Vikram Solar trails sector margin median as order-book exclusions surface
Management said its diversified order book supports the FY27 execution plan, while module-plant activities were intended to lead to full commercial output in June 2026.
Filed 27 Jul 2026, 16:50 IST · after market close · Vikram Solar Ltd (VIKRAMSOLR)
Key takeaways
- Consolidated Q4FY26 operating margin was 11.64%, 3.64 percentage points below the 15.28% median for 71 Industrials peers.
- Consolidated net profit was Rs 110.42 cr on revenue of Rs 1,452.82 cr, with tax charged at 20.59%.
- Management said the order book excludes 1.5 GW of C&I NDCR orders under DCR renegotiation and a 0.6 GW US order from a shelved project.
Price around the results
Operating margin trails 71 Industrials peers
Vikram Solar reported consolidated operating margin of 11.64%, 3.64 percentage points below the 15.28% median among 71 Industrials companies that had reported the quarter. Interest of Rs 56.55 cr and depreciation of Rs 57.11 cr reduced profit before tax to Rs 139.05 cr after operating profit of Rs 169.18 cr. Other income of Rs 18.20 cr supplemented pre-tax profit, while the tax rate was 20.59%.
Order-book exclusions remain a disclosure point
Management said the disclosed order book excludes 1.5 GW of C&I NDCR orders being renegotiated for DCR terms. The company also said a 0.6 GW US order was excluded because the project was shelved. Management nevertheless said the remaining order-book mix is aligned with its FY27 execution plan.
Module-plant ramp is the operating milestone
Management said equipment installation and ramp-up were under way at the module plant. It said activities planned for June 2026 were intended to lead to full commercial output, with the first module produced in that month. The company also said its facilities can produce both N-Type and MONO-PERC modules and use real-time manufacturing-process monitoring.
Results were filed after market close
The consolidated results were filed after market close on 27 July 2026.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 |
|---|---|
| Revenue | ₹1,453 cr |
| Other income | ₹18 cr |
| Expenses | ₹1,284 cr |
| Operating profit | ₹169 cr |
| Operating margin (%) | 11.64% |
| Interest | ₹57 cr |
| Depreciation | ₹57 cr |
| Profit before tax | ₹139 cr |
| Tax | ₹29 cr |
| Net profit | ₹110 cr |
| EPS (₹) | ₹3.05 |
Operating margin of 11.64% compares with a Industrials sector median of 15.28% across 71 peers that have reported Q4FY26.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The diversified order-book mix is aligned with the FY27 execution plan.
- The company expects a robust medium-term solar demand outlook to support capacity expansion across the value chain.
Expansion
- The module plant's planned activities in June 2026 are intended to lead to full commercial output, with first module out in June 2026.
New initiatives
- The company is installing equipment and ramping up the module plant before first module output.
- The company's facilities use real-time data capture and machine and manufacturing-process monitoring.
- All manufacturing facilities are capable of producing N-Type and MONO-PERC modules and have ISO certifications.
Problems & risks
- The order book excludes 1.5 GW of C&I NDCR orders that are under renegotiation for DCR.
- The order book excludes a 0.6 GW US order because the project was shelved.
- Curtailments continue because grid constraints limit evacuation.
What to watch
- Whether operating margin moves toward the 15.28% median reported by 71 Industrials peers.
- Progress on the 1.5 GW of C&I NDCR orders under DCR renegotiation.
- Whether the 0.6 GW shelved US order remains excluded from the order book.