Vikram Solar (VIKRAMSO IN) – Analyst Meet Update – Execution remains key given elevated capex – BUY
Published on 27 Mar 2026
We attended the analyst meet of VIKRAMSO, where the company outlined a medium-term growth roadmap led by capacity expansion, backward integration, and expanding into global markets, while near-term industry overcapacity remains a key monitorable.
India solar demand visibility remains robust (utility scaling to ~181GW by FY30E; ~75GW annual module demand); however, elevated capacities under ALMM-I/II indicate near-term supply overhang. The company is executing an aggressive capacity build-out (modules, cells, and wafer/ingot) to achieve full integration by FY30E, which is expected to support margin expansion.
We estimate revenue/EBITDA/PAT CAGR of 65.1% / 60.5% / 19.7% with over FY26-28E. We cut our FY27/28E EBITDA by 4.9%/7.0% considering low EBITDA/Wp as the cell manufacturing plant is expected to stabilize by FY28. We maintain ‘BUY’, with TP of Rs226 (earlier Rs326) valuing at 5.0x EV of Mar’28E EBITDA.
