Vikram Solar shares crash 11% to fresh lifetime low. What's spooking investors?

Shares of Vikram Solar plunged around 11% on Friday after the company reported an 85% year-on-year decline in Q1 net profit to Rs 20 crore. Investor sentiment was further hit after US President Donald Trump imposed a 15% tariff on products made from polysilicon, a key raw material used in semiconductors and solar panels.

The stock fell to a fresh lifetime low of Rs 155.38 apiece on the NSE after the company announced its April–June quarter (Q1 FY27) results on Thursday.

Vikram Solar Q1 earnings

Despite the sharp decline in profit, revenue from operations rose nearly 38% year-on-year to Rs 1,563 crore in the first quarter of FY27. However, the company's profit margin shrank to 1% from 12% a year earlier.


EBITDA plunged 48% YoY to Rs 126 crore, while EBITDA margin slipped to 8% in Q1 FY27 from 21% reported in the corresponding period of the previous financial year. The sharp drop in profitability and margins may have spooked investors, contributing to the sharp plunge in share price today.

Trump's tariff tantrum

US President Donald Trump on Thursday imposed a series of price floors and a 15% tariff on products made from polysilicon, the raw material used in semiconductors and solar panels that is primarily produced by China. "The plan of action in this proclamation will, among other things, help ensure the commercial viability of United States production of polysilicon and its ‌derivatives that is necessary ⁠to meet ⁠United States economic and national security requirements," the White House order said.

Polysilicon, an ultra-pure form of silicon, sits at the start of the semiconductor and solar manufacturing supply chains. Manufacturers turn silicon wafers into solar cells and then assemble those into panels used in solar projects.

Although most of Vikram Solar's deployments are in India, the company said in April that it had expanded its global footprint, with exports of around 1.5 GW supporting its presence across 39 countries.

Earlier this year, Vikram Solar had said that Trump's proposed 126% tariff on solar imports from India, Indonesia and Laos would have a limited impact on its business. While the implications of the latest 15% tariff are yet to be assessed, the announcement may have further weighed on investor sentiment, adding to concerns after the company's weak Q1 earnings.

Also read | Vikram Solar says 126% US duties won’t dent finances

Vikram Solar share price

After hitting the lifetime low, Vikram Solar shares recovered slightly and were trading around 4% lower at Rs 168 apiece, as seen at 9.50 am on Friday. The stock has fallen more than 6% in a week and 9% in a month.

Also read |Trump rolls out trade measures to counter China on solar and chips, slaps 15% tariff on polysilicon

Vikram Solar shares are overall down 30% in 2026 so far. The company currently has a market capitalisation of more than Rs 6,066 crore. The stock’s P/E ratio stands at near 18x.

(With inputs from agencies)

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