Module manufacturer Vikram Solar’s revenue increased by 79.7% year-over-year (YoY) to ₹1.13 billion (~$12.86 million) in the first quarter (Q1) of the financial year (FY) 2026 from ₹630.9 million (~$7.18 million).

Vikram Solar’s profit after tax (PAT) stood at ₹133.4 million (~$1.5 million), a 485% growth from ₹22.8 million (~$259,589) in the same quarter of the previous year.

The company said that reduced manufacturing costs, optimized finance costs, and efficient tax planning fueled its overall profitability.

Its earnings before taxes, depreciation, and amortization increased by 117% YoY to ₹242.2 million (~$2.75 million) from ₹111.5 million (~$1.26 million).

The earnings per share (EPS) came in at ₹4.21 (~$0.05) compared to an EPS of ₹0.75 (~$0.01) in Q1 FY 2025.

Vikram Solar announced that its order book stood at 10.96 GW as of June 30, 2025, with a capacity utilization rate of 89.2%. It noted that has no orders for domestic requirement compliant modules.

The company secured multiple large solar module supply orders during the quarter, including 250 MW from Bondada Group in Maharashtra, 326 MW from Gujarat Industries Power Company, and 336 MW from Larsen and Toubro.

Gyanesh Chaudhary, Chairman and Managing Director at Vikram Solar, said that the company is scaling its manufacturing capacities by nearly four times. It is also strategically backward integrating into solar cell manufacturing.

Vikram Solar has 4.5 GW of installed module manufacturing capacity and is on course to expand to 17.5 GW by FY 2027. It has targeted a solar cell manufacturing capacity of 12 GW by the same financial year.

In its earnings call, Vikram Solar said the manufacturing plant will cater to the captive consumption for its own modules.

The company’s 5 GW Vallam facility in Tamil Nadu is expected to be commissioned in Q3 FY 2026. A 6 GW module manufacturing plant in the state and the 2 GW module manufacturing plant in Kolkata are also expected to be commissioned in FY 2026.

In Q1, Vikram Solar produced 750 MW of modules. It has an order pipeline of over 38 GW.

To fund its 12 GW solar cell manufacturing plant, the company plans to raise equity from an initial public offering (IPO), debt from public sector undertakings and private banks, and internal accruals accumulated over time.

Its IPO was oversubscribed 54.63 times at the end of the bidding window on August 21, 2025. The price band was set at ₹315 (~$3.6) to ₹332 (~$3.6) per equity share with a face value of ₹10 (~$0.11). The IPO saw bids for 2.47 billion shares, exceeding the 45 million shares on offer.

Vikram Solar said it is tying up with other entities until the new manufacturing plant comes online.

The company plans to set up a 1 GWh BESS facility, which can be expanded to 5 GWh. The facility is expected to be commissioned in FY 2027.