VIKRAM SOLAR LIMITED VIKRAMSOLR NSETECH

Technology · Solar · India

https://www.vikramsolar.com

Vikram Solar Limited manufactures and sells solar photovoltaic modules/systems in India and internationally. It also offers engineering, procurements, and construction solutions, such as risk analysis, site survey, design and engineering, procurement, civil construction, erection and commissioning, project management and control, and quality assurance. In addition, it provides solar operations and maintenance solutions, comprising preventive and corrective maintenance, performance monitoring and analysis, equipment upgrades and retrofits, spare parts management, troubleshooting and fault resolution, and data management and reporting. It sells its products under the Suryava, Hypersol, Paradea, SOMERA, and PREXOS brand names. It also involved in rooftop projects. The company was incorporated in 2005 and is based in Kolkata, India.

Market & Price

Market Cap

₹7,217.98 Cr

Current Price

₹199.21

High / Low (52W)

₹378.80 / ₹165.74

Beta

Valuation

Stock P/E

14.64

Industry PE

25.13

Forward P/E

8.54

PEG Ratio

Book Value

₹87.92

Price to Book

2.27

P/S

1.50

EV/EBITDA

7.20

Dividend Yield

Profitability & Returns

ROCE

21.53%

ROE

21.34%

ROA

11.02%

Profit Margin

9.80%

Op Margin

12.21%

EPS (Latest Qtr)

₹3.03

EPS (TTM)

₹13.61

Balance Sheet & Liquidity

Debt/Equity

0.20

Quick Ratio

1.25

Current Ratio

1.89

Debt

₹645.13 Cr

Total Assets

₹5,728.48 Cr

Current Assets

₹3,727.13 Cr

Working Capital

₹1,749.59 Cr

Ownership

Promoter Holding

68.00%

Chg in Prom Hold

FII / Inst Holding

4.86%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹6,600.50 Cr

Total Revenue (TTM)

₹4,802.25 Cr

EBITDA

₹916.62 Cr

Free Cash Flow

₹26.51 Cr

Operating Cash Flow

₹629.55 Cr

Shares Outstanding

₹36.23 Cr

Gross Margin

30.57%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

32.32%

Profit 5Y

219.00%

Revenue (YoY)

21.70%

Earnings (YoY)

6.30%

PROS

Strong return on equity of 21.3%.
Healthy ROCE of 21.5%.
Compounding revenue at 32.3% over 5 years.
Profit CAGR of 219.0% over 5 years.
Generates positive free cash flow.

CONS

Trading 47.4% below its 52-week high.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	VIKRAMSOLR VIKRAM SOLAR LIMITED NSETECH	199.21	14.64	₹7,217.98 Cr	-	21.53%	21.34%	32.32%	219.00%
2	TCS Tata Consultancy Services Limited NIFTY50NSEAITECH	2,258.90	16.61	₹8.17 L Cr	5.49%	54.93%	48.40%	5.80%	5.30%
3	INFY Infosys Limited NIFTY50NSEAITECH	1,160.90	15.01	₹4.70 L Cr	4.31%	41.66%	31.44%	3.44%	3.58%
4	HCLTECH HCL Technologies Limited NIFTY50NSEAITECH	1,183.80	19.31	₹3.20 L Cr	8.11%	27.21%	23.36%	8.65%	3.87%
5	WIPRO Wipro Limited NIFTY50NSEAITECH	204.25	16.26	₹2.14 L Cr	8.32%	18.42%	15.49%	4.05%	2.44%
6	TECHM Tech Mahindra Limited NIFTY50NSEAITECH	1,483.90	27.40	₹1.31 L Cr	3.44%	20.60%	16.61%	2.16%	-0.14%
7	LTM LTM Limited NSETECH	4,061.60	24.04	₹1.20 L Cr	1.85%	25.39%	21.29%	8.43%	4.41%
8	LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH	1,523.90	61.35	₹1.03 L Cr	-	27.64%	24.72%	0.98%	-
9	WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH	3,140.80	27.70	₹90,345.53 Cr	0.13%	24.21%	31.57%	71.63%	191.18%

Quarterly Results

Figures in INR.

Metric	Dec 2024	Mar 2025	Dec 2025	Mar 2026
Revenue	1,026.05 Cr	1,193.52 Cr	1,105.95 Cr	1,452.82 Cr
Cost of Revenue	850.29 Cr	828.01 Cr	762.57 Cr	1,049.12 Cr
Gross Profit	175.76 Cr	365.51 Cr	343.38 Cr	403.69 Cr
Operating Expenses	130.17 Cr	184.03 Cr	174.99 Cr	226.29 Cr
Operating Income	45.58 Cr	181.48 Cr	168.38 Cr	177.41 Cr
EBITDA	96.51 Cr	231.26 Cr	219.51 Cr	252.71 Cr
Interest Expense	27.81 Cr	48.16 Cr	40.16 Cr	56.55 Cr
Pretax Income	29.57 Cr	140.85 Cr	142.83 Cr	139.05 Cr
Tax Provision	10.55 Cr	50.24 Cr	44.69 Cr	28.63 Cr
Net Income	19.02 Cr	90.61 Cr	98.15 Cr	110.42 Cr
Diluted EPS	0.53	2.51	2.70	3.03

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	2,072.98 Cr	2,510.99 Cr	3,423.45 Cr	4,802.25 Cr
Cost of Revenue	-	1,616.67 Cr	1,701.37 Cr	2,554.60 Cr	3,334.21 Cr
Gross Profit	-	442.99 Cr	809.62 Cr	868.86 Cr	1,468.04 Cr
Operating Expenses	-	287.81 Cr	534.61 Cr	532.85 Cr	713.43 Cr
Operating Income	-	155.18 Cr	275.01 Cr	336.01 Cr	754.61 Cr
EBITDA	-	181.85 Cr	371.05 Cr	528.09 Cr	969.53 Cr
Interest Expense	-	99.04 Cr	125.75 Cr	154.72 Cr	160.56 Cr
Pretax Income	-	18.87 Cr	107.28 Cr	217.36 Cr	646.96 Cr
Tax Provision	-	4.38 Cr	27.57 Cr	77.53 Cr	176.54 Cr
Net Income	-	14.49 Cr	79.72 Cr	139.83 Cr	470.42 Cr
Diluted EPS	-1.74	0.40	2.20	3.87	-

Compounded Sales Growth

5 Years:	32.32%
1 Year:	21.70%

Compounded Profit Growth

5 Years:	219.00%
1 Year:	6.30%

Stock Price Performance

1 Year:	-44.10%
6 Months:	-27.53%
3 Months:	+6.50%
1 Month:	-11.76%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	2,476.29 Cr	2,585.50 Cr	2,832.15 Cr	5,728.48 Cr
Current Assets	-	1,752.94 Cr	1,978.27 Cr	2,160.81 Cr	3,727.13 Cr
Cash & Equivalents	-	1.63 Cr	8.95 Cr	39.16 Cr	35.77 Cr
Inventory	-	373.25 Cr	393.34 Cr	428.63 Cr	823.13 Cr
Receivables	-	604.41 Cr	886.74 Cr	957.27 Cr	1,214.35 Cr
Total Liabilities	-	2,111.10 Cr	2,140.08 Cr	1,590.16 Cr	2,560.72 Cr
Current Liabilities	-	1,296.20 Cr	1,422.29 Cr	1,397.43 Cr	1,977.55 Cr
Long Term Debt	-	214.23 Cr	198.68 Cr	77.40 Cr	0
Total Debt	-	792.22 Cr	854.31 Cr	271.94 Cr	645.13 Cr
Total Equity	-	365.19 Cr	445.42 Cr	1,241.99 Cr	3,167.76 Cr
Shares Outstanding	-	36.17 Cr	36.17 Cr	36.17 Cr	36.23 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	195.43 Cr	152.02 Cr	281.15 Cr	629.55 Cr
Investing Cash Flow	-	-110.51 Cr	-63.69 Cr	-155.71 Cr	-1,748.03 Cr
Financing Cash Flow	-	-102.22 Cr	-81.03 Cr	-95.33 Cr	1,114.83 Cr
Capital Expenditure	-	-131.38 Cr	-71.60 Cr	-133.25 Cr	-722.09 Cr
Free Cash Flow	-	64.05 Cr	80.43 Cr	147.90 Cr	-92.55 Cr
Net Change in Cash	-	-17.30 Cr	7.31 Cr	30.12 Cr	-3.65 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	21.4%	32.2%	25.4%	30.6%
Operating Margin %	-	7.5%	11.0%	9.8%	15.7%
Net Margin %	-	0.7%	3.2%	4.1%	9.8%
ROE %	-	4.0%	17.9%	11.3%	14.9%
ROCE %	-	13.1%	23.6%	23.4%	20.1%

Shareholding Pattern

Insiders

68.00%

Institutions

4.86%

Public Float

15.17%

Analyst View

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VIKRAMSOLR · Technology