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Vikram Solar Achieves INR 1,110 Crore Revenue and Record INR 128.5 Crore Profit in Q2 FY26

Vikram Solar Ltd., one of India’s leading solar photovoltaic (PV) module manufacturers, reported a strong performance in the second quarter of FY26, recording revenue of INR 1,109.9 crore, up 93.7% year-on-year.

The company’s profit after tax (PAT) surged 1,636.5% YoY to INR 128.5 crore, driven by improved operational efficiencies and robust demand across domestic and international markets. EBITDA also grew 225.9% to INR 235 crore, with margins expanding to 21.17%, compared to 12.59% in the same quarter last year.

As of September 30, 2025, Vikram Solar’s order book stood at 11.15 GW, with the domestic market contributing 85% and exports 15%. During the quarter, the company achieved 784 MW in module sales — a 189% increase over Q2 FY25 — maintaining a capacity utilization rate of 84%.

The growth was supported by rising demand from a diversified customer base, including independent power producers (IPPs), commercial and industrial clients, distribution companies, government projects, and EPC partners.

Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, commented:
“Despite temporary monsoon-related logistical challenges, we delivered strong growth, demonstrating the resilience of our operations. With growing demand and continued policy support for India’s solar sector, we are well-positioned to drive the nation’s clean energy transition. Our plans to expand module manufacturing capacity to 17.5 GW and enter cell manufacturing with a 12 GW target by FY27 will further consolidate our leadership in the market.”