Vikram Solar Ltd

On a year on year (YoY) basis, the company's consolidated net profit surged 405.47% while revenue from operations jumped 7.79% in Q3 FY26. Profit before exceptional items and tax soared 402.2% to Rs 148.45 crore in Q3 FY26 compared with Rs 29.56 crore posted in corresponding quarter last year. Exceptional items during the quarter included labour code charges amounting to Rs 5.61 crore. EBITDA rose sharply to Rs 205 crore in Q3 FY26, registering a 142% increase from Rs 85 crore reported in the year-ago period. The EBITDA margin expanded significantly to 19% in Q3 FY26 from 8% in Q3 FY25. Order book stood at 10.6 GW as of 31st December 2025. Domestic operations accounted for 84% of total revenue, while exports contributed the remaining 16%. In Q3 FY26, module sales jumped 35% YoY to 796 MW. Capacity utilization stands at 90% in during the quarter. Gyanesh Chaudhary, chairman & managing director, Vikram Solar, said, 'During this quarter, we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency. Revenues grew 8% yearon-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment. The broader solar industry continues to be firmly positioned for long-term growth, supported by robust demand fundamentals, enabling policy frameworks, and a growing shift toward high-efficiency and technologically advanced solutions. Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across utility-scale, C&I, and other customer segments. During the quarter, we successfully commenced operations at our 5 GW Vallam manufacturing facility, which is ramping up as planned and meaningfully strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers. In parallel, our Gangaikondan cell and module projects continue to progress in line with our roadmap, reinforcing our focus on backward integration, cost competitiveness, and long-term resilience of the value chain. During the quarter, we successfully transitioned our entire portfolio to high-efficiency N-Type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability.' Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 9.5 GW.Powered by Capital Market - Live

Profit before exceptional items and tax soared 402.2% to Rs 148.45 crore in Q3 FY26 compared with Rs 29.56 crore posted in corresponding quarter last year. Exceptional items during the quarter included labour code charges amounting to Rs 5.61 crore. EBITDA rose sharply to Rs 205 crore in Q3 FY26, registering a 142% increase from Rs 85 crore reported in the year-ago period. The EBITDA margin expanded significantly to 19% in Q3 FY26 from 8% in Q3 FY25. Order book stood at 10.6 GW as of 31st December 2025. Domestic operations accounted for 84% of total revenue, while exports contributed the remaining 16%. In Q3 FY26, module sales jumped 35% YoY to 796 MW. Capacity utilization stands at 90% in during the quarter. Gyanesh Chaudhary, chairman & managing director, Vikram Solar, said, 'During this quarter, we delivered a resilient and disciplined performance, anchored by strong execution volumes and continued improvements in operating efficiency. Revenues grew 8% yearon-year, reflecting the steady scale-up of our manufacturing operations and our ability to execute consistently in a dynamic market environment. The broader solar industry continues to be firmly positioned for long-term growth, supported by robust demand fundamentals, enabling policy frameworks, and a growing shift toward high-efficiency and technologically advanced solutions. Our order book remains robust at 10.6 GW, providing strong medium-term revenue visibility across utility-scale, C&I, and other customer segments. During the quarter, we successfully commenced operations at our 5 GW Vallam manufacturing facility, which is ramping up as planned and meaningfully strengthens our ability to deliver high-quality, large-scale solutions to both domestic and global customers. In parallel, our Gangaikondan cell and module projects continue to progress in line with our roadmap, reinforcing our focus on backward integration, cost competitiveness, and long-term resilience of the value chain. During the quarter, we successfully transitioned our entire portfolio to high-efficiency N-Type modules, with our HYPERSOL series delivering power outputs of up to 640 Wp. This marks an important step in aligning Indian manufacturing with international standards on efficiency, form factor, and long-term bankability.' Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 9.5 GW. The counter declined 9.71% to settle at Rs 214.90 on the BSE.Powered by Capital Market - Live

Net profit of Vikram Solar rose 416.04% to Rs 98.15 crore in the quarter ended December 2025 as against Rs 19.02 crore during the previous quarter ended December 2024. Sales rose 7.79% to Rs 1105.95 crore in the quarter ended December 2025 as against Rs 1026.05 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales1105.951026.05 8 OPM %18.538.26 - PBDT184.9768.70 169 PBT148.4529.57 402 NP98.1519.02 416 Powered by Capital Market - Live

Vikram Solar will hold a meeting of the Board of Directors of the Company on 20 January 2026.Powered by Capital Market - Live

Powerhive's long-term roadmap outlines a planned 30 GWh of battery cell, module/pack, and BESS manufacturing capacity to be developed in a phased manner. As part of Phase 1, VSL Powerhive will commission a 5 GWh BESS manufacturing facility at Oragadam, Tamil Nadu by FY27. Further, the company is also advancing backward integration into battery cell manufacturing, with plans to set up a 7.5 GWh cell manufacturing facility that is expected to be fully operational by FY29, subject to receipt of applicable statutory and regulatory approvals. A core component of this venture will be a dedicated R&D lab, tasked with developing future-ready battery products and innovative solutions to maintain market leadership. The proposed capital expenditure shall be funded through a combination of debt and equity. Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 4.5 GW. The company's consolidated net profit surged to Rs 128.49 crore in the quarter ended September 2025 as against Rs 7.36 crore during the previous quarter ended September 2024. Sales jumped 93.72% to Rs 1,109.91 crore in Q2 FY26 over Q2 FY25. The scrip rose 0.06% to Rs 235.55 on the BSE.Powered by Capital Market - Live

Vikram Solar will hold a meeting of the Board of Directors of the Company on 16 December 2025.Powered by Capital Market - Live

Vikram Solar announced the commissioning of its state-of-the-art Vallam manufacturing facility in Tamil Nadu, adding 5 GW of advanced module production capacity. With this next-gen expansion, the company now commands a total manufacturing capacity of 9.5 GW. Powered by Capital Market - Live

Vikram Solar unveiled its latest product, Hypersol Pro, at the Renewable Energy India (REI) Expo 2025. The new N-Type module has been meticulously engineered to deliver exceptional efficiency, reliability, and longevity for next-generation solar installations. Building on the success of the Hypersol series, Hypersol Pro ensures zero reverse power loss, enabling unidirectional current flow that minimizes energy waste and maximizes total power generation even under voltage mismatch scenarios. It is ideal for rooftops, commercial and industrial installations with battery systems, as well as utility-scale projects with closely spaced strings. Hypersol Pro is available in two variants, G12R and M10R, delivering up to 23.69% and 23.61% efficiency, with power outputs of 640 Wp and 610 Wp, respectively. Unlike conventional modules, its advanced design ensures unidirectional current flow, effectively eliminating reverse current and minimizing energy waste to maximize total power generation. The module also seamlessly integrates into rooftop, ground-mount, floating, or hybrid configurations, offering consistent protection and stable output across all system types. The innovative new design set new standards for hotspot-resistant performance, preventing reverse current between parallel module strings to protect cells and extend module life, enabling sustained, high-efficiency performance throughout its operational lifetime. Designed to optimize every watt generated, the product minimizes internal energy losses for consistent power output, delivering higher energy yield and faster return on investment. It is smart, energy-ready and compatible with hybrid, bi-directional, as well as smart grid connected configurations. It also offers universal compatibility across rooftop, ground mounted, floating, and hybrid applications.Powered by Capital Market - Live

Vikram Solar, one of India's leading solar PV module manufacturers, has announced a major order of 148.9 MW high-efficiency solar modules from Sunsure Energy, a leading renewable energy solutions provider for India's leading businesses and utilities transitioning to green power. The modules, rated at 595 Wp, will be deployed across Maharashtra and Uttar Pradesh, two states that are playing a pivotal role in advancing India's clean energy ambitions.Powered by Capital Market - Live

Sunsure Energy is a renewable energy solutions provider for India's businesses and utilities transitioning to green power. The modules, rated at 595 Wp, will be deployed across Maharashtra and Uttar Pradesh. Under this contract, Vikram Solar will supply its advanced Ml0R N-Type TOPCon modules to Sunsure, known for superior efficiency, reliability, and high energy yield. This order from Sunsure Energy adds to a series of significant wins for the company this year, including 200 MW from AB Energia, 336 MW from L&T Construction, and 326 MW from Gujarat Industries Power Company, among others. Gyanesh Chaudhary, chairman & managing director, Vikram Solar, said: India recently crossing the 125 GW renewable energy capacity mark is a powerful reminder of the momentum we've built on our clean energy journey. By combining technological excellence with strong industry partnerships, we are not just accelerating project execution but also strengthening the collective ecosystem that will power India's clean energy future.' Vikram Solar is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. The company is one of the largest PV module manufacturers in India with cumulative production capacity of 4.5 GW. The company's consolidated net profit surged to Rs 128.49 crore in the quarter ended September 2025 as against Rs 7.36 crore during the previous quarter ended September 2024. Sales jumped 93.72% to Rs 1,109.91 crore in Q2 FY26 over Q2 FY25. The scrip rose 0.43% to currently trade at Rs 337.40 on the BSE. Powered by Capital Market - Live