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Vikram Solar Reports INR 1,110 Crore Revenue and INR 128.5 Crore Profit in Q2FY26, Announces Capacity Expansion Plans

Vikram Solar Ltd., one of India’s leading solar photovoltaic (PV) module manufacturers, has reported a strong performance for the second quarter of FY26, posting revenue of Rs 1,109.9 crore, up 93.7 percent year-on-year. The company’s profit after tax (PAT) soared 1,636.5 percent to Rs 128.5 crore, reflecting robust operational execution and improved cost efficiencies.

The company’s EBITDA for the quarter stood at Rs 235 crore, marking a 225.9 percent YoY increase, while EBITDA margins expanded significantly to 21.17 percent, compared to 12.59 percent during the same quarter last year.

As of September 30, 2025, Vikram Solar’s order book reached 11.15 GW, with the domestic market contributing 85 percent and exports accounting for the remaining 15 percent. The company achieved module sales of 784 MW in the quarter, a 189 percent increase over Q2FY25, with a healthy capacity utilization rate of 84 percent. Growth was supported by sustained demand from independent power producers (IPPs), commercial and industrial customers, distribution companies, government projects, and EPC partners.

“Despite short-term logistical challenges during the monsoon season, our operations have remained resilient, delivering exceptional growth,” said Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar Ltd. “With increasing demand and strong policy support for domestic manufacturing, we are poised to lead India’s clean energy transition. Our strategic plan to expand module manufacturing capacity to 17.5 GW and enter solar cell production with a 12 GW target by FY27 will further strengthen our market leadership.”

The company’s Q2FY26 results underline its strong execution capabilities, diverse customer base, and commitment to supporting India’s vision of self-reliance in renewable energy manufacturing.