Vikram Solar Limited · NSE:VIKRAMSOLR
Vikram Solar — Q1 FY2026 Earnings Presentation
28 slides from Vikram Solar's earnings presentation, Sep 10, 2025
Slide 1: Regulation 30 disclosure letter to exchanges
September 10, 2025 VSL/CS/196/2025 dated 10.09.2025 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) (Symbo
Slide 2: Investor Presentation Q1 FY2026
Investor Presentation Q1 FY2026
Slide 3: Safe Harbour
Safe Harbour 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 securit
Slide 4: About Vikram Solar
About Vikram Solar
Slide 5: Introduction
Introduction Reliable BRAND in Solar Solutions for the World’s Clean Energy Future 4.5 GW Module manufacturing 12 GW 5 GWh 7.88 GW 10.96 GW capacity Solar Cell BESS Order Book* 17.5 GW Manufacturing Capacity Manufacturing Capacity Modules Sold since >2X of Total Rated Planned Capacity in India Plann
Slide 6: Legacy Built on Strong Brand Recognition and Reliability
Legacy Built on Strong Brand Recognition and Reliability 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 4.5 GW 3.5 GW production capacity Contri
Slide 7: State of the Art Manufacturing Facilities
State of the Art Manufacturing Facilities Tamil Nadu West Bengal Both facilities are certified with • ISO 14001:2015, • ISO 45001:2018, • ISO 9001:2015, • ISO/IEC 27001:2013 & • SA 8000:2014 Location Chennai Falta Sez, Kolkata Capacity 1.3 GW 3.2 GW Area >1,00,000 sq. feet >4,50,000 sq. feet All fac
Slide 8: Robust Dealer & Distributor Network
Robust Dealer & Distributor Network Presence in 19 2 States Union Territories With 95+ 375+ 75+ Authorized Distributors Dealers Pan India Systems Integrators Pan-India presence Launched Digital Platform Capitalize on demand through extensive for distributor network & from rooftop-based distributor &
Slide 9: Vikram Solar's Competitive Edge
Vikram Solar’s Competitive Edge Scale & Size ✓ Two Manufacturing locations at proximity to the ports Our Brands Tech & Specifications ✓ 4.5GW of annual operational capacity to be expanded to 17.5GW by FY27 - HJT-Technology Reliability - Bifacial Solar cells - Up to 23.66% Efficiency ✓ 8th time featu
Slide 10: Brand Building through Strategic Campaigns
Brand Building through Strategic Campaigns BRAND STRATEGY IN ACTION Customer Focused Emotional + Product Trust & Quality Precision Outreach 360° Brand Presence Appeal Backed by Tier-1 status, Programmatic ads, Consistent voice across TV, Campaigns tailored to B2B Hanji builds trust, G12R strong warr
Slide 11: Future Ready with Capacity Expansion & Backward Integration
Future Ready with Capacity Expansion & Backward Integration India expansion plans and project timeline in place to reach 17.5 GW Module & 12 GW Cell Capacity by FY 2027 Modules (GW) Solar Cells (GW) Strategically Integrating Backward into the solar value chain 17.5 by establishing a Solar Cell manuf
Slide 12: Project Updates
Project Updates Vallam, Tamil Nadu Gangaikondan, Tamil Nadu Strategic Partnerships to Strengthen (5GW Module) (6GW Module + 12GW Cell) Project Execution Project Status Project Status ✓ Engineering & Procurement Complete ✓ Long lead engineering & procurement Project Management complete Partner ✓ Deli
Slide 13: Financial & Operational Highlights Q1FY26
Q1FY26 Financial & Operational Highlights
Slide 14: Key Updates
Key Updates 6 Launched its first ever TVC ad campaign — 5 ‘Khushiyon Wali Sunshine’ 4 Received an EcoVadis 3 Achieved “Top Platinum Medal, ranking it in the top 1% 2 Performer 2025” worldwide for sustainability Recognized as Top Status in Kiwa 1 performance Brand PV India 2025 PVEL’s PQP for the Sec
Slide 15: Key Operational Highlights – Q1 FY26
Key Operational Highlights – Q1 FY26 Order Book* Revenue (INR Cr) Gross Profit (INR Cr) 80% 95% 1,134 356 10.96 GW 631 182 Q1FY25 Q1FY26 Q1FY25 Q1FY26 EBITDA (INR Cr) EBITDA Margin (%) PAT (INR Cr) 117% 370 bps 484% 242 21.4% 133 17.7% 111 23 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Vikram Solar Li
Slide 16: Consolidated Profit & Loss Statement – Q1 FY26
Consolidated Profit & Loss Statement – Q1 FY26 Profit and Loss (INR Cr) Q1FY26 Q1FY25 YoY FY25 FY24 YoY Revenue from Operations 1,133.6 630.9 79.7% 3,423.5 2,511.0 36.3% Cost of Goods Sold 777.8 448.6 2,554.6 1,678.9 Gross Profit 355.8 182.3 95.2% 868.9 832.1 4.4% Gross Profit Margin 31.4% 28.9% 250
Slide 17: Annexures
Annexures
Slide 18: Multiple drivers supporting India's moment in the Energy-Transition Supercycle
Multiple drivers supporting India’s moment in the Energy- Transition Supercycle Energy and Energy transition supply chain trends Domestic tailwinds that fuel this megatrend CPSU & Grid PM KUSUM Connected scheme Solar Policy AI to drive Shift to a Integrated + support energy self- players to Storage
Slide 19: India's energy transition underway: solar demand set to soar
India’s energy transition underway: solar demand set to soar backed by a rapidly unfolding supply chain Clear runway for Solar to lead the renewable energy capacity mix; policy tailwinds such as RPO, Green energy corridor making solar preferred choice for future capacity additions Energy Outlook Dom
Slide 20: Experienced Board of Directors & Advisory Board
Experienced Board of Directors & Advisory Board Hari Krishna Chaudhary Chairperson - Emeritus Board of Directors Gyanesh Chaudhary Krishna Kumar Maskara Neha Agrawal Subramanya Krishnappa Ratnabali Kakkar Sumit Binani Chairman & Managing Director Interim CEO and Whole-Time Whole-time director & Inde
Slide 21: Led by a Professional Management Team
Led by a Professional Management Team Gyanesh Chaudhary Krishna Kumar Maskara Neha Agrawal Ranjan Kumar Jindal Kunal Motwani Chairman & Managing Director Interim CEO and Whole-Time Director Whole-time director & Chief Financial Officer Chief Operating Officer Head Corporate Strategy >24 years of exp
Slide 22: Quantifying our ESG Impact
Quantifying our ESG Impact Environment Social Scope 2 Emissions Reduction Climate Change Workforce Diversity & Inclusion, Occupational 899 Kwp Our Focus Health & Safety, Community Engagement Energy Management Falta Rooftop Solar facility Area Greenhouse Gas Governance Water Stewardship Renewable Ene
Slide 23: Key Operational Highlights - Historical
Key Operational Highlights - Historical Total Rated Capacity (MW) Module Sales (MW) Total Order Book Quantity (MW) +13% 4,500 1,900 10,341 +80% +93% 3,500 3,500 879 4,376 588 2,787 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Revenue (INR Cr) EBITDA (INR Cr) PAT (INR Cr) +29% +63% 3,423 492 140 399
Slide 24: Historical Consolidated Profit & Loss Statement
Historical Consolidated Profit & Loss Statement Profit and Loss (INR Cr) FY25 FY24 FY23 CAGR Revenue from Operations 3,423.5 2,511.0 2,073.2 28.5% Cost of Goods Sold 2,554.6 1,678.9 1,616.6 Gross Profit 868.9 832.1 456.6 38.0% Gross Profit Margin 25.4% 33.1% 22.0% Employee Cost 124.4 96.3 91.2 Other
Slide 25: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Assets (INR Cr) Mar-25 Mar-24 Mar-23 Equity & Liabilities (INR Cr) Mar-25 Mar-24 Mar-23 Non - Current Assets 671.3 607.2 723.4 Total Equity 1,242.0 445.4 365.2 Property, plant and equipment 488.3 449.4 572.4 Share Capital 316.5 258.8 258.8 Capital work-in-progre
Slide 26: Historical Abridged Cashflow Statement
Historical Abridged Cashflow Statement Particulars (INR Cr) Mar-25 Mar-24 Mar-23 Net Profit Before Tax 217.4 107.3 18.9 Adjustments for: Non -Cash Items / Other Investment or Financial Items 336.6 365.4 177.6 Operating profit before working capital changes 554.0 472.7 196.5 Changes in working capita
Slide 27: Key Ratios
Key Ratios ROCE ROE 24.5% 19.7% 20.8% 16.6% 12.8% 4.0% FY23 FY24 FY25 FY23 FY24 FY25 Current Ratio Debt/ Equity (x) 1.6 2.0 1.4 1.4 1.8 0.2 FY23 FY24 FY25 FY23 FY24 FY25 Vikram Solar Limited 26
Slide 28: 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: U18100WB2005PLC106448 CIN: U74140MH2010PTC204285 Ms. Rinal S