1. Opening Hook
January 2026 began with solar stocks behaving like they’ve already solved India’s energy problem. Then Vikram Solar walked in with a concall and casually dropped words like integration, system-led transition, and 5 GW commissioned. Naturally, optimism followed.
Management painted a world where China steps back, India steps up, and solar modules quietly become the backbone of the grid. It sounded grand. It sounded strategic. It also sounded expensive.
Between policy tailwinds, ALMM breadcrumbs, and a Vallam plant that finally woke up, Q3 was less about hype and more about execution. But don’t get carried away just yet—because margins blinked, silver prices misbehaved, and capex is lining up like a wedding guest list.
Read on. The real drama hides behind “pass-through contracts” and ₹4,300 crore battery dreams.
2. At a Glance
- Revenue ₹1,106 cr: Growth showed up on time, unlike global supply chains.
- EBITDA ₹205 cr: Margins remembered how leverage works.
- EBITDA margin 18.5%: Still healthy, but not immune to reality.
- PAT ₹98 cr: From pocket money to proper profits.
- 9M EBITDA ₹682 cr: Up 154% — scaling finally doing its job.
- Capacity 9.5 GW: Management loves round numbers, markets love utilization.
3. Management’s Key Commentary
“We commissioned and stabilized our 5 GW advanced
module facility at Vallam.”
(Translation: The plant finally works, please clap. 😏)
“India’s energy transition is moving from asset-led to system-led.”
(Solar alone is old news; storage is the new cool.)
“All our modules are now N-type TOPCon.”
(Mono PERC has officially been ghosted.)
“88% of our order book has cell price pass-through.”
(Inflation? Not my problem. 😌)
“Silver prices are rising, but innovation will reduce consumption.”
(Science will save margins. Eventually.)
“Gangaikondan remains on track.”
(Because every concall needs at least one ‘on track’ sentence.)
“This is a structural opportunity, not cyclical.”
(Please don’t ask about next quarter margins.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Sales Volume | 796 MW | Execution improved, demand didn’t vanish |
| Revenue | ₹1,106 cr | Price drops masked by volume growth |
| EBITDA | ₹205 cr | Operating leverage finally clocked in |
| EBITDA Margin | 18.5% | Normalized, not collapsing |
| PAT | ₹98 cr | Finance costs behaving nicely |
| Order Book | 10.58 GW | Enough to sleep peacefully (for now) |
