Vikram Solar Limited — Q1FY27 earnings call summary

Filed 13 August 2026 · Official transcript

Cell plant commissioning on track for Q4 FY27; 9 GW cell and wafer-ingot capacity planned
Order book 7.9 GW non-DCR; DCR mainly through distribution channel; execution clarity expected next quarter
Capex INR500 Cr deployed in Q1; INR4,700 Cr planned for FY27 for integrated Gangaikondan facility
EBITDA INR126 Cr, margin 8.06%, PAT INR19.78 Cr; margin impacted by raw material cost inflation
DCR modules sold 76 MW in Q1, expected to grow 2-2.5x each quarter; DCR yields higher realization
Q1FY27 revenue grew 38% y-y to INR1,563 Cr; volume 1,006 MW, +32% y-y
Cost pressures mainly from metals and crude-linked inputs; cost optimization programs underway
Net debt negligible; no long-term debt; capex funded with internal accruals and planned debt