Vikram Solar Limited · NSE:VIKRAMSOLR
Vikram Solar — Q3 FY2026 Earnings Presentation
27 slides from Vikram Solar's earnings presentation, Jan 20, 2026
Slide 1: Stock exchange disclosure letter under Regulation 30
January 20,2026 VSL/CS/262/2026 dated 20.01.2026 BSE Ltd. National Stock Exchange of India Ltd. Department of Corporate Services Listing Department P. J. Towers, Dalal Street, Mumbai – 400 001. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Scrip Code: Equity - 544488) (Symbol:
Slide 2: Investor Presentation Q3 & 9M FY2026
Investor Presentation Q3 & 9M FY2026
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Vikram Solar Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securiti
Slide 4: Highlights for the Quarter
Highlights for the Quarter Revenue EBITDA PAT INR 1,106 Cr INR 205 Cr (19%) INR 98 Cr (9%) Growth of 7.8% Y-o-Y Growth of 142% Y-o-Y Growth of 416% Y-o-Y Debt / Equity Net Debt 0.08x INR 231 Cr* Modules Sold Order Book Effective CUF 796 MW 10.6 GW 90% As on 31st December 2025 Vikram Solar Limited 3
Slide 5: Updates during the Quarter
Updates during the Quarter Commenced Operations at our 5 GW module plant in Vallam taking our total manufacturing capacity to 9.5 GW as 5 GW Expansion on 31st December 2025 1 Credit rating upgraded by India Ratings for bank facilities — long-term rating raised from IND A Stable to IND A+ Credit Rati
Slide 6: Our Story
Our Story
Slide 7: Vikram Solar: years of reliable solar solutions; made in India
Vikram Solar: 20 years of reliable solar solutions; made in India for the World’s clean energy future Reliable BRAND in Solar Solutions for the World’s Clean Energy Future Planned 9.5 GW 7.5 GWh 10.6 GW Module Planned Planned 9.46 GW Order Book* manufacturing 15.5 GW 12 GW Cell and Module BESS assem
Slide 8: Timeline of Innovation and Capacity Expansion
Timeline of Innovation and Capacity Expansion To become one of the most valuable Deliver reliable solar solutions through VISION solar company delivering benchmark sustainable energy solutions worldwide MISSION world class technology and innovation Reached Crossed Achieved Reached Touched Reached 50
Slide 9: Manufacturing & Distribution Presence
Manufacturing & Distribution Presence Manufacturing Presence Falta SEZ Oragadam Vallam West Bengal Tamil Nadu Tamil Nadu 3.2 GW 1.3 GW 5 GW Installed Capacity Installed Capacity Installed Capacity >4,50,000 sq. ft >1,00,000 sq. ft >5,00,000 sq. ft Area Area Area ✓ All facilities are N-Type and MONO-
Slide 10: Capacity Expansion
Capacity Expansion
Slide 11: Project Progress
Project Progress Module Progress Module building Sub-Structure Civil Activities Completed PEB erection under final stages Water and Power availability secured Equipment ordering completed and being delivered Commissioning planned in Q1FY27 Cell Progress Water availability secured Civil Work under pr
Slide 12: Scaling with purpose to tap Future Growth
Scaling with purpose to tap Future Growth EXPANSION PLANS TO REACH 15.5 GW MODULE & 12 GW CELL BY FY 27 Capex Breakup 5 GW Vallam, TN Leased Line Module 6 GW Gangaikondan, TN ~ Rs 1,335 Cr 3 GW Cell + Gangaikondan, TN ~ Rs 5,050 Cr 9 GW 9.0 12.0 3.0 6.0 9.5 15.5 4.5 3.5 2.5 FY23 FY24 FY25 Q3FY26 Q1F
Slide 13: VSL Powerhive - Foray into Battery Energy Storage
VSL Powerhive - Foray into Battery Energy Storage Focus on driving the Energy Storage Solutions with long term plans to develop 30 GWh of battery cell, module/pack, and BESS manufacturing capacity 30 GWh Phase 1 Capex ~ Rs 4,371 Cr 15 GWh Way Forward 7.5 GWh Way Forward 5 GWh Sep 2028 Mar 2027 Manuf
Slide 14: Financial & Operational Highlights
Q3 & 9M FY26 Financial & Operational Highlights
Slide 15: Key Highlights – Q3 & 9MFY26
Key Highlights – Q3 & 9MFY26 Sales Volume (MW) Revenue from Operations (INR Cr) 97% 50% 2,344 3,349 2,230 35% 8% 1,188 796 1,026 1,106 590 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 EBITDA (INR Cr) PAT (INR Cr) 8% 19% 12% 20% 2% 9% 2% 11% +154% +631% 682 360 +142% +416% 268 205 98 85 49
Slide 16: Order Book as on 31st December 2025
Order Book as on 31st December 2025 Order Book in GW 8.2 GW 28% Increase 10.6 GW As on 31st December 2024 As on 31st December 2025 Distribution Distribution EPC 10% 13% 4% EPC Govt 5% 8% Govt 6% C&I 5% Split by Customers 9M FY25 9M FY26 55% IPP 21% 73% C&I IPP Exports Exports 20% 16% Split by Geogra
Slide 17: Consolidated Profit & Loss Statement – Q3 & 9MFY26
Consolidated Profit & Loss Statement – Q3 & 9MFY26 Profit and Loss (INR Cr) Q3FY26 Q3FY25 YoY 9MFY26 9MFY25 YoY Revenue from Operations 1,106 1,026 8% 3,349 2,230 50% Cost of Goods Sold 763 850 2,285 1,727 Gross Profit 343 176 95% 1,064 503 111% Gross Profit Margin 31% 17% 32% 23% Employee Cost 37 3
Slide 18: Industry Outlook
Industry Outlook
Slide 19: Sector Updates
Sector Updates Regulatory Non- Regulatory Ground-mounted solar potential in India assessed at 3343GW Ministry of Power mandates RCO for designated customers A report released by MNRE and NISE assess the ground-mounted solar potential in MoP has set year-wise renewable consumption targets for designa
Slide 20: Projected Solar Installations Across Segments
Projected Solar Installations Across Segments Cumulative Solar Demand (GW)* Solar Installations in AC (Module demand in DC is 1.4x of AC Demand) Strong demand momentum Cumulative solar installations are projected to grow from 106 GW in FY25 to ~323 +50 GW by FY30, implying sustained multi-year capac
Slide 21: ALMM Implementation will require more N-Type Capacity
ALMM 2 Implementation will require more N-Type Capacity ALMM I Scenario Post ALMM II Scenario ALMM 1 Listed Capacity (GW) – Current ALMM II Capacity (GW) Breakup of players with Scale & Efficiency* 1-3GW 26 N-Type 7.4 145 GW 24 GW >3GW & Efficiency <22% 24 78 >3GW & Efficiency >22% 13.0 MonoPERC 3.0
Slide 22: Storage demand in India expected to reach 250+ GWh by FY30
Storage demand in India expected to reach 250+ GWh by FY30 Energy storage requirement to rise exponentially Industry Growth Drivers BESS Capacity (GWh)1 Rising penetration of Renewables Rapid growth of solar and wind increases intermittency, making storage essential for balancing generation and ensu
Slide 23: Annexures
Annexures
Slide 24: Experienced Board of Directors & Advisory Board
Experienced Board of Directors & Advisory Board Board of Directors Gyanesh Chaudhary Krishna Kumar Maskara Neha Agrawal Subramanya Krishnappa Chairman & Managing Director Whole-time director & Interim CEO and Whole-Time Director Independent Director Head Corporate Strategy >24 years of experience in
Slide 25: Sustainability Goals
Sustainability Goals Social & Relationship Human Capital Natural Capital Capital Adoption of Ekal Vidyalaya in association with Friends 16% Reduction in specific water consumption for Tribal Society to support basic education and in FY 24–25 Occupational Health Centre at all the community developmen
Slide 26: Certifications, Awards & Accreditations
Certifications, Awards & Accreditations Globel PV CYCLE Global CII EHS Excellence Awards – EcoVadis Platinum Medal IGBC Founder Member Membership for one year for Deloitte Enterprise Growth Award Silver for two Factories module recycling Gold Medal at 10th edition of the Awarded Gold at the 23rd Gol
Slide 27: THANK YOU!
GLOBALLY We are much Closer to You India International Kolkata Massachusetts Gurugram Berlin Chennai Shanghai THANK YOU! For further information, please contact: Vikram Solar Limited Investor Relations: Strategic Growth Advisors (SGA) CIN: L18100WB2005PLC106448 CIN: U74140MH2010PTC204285 Ms. Rinal S