Vikram Solar (VIKRAMSO IN) – Q3FY26 Result Update – Aggressive capex cycle underway – BUY
Published on 21 Jan 2026
Vikram Solar (VIKRAMSO) reported module sales growth of 35% in Q3FY26 and 97% in 9MFY26, with the quarter seeing full execution of non-DCR orders and has commissioned its 5GW module plant in Vallam taking its total manufacturing capacity to 9.5GW. Cells are currently imported from China for cost advantages, with Southeast Asia being evaluated as an interim source for ~one year before shifting to in-house cells. Company has revised its module capacity target from 17.5GW to 15.5GW to align with its backward integration into cell manufacturing, while keeping 2GW on hold for future assessment. The company has outlined plans to expand capacity to 15.5GW of modules by Q1FY27 and 12GW of cells by Q4FY27 and board has approved Rs44bn of capex for BESS, with Phase-1 targeting 5GWh by FY27 and 7.5GWh by Sep’28. We estimate revenue/EBITDA/PAT CAGR of 69.9% / 66.9% / 19.0% with over FY26-28E. Maintain ‘BUY’, with TP of Rs326 (same as earlier) valuing at 5.5x EV of Mar’28E EBITDA.
