Vikram Solar Limited Earnings Summary — Q4 FY2026

• Quarterly revenue reached a record high of ₹1,453 Cr, representing a 31% sequential increase.
• Operating margins compressed to 16% in Q4 from 19% in the prior quarter, likely due to higher raw material costs or year-end adjustments.
• The company demonstrated significant balance sheet strengthening, with equity capital increasing from ₹317 Cr to ₹362 Cr year-over-year.
• Working capital management has improved drastically, with the cash conversion cycle dropping to just 11 days in FY2026.
• Net profit saw a healthy recovery to ₹110 Cr, rebounding from the ₹98 Cr reported in Q3.
• Aggressive capital expenditure is evident, with CWIP (Capital Work in Progress) rising to ₹418 Cr by year-end.
• The company maintains a strong growth trajectory but remains free cash flow negative due to heavy investments in capacity expansion.

Management is focused on technological premiumization, transitioning from standard modules to high-efficiency bifacial, N-type, and HJT designs to maintain competitiveness.

Improving

The transition from historical losses in FY2022 to consistent, high-growth quarterly profitability reflects a successful operational turnaround.

The outlook remains bullish as Vikram Solar benefits from the global energy transition and domestic policy tailwinds, though recent margin compression warrants monitoring.