VIKRAMSOLR

Vikram Solar – Renewable Energy Leader Benefiting from India's Solar Expansion

Vikram Solar is one of India's leading solar PV module manufacturers and a key beneficiary of the country's clean energy transition, solar capacity addition, and import-substitution initiatives. The company is rapidly expanding manufacturing capacity and strengthening backward integration to capitalize on growing domestic and export demand. Key Financial Highlights • FY26 revenue grew 40% YoY to ₹4,802 crore. • FY26 PAT surged 236% YoY to ₹470 crore. • Q4 FY26 revenue reached a record ₹1,453 crore, up 22% YoY. • Order book stood at 8.2 GW as of March 2026, providing strong revenue visibility. • Manufacturing capacity expanded to 9.5 GW, with plans for further scale-up and backward integration. Investment Rationale • Strong beneficiary of India's renewable energy and solar manufacturing push. • Robust order book ensures multi-year growth visibility. • Rapid capacity expansion supports future revenue growth. • Improving margins and profitability driven by scale and operational efficiency. • Increasing focus on integrated manufacturing strengthens competitiveness. • Well-positioned to benefit from government policies promoting domestic solar manufacturing. Headline: Vikram Solar Powers Ahead with Record Earnings, Expanding Capacity, and Strong Solar Demand Tailwinds.