Solar module manufacturer Vikram Solar reported a consolidated revenue from operations of ₹11.06 billion (~$121.55 million) in the third quarter (Q3) of the financial year (FY) 2026, rising 8% year-over-year (YoY) from ₹10.26 billion (~$112.76 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 142% YoY to ₹2.05 billion (~$22.36 million) from ₹850 million (~$9.27 million).

Vikram Solar’s profit after tax (PAT) during the quarter stood at ₹980 million (~$10.7 million), a 416% increase from ₹190 million (~$2.07 million) in Q3 FY 2025.

Earnings per share (EPS) came in at ₹2.7 (~$0.029), compared to ₹0.69 (~$0.0075) in the same period of the previous year.

The company sold 796 MW of solar modules in Q3 FY 2026, rising 35% from 590 MW in the same quarter last year.

Vikram Solar attributed its performance to strong execution volumes, continued improvements in operating efficiency, and steady scale-up of its manufacturing operations.

It has an order book of 10.6 GW from the utility-scale, commercial and industrial (C&I), and other segments. This consists of 84% domestic and 16% export orders. Independent power producers accounted for 55% of the customers in the order book, C&I for 21%, distribution companies for 13%, government projects for 6%, and engineering, procurement, and construction projects for 5%.

The company commissioned a 5 GW solar module manufacturing facility at Vallam, Tamil Nadu, during Q3 FY 2026, increasing its total manufacturing capacity to 9.5 GW.

Vikram Solar said it has transitioned its entire portfolio to high-efficiency N-Type modules and claims that its HYPERSOL series modules incorporating this technology can deliver power outputs up to 640 Wp.

Its board has approved capital expenditure of ₹43.71 billion (~$476.87 million) for Vikram Solar’s Phase-I of its battery energy storage system (BESS) venture. The BESS venture will be undertaken by Vikram Solar’s wholly owned subsidiary, VSL Powerhive.

The company noted its capacity utilization stands at 90% in Q3 FY 2026.

9M Results

Vikram Solar reported consolidated revenue of ₹33.5 billion (~$365.37 million) in the first nine months (9M) of FY 2026, a 50% YoY increase from ₹22.3 billion (~$243.3 million).

The company’s EBITDA rose 154% YoY to ₹6.82 billion (~$74.4 million) from ₹2.68 billion (~$29.24 million).

Its PAT during 9M FY 2026 stood at ₹3.6 billion (~$39.27 million), a 631% increase from ₹490 million (~$5.34 million) in 9M FY 2025.

EPS came in at ₹10.62 (~$0.12), compared to ₹1.64 (~$0.018) in the same period of the previous year.

The company sold 2,344 MW of solar modules in 9M FY 2026, rising 97% from 1,188 MW in 9M FY 2025.

Gyanesh Chaudhary, Chairman and Managing Director at Vikram Solar, said, “Looking ahead, we remain focused on scaling the business in a disciplined, capital-efficient manner while strengthening our manufacturing footprint, product portfolio, and execution capabilities.”

Vikram Solar’s total income for Q2 FY 2026 rose 93.7% YoY to ₹11.10 billion (~$126.27 million) from ₹5.73 billion (~$65.18 million).