Slide 1: Regulation 30 disclosure cover letter
May 07,2026 VSL/CS/315/2026 dated 07.05.2026 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: VIKR
Slide 2: Investor Presentation Q4 & FY2026
Investor Presentation Q4 & 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: Key Highlights
Key Highlights
Slide 5: Production & Margins Hit New Highs in Q4
Production & Margins Hit New Highs in Q4 1 Achieved highest-ever quarterly production of 971 MW in Q4 FY25-26, driven Production by stable line performance 2 Secured 1.9 GW orders in Q4 through strong pipeline conversion, competitive pricing, and quick team execution Order Book 3 Utilization Achieve
Slide 6: Building Long-Term Advantage Through Integration
Building Long-Term Advantage Through Integration 01 02 03 Delivering Building Growing 15 GWh BESS by FY30 Today Tomorrow Beyond Integration, New Platforms, Scale, Execution & Technology & Cell Global Markets & 12 GW wafer-ingot by 15 Earnings FY29–30 — 100% integration Sovereignty Strategic Reach •
Slide 7: Strengthening Profitability While Scaling
Strengthening Profitability While Scaling Q3 FY26 vs Q4 FY26 (Q-o-Q) Q4 FY25 vs Q4 FY26 (Y-o-Y) Revenue (INR Cr) EBITDA (INR Cr) PAT (INR Cr) Revenue (INR Cr) EBITDA (INR Cr) PAT (INR Cr) 16% 16% 8% 8% 19% 19% 9% 235 235 8% 110 110 224 205 98 1,453 1,453 91 1,194 1,106 Q3 FY 26 Q4 FY26 Q3 FY26 Q4 FY
Slide 8: Accelerating Manufacturing and Sales Momentum
Accelerating Manufacturing and Sales Momentum Production (MW) Sales (MW) 971 999 787 796 711 526 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 FY25 FY26 FY25 FY26 1,286 3,220 1,900 3,342 ▲ 150% YoY ▲ 76% YoY Vikram Solar Limited
Slide 9: Strong Order book Backed by Customer Trust
Strong Order book Backed by Customer Trust 8.2 GW 1.9 GW Order book (31 Mar 2026) Highest booking in a Quarter (Q4FY26) Diversified OB mix maps cleanly to FY27 execution plan 75% NDCR execution Segment mix Geographic mix IPP + Govt + EPC orders 25% DCR via PM-Suryaghar / PM-Kusum + C&I policy-led, f
Slide 10: Strategic Acceleration on Multiple Fronts
Strategic Acceleration on Multiple Fronts 10 GW Global Deployment Cumulatively shipped 10 GW of solar modules globally, equivalent to over 25 million modules, enough to power more than 5 million Indian homes 1 Leadership Strengthening Appointed Mr. Sameer Nagpal as Chief Executive Officer to Lead Ne
Slide 11: Projects Update
Projects Update
Slide 12: Module Plant – Well on Track for Commissioning
Module Plant – Well on Track for Commissioning COMPLETED ACTIVITIES ✓ Physical Structure completed ✓ Plant equipment received at site ✓ Power infrastructure ready for charging PLANNED UNTIL FMO Planned activities in June’26 leading to Full Commercial Output ✓ Final Utility and Structural works in pr
Slide 13: Cell Plant – Execution Advancing As Scheduled
Cell Plant – Execution Advancing As Scheduled COMPLETED ACTIVITIES Timely completion of pre-construction & pre-operative activities ✓ All critical approvals obtained ✓ Water requirement secured ✓ Vendors for plant & utility onboarded ✓ Civil foundation works completed PLANNED UNTIL FCO Planned activ
Slide 14: Building BESS Capabilities To Tap An Emerging Market
Building BESS Capabilities To Tap An Emerging Market FY 27 FY29 C&I AND UTILITY Assembly Integrated Cell Launch Mfg — 7.5 GWh First BESS units Full cell-to-system assembled & dispatched manufacturing live BESS Cabinet (C&I/Utility) 5MWh 20 ft container Liquid Cooled | Stacked to MWh ~1330 Vdc system
Slide 15: Strong Financial Discipline Underpinning Growth
Strong Financial Discipline Underpinning Growth Capex 12 GW Full-Stack Solar Manufacturing 15 GWh Battery Energy Storage 100% INTEGRATION BY FY30 INGOT 12 GW Scale Up Polysilicon → Ingot CAPEX SPENDS (INR Crore) 15 Gwh Integrated Phase 3: 7.5 GWh WAFER 12 GW Ingot → Wafer + Pack-to-System Phase 2: 7
Slide 16: Industry Outlook
Industry Outlook
Slide 17: Significant Structural Opportunity Over The Next Decade
Significant Structural Opportunity Over The Next Decade Cumulative Solar Demand (GW)* CEA Resource Adequacy Plan Solar Installations in AC (Module demand in DC is 1.4x of AC Demand) Peak Demand – FY27 Peak Demand – FY36 509 → +50 323 289 GW 459 GW +45 273 +43 BESS (as on Mar’26) BESS by 2035 228 +35
Slide 18: Policy Support Driving India's Emerging BESS Market
Policy Support Driving India’s Emerging BESS Market 321 GWh 40+ GWh ₹18,000 Cr 35-40% Expected BESS market in India by EV penetration in India expected Already incentivized via VGF INR $2.1 Bn planned PLI Support FY35 by FY30 INDIA BESS MARKET — THE SCALE OF OPPORTUNITY Domestic Manufacturing (DCR)
Slide 19: Policy Tailwinds & Trade Shifts Reshaping India Solar
Policy Tailwinds & Trade Shifts Reshaping India Solar ALMM – III to be effective from June’28 India Crosses 150 GW Solar Milestone on Record Annual Additions MNRE has set a June’28 deadline for ALMM III and a 7-day cut-off window after the 1st list is released, post which bids must source 1 India’s
Slide 20: About Us
About Us
Slide 21: Reliable BRAND in Solar Solutions for the World's Clean Energy Future
20 years of reliable solar solutions Reliable BRAND in Solar Solutions for the World’s Clean Energy Future Planned Planned Planned Planned 10.46 GW 8.2 GW 15.5 GW 12 GW 12 GW 15 GWh Modules Sold since Order Book* Solar Module Solar Cell Wafer/Ingot BESS Inception* 8th consecutive quarter Tier- Rated
Slide 22: 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 23: 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 24: Experienced Board of Directors & Advisory Board
Experienced Board of Directors & Advisory Board Board of Directors Gyanesh Chaudhary Sameer Nagpal Krishna Kumar Maskara Subramanya Krishnappa Chairman & Managing Director CEO and Whole-time director COO and Whole-Time Director Independent Director >30 years of experience in transformation, >24 year
Slide 25: Growing with the Community
Growing with the Community IMPACT HIGHLIGHTS CSR IN ACTION EDUCATION ENVIRONMENT Mukti Support Schools Sundarbans Mangroves 5 secondary-level support 25,000 saplings planted; 50 schools in Sundarbans — workers employed; awareness mentoring & value-based camps with Bengal Chamber of education (Class
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: Annexures
Annexures
Slide 28: Consolidated Profit & Loss Statement – Q4 & FY26
Consolidated Profit & Loss Statement – Q4 & FY26 Profit and Loss (INR Cr) Q4FY26 Q4FY25 YoY Q3FY26 Q-on-Q FY26 FY25 YoY Revenue from Operations 1,453 1,194 22% 1,106 31% 4802 3,423 40% Cost of Goods Sold 1,049 828 763 3334 2,555 Gross Profit 404 366 10% 343 18% 1468 869 69% Gross Profit Margin 28% 3
Slide 29: Consolidated Balance Sheet & Cash Flow
Consolidated Balance Sheet & Cash Flow Particulars (INR Cr) FY 26 FY 25 Shareholder's fund 3,167 1,242 Non current liabilities 583 193 Current liabilities 1,978 1,397 Total liabilities 5,728 2,832 Fixed Assets 1,545 617 Other Non-current Assets 456 203 Current assets 3,727 2,012 Total Assets 5,728 2
Slide 30: Thank You
GLOBALLY We are much Closer to You India International Kolkata Massachusetts Gurugram Berlin Chennai Shanghai THANK YOU! For further information, please contact: Investor Relations: Go India Advisors Vikram Solar Limited CIN: L18100WB2005PLC106448 LLPIN: AAH-6471 Ms. Khushbu Singhania / Mr. Nikhar A