Vikram Solar Limited · NSE:VIKRAMSOLR
Vikram Solar — Q2 FY2026 Earnings Presentation
23 slides from Vikram Solar's earnings presentation, Oct 16, 2025
Slide 1: Exchange filing cover letter under Regulation 30
October 16, 2025 VSL/CS/218/2025 dated 16.10.2025 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) (Symbol:
Slide 2: Investor Presentation Q2 FY2026
Investor Presentation Q2 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: Highlights for the Quarter
Highlights for the Quarter Revenue EBITDA PAT INR 1,110 Cr INR 235 Cr (21.2%) INR 128 Cr (11.6%) Growth of 94% Y-o-Y Growth of 226% Y-o-Y Growth of 1,636% Y-o-Y Debt / Equity Net Debt 0.03x INR 12 Cr* Modules Sold Order Book Effective CUF 784 MW 11.15 GW 84% As on 30th September 2025 3 Vikram Solar
Slide 5: Vikram Solar: 20 years of reliable solar solutions
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 4.5 GW 11.15 GW Module Planned Planned Planned 8.66 GW manufacturing 17.5 GW 12 GW 5 GWh Modules Sold since Order Book* Solar Mo
Slide 6: Our Journey so far
Our Journey so far … 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 BSE & NSE 500 MW 1 GW 2.5 GW 3.5 GW 4.5 GW Listed on Module Module Module Mo
Slide 7: Robust Presence
Robust Presence West Bengal Tamil Nadu Certified with • ISO 14001:2015, • ISO 45001:2018, • ISO 9001:2015, • ISO/IEC 27001:2013 • SA 8000:2014 Manufacturing Plant Location Falta SEZ, Kolkata Chennai Authorized Distributors 19 2 Capacity 3.2 GW 1.3 GW Area >4,50,000 sq. feet >1,00,000 sq. feet States
Slide 8: Financial & Operational Highlights
Q2FY26 Financial & Operational Highlights
Slide 9: Key Highlights – Q2 & H1FY26
Key Highlights – Q2 & H1FY26 Sales Volume (MW) Revenue (INR Cr) 159% 86% 1,548 2,243 189% 94% 784 1,110 1,204 598 573 271 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 EBITDA (INR Cr) PAT (INR Cr) 13% 21% 15% 21% 1% 12% 3% 12% +160% +767% 477 262 +226% +1636% 235 128 184 72 30 7 Q2FY25 Q2F
Slide 10: Order Book as on 30th Sep 2025
Order Book as on 30th Sep 2025 Split by Geography Split by Customer Distribution, 13% 11.15 GW Exports, 15% EPC, 7% As on 30th Sep 2025 H1 Govt, 8% H1 IPP, 52% 2025 2025 C&I, 20% Domestic, 85% 36% Distribution, 6% EPC, 4% Increase Exports, 20% Govt, 13% H1 8.21 GW H1 2024 C&I, 4% 2024 As on IPP, 72%
Slide 11: Industry Outlook
Industry Outlook
Slide 12: Indian Solar Growth Story at Inflection Point
Indian Solar Growth Story at Inflection Point Domestic Solar Additions and outlook 330 GW Green Hydrogen 45-50 GW 50 Additional Solar ➢ Massive increase in pace of installations in past 2 years Installation ➢ Strong sector tailwinds to ensure target achievement by 2030 ➢ Pipeline of 115GW of solar p
Slide 13: Key Sector Highlights
Key Sector Highlights GST Council cuts tax rate on renewable energy equipment to 5% Solar modules, rooftop systems, farmers’ solar pumps, etc., cheaper. Improves affordability, should help accelerate adoption. 1 India Crosses 50% Non-Fossil Power Capacity, Overtakes Japan in Solar Generation As per
Slide 14: Capacity Expansion
Capacity Expansion
Slide 15: Scaling with purpose to tap Future Growth
Scaling with purpose to tap Future Growth EXPANSION PLANS TO REACH 17.5 GW MODULE & 12 GW CELL BY FY 27 CAPACITY GROWTH SUMMARY 1. ENSURING 75% BACKWARD INTEGRATION 9GW 2. LARGEST CELL GIGA FACTORY IN SINGLE LOCATION 12.0 3GW 2GW 15.5 6GW 17.5 5GW 4.5 3.5 2.5 FY23 FY24 FY25 Q3FY26 Q4FY26 FY26 Q3FY27
Slide 16: Financials
Financials
Slide 17: Consolidated Profit & Loss Statement – Q2 & H1FY26
Consolidated Profit & Loss Statement – Q2 & H1FY26 Profit and Loss (INR Cr) Q2FY26 Q2FY25 YoY H1FY26 H1FY25 YoY Revenue from Operations 1,110 573 93.7% 2,243 1,204 86.4% Cost of Goods Sold 745 428 1,523 876 Gross Profit 365 145 151.3% 721 328 120.1% Gross Profit Margin 33% 25% 32% 27% Employee Cost
Slide 18: Consolidated Balance Sheet & Cash Flow
Consolidated Balance Sheet & Cash Flow Particulars (INR Cr) H1 FY 26 FY 25 Shareholder's fund 2,950 1,242 Non current liabilities 258 193 Current liabilities 1,602 1,397 Total liabilities 4,810 2,832 Fixed Assets 799 617 Other Non-current Assets 133 54 Current assets 3,878 2,161 Total Assets 4,810 2
Slide 19: Annexures
Annexures
Slide 20: 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 21: 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 22: 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 Gold Rank in QC Forum in Ind
Slide 23: 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