT margin of 11.58%, driven by strong operational performance and improved efficiencies.

As of September 30, 2025, Vikram Solar’s order book stood at 11.15 GW, comprising 85% domestic and 15% export orders, reflecting a robust demand pipeline.

During the quarter, module sales reached 784 MW, up from 271 MW in the same period last year — a 189% increase year-on-year. The company also reported a capacity utilization rate of 84% in Q2FY26, underscoring its strong operational momentum.

“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 demonstrates the strength and resilience of our operations,” said Gyanesh Chaudhary, Chairman and Managing Director, Vikram Solar Ltd.

Chaudhary added that the company’s EBITDA margin improved to 21.17%, compared to 12.59% in the corresponding quarter of the previous year, reflecting enhanced operating leverage and internal efficiencies.

To meet rising demand, Vikram Solar is pursuing a major capacity expansion plan, aiming to scale its module manufacturing capacity from 4.5 GW to 17.5 GW. The company also plans to backward integrate into solar cell manufacturing, targeting a 12 GW capacity by FY27, as part of its long-term strategy to strengthen India’s solar manufacturing ecosystem.