Vikram Solar Limited reported a sharp improvement in profitability for the third quarter of FY26, driven by higher operating efficiencies, stronger margins, and healthy growth in module sales. The company announced its unaudited financial results for the quarter and nine months ended December 31, 2025.

Robust Q3 FY26 Financial Performance

During Q3 FY26, Vikram Solar recorded revenue from operations of ₹1,106 crore, marking an 8% year-on-year increase. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose significantly to ₹205 crore, up 142% from the same quarter last year.

The company’s EBITDA margin expanded sharply to 19% in Q3 FY26 from 8% in Q3 FY25, supported by improved operating leverage and enhanced cost efficiencies. Reflecting this margin-led growth, profit after tax (PAT) jumped 416% year-on-year to ₹98 crore, with PAT margins strengthening to 9%.

Healthy Order Book Provides Revenue Visibility

As of December 31, 2025, Vikram Solar’s order book stood at 10.6 GW, offering strong visibility for future revenues. The order pipeline continues to be dominated by domestic demand, with India accounting for 84% of total orders, while export markets contributed the remaining 16%.

In terms of customer segmentation, independent power producers formed the largest share at 55%. This was followed by commercial and industrial clients at 21%, distribution companies at 13%, government projects at 6%, and EPC players at 5%.

Strong Growth in Module Sales

Operational performance remained strong, with module sales reaching 796 MW in Q3 FY26, a 35% increase compared to 590 MW in the same quarter last year. For the nine-month period ended December 2025, module sales surged to 2,344 MW, nearly doubling from 1,188 MW in the corresponding period of the previous year, representing a 97% year-on-year growth.

Commenting on the results, Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar Limited, said the company remains focused on disciplined and capital-efficient expansion. He highlighted plans to further strengthen manufacturing capabilities, broaden the product portfolio, and enhance execution strength, adding that favourable industry conditions and a strong order book position the company well for sustained long-term growth.

Summary

Vikram Solar reported an exceptional Q3 FY26 performance, with profit after tax surging 416% year-on-year to ₹98 crore, supported by strong margin expansion and operational efficiencies. Revenue grew 8%, while EBITDA margins more than doubled to 19%. With a robust 10.6 GW order book and sharply higher module sales, the company remains well-positioned for sustained growth amid favourable industry tailwinds.

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