Vikram Solar (VIKRAMSO IN) – Q1FY27 Result Update – Margin pressure persists despite revenue growth – ACCUMULATE
Published on 11 Aug 2026
Vikram Solar reported revenue of INR15.6bn in Q1FY27, up 88.0% QoQ/38.0% YoY, while module sales stood at ~1GW. Despite a QoQ improvement in module realization to INR15.02/Wp, EBITDA margin contracted to 8.1% as elevated aluminum, copper, EVA and cell costs could not be fully passed through amid intense industry competition. We estimate revenue/EBITDA/PAT CAGR of 62.5%/43.2% 25.8% with over FY26-28E. we downward revise our FY27 earnings estimates by 42% while upward revise FY28 earnings estimate by 7.2% factoring higher input costs and sustained margin pressure with revised TP of INR 173 (earlier INR 226) valuing at 5x EV of Mar’28 EV/EBITDA.
