Robust Module Sales Drive Vikram Solar’s Income Up 94% in Q2 FY 2026
The company has an order book of 11.15 GW as of September 30, 2025
October 21, 2025
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Solar module manufacturer Vikram Solar’s total income for the second quarter (Q2) of the financial year (FY) 2026 rose 93.7% year-over-year (YoY) to ₹11.10 billion (~$126.27 million) from ₹5.73 billion (~$65.18 million).
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 225.9% YoY to ₹2.35 billion (~$26.74 million) from ₹721 million (~$8.20 million) in Q2 FY25.
Vikram’s quarterly net profit grew 1636.5% YoY to ₹1.28 billion (~$14.62 million) from ₹74 million (~$841,881).
Its earnings per share came in at ₹3.82 (~$0.043) compared to ₹0.25 (~$0.003) during the same period the preceding year.
Vikram’s quarterly module sales stood at 784 MW, compared to 271 MW in Q2 FY 2025, a growth of 189% YoY.
Gyanesh Chaudhary, Chairman and Managing Director, Vikram Solar, noted that the company is on track to scale its module manufacturing capacity from 4.5 GW to 17.5 GW.
Additionally, Vikram plans to backward integrate by entering cell manufacturing, targeting a capacity of 12 GW by FY 2027.
The company noted its capacity utilization stands at 84% in Q2 FY 2026.
1H FY26
Vikram’s total income for the first half (1H) of FY 2026 rose 86.4% YoY to ₹22.43 billion (~$255.24 million) from ₹12.04 billion (~$136.96 million).
The company’s EBITDA rose 159.9% YoY to ₹4.77 billion (~$54.29 million) from ₹1.84 billion (~$20.89 million).
Net profit grew 767.2% YoY to ₹2.62 billion (~$29.80 million) from ₹302 million (~$3.44 million).
Its earnings per share came in at ₹8.02 (~$0.091) compared to ₹0.95 (~$0.011) during the same period the previous year.
Vikram’s quarterly module sales in 1H stood at 1,548 MW, compared to 598 MW in 1H FY 2025, a growth of 159%.
The company has an order book of 11.15 GW as of September 30, 2025, catering to 85% domestic market and the rest for exports. Nearly 52% of the orders are from independent power producers, 20% from commercial and industrial consumers, 13% from distribution companies, 8% from government projects, and 7% from engineering, procurement, and construction contractors.
Vikram Solar’s revenue increased by 79.7% YoY to ₹1.13 billion (~$12.86 million) in Q1 FY 2026 from ₹630.9 million (~$7.18 million).
Recently, Vikram Solar received an order to supply 336 MW of solar modules from L&T Construction for the latter’s project in the Khavda Renewable Energy Park. As part of this order, Vikram Solar will supply its Hypersol G12R modules, built on N-type technology.