Vikram Solar shares slide 5% as Q4 margins take a hit; profit jumps 21% YoY

Shares of Vikram Solar, a leading renewable energy company, dropped as much as 5% to their day’s low of Rs 214 on the BSE on Friday after it reported a net profit of Rs 110 crore in the March quarter, up 21% from Rs 91 crore in the year-ago period.

The company’s revenue from operations came in at Rs 1,453 crore, a jump of 22% from Rs 1,194 crore posted in the corresponding quarter of the previous financial year, Vikram Solar said in a regulatory filing.

EBITDA gained 5% to Rs 235 crore for the quarter under review from Rs 224 crore in the fourth quarter of the previous financial year. Margins, however, took a hit during the quarter. They dropped to 16% from 19% in Q4FY25, a sharp 300 basis points plunge.


For FY26, revenue from operations came in at Rs 4,802, higher by 40% from Rs 3,423 crore in the financial year 2025. Profit after tax stood at Rs 470, showing an impressive jump of 236% from Rs 140 crore in the previous comparable year. Margin improved to 17% for FY26, highlighting an improvement of 600 basis points from 11% in FY25.

Vikram Solar said continued policy support, declining costs and a ramp-up in execution are creating a strong medium-term demand outlook for the sector, which is supporting capacity expansion across the solar value chain.

India’s total installed solar capacity has reached around 150 GW, with nearly 45 GW added in FY2026, reflecting strong scale-up across segments and sustained execution momentum in the renewable energy sector.

At the same time, China’s decision to remove export rebates on solar products and gradually reduce incentives for batteries is expected to increase module and battery energy storage system (BESS) prices. The move could create near-term cost pressures while also providing support to domestic manufacturing, Vikram Solar said.

Also read: BSE share price target rises up to Rs 4,570 after Q4 results. What Jefferies, Motilal Oswal & others are saying?

At about 12:30 pm, Vikram Solar shares were trading at Rs 216, lower by 4% from the last close on the BSE. Vikram Solar's share price is down 32% in the last 6 months and about 10% since the beginning of the year.

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