Vikram Solar shares rise 2% as Q3 profit rockets 416% YoY to Rs 98 crore

Shares of Vikram Solar gained over 2% to hit a day’s high of Rs 220 on the BSE on Wednesday after the company reported a massive 416% jump in its December-quarter net profit to Rs 98 crore. In the same quarter last year, net profit stood at Rs 19 crore.

Revenue from operations for Q3FY26 grew to Rs 1,106 crore, marking an 8% rise from Rs Rs 1,026 crore reported in the corresponding quarter of the previous financial year, the company said in a regulatory filing on January 20.

Operating performance saw a sharp improvement during the quarter. EBITDA for Q3FY26 stood at Rs 205 crore, registering a significant year-on-year increase of 142%. EBITDA margins expanded meaningfully to 19% in the December quarter, compared with 8% in Q3FY25. PAT margins for the quarter stood at 9%, highlighting the impact of higher execution volumes and improved operating leverage.


The company also provided an update on its order book position. As of December 31, 2025, Vikram Solar’s order book stood at 10.6 GW. From a geographical perspective, 84% of the order book is domestic, while exports account for the remaining 16%. In terms of customer mix, 55% of orders are from independent power producers (IPPs), 21% from the commercial and industrial segment, 13% from distribution companies, 6% from government projects and 5% from EPC players.

Operational metrics showed strong momentum during the quarter and the nine-month period ended December 2025. Module sales during Q3FY26 stood at 796 MW, compared with 590 MW in Q3FY25, marking a growth of 35%. For the nine months of FY26, module sales rose sharply to 2,344 MW, up from 1,188 MW in the corresponding period last year, translating into a growth of 97%. Capacity utilisation remained high at 90% during Q3FY26, underlining strong demand and efficient utilisation of manufacturing capacity.

Commenting on the performance, Chairman and Managing Director Gyanesh Chaudhary said the company delivered a resilient and disciplined performance during the quarter, supported by strong execution volumes and continued improvements in operating efficiency. He also highlighted that the broader solar industry remains well positioned for long-term growth, supported by robust demand fundamentals, enabling policy frameworks and a growing shift towards high-efficiency and technologically advanced solutions.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)