1. Opening Hook
After a year where Chinese module prices behaved like meme stocks and ALMM rules kept everyone guessing, Vikram Solar calmly walked in and dropped a mic. Revenue nudged up, but profits decided to go full IPL mode — four sixes in a row.
While most solar players are still explaining why margins will improve next quarter, Vikram Solar chose violence and delivered it this quarter. EBITDA grew faster than Twitter opinions after a policy draft. PAT exploded like a WhatsApp forward nobody verified but everyone believed.
Debt stayed low, capacity went up, and management suddenly sounds very confident about batteries — always a sign of ambition, sometimes of expensive PowerPoints.
Read on, because behind the sunshine and ESG badges, there’s capex, execution risk, and a balance sheet that’s about to be stress-tested by very large dreams. Things get interesting from here.
2. At a Glance
- Revenue up 7.8% – Growth took the stairs, not the elevator.
- EBITDA up 142% – Operating leverage finally remembered its job.
- PAT up 416% – Last year’s base quietly crying in a corner.
- EBITDA margin at 19% – From “manufacturing pain” to “manufacturing flex.”
- Modules sold 796 MW – Volumes showing up with intent.
- Order book 10.6 GW – More than 1× current capacity, confidence included.
- Debt/Equity at 0.08× – Balance sheet still behaving responsibly.
3. Management’s Key Commentary
“EBITDA margins expanded to 19% driven by scale and operational efficiency.”
(Translation: Fixed costs
bowed down, finally. 😏)
“We commenced operations at our 5 GW Vallam facility.”
(Translation: Capex is no longer a PowerPoint slide.)
“Our entire manufacturing is now N-Type focused.”
(Translation: PERC is old news, and we’re not waiting for ALMM-II panic.)
“Order book stands at 10.6 GW with strong domestic demand.”
(Translation: Developers are booking early before rules get stricter.)
“We have approved ₹4,371 crore capex for entry into BESS.”
(Translation: We’re entering batteries before everyone else admits they will. 😬)
“Credit rating upgrade reflects our improved financial profile.”
(Translation: Lenders like us more now — please remember this during capex season.)
4. Numbers Decoded
Metric | Q3FY26 | YoY Take
--------------------- | ----------- | ------------------------------
Revenue | ₹1,106 Cr | Growth, but not frothy
EBITDA | ₹205 Cr | Operating leverage unlocked
EBITDA Margin | 19% | Manufacturing glow-up
PAT | ₹98 Cr | Base effect on steroids
PAT Margin | 9% |