Vikram Solar (VIKRAMSO IN) – Q4FY26 Result Update – Near-term softness; integration-led growth intact – Downgrade to ‘Accumulate’
Published on 08 May 2026
Vikram Solar (VIKRAMSO) reported module sales growth of 26% QoQ/40.5% YoY to ~999MW in Q4FY26, while production increased to a record ~971MW driven by stable line performance and ramp-up at the Vallam facility. Order inflows remained strong at 1.9GW during the quarter, taking the order book to 8.2GW, with IPPs contributing 69% of the mix. The company achieved 75% effective utilization in FY26 with Vallam plant ramp-up in phases and crossed 10GW cumulative module shipments globally. Vikram Solar continues to expand its integrated manufacturing footprint, with the 6GW Gangaikondan module facility on track for commissioning by Jun’26, which will increase total module capacity to 15.5GW. The 9GW TOPCon cell facility remains on track for phased commissioning and initial production from Dec’26 and sequential commission through Mar’27, while an additional 3GW cell expansion is planned subsequently, taking total cell capacity to 12GW. The company has also approved a 6GW wafer/ingot facility at Gangaikondan with capex of ~INR 37bn, targeting commissioning by FY29 as part of its backward integration roadmap. We estimate revenue/EBITDA/PAT CAGR of 69.9% / 66.9% / 19.0% with over FY26-28E. we tweak our estimates and downgrade to ‘Accumulate’, with revised TP of INR 226 (earlier INR 232) valuing at 5.3x (earlier 5.5x) EV of Mar’28E EBITDA
