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Vikram Solar

VIKRAMSOLR NSE
₹134.96 +5.59 (+4.32%)
P/E
13.69
View as Markdown
MCP
Close 4 Nov 2026 ₹134.96 −179.84 −57.1% 1Y
Start ₹314.80

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
30.60%
Debt to Equity
0.19
EPS (TTM)
₹9.86
Book Value
₹87.56
Market Cap
—
P/E (TTM)
13.69
P/B
1.54
ROE
21.40%
Dividend Yield
0.00%
EBITDA
₹975 Cr
52W High
₹324.15
52W Low
₹124.50
Day Range
₹127.62 – ₹137.39
Volume
16,10,593

Peer Comparison

Industrials › Capital Goods › Other Electrical Equipment

Vikram Solar peer comparison
Waaree Energies
₹2,408.0018.15₹67,713 Cr4.320.17%32.50%38.40%₹30,043 Cr₹4,003 Cr
Apar Industries
₹15,998.0054.39₹65,476 Cr7.860.39%20.30%31.80%₹24,389 Cr₹1,181 Cr
Premier Energies
₹904.0024.61₹40,624 Cr9.530.11%41.00%32.70%₹8,466 Cr₹1,674 Cr
Diamond Power Infrastructure
₹385.85111.84₹22,658 Cr—0.00%—10.40%₹2,348 Cr₹182 Cr
MTAR Technologies
₹6,036.50137.95₹19,040 Cr22.570.05%12.60%15.20%₹1,080 Cr₹134 Cr
Emmvee Photovoltaic Power
₹246.4112.03₹16,196 Cr3.890.43%50.70%44.60%₹6,023 Cr₹1,418 Cr
Avalon Technologies
₹2,041.00102.05₹13,437 Cr18.920.00%16.50%19.30%₹1,764 Cr₹134 Cr
Vikram Solar (this company)
₹134.9613.69₹4,709 Cr1.540.00%21.40%30.60%₹5,232 Cr₹356 Cr
Median 8 companies₹1,472.5039.50₹20,849 Cr7.860.08%21.40%31.20%₹5,628 Cr₹769 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

49 Average

Data confidence 100/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
71
Strong
Cheap vs sector & own history 24% weight
Growth
76
Strong
Sales & profit trajectory 9% weight
Financial Health
43
Weak
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
19
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 65.3% CAGR over last 5 years
  • Debtor days have improved from 132 to 92.2 days.
  • Company's working capital requirements have reduced from 48.0 days to 36.6 days

Weaknesses

2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company's cost of borrowing seems high

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsNeutral252
Moving AveragesStrong Bearish802

Key readings

RSI (14)
42.83
Neutral
MACD (12,26,9)
−7.09
Bullish
SMA (50)
153.41
Bearish
SMA (200)
186.80
Bearish

As of

Analyst Rating

Based on 7 analysts
BUY57%

4 of 7 analysts rate Buy, 1 Hold, 2 Sell.

As of

BUY
4
57%
HOLD
1
14%
SELL
2
29%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+24.43%
3Y+32.32%
1Y+40.64%
TTM+33.23%

Net profit

Net profit growth by window
5Y+65.30%
3Y+222.37%
1Y+237.41%
TTM+42.40%

Operating cash flow

Operating cash flow growth by window
5Y+119.80%
3Y+50.67%
1Y+130.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+8.08 pp
3Y+10.05 pp
1Y+4.69 pp
TTM−0.57 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹1,640 Cr
Mar 2021₹1,610 Cr
Mar 2022₹1,730 Cr
Mar 2023₹2,073 Cr
Mar 2024₹2,511 Cr
Mar 2025₹3,415 Cr
Mar 2026₹4,803 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹22.00 Cr
Mar 2021₹38.00 Cr
Mar 2022−₹63.00 Cr
Mar 2023₹14.00 Cr
Mar 2024₹80.00 Cr
Mar 2025₹139 Cr
Mar 2026₹469 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹153 Cr +10.7% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

Vikram Solar Ltd is a mid-cap solar energy company with a market cap of Rs 6,729 Cr, trading at a PE of 14.6x with compounded profit growth of 65% CAGR over 5 years and TTM sales growth of 40%. The company has seen significant improvement in working capital efficiency but faces concerns around promoter holding dilution of 30.1% over three years and zero dividend payout.

Bull Case 7
  • Exceptional profit growth with 5-year compounded profit CAGR of 65% and TTM profit growth of 239%, indicating strong earnings momentum
  • Robust sales growth with 5-year compounded sales CAGR of 24% accelerating to 32% over 3 years and 40% TTM, showing demand tailwinds
  • Improving return on equity at 22% last year versus 16% over 5 years and 20% over 3 years, reflecting better capital efficiency
  • Working capital requirements reduced from 54.2 days to 37.4 days, freeing up cash for growth and reducing financing needs
  • Debtor days improved from 132 to 92.3 days, indicating better collection efficiency and reduced credit risk exposure
  • Price-to-book ratio of 2.16x is reasonable for a company delivering 22% ROE, indicating the stock is not excessively priced relative to book value
  • Company is expected to deliver a good upcoming quarter based on operational momentum and sector tailwinds from India's solar capacity expansion
Bear Case 8
  • Promoter holding has decreased by 30.1% over the last 3 years, raising concerns about insider confidence and potential future dilution
  • Zero dividend yield despite reporting repeated profits, indicating no shareholder returns via dividends and limited income for investors
  • TTM profit growth of 239% may reflect a low base effect rather than sustainable earnings power, making forward growth comparisons challenging
  • 52-week high and low data unavailable (reported as 0), limiting visibility into recent price volatility and trading range
  • Debt-to-equity ratio not disclosed in available data, creating uncertainty about the company's leverage and financial risk profile
  • Solar sector is capital-intensive and highly competitive with margin pressure from Chinese module imports, which could compress future profitability
  • 3-year compounded profit CAGR of 214% versus 5-year CAGR of 65% suggests earnings may have been volatile or depressed in earlier years, questioning consistency
  • No EPS data available in reported metrics, limiting ability to assess per-share earnings trajectory and dilution impact from promoter stake reduction

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Vikram Solar is executing well on capacity expansion with its new Gangaikondan mega-facility and reported solid FY26 numbers (₹4,802 crore revenue, ₹470 crore PAT). The NCLT petition over ₹9.44 crore is a minor legal overhang but immaterial relative to revenues. The trend is positive with aggressive manufacturing scale-up targets through FY29-30, positioning the company for India's growing solar demand.

Headwinds 1
  • NCLT IBC petition over dues Jun 19

    NCLT admitted IBC petition by Isitva Steels over ₹9.44 crore dues. Vikram Solar plans to appeal the order.

Positives 2
  • Gangaikondan mega-facility commissioned Jul 6

    New Tamil Nadu plant commissioned with advanced automation, producing N-Type TOPCon G12R modules at up to 23.69% efficiency (615-640 Wp). Company targets 9 GW solar cell capacity by FY27 and 12 GW wafer/ingot capacity by FY29-30.

  • Strong FY26 financials Jun 19

    Vikram Solar reported ₹4,802.25 crore revenue and ₹470.42 crore PAT in FY26, indicating healthy profitability.

Neutral 2
  • 21st AGM scheduled Aug 4 Jul 6

    Annual General Meeting set for August 4, 2026 via video conferencing with remote e-voting facilities available.

  • Analyst meet on Jun 23 Jun 18

    Physical group conference for analysts and institutional investors scheduled in Mumbai on June 23, 2026.

Quarterly Results

₹ Cr
VIKRAMSOLR quarterly results, ₹ crore
Particulars Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
631
573
1,026
1,194
1,134
1,110
1,106
1,453
1,563
Expenses
519
501
941
970
891
875
901
1,218
1,437
Operating Profit
111
72
85
224
242
235
205
234
126
OPM %
18%
13%
8%
19%
21%
21%
19%
16%
8%
Other Income
6
11
12
8
4
16
15
18
13
Interest
45
34
28
48
32
32
40
57
49
Depreciation
37
37
39
42
34
35
37
57
64
PBT
36
11
30
141
181
184
143
139
25
Tax %
36%
36%
36%
36%
26%
30%
31%
21%
22%
Net Profit
23
7
19
91
133
128
98
110
20
EPS (₹)
0.72
0.23
0.6
2.86
4.21
3.55
2.71
3.05
0.55

Profit & Loss

₹ Cr
VIKRAMSOLR profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,640
1,610
1,730
2,073
2,511
3,415
4,803
5,232
Expenses
1,500
1,433
1,672
1,886
2,112
2,925
3,887
4,431
Operating Profit
140
177
59
187
399
491
916
800
OPM %
9%
11%
3.4%
9%
16%
14%
19%
15%
Other Income
22
17
13
18
1
36
52
61
Interest
95
99
103
122
155
155
160
178
Depreciation
37
39
48
64
138
156
162
193
PBT
30
56
−79
19
107
216
646
492
Tax %
26%
32%
−21%
23%
26%
36%
27%
—
Net Profit
22
38
−63
14
80
139
469
357
EPS (₹)
8.06
16.23
−2.43
0.56
3.08
4.39
12.95
9.86
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
VIKRAMSOLR balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
28
24
259
259
259
317
362
Reserves
334
391
92
106
187
941
2,811
Borrowings
494
672
703
792
854
272
617
Other Liabilities
720
712
1,183
1,319
1,286
1,320
1,846
Total Liabilities
1,576
1,798
2,237
2,476
2,585
2,849
5,636
Fixed Assets
357
381
547
644
505
534
1,079
CWIP
11
67
4
18
28
14
19
Investments
0
0
0
0
0
119
742
Other Assets
1,209
1,350
1,687
1,814
2,052
2,183
3,795
Total Assets
1,576
1,798
2,237
2,476
2,585
2,849
5,636

Cash Flow

₹ Cr
VIKRAMSOLR cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
227
13
201
195
152
290
667
Investing
−36
−40
−155
−110
−64
−175
−1,808
Financing
−174
4
−36
−102
−81
−92
1,120
Net Cash Flow
16
−23
10
−17
7
22
−21
Free Cash Flow
182
−40
56
82
81
184
384
CFO/OP
165
4
358
106
41
64
89

Ratios

VIKRAMSOLR financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
118
167
194
169
172
131
92
Inventory Days
66
58
70
84
86
61
89
Days Payable
144
149
198
101
141
118
168
Cash Conversion Cycle
41
75
66
152
117
75
13
Working Capital Days
8
26
0
62
64
44
37
ROCE %
—
16%
2%
13%
22%
26%
31%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Vikram Solar insights

62 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 63.01%
  • Public 24.19%
  • Others 6.04%
  • DIIs 3.66%
  • FIIs 3.10%

9.24% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Vikram Solar

What does Vikram Solar Ltd do?
Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.
Where is Vikram Solar Ltd (VIKRAMSOLR) listed?
Vikram Solar Ltd trades as VIKRAMSOLR on the NSE and under code 544488 on the BSE.
Which sector does Vikram Solar Ltd belong to?
Vikram Solar Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the PE ratio of Vikram Solar Ltd?
Vikram Solar Ltd trades at a PE ratio of 13.69 as of 4 Nov 2026, on earnings per share of ₹9.86, against a book value of ₹87.56 per share.
What is the 52-week high and low of Vikram Solar Ltd?
Over the last 52 weeks Vikram Solar Ltd has traded between ₹124.5 and ₹324.15 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Vikram Solar Ltd?
Vikram Solar Ltd reported a return on equity of 21.40%. Its debt-to-equity ratio is 0.19.

Company Information

Incorporated in 2005, Vikram Solar Ltd manufactures solar PV modules and also provides EPC and O&M services.

Website vikramsolar.com
Listed 26 Aug 2025
Face Value ₹10

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